10 Ideas to Start Profiting Off Your Coaching Business
10 Ideas to Start Profiting Off Your Coaching Business
So, you’ve finished your coach training and have earned your official coach certification. Achieving your coach certification is a really important step in entering the world of coaching. Not everyone is certified and you’ve taken the time to show your clients you have enhanced your coaching skills and are equipped with tried and true coaching techniques. You have also taken a major step in setting yourself apart from the rest! We are thrilled that you are here now because it means you are ready to take the next step – start profiting off your coaching business!
Try out these 10 Ideas and start profiting off your coaching business!
This is where many coaches can hit a roadblock because not everyone is business savvy. In fact, there are many coaches who struggle in the beginning to make money from their coaching businesses. When it comes to making money, sometimes it just doesn’t click right away – and that’s okay! The CCF recognizes the challenges that new coaches face, and that’s why we thought we’d share 10 ideas on how to start profiting off your coaching business.
We can help you navigate around this roadblock so you can launch a successful coaching business and start to make money from it.
But before we dive into our 10 pointers on how to make profits as a coach, we want to emphasize the importance of adopting an entrepreneurial attitude when it comes to making money through your coaching. As a coach, knowing what road you are walking is vital to your success. Whether your goal is to make some extra cash as a part-time coach or jump in headfirst and create a full-time thriving coaching business, we suggest making a great plan and sticking to it.
So, how do you make that plan? Well, this is where the Certified Coaches Federation comes in. We have thought about this article for a while – because coaching is not just about the act itself. Coaching should be seen as an entrepreneurial endeavour, as a career.
For you to start profiting from your coaching entrepreneurship, the CCF has created a list of 10 ideas you should consider.
1. Be A Triple Threat
Whether you are a life coach, business or executive coach, group coach, fitness coach, relationship coach, or anything in between, you are officially a COACH! But have you ever thought of yourself as a speaker? What about an author?
Probably not. But don’t worry. Most coaches do not think of themselves as a speaker or author either! But becoming a triple threat may be the winning ticket for profiting off your coaching business!
Ask yourself this question – why do you choose only to coach one-on-one or in a small group, when you can get your word out to hundreds or thousands of people? For us, at Certified Coaches Federation, the success triad is necessary. Don’t be just a coach – write about it. You don’t have to write books – look for places to publish your articles and people will hear about you.
You’re afraid of speaking in public? Well, kill that fear. Public speaking is a must for any coach. The first time, the time after that, the first 10 times – it will be hard. You may stumble and mumble. But that’s alright. When a crowd sees a speaker, they imply that the speaker has some sort of knowledge in the subject, if she is out there on the stage!
Make use of the triad – it will come in handy not only for your coaching business, but for your lifestyle as a whole!
2. Identify your niche
You need a NICHE – a specialty in the coaching world. This is your purpose to coach.
When you strive to identify your niche, ask yourself some questions:
- Who am I?
- Who are the people that I will be coaching?
- What kind of coaching do I want to offer?
- Am I an authority in my niche?
If your life experience is valuable and you can really spark up some interest in your niche, then you are an authority. You probably know more about it than the Average Joe – well, that makes you an authority.
Also, pay attention to what kind of coaching you want to offer. Would your coaching clients relate to those practices? If not, carefully choose another type of coaching that would be appropriate for your clients, not only for your style of coaching!
3. Create your coaching avatar
After you identify your niche, you have to dig deeper. You have only dipped your toes into the sea of your clients. You don’t know exactly who your clients are, but after creating the avatar, you will.
A coaching avatar is the full snapshot of your perfect client. How would she behave, what would she dress like, what type of wine does she like to drink in the evening. Does she have a dog or is she more of a cat person?
Ask questions that will guide you towards your coaching avatar. No question is unnecessary – every answer will help!
4. Amp Up Your Marketing
Did you create a website for your business? That’s great! But what is it doing now? How are you attracting new clients? If your website is the only way for your potential clients to learn more about your services, you are missing a vital component.
This is where social media, paid advertising, and SEO comes in. There are many platforms you can take advantage of to regularly attract new clients and engage existing customers. Otherwise, it’s like building a shop in the middle of nowhere and hoping people will stumble across it!
