How to start an online coaching business in 2024
And how to choose a profitable niche.
If you have adhd, or are a busy parent, the structure of a corporate career can feel like a tug of war between your personal life and professional goals. Many companies are announcing massive layoffs, reducing benefits, and mandating return to office leaving employees to feel insecure about their future employment. That’s why I’m so passionate about helping people build brands and create their own safety and security by starting their online business.
Unfortunately...coaching and consulting has gotten a bad rap from some of these get rich quick scam artists who brag about high ticket profits and don’t actually provide any real value to their clients. Thankfully, that bubble has seemed to burst paving a clear path for the real experts to provide amazing value to their clients and students.
The online coaching and education space is still very young, and quite frankly will be taking a massive uptick in the form of fractional work as companies start to reduce internal staff and outsource during peak seasons.
The 30 year career is dead. Corporations and large companies have destroyed employee trust.
Companies are quick to lay off and hire in the name of profits, vs cultivating a culture of workforce loyalty and healthy pensions and retirements. Boomers retired with a company after decades of service.
Ai isn’t going to be the end of the workforce or most jobs, but it will, in the not-so-distant future, create a much tougher and more unstable job market. So who can you depend on? Yourself.
Building your own brand and business is the best way to create your own security.
Here's how to start coaching or consulting, step by step:
Step 1: Decide if you’re a coach or consultant, and understand the difference. The difference between coaching and consulting.
Consults and coaches wear very different hats but the terms are often used interchangeably.
Both are sharing knowledge and advice, and providing steps and guidance to their clients to help them achieve their desired outcome.
The big difference?
Coaches:
Coaches are adding a layer of accountability and motivation. They too should provide a structure or framework for their clients for “how to” achieve their goals… but coaching focuses more on the individual development of a person and equipping them with specific skills and knowledge to help them achieve greater outcomes long term.
Focus on the person: Coaching is all about the individual's growth and personal development. It's like helping them find their own superpowers.
Empowerment: Coaches empower folks to find their own solutions. It's like teaching someone to fish instead of just giving them the fish.
Long-term development: Coaching often focuses on long-term achievements and evolving over time. Think marathon, not sprint.
Questioning: Coaches ask probing questions to encourage self-reflection and self-discovery. Picture guiding someone to their own lightbulb moment.
Holistic approach: Coaching often considers all aspects of a person's life, not just their career or current issue.
Consultants:
Consultants are typically experts in a specific area or field and are brought on to focus on a few specific directives for an entity or business. Less human focused, and more lasered in on solving problems.
Focus on the problem or task: Consulting zeroes in on specific challenges or projects. It’s all about fixing a particular issue.
Expert advice: Consultants bring their expertise to the table, providing solutions and recommendations. They’re like the seasoned chefs who come in to spice things up.
Short-term solutions: Consulting is often more about immediate solutions and strategies. Quick fixes to get things moving.
Directive: Consultants tell you what they think is the best course of action based on their experience and knowledge.
Specialized knowledge: Consultants are typically hired for their in-depth knowledge in a specific area or industry.
Step 2: Choose your niche or area of expertise
Define Your Unique Value Proposition: Define 1 problem you solve and who you solve it for.
Begin by identifying where your expertise intersects with lucrative market needs. Concentrate on areas with substantial financial rewards:
Focus on solving problems for people that have the money to invest.
Unique Strengths: Identify what sets you apart in these lucrative areas – your unique approach or insights that others can't offer.
Authority: Leverage your past successes and knowledge. What do others already see you as an expert?
The goal here is not just to find your niche but to make sure there is a big blue ocean of clients waiting to throw money at this problem.
Step 3: Create Your Avatar Profile:
One person, one solution.
Avatar Profile: What are their values, what do they stand for and against, what other solutions have they tried that didn’t work? Subscribe to this newsletter to get Your Brand Bible to flesh all of this out.
Pain Points and Desires: Understand the unique challenges and goals of this segment to tailor your messaging and services directly to them.
Market Research: Validate your target market through polling your peers or current audience. Offering free audits, or free strategy sessions to understand your potential customer.
