Coaching is traditionally associated with sport. Every top athlete has a coach. In recent years, coaching has become applicable in all fields, in business and all aspects of life and sport.
Therefore, what’s the coach’s mission? The coach helps the client achieve their personal best and produce the results they want in their personal and professional lives.
However, the coach needs not to be an expert in their clients’ work area, but he/she is an expert in coaching people to work together and ask thought-provoking questions.
For example, a business coach helps entrepreneurs expand their business. A life coach helps someone get clarity on their life’s goals and work toward achieving them. A health coach works with people who want help with nutrition and fitness. And so on.
Hereafter some types of coaching:
- Business Coaching
- Career Coaching
- Executive Coaching
- Financial Coaching
- Life Coaching
- Performance Coaching
- Skills Coaching
- Spiritual Coaching
- Wellness Coaching
On the other hand, specialized niches can exist within these areas. For example, a life coach may focus on relationships, a business coach may focus on sales skills, or a wellness coach may focus on quitting smoking.
If you’re thinking of starting an online coaching business, here are some thoughts on the advantages and disadvantages of the online coaching business that will give you significant insights and help you make an informed decision.
Advantages of an online coaching business:
1. Easy access
Anyone with interpersonal skills and the ability to help can become a coach. While it’s recommended that you take courses and get certified, the coaching profession isn’t highly regulated yet, which means anyone can call themselves a coach.
2. Affordable to start
Chances are you already have the equipment needed to start: a computer and a set of headphones. You can download Skype or Zoom, or equivalent software for free. You should also have a website, coaching contract and perhaps homework materials, but again, those can be had for a reasonable price.
3. You can do individual or group coaching
Especially for people who can’t afford one-on-one sessions fees with you. Group coaching allows them to work with you, and as a result, you can help more people in less time.
4. Offer complementary products to increase your income
You can offer add-on products or services to help your clients further. Many coaches have books and home study products, giving them additional income streams. Many of these can be passive income sources.
5. Satisfaction to help people achieve great results
You can feel happy helping people in the field you are coaching. If you are drawn to coaching, you probably have a passion for people – a deep-seated desire to see them achieve great results and a drive to help them do so. You get a great sense of satisfaction by positively impacting those you interact with.
Hopefully, coaching lets you do exactly this while being able to live abundantly and get recognised for it.
As per ICF’s Global Coaching Study 2020 the average income from coaching is $47,100.
This is just the average. Successful coaches make 6 figures and beyond. Here are the top 10 highest-paid coaches in 2019.
Disadvantages of an online coaching business:
1. Certification boosts the career
While not required at this time, getting certified can increase your credibility and marketability. But getting a coaching certification takes time and money.
2. You need great people skills and patience
Just because people come to you for help doesn’t mean they’ll do what you suggest. In fact, many people are fearful and resistant change, so you need to be able to support, encourage and sometimes challenge your clients to make the changes that are needed.
3. Work/life balance
You’ll spend a lot of time on the phone or video conferencing. There is a high risk of accepting more and more appointments to increase income and therefore have a negative impact on your private life.
4. Always in shape
You need to be in top form whenever you’re with clients. You might feel bad, have a personal problem or have other challenges in your life, but when you’re with a client, you need to be “sure” no matter what.
5. Career growth
Even though building a strong and stable business can take time, there is still room for career growth if you invest yourself in increasing your skills.
The advantages and disadvantages of the coaching business show a number of key benefits are possible. They also show that without good mentoring skills, a coach will be ineffective.
There must be time, and plenty of patience, available to allow for the formation of positive results. If the investments in time and patience are not made, then the mentoring process will not be successful.