Don’t forget to leverage offline marketing! Just because digital marketing is the new big thing, that doesn’t mean offline marketing doesn’t work. One great offline marketing idea that works for so many coaches is to incentivize your current clients with a cash bonus to refer someone to your business and that person ends up buying your product. Word-of-mouth is still the best marketing tool out there. If you do your job well and people start recommending you, you have just hit the jackpot!
Marketing is crucial if you plan on profiting off your coaching business.
5. Create Strategic Alliances
When you have found your niche and you have started making a name for yourself, you can go out there and create some strategic alliances. If you are a fitness coach you can look for some local brands that would like to collaborate with you. Have yourself a protein brand, a gym apparel brand, a local gym and you have your strategic alliances!
Think of it in terms of collaboration instead of competition. Strategic alliances apply to any coach, not just fitness. Make sure you create and maintain them!
6. Elevate Your Coaching Through Writing
We cannot stress this enough, so we made it a separate point. Writing is the key to a successful coaching career. Writing gives you time to think about the most important questions of your clients and compile them into a whole story.
Writing evolves your speaking abilities. It creates a valuable vocabulary that you can use with your clients. Writing really elevates your coaching skill – make sure you practice that in order for your business to be successful.
7. Leverage Speaking
After writing we have to talk about the next item on the success triad – speaking. Speaking is key for all of you out there who really want to make profit out of coaching. You can find some clients online, of course, but the really valuable leads are the ones that find you!
When they will see you speak at a networking event, they will be hooked! If you can leverage speaking and look like a master in your coaching niche, you’ll surely get them!
8. Make the Sale
As I said in the start, most coaches are afraid of money. They talk with a lead for hours on end, but when it comes to making the sale, they fail. The lead will only be present at your free webinar or free coaching session. She’s gone. Why? Because you didn’t ask for the sale!
Ask for the sale, coaches. When you get people to sign up and you show them the beneficial reasons for signing up to your coaching activities, people will come forward. People will choose to pay you for your expertise. If you never ask them, you’ll never know. You’ll keep making free webinars which gets you zero profit!
Know the value of your products and services – and start charging for them! Then you’ll start profiting off of your coaching business!
9. Coach More Than One Client at a Time
Let’s say you want to charge your client $100 for a coaching session. What if – you split that session with 3 other people and charge each person $25? This seems more appropriate for every person. The money they spend won’t seem that much!
But…what if you create an event, invite 100 people, and get each to pay $25? Each example would take you one hour of your time, but if you create the event and have 100 people joining, you’ll make tons more profit. Also, more people will get to know you!
If you’re not comfortable with big events, don’t worry – group coaching is still going strong! If your clients allow it, go for at least some group sessions – this saves some time for you and some money for your clients! Everybody wins with group coaching sessions!
10. Have a flexible plan!
In the beginning of the article we talked about how important it is to have a plan, and we stand by it. But that plan should always be flexible, because, well, life can get in the way sometimes! Even if you really want to stick to it, you can’t always do it even if you want.
By having a flexible plan, you can avoid being greatly impacted if something happens that needs your attention.
Those who become coaches are empathetic, kind, inspiring, wonderful, and passionate people. Whether your passion and skills lie in helping those who have lost their job, parental coaching, meditation, or business coaching, coaches all have one thing in common – they all want to help people become better versions of themselves.
Bookmark this article and come back to it whenever you feel lost and think that you should just quit because you’re not making any money. If you follow our 10 ideas, you are on the path to start profiting off your coaching business.
If you are looking for a formula, set of tools, and proven techniques to launch a successful coaching business and attract clients, check out the CCF’s Master Coach Practitioner training program. This program is for ambitious coaches who want to build a thriving coaching business and are looking for the plan, strategies, and techniques to launch a practice.
If you haven’t yet been certified as a Life or Business Coach, that’s okay! We do suggest you have completed our foundational course – Certified Coach Practitioner – prior to taking our Master Coach training program. Want to learn more? Check out our live and on-demand webinar on Kickstarting your Coaching Career! We can’t wait to see you thrive in the coaching industry 🙂