The ugly truth behind why it is difficult to start a business in the industry is simple, the market is saturated. There are simply too many coaches and not enough clients. Affordability is the main cause for this imbalance. Life coaching is just too darn expensive.
Life Coaching is a competitive industry because it is trending.
Contrary to popular belief being popular is not always a good thing. Think about Donald Trump and how stories about him have taken over every news feed for the past month. No one else gets any publicity and if they do, they have to work hard to squeeze it in. Unless you are part of the popular crowd chances are you will not succeed.
For any startup to be successful, it must understand the incredible value of time and effort. When is a good time to start a business? How much personal time and investment will it take to see any rewards? Questions you need to ask yourself before jumping into any business.
You may not be using the best tools for the job.
While there are many great tools out there, they are not all created to help to grow your business. In fact, most of them help to grow the business of someone else. Research to find out what the most effective tools are in your business.
A lesson well learned.
Don’t follow expert opinion and suggests to the letter of the law. The truth is following them often leads to products that they get paid huge amounts of money to endorse. They are not always the best ones. Take opinions from people who actually work in the business and use the tools on a daily basis.
Affiliate Marketing is a good companion.
It is true, affiliate marketing is a good revenue stream. But, it should not be your only one. Unless of course affiliate marketing is your business. I see many people making this mistake. They join a cookie cutter program and think they will get rich overnight building a website. Without traffic, a website will not make money, especially from affiliates. Traffic takes time, money and effort to build.
Don’t worry we have all made that mistake at one time or another.
Seek the guidance of a marketing coach
If you are paying to have your business listed on a life coaching directory you may want to consider more up to date options. Paid directories are a cash grab for the person who builds them, not so much for the person using it. Sure, you may get some traffic to your website but they will not give you access to their client base. Why? Because most of them have their own life coaches and will always give them the priority.
Sites like kinichat.com and coachingjobs.org provide profit sharing options. This is a much better option says Patrick Roy, head affiliate marketer. Why? Because you are using their client base to make money. And, you do not have to promote yourself. For new business owners, it is a much better way to gain experience and get exposure with little or no investment at all.
Welcome to the exciting wonder world of wellness and life coaching. It does not always start off pretty, but like your clients, if you stick it out, there will be rewards. Consulting or coaching pays huge dividends and your skills are transferable. It is a great starting point for a recent graduate wanting to gain work experience.
Best of all, making a lot of money as a certified life coach is possible with a few minor tweaks.
Get Related Degree (s) to Increase and Expand Services
People have all sorts of questions regardless if they contacted you for one. Some you may not even be able to answer. You can guide them to other resources or other coaches, but it makes more sense to help them yourself. I am not suggesting that you become a jack of all trades. But, obtaining certification in a related field might open doors for you. For example, if you are a fitness coach, you may have clients who are unhappy with their weight. Becoming a dietitian makes sense. It will allow you to suggest better food options which will help your clients get fit. Also, increasing the services you offer can make you more marketable. If you become more marketable, you can charge a higher price for services according to the National Coaching website in Canada.
Expand Your Client Base
Right now, you may be focusing on offering services to only one type of client. For example, if you are a career coach, you may work with mothers looking for a job but have little experience. Or, cater to young adults who have graduated and looking to venture into the corporate world. While you may not have the skills to guide every person, you can expand your target audience to include a diverse clientele. If you’re nervous about doing so, start by adding on one group at a time.
Build Your Reputation
At some points, your clients may no longer need your help because they have acquired the skills necessary to reach their own goals. This will leave you with fewer clients. Thus, you need your current and past clients to help you build your reputation. Ask clients if they will provide you with a testimonial or review. Create accounts on social media, and engage, engage and engage again!
Join a Team – Share Resources
You may struggle to make money because you are having difficulty advertising yourself. Marketing as an individual is not an easy task, so you may want to look into joining a team.
Some communities have spiritual centers where individuals seek spiritual guidance and readings. These centers may want a life coach to join their team.
Find psychology or psychiatry sites looking for people to work with its’ clients. When your name is part of a team or an entity, you will have more credibility. People feel a greater sense of confidence in services if they already trust the brand.
Create Competitive Prices
If you are charging a tremendous amount more than your competitors, you may have your answer. Having five customers at $100 is better than having two customers at 150$. Speaking with an expert in finance is a smart decision to help you here. In fact, you will likely benefit if you use the services of other coaches yourself. It shows your clients that you believe in your services.
Becoming a life coach will allow you to fulfill your dreams and to help others to do the same. To continue along this path, you must generate enough income. If you do not want to have to take on another job while you are building your business, you may have to change things up a little. If you are a life coach, you can do anything that you put your mind to.
Now get out there and get things started!