If you’re looking to start a coaching business, you’re on the right path. People are actively searching for coaches online every day. iPEC reported that each month there are 1.5 million searches by individuals and companies on the hunt for executive, business and life coaches.
Therefore, more people are feeling the urge to start a coaching business. There are many reasons to create one — and although it may seem overwhelming at first, starting a business is an exciting prospect. It can also be a comfortable and pleasant experience if you start on the right foot. In this post, I’ll share some key reasons why starting an online coaching business is worth it. Let’s get straight into it:
Related: 4 Steps to Building a Successful Coaching Business
1. You are your own boss
This is one of the greatest reasons to start a coaching business. The level of planning, execution and analysis all comes down to you. Although being your own boss is a great responsibility, it’s also a fantastic reason to be motivated about your business.
Forbes shared a report that showed the following: When people were asked, “I would take a risk and build my own business rather than work for someone else,” the results were astounding: 69% of men and 58% of women in the U.S. agreed with the statement. These significant percentages show that people believe in being their own bosses. 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 be in control of every element 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. Being in control allows you to set your own rules, style and routines. Remember, there’s no shame in asking for assistance. Online coaching forums are an excellent tool to help you learn marketing tactics, teaching styles and more from other coaches.
Related: How to Launch an Online Coaching Business
3. You are in control of your schedule
Elements such as time management hold a great deal of value because it dictates when you work. It also dictates when you have time to fulfill other aspects of your life like errands, exercise, sleep and leisure activities.
Since the Covid-19 pandemic began, people have realized that flexible schedules are an essential part of life. This is also relevant for business owners. You’ll find that as a coach, you’ll have some clients who want to meet after 5:00 p.m. or before 9:00 a.m. due to other commitments like work, dropping the kids off at school, etc. Owning your coaching business allows you to be flexible for yourself and your clients. Finding the balance will come naturally to you as time goes by.
4. You have job security
The number of coaching professionals is rising rapidly. After all, it’s an industry where the demand is high because people believe in the results that coaching provides. Coach Foundation reported that the number of professional coaches is increasing by a good margin.
Yes, this does mean that competition will be high. But if you have a well-defined coaching niche and know who your target audience is, you can be sure you’ll have a successful business that provides you with job security every month and year to come.
Coaching can also pay well if you use various revenue methods like monthly subscriptions or one-off payments for on-demand content.
Related: How Lucrative is Coaching as a Business
5. You become privy to various events and engagements
Many life and business coaches fulfill their passions and interests by doing more than coaching online. These activities include attending events to speak at but also attending coaching training to upskill 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 start to do once they’re established include the following:
- Hosting a radio program or podcast
- Speaking at workshops
- Being a guest speaker on news channels
- Contributing to coach forums or blogs
- Traveling 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 see as daunting. But truthfully, it holds immense value and drives real passion, relationship-building — and of course, revenue. Owning a coaching business also gives you professional and personal flexibility. Beyond that, it can boost your confidence because it shows you that you can use your knowledge and experience to create solutions for others.