Friday, April 18, 2014

213- How to Make It As a Life Coach in 2014

How to Make It As a Life Coach in 2014

How to Make It As a Life Coach in 2014

Can it really be true that 75% of Coaches quit within 5 years? (according to Choice, the Coaching Magazine).

If you're just beginning as a coach, or if you've been doing it for a few years, even the best Coaches can have the occasional doubting day!

Having been coaching for 10 years and worked with others in the industry, there are definitely strategies that provide the difference that make the difference!

1. Do you know your Niche?

Knowing your niche is essential from every aspect of business growth. Here are some reasons why.

Being a 'jack of all trades' will allow you to master nothing in particular, and so no one will know you for anything in particular either. For example, what does the term 'Life Coach' mean - ask five people and you'll get 5 different answers.

Finding a niche allows you to focus your marketing efforts so you can reach your 'ideal client'. This can't just be a mental exercise! You've got to get started and get a 'feel' for exactly who you can help.

It may be that you start out in one niche and migrate to another after a year of doing what you're doing. This is something that can only come by experience and there isn't really a way round it other than to jump in with both feet and give it everything!

The more you give it - the quicker you'll find out!

To find a starting point you can seek out:

a group of people that you know very well so you appreciate their challenges and struggles and what problem you can solve for them. e.g. mums, dads, yoga teachers, dog lovers

the people who are experiencing what you did before you achieved your 'breakthrough' so you can meet them where they are to help them

a group of people that are passionate about the same things as you and you know a lot about what they do, what problems they have so you can share your knowledge and be paid for it.

Growing your business is down to you but you can't do it alone, so you need to identify who you could partner with. 

When you know your 'people/tribe/audience' you can find other's who service that market and team up with them so your services or products compliment each other. This has multiple benefits as you can become a team and learn from each other too.

2. Develop Multiple Income Streams

Trading time for money is a bind that can be difficult to get out of. No one wins by doing this - yet most people in Coaching start out this way! It's a broken model unless you can charge enormous prices that people are willing to pay - which is rare for Coaches just starting out!

Just briefly, some successful ways to create multiple income streams whilst maintaining your focus and integrity are to:

sell both services and products,
sell someone else's services and products that you get paid for,
replicate your services and products so that other's can sell them for you.

If you only have one income source, then being self-employed is the same as having a job! If you're going to the trouble of starting coaching and making a success of it, you may as well make it pay you handsomely!

3. Learn some basics about Internet Marketing

What can you not learn on the internet now? Isn't it the first place you turn to when you need information?

Generation Y's who are choosing to go into Coaching have a major head start as they are familiar with technology as part of everyday life. Being attached to a screen in some way is normal - now I sound really old!

Learning to use the internet for marketing and growing your business allows you to:

automate processes
sell to a global audience
overcome time differences
be an expert at time management
outsource incredibly cheaply by using or

Understanding how to grow a successful Coaching business is underpinned by marketing. So many Coaches have great skills that are hidden behind a lack of marketing knowledge. But it comes down to one very important factor.

No marketing = no clients = no Coaching business!

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