How to write a business plan for coaching business

Coaching business

Lesson Details:
March 03, 2020

Video Transcription: In this video I would address another type of business I was asked about by students and that's a coaching business this can be live coaching business coaching productivity coaching corporate coaching executive coaching all kinds of coaching it's a really cool business it's a work from home business and it doesn't have a lot of challenges of other business there's literally no cost to start you don't have to manage inventory you can start literally today promoting your business so there's a lot of really positive things about it the challenge the main challenge is marketing how are you going to promote because there's a lot of coaches and the thing that makes this business good the low barrier to entry is also the very same thing that makes is a business bad because anyone can roll out of bed and say I am an expert I'm a coach and some people do that and legitimate coaches they have like an oh my god moment but at the same time it creates this kind of a situation in the coaching industry which is a lot of really bad and unqualified coaches and many clients get burned by them and many clients have this skepticism but if it's a bad coach and you should answer that question like why should people hire you you need to build up that Authority so there's no question in people's minds as soon as they start researching anything about you so the thing you gotta do in this business as part of your planning is choosing a compelling niche and authority.

So you can say like business coach or life coach it's really too broad you have to drill deep down so inside business for example like I have a lot of experience with mobile apps so if I wanted to brand myself as a mobile app coach I'd have a lot of authority in that because I've written a book on this I've got a course on this and I've got credentials like my own apps that I built back in the day they did really well other people will want results like I have that I can show and I can say I did it I've coached hundreds of people on this and of course I can help you because I've seen everything there is to see and I've done it and I have real experience now that's a strong sales pitch are there better people than I am always but am I better than almost anyone else I also that's true so that's the kind of niche and authority that you have to show somehow you don't have to show it the way I show it you can show it with degrees certificates experience happy clients and many many many other ways but you do have to have this Authority and people have to easily understand wow this is a great expert I want their advice that's important and you gotta build up your authority in the subject matter typically today that's done online through your website maybe through a podcast maybe throw a YouTube channel maybe through reading books maybe courses maybe some combination of these but somehow you've got to be visible and authority authoritative online and really stand out so the planning is what's the niche what's the authority you're gonna show and what's the best way to build up your online assets and visibility so that you in fact can be seen and discovered by potential clients that's the planning that goes into this particular business.

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