Starting a life coaching business involves a lot more than just offering advice to others. As a life coach, you are an entrepreneur who must know how to be a leader, marketer, and public speaker.
A coaching business involves a lot more work than you can comprehend. For this reason, every coach needs to have a life coaching business model to follow. This is necessary to avoid potential inconveniences. Stick around to learn more about life coaching business models!
Let’s dive right into it.
11 Business Models For Your Coaching Business
Instead of improvising, you should consider having a plan for your coaching business. There are quite a few business models at your disposal, and all you have to do is pick the right one for yourself. I am going to give you several possibilities to choose from. Before you move on, I recommend you watch this video about how to create the perfect business plan model:
#1 One-on-One Coaching
Taking up one client at a time seems to be a highly focused approach to get your business started. You will have to concentrate on one client at a time and help them achieve their goals.
However, this does not mean that you will only have one client for an entire week or a month. You will have several individual clients, but you will coach them separately.
In order to make this work, you should have a detailed plan and idea on how to go about it. Consider using the following strategies:
Learn About Your Client
Ask your client the right questions to gauge what their goals are in life. Try to get an idea of what they truly need and help them work towards that.
Once you have established what your client wants, set goals that you need to achieve together by the end of your time together. This will also help you stay focused without wasting your or your client’s time.
Create A Positive Learning Environment
Make sure that your client is comfortable with you and help them adjust to your teaching style. There may be times where you would need to adjust according to the client’s responses. Be understanding and make sure that the goals that you set are not overwhelming for them.
Your client is not the only one who should be learning. To be a successful life coach, you must constantly evolve alongside your coaching clients.
When you go through a session with the client, try to tie everything together at the end. Make sure the points you made were heard and clear!
#2 Group Coaching
Once you have learned how to deal with individual clients, you should consider starting group coaching. This way, you will have more clients, and you will work with them simultaneously.
However, you need to make sure that the group is not composed of entirely different individuals. Instead, focus on mixing those people that have similar goals and potential. Group coaching is all about collective talent.
In this, coaching clients also get an opportunity to share their experiences with other clients and help each other collectively to overcome the problem. What. Meanwhile, you also get the chance to learn a lot within a short period.
#3 Offer Programs and Courses
After you have garnered enough experience and developed a base of satisfied clients, you should be ready to start creating programs and courses for your clients.
You already have satisfied clients to back up your stories, which means that you should be able to get people to sign up for your course in no time!
Make sure to create high-quality programs, as your primary goal should be to help your clients. You should be in this business for the right reasons, and not only for the money.
If you would like to hear some insights of an experienced life coach Ajit Nawalkha, check out this video where he talks about the best life coaching business model to thrive in 2021.
#4 Membership Sites
There are quite a few websites where clients have to pay a monthly or annual membership to obtain valuable content. Once you make a name out of yourself, people would be willing to pay to get regular content from you, especially if it is exclusive for the members.
Find the right website for this and ensure to post helpful content to attract new clients and retain your previous members. Remember, satisfying your coaching clients is a regular process and not a one-time job.
#5 Online Coaching Business Model
The Internet is a great place for life coaches to thrive! There are numerous prospects to expand your business online. The great thing about this model is that you will have the ability to reach clients from all over the world, and you would not be limited to a specific geographical area. You would also have the luxury of conducting training from one place without having to travel extensively.
Not only will you be able to earn more money, but you will also get to help more people across the globe.
The possibilities are endless. You can even start social media accounts on platforms such as Facebook, Instagram, Twitter, YouTube, and recently, even TikTok. Apart from that, there are various coaching platforms and membership sites that you can use.
I also recommend you record podcasts, videos, write articles, arrange online sessions with your clients over video calls, etc. Use the internet to your advantage!
Promoting your services is crucial to uphold a successful coaching business. Working online would play out in your favor as it would help you develop valuable connections across the globe.
All social media platforms exhibit advertisements and sponsored posts these days. These posts are financed by those who want to promote their products. Do not be afraid to invest in your coaching business and pay for promotion. If you want to be heard of, you will need to spread the word somehow!
On the other hand, keep in mind that satisfied clients are the most significant PR’s you can get. If you provide high-quality sessions, they will surely recommend you to their friends and associates. Thus, marketing is never a substitute for an immeasurable service. Make sure you do your best at your core job first.
