As of 2018, the Business Coaching industry is worth $1 billion in the U.S. alone. According to the International Coaching Federation, there are 53,300 coaches worldwide earning between $27,100- $73,100 annually with a median income of $50,000. Some coaches earn seven figures per year.
Still, why is it that many coaches struggle to make their living? There are many pain points business coaches experience in today's digital landscape.
It doesn't matter if you coach professionally or personally; it's a noble profession. Coaching helps people overcome challenges and reach their goals. It's a job that has the opportunity to bring you great satisfaction. But sometimes, coaches have trouble finding clients.
Many coaches get frustrated by this obstacle. The task of finding and converting clients to work with them seems like a daunting task.
There is a possibility that coaches might have experienced these situations:
- Been frustrated by the time spent building relationships with people who haven't converted into clients.
- Considered packing coaching sessions, as clients seem to be at the end of the rainbow.
Before you start doubting yourself, ask this: “am I a bad coach or do I need to fix my methods?”
Some coaches are amazing, but they aren’t getting paid because they were unable to find clients.
Don't worry; there are still clients for you. The only reason that you aren’t getting them is because you have to define a strategy.
In today’s post, we will highlight the pain points of online business coaches that will help you rethink your strategy.
Choosing the Perfect Niche
It's admirable that you want to help as many people as possible, but a business coach who sets out to help too general of an audience will not succeed. It is essential to pick a niche that you are an expert in.
You have to be a credible source of information in the area you decide to focus. You would be skeptical if you saw a financial advisor who is himself struggling to make ends meet and doesn't have his own money in the right place, after all.
Prospective clients want someone who can empathize with them and has a track record of achieving the things they desire – more wealth, better business growth, healthier relationships, etc.
So, be sure to pick up a niche that you are knowledgeable about and can talk about at length if asked from any angle.
Identifying the Target Audience
After deciding what type of coaching you wish to offer, it is time to find the right audience for your services. Your online business' success depends on finding the right clients.
Begin by identifying your top competitors as they have spent time and money finding the proven buyer personas.
It would be best to detail out who your target audience is and who you want to attract. Focus on key behaviors like gender, age, marital status, employment status, location, paying capacity, and many more.
Having an Undefined Marketing Strategy
Marketing is one of the vital parts of any business to survive, and no one can deny it. Many emerging companies still view marketing as something they will do later, maybe when they have more money.
However, marketing starts before the actual product launch to create the buzz so that once the product is out, the customers know the next step. Startups or businesses who miss out on this step often fail to acquire customers or, at worst, shut down after a couple of years.
Learn about marketing, and develop a strategy for your business or hire a professional to do it. Build a website, attend networking events, get on social media, have an SEO strategy. There are multiple marketing strategies you can try without spending a lot of money. The trick is to choose the one that suits your business best.
Not Addressing the Pain, Outcome, and Gap
People don't sign up or give money to weak ideas. People give money to ensure clear and solid outcomes. You might be thinking that you are providing a great offer but for your clients, it could be unclear.
It all comes down to the offer and how you present it by addressing the pain of your desired audiences.
Here's an example:
The seven steps guide to lose weight in 8 weeks
Guide to weight loss
Which would you choose to attract more interest?
People want to solve a significant problem quickly and decisively. First, the goals and time frames are clear; then, you must deliver it, but, as with all personal fitness training, the outcome depends on the client.
If you have a committed client willing to do what it takes, your guide must lead them to the desired outcome with your expertise.
No System to Maximize the Growth
Even the highest-paid coaches don't always have the best technical skills.
Begin by attracting the clients you are most passionate about working with. It is essential to have a process and system that allows clients to come to you rather than you chasing them.
Converting your leads into clients is what most coaches struggle to do. One conversion event can turn into a great deal of growth.
You will want to club your expertise with some system, like email marketing, for example, if you connect with your client online mostly. With email marketing, you can slowly keep nurturing your audience by providing valuable content until they finally convert.
Deliver your coaching in a way that you get the best results for your clients, minimize the time spent so that you can scale your business, create the lifestyle you desire, and maximize your profits. Take the help of digital solutions for small businesses to achieve the desired result.
Scaling the Operations
Many people believe that you are supposed to do everything when you run your own business. Coaching the clients is just not enough. You also need to manage the finances and marketing of your business. It can be hard to keep your time afloat with so much on the plate.
To overcome this problem, take the help of some business management software that can automate repetitive tasks like appointment reminders, invoicing, and sending newsletters, etc. It will enable you to focus on your business and reduce the administrative burden.
Or else, hire someone to do the work for you.
At Vervology, we take the digital burden off of our clients and manage all the complex tasks from strategy to content creation.
Not Believing in Yourself
You must identify your strengths and personal skills as a coach, then present them confidently. Online business coaches often compare themselves to others and try to coach clients in a way that isn't right for them.
Clients will always know if you are trying to be someone you are not. Find a style that suits you and believe in it.
Avoid the Pain Points Business Coaches Experience Today
It is always better to look into your current strategy and mold it as per the target audience. Ensure that your service should solve their problem and pain points in a big way.
Vervology believes in helping small businesses succeed with digital marketing solutions. We can help you with digital marketing problems, such as evergreen and organic content creation, local SEO, and website design.
Vervology has developed digital solutions for business coaches that have been proven to work.