10 Steps to Start Your Coaching Business with a Workable Plan

As a coaching business owner, it can be disheartening to witness the lack of progress among numerous aspiring entrepreneurs and coaches who show great potential. They have spent considerable time envisioning the creation of a solid, sustainable business, but unfortunately, they remain trapped in a cycle of mere daydreaming.

I’m sure you’re familiar with some individuals that fit this description. They eagerly attend conferences, enrol in free webinars, invest in paid training programmes, and occasionally seek guidance from coaches. Yet, week after week, month after month, and year after year, they struggle to make any substantial headway towards their dreams.

Are they simply lazy? No, it’s something more concerning. They are unaware of how to transition from a dream to an actionable plan, leaving them feeling stuck.

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Coaching Business

The 10-Step Workable Plan that will help you Start your Coaching Business

As future coaching business owners, you’re filled with dreams of making a positive impact and creating a successful practice. However, dreams alone are not enough. To transform those dreams into a reality, you need a solid plan—a workable plan that will guide you on your journey to entrepreneurship.

Step one: Define your coaching vision.

Take a moment to reflect on what type of coaching business you want to create. What niche or specialisation resonates with you? Clearly articulate your vision and the unique value you want to offer as a coach. Visualise your coaching practice and the positive impact you want to make.

Step two: Set specific business goals.

Break down your coaching vision into specific and measurable goals. What do you want to achieve in terms of client base, revenue, and impact? Set realistic goals that are aligned with your long-term vision. Remember, setting goals will help you track progress and stay motivated.

When starting your coaching business, it’s crucial to set clear and specific goals that will guide your actions and measure your progress. 

Clarity and focus

Setting specific goals brings clarity to your vision. It helps you define exactly what you want to achieve and provides a clear direction for your efforts. Without specific goals, it’s easy to get overwhelmed or lose focus, hindering your progress. By breaking down your coaching vision into smaller, actionable goals, you can stay focused on the key outcomes you want to achieve.

Measurability and accountability

Specific goals are measurable, allowing you to track the progress of your coaching business objectively. When you have clear metrics to assess your performance, you can evaluate how well you’re doing and make informed decisions. Measurable goals also provide a sense of accountability. You can regularly review and assess your progress, adjusting your strategies if needed to ensure you’re on track.

Aligning with your vision

Your goals should be aligned with your long-term vision for your coaching business. Consider how your goals contribute to the realization of your larger vision and the impact you want to make. Aligning your goals with your vision ensures that you’re moving in the right direction and staying true to your purpose.

Revenue and financial goals

Setting specific revenue goals is essential for the financial success of your coaching business. Determine how much income you want to generate and break it down into achievable milestones. Consider factors such as your pricing structure, target market, and the number of clients you aim to serve. By setting revenue goals, you can develop strategies to attract clients, market your services effectively, and manage your finances.

Client base and impact goals

Define the number of clients you want to serve and the impact you want to make on their lives. Consider the specific outcomes or transformations you aim to facilitate through your coaching business. Setting goals related to client acquisition, retention, and satisfaction will guide your marketing efforts and service delivery.

Realism and feasibility

While it’s important to dream big, it’s equally important to set realistic goals. Assess your resources, capabilities, and market conditions to ensure that your goals are achievable within a given timeframe. Unrealistic goals can lead to frustration and demotivation. Break down larger goals into smaller, manageable milestones to make them more attainable.

Motivation and momentum

Setting specific goals with measurable milestones provides a sense of accomplishment and progress. As you achieve each milestone, you’ll feel motivated and inspired to keep going. Celebrate your successes along the way and use them as fuel to propel you forward. Clear goals and milestones also help you maintain momentum and stay focused on your long-term vision.

Remember to regularly review and reassess your goals as your coaching business evolves. Adjust them based on new insights, changing market conditions, and personal growth. Setting specific business goals is an ongoing process that keeps you aligned with your vision and drives the growth and success of your coaching business.

Step three: Conduct market research.

Gain insights into the coaching industry and market trends. Identify your target audience and understand their needs, challenges, and aspirations. Research your competition and discover what sets you apart. This knowledge will guide you in developing a unique selling proposition and positioning your business effectively.

Step four: Identify your coaching resources and requirements.

Remember that coming up with an action plan is just half the battle; Assess the resources, skills, and tools you’ll need to establish your coaching business. This includes your coaching certification, professional development, technology platforms, marketing materials, and support networks. 

Determine any gaps and create a plan to acquire or develop those resources. If you want to succeed, you have to take action constantly. Review your progress frequently and, if necessary, modify your strategies. In order to stay motivated and focused on reaching even more noteworthy successes in every aspect of your life, celebrate tiny victories along the way.

Step five: Craft a comprehensive business plan.

Develop a detailed plan outlining the steps and strategies needed to achieve your business goals. Define your marketing and branding strategies, client acquisition tactics, pricing structure, and financial projections. Create a timeline and milestones to keep yourself accountable.

Coaching Business

Step six: Seek mentorship and support.

Find experienced coaches or business mentors who can guide you through the process of starting and growing a coaching business. Learn from their expertise, insights, and lessons learned. Surround yourself with a supportive network of like-minded individuals who can provide encouragement and valuable feedback.

Building a coaching business is not a journey you have to navigate alone. Seeking mentorship and support from experienced coaches or business mentors can significantly accelerate your growth and increase your chances of success. These individuals have already walked the path you’re embarking on, and their guidance can save you from common pitfalls and help you make informed decisions.

