A home-based coaching business may be right for you if you love working with people and helping them achieve their potential. Technology has made it possible to offer coaching services. This is one of the greatest advantages of coaching. You don’t have to be confined to a place where you can meet people face-to-face or an office where you can communicate with them via phone.
What do Coaches Do?
Coaching should not be confused for counseling. Counseling requires a specialized degree as well as licensing. Coaches help clients to achieve similar goals, which are aimed at improving their lives. Coaches tend to be more focused on specific areas and have measurable results.
Entrepreneurs can benefit from the guidance of a business coach to help them grow their business. A life coach assists people in identifying their goals and working towards them. People who need help with their nutrition and fitness can work with a health coach. So on.
There are many types of coaching:
- Coaching for the Life
- Career coaching
- Business Coaching
- Executive Coaching
- Wellness Coaching
- Performance coaching
- Skills coaching
- Financial coaching
- Spiritual Coaching
These areas can have their own niches. A coach might focus on relationships while a coach for business can be focused on sales skills. A coach for wellness can help with smoking cessation.
How much are coaches paid?
The pay for coaches can vary greatly depending on their business and the type of coach. PayScale reports that the median annual pay for life coaches is $28,000 to $263,000, with an hourly rate of $32.38.1 Companies often have more money to coach than individuals.
The Benefits of Coaching
- A coach is anyone who has the ability to work with people and can help others. While it is recommended that you complete some coaching courses to become certified, there are no regulations in place for coaches.
- It is easy to get started. You probably already own the equipment you need to get started: a computer. Skype is free to download and you can purchase a good set of headphones starting at $50. A website, coaching contract, and homework materials are all necessary. However, these can be purchased at a fair price.
It’s a great feeling to help people in the community you coach.
The Cons of Coaching
While not necessary at the moment, becoming certified can improve your marketability and credibility. However, it takes time and money to get a coaching certificate.
Great people skills are essential. You also need patience. People may not always follow your advice, but they might come to you for assistance. Many people are resistant to change and fearful. You need to encourage, support and challenge them to make the necessary changes.
It’s likely that you will spend a lot time calling or video conferencing. It won’t matter if you’re willing to make many appointments per day.
Steps to Start a Coaching Business
Here are some tips for starting a coaching business.
- You can choose the type of coaching that you want to do. Although life and business coaching are very popular, they are not the only types of coaching available. You could be a coach for weight loss, health, or parenting, or you can coach sales, technology, or career.
- You might consider coaching training. Although it is not necessary, it will help you become a better coach and provide you with useful tools. It can also earn you certification which can improve your marketability and credibility. You should be knowledgeable and skilled in the field you wish to coach. You may have some experience but might need additional training. A fitness coach, for example, could benefit from a certification in fitness.
- Establish your business Create a business structure and a business name. Get a business license if required by your county or city. For a coach contract that describes your services and expectations, consult a lawyer.
- Gather the necessary equipment and materials. If you plan to do video conferencing, download the software and buy a high-quality headset. Coaches record calls and then give them to clients for review. Software that records and stores your calls is required if you plan to do this. You can use handouts and homework to help you organize your data.