Strategies and tips for building a successful coaching practice
This month we will shift from coaching skills to the business side of coaching. This pertains to coaching practitioners both external (Solopreneur) and internal (working within an organization) as well as those who blend the two.
As we’ve discussed in previous newsletters and webinars – there is a lot more to success in coaching than excellent coaching skills. This month we will pull back the curtain onThe Business of Coachingand take a closer look at what it takes to build a successful coaching practice.
When starting your own coaching business or adding coaching to your leadership skills, you are likely to run up against both industry-wide and individual challenges. Regardless of the types of challenges, you’ll want to make sure you have a plan in place to address them. Let’s look at a few challenges you’re likely to encounter and then some tips for tackling them.
A key industry-wide challenge that many new as well as experienced coaches run into is‘untrained individuals who call themselves coaches’. This was a key finding from the 2015 ICF survey. Nearly half of the respondents indicated this was the biggest obstacle for coaching over the next 12 months. Your strategy to address this challenge could include accredited courses, certifications and credentials as well as building a strong personal brand.
Individual challenges will vary from coach to coach but often include;
Lack of confidence
Vague or unrealistic goals
Trying to do it all /doing too much at once
Lack of systems and procedures
Getting stuck, not able to start or move forward
Lack of a peer to peer support network
Lack of business/marketing expertise
Don’t let this list discourage you. These challenges can be tackled and there are tools to help. One effective tool that is often underutilized is a business/career plan. Before your eyes start to glaze over and I lose you, consider this. You don’t have to make this too complicated or time consuming. What is important is that in the process of developing your plan you think through all the potential challenges and opportunities. Creating your plan will help you gain a clear picture of your goals, expected outcomes and the requirements to get there. If you are coaching within an organization this will look differently but the process is the same. Ask yourself the hard questions and then develop your plan. For example;
What is your vision for your business/coaching career?
What are your objectives? Financial, lifestyle, other?
Where do you want to see your business/coaching career in 3, 5, 10 years?
What will it take to achieve your objectives? Financial resources, human resources, time, training etc.
The business plan should have a detailed marketing plan; another excellent tool. Again, you don’t need to make this complicated, but it should detail out at least 12 months of marketing activity. And remember, marketing still applies even if you are coaching within an organization; you still must market yourself. Here are a few questions you’ll want to answer in your marketing plan.
What is your business/personal brand?
What is your unique advantage?
Who are you competing against?
How will you differentiate yourself and services from your competition?
Who are your ideal clients? (Tip: identify a niche and focus – don’t spread yourself too thin)
What will it cost to acquire new clients and retain them? (Tip – be willing to test the waters. Launch at a pace and scale you can handle)
For more on building a successful coaching business/practice, attend our next webinar.The Business of Coaching: Strategies and Tips for Building a Successful Coaching Practice
“Choose a job that you like, and you will never have to work a day in your life.” – Confucius, Philosopher
"A person who never made a mistake never tried anything new.” – Albert Einstein, Physicist
"Done is better than perfect." - Sheryl Sandberg, COO of Facebook
The Business of Coaching
Building a thriving coaching business takes more than just great coaching skills. You also must know how to build a business. For many, this is the hardest part of going out on your own. If you are starting your own coaching business, check out our guide –Making it as a Coachor view our recent webinarMaking it as a Coach: Strategies for Success.
Education and Training Courses
Build Core Competencies
Coaching Fundamentals Program™
Coaching is catching on. More and more people are turning to coaching because coaching produces results. The performance of individuals, teams and organizations are being transformed when coaching skills are developed, used and become part of the culture.
If you are intrigued by what is happening with coaching and want to learn core coaching skills, this fundamentals class is for you.
This is a hands-on class that includes practical techniques for trust building, focused listening, evocative questioning, planning and goal setting. The course includes practice sessions that are reviewed by a professional coach who provides feedback on coaching skills and comprehension of the competencies. You will learn the skills and gain the confidence needed to use them. Click on the course name to learn more and register.
Participants of this program will refine their coaching skills by coaching others and hearing others coach in a virtual classroom overseen and critiqued by an ICF certified professional coach. The environment fosters real-time learning for those doing the coaching and for those observing. Participants in this course;
Gain confidence in their ability to coach
Hear a variety of styles and methods by hearing others coach
Get immediate feedback on their coaching and use of the core coaching skills by an ICF Certified Coach
Are challenged to coach at a whole new and higher level in a fun and supportive way
Receive coaching tips, techniques and demonstrations from an ICF Certified Coach
Click on the course name to learn more and register.
Train the Trainer for 5/5/5 Coaching Skills Training Program™
You've done the training, developed your coaching skills and now you are ready to leverage your expertise. But where do you go from here? If you want to expand your reach, add a new tool to your toolkit and a new source of revenue, this course may be just what you are looking for.
This course prepares you to become licensed to deliver the 5/5/5 Coaching Skills Training Program™. As you go through the course you will gain in-depth knowledge of advanced coaching skills and learn to use your skills in a new and expanded role.
Develop the skills and set yourself apart by jumping on the Fast Track. Coaching is becoming more and more competitive and yet many coaches have no credential and minimal training. One of the best ways to set yourself apart is to complete the training and earn a coaching credential.
But pursuing your ICF Credential is a big step and commitment. That is why we created theFast Track to ICF Credential- to streamline the process and make it as convenient as possible.
Benefits of the Fast Track to ICF Credential include;
●FAST TRACK:Takes only 6 months to complete (other programs may take as long as 18 months).
●ROBUST, DISTANCE-BASED LEARNING:We use cutting-edge technology to create an in-person, interactive classroom experience while you participate remotely.
●TOP-NOTCH EDUCATION AND TRAINING:You get world-class instruction from expert coaches with experience in both coaching and teaching.
●FLEXIBLE SCHEDULE:We offer day and evening classes for your convenience, and new classes start throughout the year.
●AFFORDABLE:This program is priced to fit into your budget. Save $495 US / $595 Canada when you register for the package option. Don’t need the package option? You also have the choice of taking separate modules a la carte. We even have a payment plan.
We offer many resources on a wide variety of topics to support coaches at all levels. On our website, you can find blog articles, educational videos, webinar recordings and more underCoaching Resources. We are continually updating this section so check back often.
Our coaching guides continue to be very popular and we will be adding to these in 2018. If you haven’t taken advantage of these free resources,you can find them here.
We have several coaching resources to support you in developing your skills and building confidence. Learn more about these resources by clicking on the links below.