“We all need someone who inspires us to do better than we know how.” – Anonymous
Life coaching sounds like the ultimate dream job. Get certified, get clients, and help people by guiding them to achieve goals. Sounds easy enough to do right? While that may be true, it is not quite as simple as that.
The fact is, starting a business in this industry takes a great deal of time, effort and money. Experts are not always forthcoming about this because their success depends on a belief that you might become rich overnight.
That is one of the many common misconceptions people have about coaching.
But, it is not all bad.
It is easy to become successful if you take the proper steps and work at it. Like you would tell your clients to seek help from professionals, you should seek guidance from a career coach. He or she will be more open and honest about your chances at success because they have nothing to gain from it.
The ugly truth is that for an industry that relies heavily on openness, it is not very transparent about certain facts. These facts are important because they help you decide if it is an avenue worth pursuing.
Market Saturation
Coaching is a competitive industry that is trending right now. When something is trending, there is likely to be a higher demand for services. People think they can make a lot of money and jump on the opportunity.
But, the flip side is that once the word gets out, there tends to be an influx in the amount of providers. Before long, there is an upset in the balance between providers, services and clients.
For any startup to be successful, it must consider the value of time and effort versus reward. Sometimes the effort does not equal the reward.
According to Payscale, a life coach earns an average of $36.00 per hour in the United States. Forbes puts that number at roughly $100,000 per year based on experience. Neither source mentions important components such as education, experience, investment or benefits in the figure.
In this instance, you might ask yourself if you have the time, money, energy and commitment that you will need to do the job.
Alternative Facts
Not all products and services are created equally, and as a result you may not be using the most effective ones. They are not all helping to grow your business. In fact, most of them help to grow the business of someone else.
As an example, a training program may promise a job immediately after certification. This seems unlikely given the high competitive nature. You might get a job, but it may not be what you were expecting.
The best way to protect yourself from this is to not follow expert opinion and suggests to the letter of the law. Take advice, but do your own research. The truth is, following experts often leads to paid product endorsements.
They rarely work and take you down the wrong path. A personal lesson well learned. Take opinions from people who actually work in the business, they are the ones who use the tools on a daily basis.
Affiliate Marketing
It is true that affiliate marketing is a good revenue stream. But, unless affiliate marketing is your primary business, it should not be your only revenue stream.
I see many people making this mistake. They join a cookie cutter program and think they will get rich overnight simply by waiting around for clients or promoting other sites. Without traffic, a website (or affiliate program) will not make money. Traffic, like a coaching business takes time, money and effort to build.
Seek the guidance of a marketing coach along with a career coach and you will be more successful.
If you are paying to list yourself on a certified coach directory you may want to reconsider. They are a cash grab for the person who builds them, not so much for the person using it.
You may get some traffic to your website but not enough to sustain a business. Why? Because they have their own affiliate programs and life coaches that they promote.
“Create an arsenal, for yourself as you would advise any client to do. Start with getting advice from other coaches, do research and get the real facts. Websites like kinichat.com provide profit sharing as an alternative. This is a much better option for a newcome says Patrick Roy, head affiliate marketer.
Why? Because you are using Kini’s client base to make money. If you do not have your own clients, it is a good place to start. It is a much better way to gain experience and get exposure without having to invest.”
Welcome to the exciting job of life coaching.
While it may not always start off so great, the good news is if you’re successful at it there are great benefits to your health and well-being. Helping others is good for your own mind, body and spirit.
If you put effort into it, it can pay well and your experience and skills are easily transferable. It is a great starting point for a recent graduate wanting to gain work experience.
Sounds easy enough? It can be!
Other sources: International Coach Federation
About the Author: Madeline Foster’s works have been published on top sites like LifeHack, HerCulture and the Tab. She says, “I want to inspire a new generation of passionate and positive individuals through my writing. I have a strong personal following and love, no need coffee. If you want to get to the nitty gritty, I work full time, live in Suburbia, and as Tyrion Lannister would appreciate, “I drink bailey’s and I write things.”
Photo credit: perzon seo