Here’s why mentorship and a supportive network are crucial

  • Learn from their expertise

Seasoned coaches and mentors have valuable knowledge and expertise that they have acquired through their own experiences. They can offer insights into effective coaching techniques, business strategies, client acquisition methods, and more. Learning from their expertise can help you avoid costly mistakes and expedite your learning curve.

  • Gain insights and different perspectives

Interacting with mentors and coaches who have diverse backgrounds and perspectives can broaden your horizons. They can offer fresh insights, challenge your assumptions, and provide alternative approaches to problems you may encounter. This exposure to different perspectives can enhance your problem-solving skills and expand the creativity of your coaching business.

  • Receive valuable feedback

Feedback is an invaluable tool for personal and professional growth. Mentors and supportive peers can provide constructive feedback on your coaching style, business strategies, and overall progress. They can identify blind spots, highlight areas for improvement, and celebrate your successes. This feedback will help you refine your approach and continuously enhance your coaching business.

  • Accountability and motivation

Being part of a supportive network creates a sense of accountability. When you have mentors and peers who are invested in your success, you’ll feel motivated to take action, stay focused, and consistently work towards your goals. They can offer encouragement during challenging times and celebrate milestones with you, creating a positive and empowering environment.

  • Networking opportunities

Building relationships with experienced coaches and mentors opens doors to networking opportunities. These connections can lead to collaborations, joint ventures, and referrals, expanding your client base and visibility within the coaching community. Networking also provides a platform to share insights, exchange ideas, and foster mutually beneficial relationships.

Step seven: Build your coaching brand.

Develop a compelling brand identity that reflects your coaching philosophy and resonates with your target audience. Create a professional website, establish a strong online presence, and leverage social media platforms to showcase your expertise and attract potential clients.

Step eight: Implement effective marketing strategies.

Utilize various marketing channels such as content creation, social media marketing, networking, and collaborations to promote your coaching business. Consistently engage with your target audience, provide valuable content, and demonstrate your expertise as a coach.

Step nine: Adapt and refine your business plan.

Stay open to feedback, market changes, and evolving client needs. Regularly evaluate your progress and make necessary adjustments to the strategies of your coaching business. Continuously refine your business plan to ensure it remains aligned with your goals and the ever-changing coaching landscape.

Step ten: Take inspired action. (Most Important!)

All the planning in the world won’t yield results without taking action. Start implementing your business plan step by step. Network, reach out to potential clients, offer sample sessions, and market your services proactively. Embrace challenges as opportunities for growth and persevere in the face of setbacks.

Coaching Business Growth

3 Easy Tips for Exponential Growth in your Coaching Business to help you Reach your Goals

Begin with the Long-Term Perspective

In the context of a job interview, being asked, “Where do you see yourself five years from now?” might have seemed like an odd question. However, as a business owner, it holds significant importance.
Without a clear long-term vision, it becomes impossible to chart a course towards your desired destination. You must have a solid understanding of where you want to be so that each day, week, month, and year can be evaluated to ensure you’re still on the right path.

Establish Milestones

Once you have a clear understanding of your ultimate destination, you can develop a plan to reach it and set interim goals to keep you on track.

For instance, if your goal is to have the freedom to travel for eight weeks annually within five years, there are a few prerequisites:
• Sufficient income to cover travel expenses
• Passive income to sustain your coaching business while you’re away
• Capable staff to manage your coaching business during your absence

Once you have this list, you can work backwards from your five-year goal and establish milestones along the way. Let’s say you need to earn R600,000 annually to fund your travel plans, and your current earnings are R240,000. Reasonable milestones could be:
• Year 1: R280,000
• Year 2: R340,000
• Year 3: R420,000
• Year 4: R500,000
• Year 5: R600,000

By having these milestones in place, it becomes much easier to determine the specific actions required to achieve them, allowing you to set monthly, weekly, and daily goals.

Set Small Goals

If you were to tell someone that they need to increase their income from R240,000 to R600,000 in five years, it would likely appear overwhelming. A R360,000 increase seems insurmountable, causing most individuals to dismiss it as impossible.

However, when you break it down into the aforementioned milestones and further divide it into smaller steps, the task suddenly becomes more manageable.

In the first year of the outlined plan, your income only needs to increase by R40,000. That’s less than R4,000 per month! Surely, that seems achievable enough!

You can break it down even further by considering it on a weekly basis: R4,000 per month translates to just R1,000 per week. Selling one more group coaching package priced at R4,000 or four more R1,000 training programs would already help you reach your goal.

This might involve sending one more email to your subscriber list, investing additional funds in Facebook ads, or reaching out to one more joint venture partner. The point is, accomplishing this smaller goal is much more feasible than focusing solely on the five-year plan.

So, what is your big dream? Have you written it down? Have you visualised it?

How can you break it down into achievable milestones, manageable goals, and ultimately, daily and weekly tasks?

Are you ready to start your soon-to-be successful coaching business?

With this approach (which is definitely within your reach), you can!

Do you want to know more about becoming a business coach to help grow your business or adding business coaching as another coaching offering to your practice?

Business Coaching Might Be For You!

Check out our "Gold Status" COMENSA-registered course, Dynamic Business Coaching, which teaches you the A to Z of business coaching.