When you become an established life coach with a large following, you would be able to collaborate with other life coaches. These coaches can be more or less popular than you. Either way, you can harness the synergy benefits.
Other businesses might be willing to pay you to promote their content. You can agree to take a percentage from their profits, or you can set the price in advance. In the process, make sure to share only helpful content, as you do not want to lose clients who believe in you.
When it comes to bigger businesses or those just like yours, collaborations are a source of valuable promotion. This relationship is mutually beneficial as both parties have the opportunity to expand their client base.
#8 Corporate Coaching
Being a corporate coach is a tough and demanding job. You must have years of experience behind you in order to succeed in this role.
However, once you manage to make a name for yourself and build relationships with some big names in the corporate world, it will pay off considerably. Corporate coaches earn six figures per deal.
As a corporate coach, you might have to work and coordinate with multi-functional teams. Working with executives is quite common as well. You will have to put in a lot of effort during such a corporate project. To land such a gig, you should consider blogging, gaining experience, and building relationships with corporations over the years.
Apart from that, most corporations require you to be a certified coach. This plan might seem complicated, but it is definitely worth it.
#9 In-Person Events
Organizing live events for your coaching clients is beneficial for everybody. The clients will get their money’s worth, and you would be able to expand your horizons as a coach. These events are not limited to individual or group sessions, but they also include conferences, retreats, live shows, and the like.
This provides you with the opportunity to be able to understand your client’s needs better. Such events tend to be time-consuming and require a lot of planning, but in the end, they turn out to be rewarding for both parties. People love learning in person because it is easier to concentrate and take in the coach’s knowledge.
#10 Selling Physical Copies
Numerous life coaches like to take their coaching business to another level by producing books, booklets, videos, and similar products in physical form. The clients enjoy spending some time away from their devices and reading something useful that would better their lives.
However, one must factor in the growth of the internet that can hinder this business model. Some people prefer buying an e-book instead of an actual book where they have to pay for shipping as well.
Regardless, there are still clients who would value your work. If people are willing to purchase your products, it only goes to show the quality of work you have been doing.
#11 Add-on Services
Clients often expect more from the more experienced and prominent life coaches. You must try to cater to this demand for add-on services as well.
For example, if you are coaching a group of people and somebody is not active enough or does not show up regularly, this might be a sign that they need some additional sessions.
You could also include emails or phone calls between sessions, as it will help you follow your clients’ progress. It would also instill confidence among your clients about your professionalism.
Life Coaching Business Model FAQs
Having a definite business plan is an indispensable requirement. However, sometimes it can be a bit overwhelming and confusing. Working as a life coach requires you to be updated about recent developments around you. This usually spans well beyond your own field of work.
I will try and answer the most commonly asked questions about life coaching business models, so make sure to read until the end!
How Do I Start My Own Life Coaching Business?
Making money by helping people is exactly what a life coaching business should be all about. Being able to bring meaningful changes in the world and make a profit in the process seems surreal.
Before becoming a life coach, you should be confident that you love the profession as it tags along a lot of responsibilities with it.
Apart from that you must educate yourself and do a lot of research. Find some successful coaches and observe their approaches. Do your best to be as informed as possible.
Once you have seen how things work, you should determine what you know best and focus on that particular niche. Figure out how you would like to run your business and which model to use. You do not have to make a long-term plan initially, but you should at least have a vision.
You must get going and put your name out there, and you will figure out the rest as it comes along!
How Do Life Coaches Make Money?
To put it briefly, life coaches sell their services and make a profit. However, not every life coach adopts the same approach. Some prefer individual coaching, whereas others prefer coaching groups. A lot of life coaches conduct online sessions, seminars, courses, etc., and work remotely.
Sometimes, they get paid by the hour, and other times they charge a certain fee. For example, if they create an online course, they can set a monthly price.
Life coaches also author books, articles, make videos, and alike. They pass on their knowledge and skills through such content and make a living out of it.
Is Life Coaching Profitable?
As with everything else, the beginnings can be challenging. You must be skillful and attract clients before you start making a lot of money. Clients do not just happen to be there; you must work hard to get them.
However, once you do get individual clients or coaching groups, this business is highly profitable! Successful life coaches that enjoy their job make a lot of money by offering advice from their personal experience.
How Much Does A Life Coach Make Per Year?
