How To Start A Career Coaching Business – Joanna Lott ACC Shows Trainers How To Attract Paying Clients With Honesty, Not Advertising | Business Coach | Business Mentor | Marketing | AUTHOR
Maybe you’ve completed your coaching training and are now on your way to setting up your own coaching business, or maybe you’re just curious about what your own coaching business is all about.
How To Start A Career Coaching Business
Recently, I have realized that many people who contact me want to become a coach or have recently qualified. You want someone to tell you this is a real job and how to start a business and where to find paying clients without showing up or spending hours on social media.
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Since qualifying, I have learned that thousands of people train and qualify as coaches, but very few make a living doing it. I find it very sad, especially women who doubt themselves, often struggle when building a coaching business. I am excited to launch my first free 5 day challenge to share my knowledge with others so they can start their own great coaching businesses. You can sign up here.
As I found out two years after handing in my ‘suitable job’ notice, building a business requires a new skill – entrepreneurship! Ability to learn technology, sales, marketing, finance and more to take risks and be visible. I realized that I like the variety and growth of running a coaching business and wrote this blog post as a resource if you want information about it.
The tips I share are based on my own experience of becoming a coach and building my career coaching business. There are many ways to build a successful business and you will create your own story.
In 2019, I quit my HR position and trained as an executive coach. It was the biggest trip that left me feeling completely exhausted. I have always had a stable job (basically 100% job security for 20 years). I am losing my identity as a person in my career and I have been thrown into learning something new and very challenging. Learning how to coach and seeing for the first time my gaps in knowledge and personal development in how to successfully start a profitable business made me feel like I was in a sea of inadequacy.
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Throughout this journey, many people have asked me why my confidence has grown as it has allowed me to be visible and grow my business (which was far from where I started). Fortunately, I have a record of my studies, as some have requested via email. Here’s what I wrote when someone asked in late 2020:
Despite only having two days a week with my son in childcare, I spent many hours building my business. I’m proud to have matched my former part-time HR income this year. An important milestone to celebrate, one that came with a lot of perseverance. For complete transparency, this is not my personal journey home, but my business as a whole. So obviously costs (mainly a lot of business training in my case!).
My son starts school in September and I have big ambitions to grow my business. I want to contribute to a world where women follow their ambitions, speak up and build great businesses.
If your journey is too early and you feel overwhelmed by how this is possible for you. See you. I hear you. I feel you. Carol Dweck’s book Mindset is amazing and I would recommend it if you haven’t read it (Mindset – Updated Edition: Changing the way you think to fulfill your potential: Amazon.ro: Dr Carol Dweck: 9782133487514: Books). Before reading this I always thought “that’s it”. Little did I know that with practice and determination, you can do anything you set your mind to.
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I hope this article helps you find success in starting or growing your own coaching business.
When building a business, you can feel lost on a beach without a clear vision. When the going gets tough, it’s hard to be motivated enough to keep going, make decisions, and know what you stand for.
Alan Vick, with his experience of founding five companies and helping hundreds of entrepreneurs, I am excited to be a founding member of the “mini-MBA” business.
I review these items regularly because it is very easy to create a business based on your previous beliefs and approach to work.
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If you’re like me, setting financial goals is difficult because if you don’t meet them, you open up your “fear of failure” and have no idea how to achieve them! Once I had a few mentor sessions with a successful career coach (Fay Wallis at Bright Sky Career Coaching Career Coaching | Career Consultants) I quickly saw that no matter how much 1:1 coaching I did, it was impossible for me to reach target income! Career Workshops, Webinars, Associate Work, Group It also helped me with coaching to ensure I had multiple streams of income.
You need to consider the difference between a sole trader and a limited company. This article contains some useful information about the difference between a sole trader and a limited company (simplybusiness.co.uk). If your business mainly markets to the community, we recommend setting up as a social enterprise. This will enable you to apply for funding to support those who would not normally have access to coaching. Inspire2Entreprise has some helpful FAQs.
I initially decided on Sole Trader because you can start with no investment and relatively little paperwork.
You can create a business bank account when you decide and register through the appropriate channels.
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You can find more information on how to register your business here (if you’re in the UK) Set up a business – GOV.UK (www.gov.uk)
I am very happy with my bank Starling, an award winning bank with no fees for a business account Business Bank Account | No monthly fees – Starling Bank. It gives you great flexibility to create “pots” for different things in your business, such as profit, taxes and payroll.
Parent Cloud Parent Cloud – Helping Parents Thrive (parent-cloud.com) I was fortunate enough to become an associate of a wonderful organization. Proper papers in place!
My professional indemnity insurance costs around £10 a month with Hiscox. You may have other requirements if you visit the offices for your coaching so you can review your requirements on the Hiscox website (Coaching, Training & Education Insurance | Hiscox UK).
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Oh, the hours I’ve spent on this (and continue to spend!). I think it’s always evolving, and while I haven’t made it yet, I 100% believe that everything gets easier when you do. As you know, when you learn the art of coaching – you can coach anyone and anything! I soon discovered through trial and error with marketing training classes – people don’t “buy” coaching. They buy when they have a specific problem and you have a specific solution to that problem. I learned the importance of using words that people use instead of using coach words like “completion” which of course we all need but which is too illusory for sales!
Is there anything that stands out to you about what you’re passionate about right now and what needs you might have for it? If you had to choose one – who would you really want to help? Why?
Your goal is to explore their deepest desires and greatest pains so you can understand how you can help.
Ask some of your ideal customers if they would be up for a call/coffee/survey. Your goal is to ask open-ended questions and listen to their language to explain what they really want. I do this regularly by asking questions like:
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As I mentioned above, I find it difficult to sell the kind of coaching taught in coaching school. I’ve learned that people like to hear about a specific process you take them through to get the results they want.
Working from the destination they want to reach, what journey will they need to take to solve this problem?
Map these points into your coaching package so you can showcase the journey on your website or talk to people about it in person.
I was lucky enough to take part in Helen Pritchard’s challenge in March 2020. I didn’t want to do anything
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