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If you want to start a coaching business, you are on the right track. People are actively looking for coaches online every day. iPEC reported that there are 1.5 million searches each month by individuals and companies looking for executive, business and life coaches.
Therefore, more and more people are feeling the urge to start a coaching business. There are many reasons to create one – and while it may seem overwhelming at first, starting a business is an exciting prospect. It can also be a comfortable and enjoyable experience if you start on the right foot. In this post, I will share some key reasons why starting an online coaching business is worthwhile. Let’s get right into it:
Related: 4 Steps to Build a Successful Coaching Business
1. You are your own boss
This is one of the biggest reasons to start a coaching business. The level of planning, execution and analysis all depends on you. While being your own boss is a big responsibility, it’s also a great reason to be motivated for your business.
Forbes shared a report that showed the following: When people were asked, “I would take a risk and build my own business instead of working for someone else“The results were amazing: 69% of men and 58% of women in the US agreed with the statement. These significant percentages show that people believe in being their own boss. It’s something that gives you flexibility, but it’s also incredibly empowering.
2. You are in control of all business elements
In addition to being your own boss, you have the ability to control every part of your business. Elements include (but are not limited to):
Each coach has their own style and expertise, so one coach’s strategy may not necessarily be effective for you. When you’re in control, you can set your own rules, style, and routines. Remember there is no shame in asking for help. Online coaching forums are an excellent resource to help you learn marketing tactics, teaching styles, and more from other coaches.
Related: How to Start an Online Coaching Business
3. You are in control of your schedule
Elements such as time management have a lot of value because it determines when you work. It also determines when you have time to fulfill other aspects of your life, such as shopping, exercising, sleeping and leisure activities.
Since the start of the Covid-19 pandemic, people have realized that flexible schedules are an essential part of life. This is also relevant for entrepreneurs. You will find that as a coach you will have some clients who want to meet after 5pm or before 9am due to other commitments such as work, taking the kids to school, etc. Owning your coaching business allows you to be flexible with yourself and your customers. Finding the balance will come naturally over time.
4. You have job security
The number of coaching professionals is increasing rapidly. After all, it is an industry where demand is high because people believe in the results that coaching delivers. Coach Foundation reported that the number of professional coaches is increasing by a significant margin.
Yes, this does mean that the competition will be fierce. But if you have a well-defined coaching niche and know who your target audience is, you can rest assured that you have a successful business providing you with job security every month and every year.
Coaching can also pay off if you use a variety of revenue methods, such as monthly subscriptions or one-time payments for on-demand content.
Related: How lucrative is coaching as a business
5. You get access to various events and appointments
Many life and business coaches fulfill their passions and interests by doing more than online coaching. These activities include attending speaking events, as well as attending coaching trainings to update skills and learn more about coaching styles and tactics.
This allows you to get your name out there and meet people within the industry. It’s also a smart way to learn from others with years of experience in the same field.
Some activities that coaches begin to do once they are established include:
Host a radio show or podcast
Speaking at workshops
Being a guest speaker on news channels
Contribute to coaching forums or blogs
Travel to conferences, conventions or training programs
Speaking as a guest speaker with other coaches on social channels
Becoming a coach and starting your own business is something that many people consider a challenge. But honestly, it has tremendous value and fuels real passion, relationship building – and of course, income. Owning a coaching business also gives you professional and personal flexibility. In addition, it can increase your self-confidence, because it shows you that you can use your knowledge and experience to create solutions for others.