According to Coaching Online, the average hourly rate of life coaches is around $50. Of course, these rates can vary from $20 to $300 based on the coach’s experience as well as the specific coaching business model.
If you consider the average hourly wage, then the annual average salary would go up to $60,000 or more. The salary of a life coach dramatically depends on their niche and the number of clients they serve. They also usually have side projects, add-ons, physical products, and the like. The salary of a life coach is more than enough for living a comfortable life.
Starting A Coaching Business Checklist
Being a leader and starting something new at the same time tends to be intimidating. However, if you have an idea of what to do, it should not be tricky. Develop some rules and try to stick to them.
There are a couple of steps you should consider when starting a coaching business:
Choose Your Niche
Explore what you know the best and back it up with some experience. Figure out whether you want to be a career coach, finance, mental health, spiritual coach, or something entirely different. Make sure you choose something that you are passionate about and can relate to. Otherwise, this would turn out to be a dull experience, and you would eventually fail at it.
Get To Know The Market
Research your potential clients, allies, and competition. Gather as much information as you can about the prices, topics, different strategies, and many more. Once you put yourself out there, you must be aware of what you need to do. You can incorporate polls and questionnaires to gather valuable information.
Make An Offer
Try to create your first offer based on everything you have learned while researching. Ensure that your offer is appealing.
Create A Business Plan
Figure out an operational plan and choose a life coaching business model for yourself. This will help you keep your focus as you start growing with increasing experience.
Get Legal Coverage
Everything you do should be 100% legal and legitimate without any scams. It is not uncommon for people to use life coaching as a money-grabbing opportunity. Stay away from such ongoings and protect yourself legally.
Invest in different types of marketing strategies as your business grows. Do not be afraid to use social media to create a buzz. You can share genuine client experiences as testimonials to your good work to encourage new clients to sign up.
Successful Life Coaches
Life coaches must possess certain qualities that put them in the public eye. You must draw inspiration from the best in the business to help yourself improve throughout your journey. Here is a list of the most successful life coaches you could look up to.
Tony Robbins is a life coach that focuses on giving financial advice and working to help people lead their business.
He is known for his power of persuasion and high-profile clients that have faith in his abilities. Robbins owns over 30 companies, which goes to show that he knows what he is talking about.
Mangena is known as someone who has struggled with suicidal thoughts. Therefore, he focuses mainly on mental health and helping people understand and overcome such difficulties. He turned his personal story into something empowering.
He believes in sharing his personal experiences to help people out. Many people love his genuine and personal approach.
Tanya Armstrong is known for her long list of famous clients. She has helped numerous celebrities, influencers, and other clients to reach their goals.
Her mother passed away after losing a battle to cancer, which motivated Armstrong to turn her pain into something useful. She focuses on helping people strike a harmony between their lives and careers. If you want to be a successful businessman, you should learn to balance all parts of your life.
Armstrong has a positive attitude and a bright personality that make her stand out. She offers workshops, individual sessions, and group coaching.
What is unique about Leah Brathwaite is the fact that she focuses on helping women. She believes that every woman needs some guidance to exploit their full potential. Brathwaite wishes to help every woman who feels stuck, is going through a difficult period in life, or needs more confidence.
She offers different courses, sessions, blog posts, etc. Brathwaite is constantly trying to encourage her clients to reprogram their mindset and learn about spirituality. Her ultimate goal is to get her clients to be independent and free.
Karma Hill is the founder of Konversations with Karma. She is an accredited life coach who believes in wellbeing and self-care. Although she uses science as the basis for her work, Hill also believes in the power of intuition.
Helping ambitious women to focus on themselves and prevent exhaustion is a big part of her work. She is extremely passionate about this, which is why many choose to listen to her.
Christian Mickelsen is a self-made multimillionaire who focuses on personal development and coaching. He is considered to be ‘the coach for coaches.’
He is a best-selling author with several published works. Mickelsen has helped a lot of coaches get new clients by showing them how to stand out.
Are You Ready To Start Your Life Coaching Business?
I hope you have absorbed the article and learned something new. Don’t waste any more time! Your dreams are just a decision away. Make sure you get up and grab all that you had always wished for.
Make sure you do not prioritize money while you are in this business. Focus on doing a sincere job and helping people out, and money would tag along as a by-product. Now you just need to choose the best life coaching business model for you.