Step 4: Develop a Structured Coaching Framework:
Craft your coaching or consulting offer with a three-part framework to guide clients through a comprehensive transformation: This will build your confidence in your ability to drive results.
Foundation: Establish the groundwork of your program by helping clients identify their core challenges and goals. This phase is about building trust and setting the stage for growth.
The Plan: Develop a tailored, strategic plan for each client. This should be a collaborative process where you map out the specific steps they'll need to take to achieve their objectives, providing them with clarity and direction.
The Execution: Support clients through the implementation of their plan, focusing on actionable steps, accountability, and adjustments as needed. This phase is where the tangible changes happen and results are created and sustained.
This structured approach ensures that your clients not only understand what they need to do but also how to do it, leading to meaningful and sustainable outcomes.
Step 5: Beta Test Launch:
Initiate a focused beta test to refine and perfect your coaching program and to collect testimonials. This builds trust with your audience and your confidence.
Select Your Beta Group: Carefully choose a small, diverse group of participants from your target audience. They should ideally represent the broader demographic you aim to serve.
Pricing Strategy: For this initial offer, set the price at 50% or less of your anticipated full rate. This incentivizes participation while emphasizing that you’re doing this in exchange for testimonials.
Structured Feedback Process: Develop a way to collect feedback from participants. This could include regular check-ins, feedback forms, or dedicated Q&A sessions. Aim to understand their experience deeply, and improve your offer.
Iterative Improvements: Use the feedback to make informed adjustments to your program. Look for trends and common suggestions among the responses to guide your revisions.
Document Success: Gather testimonials and case studies from participants who experienced significant transformations. These will be invaluable in marketing your full program.
You can use this script to DM prospective clients.
“Hi [Name],
I hope this message finds you well and thriving. I’ve been following your journey and I'm genuinely impressed by your dedication to [specific interest related to your coaching]. Your approach and ethos resonate with the values I cherish and represent in my professional practice.
I’m reaching out to share an opportunity that I believe aligns perfectly with your aspirations. I’m launching a beta version of my new [Program Name] coaching program, designed specifically to help individuals like yourself achieve [specific goals or improvements].
This exclusive, hands-on program is currently offered at a special rate – over 50% off the regular price – as I’m keen on integrating real, impactful feedback to fine-tune the experience. I believe your insights would be invaluable in this process, and I’d be honored to have you as one of the select few inaugural participants.
Here’s what you can expect from the [Program Name]:
[Key Benefit #1: e.g., Personalized coaching sessions]
[Key Benefit #2: e.g., Access to exclusive resources]
[Key Benefit #3: e.g., Community support and networking]
[Any other relevant detail or offer included in the beta test]
I’m looking for [brief description of the ideal candidate], and I immediately thought of you. I genuinely believe that this program could offer you [specific benefit or value to them], and I’d love for you to consider joining.
If you’re interested or curious to learn more, let’s schedule a quick chat. I’m here to answer any questions and provide further details. Your feedback would not only shape the program but also help others like you achieve their [specific goal].
Thank you for considering this invitation, [Name]. I’m looking forward to potentially collaborating with you to reach new heights in your [area of improvement].
Best regards,
[Your Name]”
Step 5: Build a larger Audience: Creating a community around your brand and services is essential for long-term success and client acquisition:
Content Marketing: Share content that articulates your values, educates, connects with stories, and consistent content that addresses the needs, challenges, and interests of your target audience. Utilize platforms where your ideal clients are most active, such as LinkedIn, Instagram, or industry-specific forums.
Engagement: Interact with your audience through comments, messages, and social media groups. Show genuine interest and provide value without an immediate expectation of return. This helps build trust and authority in your niche.
Networking and Partnerships: Collaborate with other professionals and influencers in your field or related fields to reach a broader audience. This can include webinars, guest blogging, or co-hosted events.
Email Marketing: Develop a newsletter or email series that provides insightful content, keeping your audience engaged and informed. Use this channel to share success stories, new offerings, and insights into your coaching philosophy and results.
Consistent Branding: Ensure your messaging and visual branding are consistent across all platforms. This helps build brand recognition and reinforces your professional image.
The hardest part is starting!
