ecoming an accredited life coach is a rewarding job. Life coaches play an important role in motivating people to take action in areas of their lives that need changing. People who hire these professional life trainers can expect to receive more than bills for expensive coaching sessions with no follow-up or established accountability goals.
People can anticipate interacting with professional strategists who inspire their clients to identify personal and professional goals and take actionable steps to reach these goals. Everyone needs a little guidance sometimes. Life coaches are the professionals who have proven methods to help people develop problem-solving approaches and make the right decisions about their futures.
The benefits associated with becoming a life coach are highly individualized. However, there are a few common advantages that all life coaches gain.
5 ADVANTAGES YOU ACHIEVE AS A LIFE COACH
- It is enjoyable. Finding creative ways to help clients change their lives for the better is fun.
- Coaching is purposeful. Teaching clients to set and reach goals improves society as a whole because clients become more accountable for their actions.
- It is personally developmental. A life coach not only cheers and guides individuals on positive ways to reach their goals but also enriches and improves his or her own self-confidence and leadership skills.
- Coaching is highly profitable. Online benefits and compensation companies, such as Payscale.com, Indeed.com, and Glassdoor.com, report that a life coach can command up to $300 plus per hour for their services.
- It creates an extended family of like-minded individuals. People who hire life coaches become part of a global community of people who are determined to “win at life.”
Most life coaches are independent contractors who start off small, traveling to clients’ homes or places of business to work with clients. In order for a life coach to grow his or her business and become as well established as some of the most renowned names in the business, life coaches must employ the same drive and discipline they encourage their clients to develop.
Some of the most popular and successful life coaches known all over the globe are Tony Robbins, T.D. Jakes, Paula White, Deepak Chopra, and Brian Tracy. Although launching a successful life coaching business may seem daunting at first, implementing the following business steps and strategies will grow those few clients and create a more sustainable business.
4 Steps on How to Develop a Successful Business as a Life Coach
#1. Establish Your Niche
This will identify what makes you different from the competition, allowing a person to make an informed decision as to why he or she should book your services. Self-help expert Tony Robbins, the author of the national bestseller Awaken The Giant Within, has built a multi-million dollar business coaching people to take control of every aspect of their lives.
Christian minister, Paula White has built her multi-million-dollar brand off encouraging people to develop more fulfilled spiritual lives. While Brian Tracy is a personal wealth and business leadership life coach who has authored over 70 books. There are plenty of life coaches out there claiming to be able to “change your life for the better.” Therefore, developing specific content and programs that teach and transform will have clients flocking to book your services.
#2. Run Your Business Like a Corporation
Once you have decided on your niche, it is time to choose a company name, design a business logo, and develop a company slogan. All three of these components are vital to attracting clientele. Make sure to file an application with the U.S. Patent and Trademark Office (USPTO) to patent your logo and with the U.S. Copyright Office to register your company name and slogan.
Even if you book coaching sessions out of your home office, it is important for all your business paperwork to be in order. This means acquiring a business license and selecting the best operating entity. You can choose from several types such as a sole proprietorship, limited liability company, or corporation. For most small businesses, the Sub Chapter S Corporation is the preferred operating entity.
Next, you must prepare business contracts and set-up the accounting files for billing and business tax purposes. Keeping accurate records can determine the success or failure of a business. You might also think about securing business insurance, especially if you plan to hire employees. The IRS provides a checklist for starting a business. Each state also provides additional information on its state website regarding requirements for starting a business.
To run a successful life coaching business, you need to have a firm understanding of the key accounting, marketing, and business paperwork that are required for the business to thrive.
#3. Invest in Marketing and Social Media Marketing Tools
To become a successful life coach in today’s market, you must build your brand. Potential clients need to know that your life coaching business exists. Therefore, the best way to get the word out is to invest in flyers, brochures, business cards, and a website. These standard promotional marketing tools have proven to attract clients.
If you think you are ready to service clients outside of your local area, you may consider investing in a radio or television advertisement. If the costs for either of these two advertising methods are over your budget, social media marketing, and other online marketing platforms are alternative advertising tools. They can reach tens of thousands of people around the globe.
#4. Get Certified!
Life coaches hail from all different backgrounds. While a college degree is not a necessary requirement, it is important to be an expert in a particular field. For example, “life coaching” involves marital and divorce counseling, health and wellness therapy, business and financial planning guidance, to name a few.
To differentiate yourself in this field, you should choose a specialization that you are passionate about and become certified in it. You can also take a coaching course from the well-respected School of Coaching Mastery (SCM). Another option is to enroll in an online coaching training program.
Two respected general life coaching certifying organizations are the International Coach Federation (ICF) and the International Association of Coaching (IAC). Both focus on core life coaching skills and have requirements that members must satisfy to maintain credentials.
There are many more accrediting bodies. Still, the ICF and IAC are considered the gold standard in life coaching accreditation organizations. Certification shows potential clients that you value and are familiar with the latest technology and information related to the life coaching field.
The reality is that starting a life coaching business is not easy. Therefore, you must establish an effective coaching technique and file the appropriate business paperwork. Then, market and promote your business, and launch a range of self-help materials and programs. However, if you believe in your goal and follow the steps mentioned above, you will build your client list and brand.