Tonight we discussed a variety of topics, addressing challenges and obstacles related to starting a coaching business. We delved into issues related to insurance, continuous learning accreditation, marketing, and sales processes. We also evaluated some aspects of volunteering, emphasizing the importance of referrals in a coaching service business.
Despite the clear need for coaching to help navigate life’s trials and tribulations, there’s no inherent demand for newly certified coaches in the industry. This led us to an overarching theme of unlearning. We discussed the need to unlearn principles learned at Cambridge and other programs, acknowledging that this process of unlearning and relearning is not exclusive to coaches. It’s also relevant to those struggling with the risk/reward balance of implementing behavioral changes to potentially reap the benefits.
“The illiterate of the future are not those who can’t read or write but those who cannot learn, unlearn, and relearn.”
Alvin Toffler
The Importance of Self-Reflection and Self-Coaching
The unlearning process can be challenging and may prompt coaches to take a brief hiatus to process their experiences. Therefore, offering trial sessions may not immediately yield a client, but it could provide them with the time they need to process and digest the information and experiences before seeking further coaching.
We highlighted the importance of self-reflection and self-coaching. A significant part of our discussion centered around facilitating self-coaching to provide the necessary tools to overcome challenges.
Strategies to Gain Clients
- Referral-based acquisition
- Advertising with limited number of free trials or demos
- Volunteer work
- Using social media to reach a larger audience
- Utilizing grant opportunities
- Becoming a visiting fellow at a university
- Completing grant applications in the nonprofit sector
- Working with corporate clients for productivity enhancement
We discussed several methods for coaches to gain clients, with a recurring theme of referral-based acquisition. We considered advertising, potentially using scarcity by offering a limited number of free trials or demos. However, this method has its pros and cons.
Volunteer work was another strategy to build networks and scale coaching time. This approach could be invaluable within an organization, and we also discussed using social media as an efficient method to reach a larger audience.
Some participants mentioned using grant opportunities to motivate coaches to propose solutions to pre-existing problems with allocated budgets. One method could involve becoming a visiting fellow at a university, as these institutions often have individuals willing to learn and relearn, particularly those transitioning from adolescence or older students reentering academia.
In the nonprofit sector, the challenge lies in completing grant applications and understanding the competition involved. We also discussed working with corporate clients who need clarity and productivity enhancement for their employees. However, entering predefined lists of approved coaches maintained by HR departments could pose a challenge.
Reaching Potential Clients
- Through HR departments
- Fellowship programs at universities
- Newsletters
- Referrals
- Preexisting networks
We discussed how to reach potential clients beyond HR departments or fellowship programs at universities. One method used in the U.S. is a newsletter—an email-based letter sent for free regularly—to provide information to clients. This freemium model allows us to maintain connections with potential clients. We can use newsletters to help clients process information and explain how previous clients or coaches have navigated similar experiences.
We questioned how to define a newsletter and who we’re writing for, prompting a discussion on niches. Who exactly are we coaching? What desires are we stimulating? What problems are we solving? We realized that by reflecting on our coaching logs from Cambridge, we could identify recurring themes and opportunities to help clients in their journey.
We debated the idea of focusing on needs rather than wants, which raised questions about whether these problems are actual barriers preventing clients from reaching their desires. Would it be beneficial to help resolve these problems in the initial coaching demo or trial to unlock the opportunity to de-stress and move towards their wants and desires?
The Value of Accreditation
We opened a dialogue on the value of accreditation through institutions like the ICF or AC. Based on our early coaching experiences, accreditation doesn’t seem to be a defining factor for several reasons. One is that we might not have enough clients or exposure to warrant such accreditation. Most of our clients come from pre-existing networks where we have already built trust, making accreditation less relevant. However, for unfamiliar networks with new clients, stakeholders might place more value on accreditations, similar to certain degrees like a Level Seven Masters in Coaching. This is a dialogue for further discussion.
The Focus on Needs Rather Than Wants
We recalled a previous workshop where one participant suggested identifying and solving the clients’ needs. This aligns with the principle of market fit in business. We might have the best product in the world, but if there’s no market for our product, it won’t sell. In coaching, we don’t aim to become wealthy; we aim to make a difference and have an impact. This realization emphasizes the need for continuous unlearning and relearning. Coaching is a slow process; it’s not always urgent, and clients don’t always have an immediate need for it.
We need to stay vigilant in our pursuit of doing greater good and providing information to bridge these processing gaps for greater self-coaching. Online content seems to be an effective way to bridge that gap and make a meaningful impact. This approach not only helps build your network but also lends credibility to your information. As one of our professors stated, we should start with our own networks for coaching, similar to how we found our pro bono work for our coaching logs. As Gary Vaynerchuk says, “Jab, jab, jab, left hook.” We must give many times before we make a substantial ask.
Starting a coaching business presents a myriad of challenges, from client acquisition to self-reflection and continuous learning. However, these challenges also open doors to opportunities for transformational growth. The key is to continuously unlearn and relearn and to focus on the needs of our clients rather than simply their wants. We must remember the value of patience and persistence in this process. As we share, connect, and grow, we pave the way for our clients to do the same, creating a ripple effect of positive change. This journey may be slow, but the impact we can make is tremendous.
This is just the start of a bigger dialogue that we will all continue next session (February 13th).
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