Article Learn the BEST way to start your life coaching business 0 2019 Life coaching https://www.lifecoachhub.com/img/uploads/articles/thumbs/1031_1570739339.jpg Running your coaching business life coaching Lifecoachhub Pty Ltd LifeCoachHub

A Step-By-Step Guide on How to Build A High-Revenue Life coaching Business

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How to build a high revenue life coaching business

Life Coaching Business

Starting a life coaching business can be a great way for you to start being your own boss and working at home or even over the phone. People get in touch with you when they need help overcoming life’s challenges and you need to be there for them.

The job description of life coaching is counseling, supporting and motivating your client to reach their full potential and reach their goals and objectives. This experience can be rewarding for you and your clients. If you think those tasks describe you, how can you get started with building your own life coaching business?

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Get educated

The first thing you should do to pursue your career in life coaching and having your own business is that you should get educated about the field. You are expected to have qualification related to life coaching and show a great understanding of the field.

Qualifications aren’t a requirement, but you will be more likely to be trusted as a coach if you have qualifications that are acceptable by local standards. You can start your business while still pursuing your diploma or degree in life coaching.

If you choose down to go down this route, you will have the money to complete your studies and secure your future in this business.

Set achievable goals

The next step to building a successful life coaching business is that you will need to set achievable goals and not aim too far when you are starting off. To do that, you need to quit being a perfectionist and realize that everyone is human, including yourself.

Avoid being too hard on yourself and expecting perfection from yourself, rather embrace what you have and go with it. While you are trying to perfect everything, your clients will wait longer to get their services and that will subsequently drive business away.

Avoid Being Too Hard on Yourself

You can set other achievable goals like your income goals, lifestyle goals, and contribution goals. The monthly revenue you would like to earn should go in as your income goal and the time you are willing to put in on work should go under your lifestyle goals.

The footprint you want to leave behind should go to your contribution goals. All these goals should be written down and make sure that they are placed somewhere you can see 2 hours each day.

Building something new from scratch is an uphill task, especially if you are a student. Managing studies and the other fields that you venture into can put you under stress and hamper your studies. In such cases, learn to outsource your work. For example, there are online freelance agencies that allow you to find virtual assistants to help with many tasks, including social media and writing.

To east administrative burden, you should also start right with setting up electronic management of your offerings and your client administration, to keep you organized and save you time and money.

Determine your target market

Life coaching entails working with a diverse set of people and out of those people you should know who you will cater for. Once you have determined who needs your services and who you will be helping, start doing market research about your target market.

Try to see what their problems are, what keeps them awake at night, and try to get in-depth specifics about them. Your goal should be to strive to know them as intimately as you know the back of your hand for you to successfully help them. You can get these details from places they interact with other people.

For example, you can get details on what bothers them from online conversations on social media. Alternatively, you can check out the reviews they leave in online forums and rating sites, or any platform you audience uses.

Make a unique offer

Once you have established your target market and once you get to know what their problems are, you should start with the next step of building your business. That is developing your services and the packages you provide.

Your services shouldn’t be chosen at random because you might spend your time developing services that aren’t needed in your local area. To avoid this, use the marketing research you conducted when choosing your target market to build your services.

Make sure that the services you offer solve your clients’ foremost problem and that they will be enticing to them. When making your offer, consider adding value-added benefits to your core services.

The services you develop should accommodate all sorts of people, and if that is impossible, you can offer a few different services. However, don’t aim at having too many services that you won’t be able to handle easily.

Lastly, your benefits should also add value to your clients, as well as showing compassion and genuine care towards them.

Make sure you offer interactive coaching tools to keep your clients invested for longer. A client you already have is money in the bank compared to chasing down those you don't.

Strategically price your services

Once you have carefully thought about which the services you are going to offer, you should move on to the next step – pricing. This step is critical because it has a direct impact on your client’s decision-making process.

If your services are priced arbitrarily and cost a fortune, you will most likely get few customers. So, pricing your services strategically is quite important for the survival of your business. However, take note that the most important thing in your pricing is the value of the service you are providing.

For premium services, you can charge higher prices. The higher prices will steer away people that you do not want to target.

The bottom line is that you should focus on the results your clients will get because that is what really matters to them. So, focus on selling the solutions of the most pressing issues that your clients.

Start marketing

Once all your services and pricing are in order, you have to get down to the most important work of the business – marketing. You need to get clients as soon as possible to kick-start your business and for you to do that you need to have a strong marketing strategy.

The most important tool for successfully doing this is being resourceful. Strive to communicate with the people you can where you can. Also, don’t over-complicate your marketing strategy by describing all the details and methodologies of your coaching process.

When talking to your clients, ensure that you connect with them and that you seem caring and compassionate to them.

When you get on a call with someone, make sure that you or they hang up when you have reached common ground and agreed on something. However, don’t just enroll anyone as a client, rather stick to your target market and continue looking for people in that pool.

Scale your business

Growth is one of the most important steps of business, so when the time is right, you should start considering scaling your business. Try to spend more time and effort on your business. For you to do that, study your schedule and see where all you can cut back and use that time on your business.

By doing so, you will flip your coaching to a real scalable business. You can start a chat forum or online community for your clients and ask them to share your posts to your target market.

You can then start pulling off additional marketing strategies, like digital marketing. Start creating advertisements, marketing collateral and A/B testing your marketing strategy to make it work for you.

Once your customer base increases, your revenues will also increase and you can reinvest those financial resources to scaling up your business again.

Seek help

“Two is one and one is none” this is a popular saying that bears the meaning that you will not be able to do everything on your own. So, you need help for you to successfully run your coaching business, you can ask industry experts to help you out or seek a mentor.

People who are more experienced than you often share invaluable insight that will help you and your business grow to where you wish to be. So, don’t be too shy to ask for help when things get complicated and need an extra set of hands.

As a life coach, you should also have the quality of knowing your limits and agreeing to have other people help you. Everybody has a limit and when you reach yours don’t give up or try to soldier on alone, but turn to others for help.

Conclusion

Starting a life coaching business is not hard if you have patience, commitment, compassion and care for your customers. The services you offer those clients should be of the utmost best you can provide and make sure that your clients pay for the value they are getting. Also, when the going gets tough, you should turn to others for help and support.

Michael Gorman is a UK-based, top-level academic writing freelancer, currently working with Research paper help and Assignment writers Australia. His work area includes writing, proofreading, editing and authoring and his main interest areas are business management, science and engineering. In his free time, he reads fiction, practices yoga and plays tennis. He can be contacted via Facebook and Twitter.


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