Are you someone who is looking to start a business in the coaching industry? Are you fearful it will fail because of something you read or something your friend told you? In this era where information is available in abundance, it becomes crucial to filter out misinformation and misconceptions.
Let us address four of the most common misconceptions about starting a coaching business!
Misconception #1: You need a large capital to start a coaching business
We all know that you need to invest money to earn money, and so starting any business generally requires capital. However, some of the numbers floating around the internet in regards to starting a coaching business are a bit excessive.
Some sites out there recommend at least $10k – $15k starting capital, which is rather excessive. In fact, those numbers might be inflated to scare off would-be entrepreneurs. You absolutely do not need a $10,000 professionally-designed website right off the bat, in fact, you can achieve a lot in the coaching business with a rather simple website builder template.
Don’t be scared by websites saying you need a professionally designed website, memberships, and dues in coaching bodies, coaching certificates (even though the coaching industry is unregulated), and all kinds of other expenses that don’t make any sense when you’re just starting out.
The coaching industry is one which relies heavily on client reviews, referrals, and a bit of publicity.
Misconception #2: You need to be an expert if you want to succeed
While it is admirable if you are an expert, it is not necessarily a trait that every successful coaching business owner needs. What truly is crucial is your ability in marketing your online course, and understanding the dynamic nature of the business you are operating in.
You need to be well equipped with the ins and outs of how the market is operating in your locality, as well as at a national level so you can develop a business that is also sustainable in the long run. Knowledge of the market also gives you credibility amongst your clients as well as competitors.
Misconception #3: You need to have a large network already for a coaching business to kick-off
As a coaching business owner, it is important that you build a network over time. And true, your existing network will help with the initial engagement boost.
But it is not a make-or-break situation if you do not have an already established network. In the coaching industry, the most reputable enterprises are those that have been able to understand the needs of the client and deliver impactful results.
These businesses employ the strategy of developing long term relationships with clients because of their continued commitment to the client. You can build a network from scratch, a network that is built through your hard work and through gaining the trust of the clients.
Misconception #4: Your business will immediately be profitable
It is funny how often entrepreneurs go into the coaching business with the expectation of receiving an immediate return on their investment. You might not break-even until after the second year of your business.
It is critical to mentally prepare yourself when venturing into the coaching business to place more emphasis on building a sustainable enterprise rather than building a business that will close down after the first year.
Businesses evolve every day. Your business needs to understand that the only way to pass the test of time and monetary uncertainty is for you to develop an agile business model and focus on gaining the trust of potential clients, which can only be done through investing time and effort in ensuring you are delivering high-quality results.
