How to set up a coaching business

If you have a passion for helping others and knowledge to share, you may consider setting up a coaching business as your next venture.

To start a coaching business, you will need excellent people skills and considerable experience in a specific field.

What is coaching?

Coaching is the development through guidance and training where an experienced person supports or counsels a client to help them achieve a specific professional or personal goal.

You can set up a coaching business in almost any area.

Different types of coaching businesses include:

• career development coaching
• life coaching
• health and wellness coaching
• relationship coaching
• sports coaching
• business coaching in specific areas such as sales, marketing, or finance.

Understanding the key differences between coaching and counselling is important before setting up a coaching business.

Coaching focuses on training clients to set and achieve their goals, whereas counselling aims to help clients recognise and solve problems in their life.

To be a counsellor, you may need a specific degree and licence.

Being a coach typically requires life skills and relevant experience but might not require a formal qualification or licence.

Benefits of starting a coaching business

Starting a coaching business comes with several benefits, such as:

Low start-up costs – starting a coaching business may only require a relatively small starting budget. If you offer online coaching, you will need a computer and robust broadband for video calls. If your business provides in-person services, your costs might include office rent or a dedicated room in your home to host coaching sessions.

Flexible working – you can work remotely or in person from anywhere you wish.

Rewarding – coaching can allow you to make a real difference in people’s lives, helping them reach desired outcomes.

Ability to use soft skills – a coaching business allows you to use and develop soft skills such as empathy and communication.

How to get started as a coach

1. Find a niche

Identify a niche area based on your skills, passions, and experiences.

For example, if you have been through a challenging experience, you will empathise with others experiencing the same and be able to share your insights.

2. Identify potential clients

Conduct online research by visiting Q&A sites and blog posts in your niche to help identify potential clients.

You could also publish online surveys to gain deeper insights into your potential customer base.

3. Consider coaching accreditation

Online coaching programs and certificates can help you gain valuable skills, helping you provide better coaching services and add credibility to your business.

Gaining certification may also differentiate your business from competitors.

4. Create a business plan

Create a business plan that outlines your business’s goals and values.

Your business plan should be a framework for growth and help you make business decisions.

Typical components of a business plan include:

• executive summary of your business
• market strategy for attracting and retaining clients
• sales and marketing plan
• services and products descriptions
• financial projection and business costs.

5. Define your services and pricing

Create a list of the specific coaching services your business will offer.

Your services might include 1-to-1 sessions or group coaching programmes.

You could design multiple coaching packages to appeal to a broader range of customers.

Some clients might want multiple sessions with tailored benefits, while others might prefer individual taster sessions.

Next you should define your pricing.

Pricing can be challenging to get right, especially when you’re not selling physical products.

To help determine fair prices, consider the hourly wage you want to earn and any running costs you need to cover, as well as research how much competitors charge.

6. Build a professional website

A website can be essential for promoting your business, allowing potential clients to discover you and your services.

As your business develops, it can be a good idea to add testimonials and reviews to your website to add credibility to your business.

7. Market your coaching business

There are several marketing options your business could adopt.

These include:

• social media networking
• starting a blog
• creating YouTube videos
• SEO marketing
• paid ads
• email marketing
• print advertising.

Businesses typically use multiple marketing channels, so start with a few channels and track results so you can focus on the most successful options.

8. Scale your business

Once you’re up and running, it might be time to consider scaling your business.

One way to scale your business is by offering more services, such as online courses or memberships.

Online courses are often at a lower price point than traditional coaching services, enabling you to work with more clients.

Once set up, the income generated is relatively passive.

Your business can increase its revenue over time with less hands-on work required.

At this point it might be worth analysing your marketing strategy.

Pinpoint strengths and weaknesses in your strategy and decide which marketing channels to use to reach more clients.

For example, if paid advertising is proving inefficient, consider trying and investing in an SEO content marketing strategy.