5 Steps To Starting & Growing A Profitable Coaching Business In 2019

What does it really mean to become a coach?

How much can you actually earn by coaching other people on ways to improve some aspect of their lives?

How quickly can you start earning money and what are the most profitable niches for coaches?

Use this guide to get your coaching business up and running in 5 simple steps.

BEFORE YOU CONTINUE: Coaches are NOT the same as consultantsClick here to see why.

If you're looking for a guide on becoming a consultant instead, click here.

#1: Pick A Profitable Niche

The first step is more simple than you think and it's to start your business off on the right footing.

Most people make the mistake of starting their coaching business in a niche where there is very little value and therefore money.

I don't care what anyone tells you about being a heart-centered entrepreneur, the fact of the matter is, if you're not getting paid well, you're less likely to show up the way you should for your coaching clients.

Therefore, the first step to creating a successful coaching business is to choose a niche that is PROFITABLE!

Here are some examples of profitable niches:

  1. Business coaching (online & offline)
  2. Health coaching
  3. Financial coaching (trading, investing, etc)
  4. Relationship coaching
  5. Career coaching

As you can probably tell, it really does come down to the 3 main desires of human beings:

  1. More money
  2. Better sex and relationships
  3. Healthy and hot

Most, if not all coaches focus on one of the big three from above.

Sure you could carve out a name for yourself in another industry like coaching people on how to improve their garden, but let's be honest and ask how much you ACTUALLY think people are willing to pay to grow better tulips?

Not very much!

Do yourself a favor and carve out a niche within the big 3 and I promise you'll thank me later.

#2: Define A High-Value ICA

Unfortunately, picking a profitable niche isn't quite enough to ensure your success. You also have to define a high value customer to target.

An ICA, or Ideal Customer Avatar is someone who you define as being the ideal client to acquire for your coaching business. It doesn't mean you will ONLY work with people who fit your ICA exactly, but it acts as a shining beacon as you start to market your services.

To define an ICA, I want you to think of someone who you believe is willing to pay top dollar for you to coach them.

For example, let's say you are looking to start a health coaching business where you focus on helping people integrate the Keto diet into their lives.

Most people don't even consider the idea of an ICA, then end up targeting everyone and therefore no one.

If you were smart, you would choose to target people in high up corporate management who want to improve their diet, but don't have the time due to the responsibilities their job entails.

This individual it more likely to spend more than say someone who works in manufacturing or transportation, just because they earn more.

After defining a high value ICA, all of your future marketing efforts can now be directly towards targeting individuals like this. From the beginning of your coaching practice, you now have a rule to only work with high net work customers, therefore allowing you to charge more and have higher margins.

#3: Design Your Packages

Once you have done your due-diligence and chosen a profitable niche and target customer, it's time to put together your coaching packages.

For this, it's important to take advantage of price anchoring.

Here's how it works.

Instead of having one package to work with you, you offer three.

Example packages:

Walmart package:

  • x2, 1-hour sessions/month
  • $497/month

Target Package:

  • 4 x 1 hour sessions/month
  • Annual 2-day, in-person group retreat
  • $997/month

Nordstrom Package:

  • 4 x 2 hour sessions/month
  • My personal phone number
  • Annual 2-day, in-person group retreat
  • $2,997/month

Out of the above, it's clear that the Nordstrom option comes with the most, however it is 3x more expensive than the Target option and 6x more expensive than the Walmart option.

It's clear that the Walmart option doesn't come with a lot.

The Target option however, looks to be the best deal at just $997/month as it comes with 4 monthly calls and access to. an annual in-person retreat you run for your Target and Nordstrom clients.

This allows you to more easily sell the Target package, as the positioning shows great value for money when anchored against the Nordstrom and Walmart options.

Using this 3-tiered approach to designing your coaching packages will help greatly when it comes time to start attracting clients.

#4: Where Are Your People?

I know this sounds like quite a basic question, but when it comes to growing a coaching business online, it's easy to get caught up in being everywhere and therefore nowhere at the same time.

For example, if you're looking to build a coaching business in the health space, then you probably should spend ZERO time on LinkedIn!

Instead, YouTube and Instagram, due to their visual nature, tend to be a place most people interested in improving their health tend to hang out.

If you're getting into corporate or career coaching, then LinkedIn and Facebook are good choices for social media.

If your ICA spends a lot of time in the car, then they're probably listening to podcasts right now while they drive.

If you don't know how to market on any of these platforms, then it's pretty simple…LEARN HOW! 

Hell, most people spend on average $80k to get a collage degree. Why should learning the skill of online marketing be any different??

Here are some programs I recommend taking:

  1. YouTube For Bosses by Sunny Lenarduzzi
  2. Instagram Stories that Sell (save 15% with coupon code: screw)
  3. FREE Linked In Selling Training by Linked University
  4. Podcasters Paradise by John Lee Dumas
I recommend starting by choosing ONE platform and mastering it before moving onto another one.

#5: Build Better Relationships

Although marketing is important, the reality is that when growing a coaching business, it's more important to follow the mantra of:

“Your network IS your net worth

That's why one of the best things you can do for your business is to identify the biggest influencers in your space and build relationships with them right away.

Even if that means, finding out where they live and flying out to see them for a cup of coffee.

The reality is, if you can build a strong relationship even with just one of the top influencers in your space, you'll end up getting more clients than 90% of your competitors.

Why not save the time and hassle of growing an audience and go right to source by making friends with the biggest influencers?

What Tools Do I Need?

Like most businesses there are certain online tools you'll need to operate and grow your coaching business.

That's why we created this list of free and premium tools for you to use.

We're confident this set of tools is all you will need to succeed as a coach, no matter the industry you are targeting.

Book More Clients

If you're a coach or a consultant, this training will show you how to start booking high ticket clients on LinkedIn.

Free 5-Day Challenge: "How To Think Like A Millionaire"

(challenge going down July 25-29)