Establishing a business coaching firm is an exciting endeavor that offers the chance to realize your professional aspirations while also assisting others in reaching their objectives. But like many things in life, the answer to one of the most frequent questions I get from aspiring or struggling coaches is: “How long does it take to build a coaching business?” It varies. The timeline is influenced by several things, including your marketing approach, specialization, degree of commitment, hours you can commit, networking prowess, and lead generation processes and tools. Here’s a thorough look at the process and the major variables that will affect your timeline.
The first six months are all about laying a strong foundation for your coaching business. This phase includes: Defining Your Unique Selling Proposition (USP) or Position of Market Dominance (PMD), Getting Trained or even Certified, Creating a Detailed Business Plan, Detailing Your Service Offerings, Creating Your Signature Talk, and Building Your Brand. I learned that the business world is dynamic, and staying static means falling behind. Continuous learning and investing in the right tools and systems are crucial. I began taking courses, attending workshops, and seeking out state-of-the-art, world-class tools that could help me demonstrate my value before a business owner hired me.
Nevertheless, even with everything mentioned above, anything is wasted if it is not supported and implemented correctly. We at Business Growthology™ want to change the way people think about “business coaching” and improve the industry’s reputation. Coaching always has to end with action. We can no longer stand by as other coaches fail to provide their clients with the necessary guidance, strategies, processes, tactics, resources, and accountability. Plans have no value if they are not put into action.
Now the next stage is attracting clients to grow and scale your business. Consider offering workshops, roundtables, presentations, online courses, or group coaching sessions to diversify your income streams. You must have a passive income stream so you are not totally reliant on trading time for money. This can be a membership program and/or obtaining a commission from coaches you provide clients to. Establish a strong community around your brand through social media groups, newsletters, and client events.
By this time, your coaching business should be well-established. Your focus will now be on maintaining your success and continuing to grow. Maintain strong relationships with existing clients through regular check-ins and continued support. Keep innovating your services to stay relevant in the market. This could include adopting new technologies or exploring new coaching methods, programs, and tools. Position yourself as a thought leader in your niche by publishing books, speaking at events, and contributing to industry publications.
At Business Growthology™, we provide you with our proprietary Business Coaching Platform and a Business Academy or PROFITUNIVERSITY™, so it looks like you spent over a million dollars creating it. It was designed to provide you with the option of “enrolling” struggling business owners into a “self-guided”, DIY coaching membership program where they can receive access to the strategy videos and workbooks our advisors use to train, teach, and coach their one-on-one and group clients to build successful and highly profitable businesses. And best of all, our business center handles all the administration for you… so this program is totally hands-free for you. You charge these clients a small monthly fee ($97 to $397 per month) and begin to build a lucrative passive recurring revenue stream for you and your family. Just 20 online members generate an average of $48,000 in annual income for you.
Building a successful coaching business is a journey. It is not a get-rich-quick scheme. It requires hard work, consistency, patience, dedication, and strategic planning. And it also requires you to invest in the right tools, training, and support. While some may see significant progress within the first year, for others, it might take a bit longer. The key is to stay focused on your goals, continuously improve your skills, and adapt to the ever-changing market dynamics. Remember, every coaching business is unique, and your path to success will be too.
Scott Lippitt has over 25 years of experience in marketing and advertising for some of the biggest brands in the US, such as Progressive Insurance, Black & Decker, Hallmark, Hershey’s, Arby’s, Dunkin’ Donuts, and Old Spice.
Fifteen years ago, he and his wife Pam got tired of turning millionaires into billionaires (or at the bare minimum, multi-millionaires)… ‘they weren’t that grateful nor were they that generous!” So, they turned their attention from helping Wall Street to helping Main Street.
Now, Scott Lippitt works with small business owners to help them double and even triple their profit while spending little to no additional monies on marketing to do so. He also offers a program that provides advisors, consultants, and coaches with the tools, training, and support to generate a consistent flow of qualified leads and predictably convert those leads into high-paying clients ($440-$1,180 per hour!) To learn more or to contact Scott, go to www.businessgrowthology.com or email info@businessresultants.com.