How to Start a Coaching Business: A Blueprint for Success
Have you ever dreamed of turning your expertise and passion into a successful coaching business? You’ve probably heard of people earning $100 – $300 an hour coaching or of ambitious coaches who’ve built 7-figure businesses over the course of several years. But time constraints, startup costs, and the idea of drumming up clients for a new business can be daunting and easily overwhelm your desire to coach.
Yet, the rewards—like flexible work schedules, personal fulfillment, and the potential for growth—are too compelling to ignore. And the opportunity to get in on a quickly growing industry that has a high demand for people like you presents a golden opportunity.
Overcome your hesitations and fears with a coaching business blueprint that coaches you through the entire process.
We’ve answered your questions, created to-do lists, and provided examples, resources, tips, and coaching FAQs to guide you through starting a coaching business from scratch.
Pressed for time? On a budget? Unsure where to start? This guide was written with you in mind, and we’ve got you covered!
Ready coach? Let’s go!
What is a Coaching Business?
A coaching business is a professional service that provides goal-based guidance to clients. Good coaches are excited and passionate about helping their clients, which often leads to impressive results.
Some of the most popular coaching services include:
- Health & Wellness
- Mindset And Confidence
If you have a skill or experience that can improve people’s lives (or businesses), consider launching a career as a coach. You can work with clients online or in person, full-time or part-time. You can get started on a budget. And, depending on your niche, you probably won’t need a certification to get started coaching.
Benefits of Starting a Coaching Business
Coaching is a $1.5 billion dollar industry projected to grow by at least 4.9% over the next five years. Top coaches enjoy high profits, and the growing demand for services means this may be an excellent time for you to get started.
Starting your own coaching business can generate big profits over time. It’s not unusual for independent coaches to earn between $100 – $300 per hour and collect additional streams of income from book sales and speaking engagements.
Profits aren’t the only reason people love coaching. The benefits extend far beyond a sweet salary.
Many top coaches love their jobs for three main reasons:
- The connection and relationships you form with clients
- The accelerated rate of personal development you experience in yourself
- The satisfaction of helping people uncover their true potential
Whether your niche is finance, fitness, or life, starting a coaching business provides an opportunity for both profit and personal rewards.
Step-by-Step Guide to Starting a Coaching Business
Follow these six steps to develop your coaching services in a way that sets your new business up for success.
Step 1: Choose Your Niche
The more experience you have in your niche, the more earning potential you’ll enjoy in the beginning. However, niching in something you’re passionate about will provide you with even better long-term potential for success and earnings.
Step 2: Define Your Coaching Style
To define your coaching style, write down the answers to the following questions:
- Will you coach one-on-one or in groups?
- Will you work with individuals or businesses?
- Will you coach by video, phone, face-to-face, or another method of communication?
- Will you provide additional coaching materials such as workbooks, webinars, or chat support?
Step 3: Set Your Pricing
Set your hourly pricing by balancing industry standards with your financial goals. Once you determine your hourly pricing, you can set your session and package pricing using your hourly rates as a guide.
Step 4: Lay Down Your Business Infrastructure
Follow the checklist to lay down the business basics for your new coaching service.
Step 5: Sketch Out a Business Plan
Developing a business plan provides a roadmap to guide you through the different stages of growth your business will experience.
Step 6: Sketch Out a Marketing Plan
Launching your new business will take less time and prove more successful when you write out