Starting An Online Coaching Business

Starting An Online Coaching Business – What You Need To Know

Thinking about starting an online coaching business? Here are 6 crucial things you need to know before positioning yourself as an online coach.

Hi Trish Davies here and the topic for today is starting an online coaching business. I am going to share with you 6 things you need to know before you try and position yourself as an online coach.

Online coaching is like all other business models in respects that it starts with an idea. Now that idea can be something that no one is doing, or it can be one that is already established for you to put your take on it.

Whatever it is though you must have a clear strategy in place, a plan of action to follow. Take some time to think the whole project through before you take the plunge. That time will be well spent because it will create foundations which you can build upon, just like a house.

Therefore, I thought it would help you if I shared 6 essential things that you must have clarity on. Things that you must consider before you embark on a new journey that ultimately positions you as a leader in your field. You will become an expert and the go to person if you follow what I am about to share.

6 Things To Consider When Starting An Online Coaching Business 

Keep It Super Simple 

When starting an online coaching business, you want to keep things as simple as possible. This is something that I emphasis within my Build Your AU mastermind because overcomplicating leads to things spiralling out of control.

You soon lose grasp of that initial concept and idea, and it can make marketing and implementation harder. A simple three step business model is what I recommend as illustrated below.

• Lead Magnet
• Core Product/Service (Training Program)
• One on One/Group Consultation Services

A set up similar to this will provide a great user experience and keep you structured. It is easy to follow and implement as there are not too many moving parts.

Do Your Market Research 

You may already have an idea for your online coaching business, but it is essential to do your market research. You must have clarity on whether there is a demand for your product or service. If there is a demand then this is you target audience.

Therefore. Who are they? What do they need? How can you serve them?

You must look at your competition. Who are they and what do they offer? Define price points within your marketplace so that you are competitive. It is not always advisable to follow that competition to the letter though.

All your competitors will have common denominators which you should model. However, you should have your own unique selling point. This is what makes you stand out from the competition.

Make Sure Your Numbers Stack Up 

The great thing about online coaching is that the profit margins are potentially huge. Online coaching products and services are generally delivered digitally. eBook, video courses, audio courses and one on one video conferencing calls.

Therefore, there are generally no physical products to manufacture and ship. Everything is delivered through digital files that can be accessed through streaming or download.

Therefore, once you have created your products and services they can be fulfilled unlimited times. This is all pure profit. Your one on one coaching sessions will be your time delivering the coaching which you will know your hourly charge.

With that said your investment is your time. Time to create and time to personally deliver coaching.

You must add to the mix additional costs in relation to platforms you will use to deliver your coaching business. You will be using third party systems and software. Also you may also be using outsourcers to handle tasks that you either don’t want to do or can’t undertake.

Therefore, you must sit down and do some number crunching. Your overheads will be very low compared to a traditional business, but you will have some. Once you have worked everything out you will be able to define your financial goals.

Develop Your Support Network 

At this stage you must define what tasks you will undertake. I recommend you focusing on money producing activities. As an online coach you will be the one who is creating the training material. It must come from you as you are the face of the business.

Many other tasks can be outsourced to individual contractors. Things such as creating automated marketing systems, uploading videos to platforms such as Vimeo.

You will need graphic for your products and services which can be done by specialist graphic designers. Some organic content creations such as blogs and articles can be created by specialist content marketers.

I highly recommend you get your team in place from the outset. I have my team in place which I manage so that everything comes together. The tasks I have mentioned, and there are many more, take up huge amounts of time. This is time you can spend doing the activities that put money in your bank and which make your coaching business grow.

Creating Your Online Coaching Program 

Your online coaching program will consist of written, video and audio material. I mentioned earlier the simple framework of a lead magnet, core coaching program and personal coaching.

The first two require you to do it once and can then become automated. The personal coaching is obviously done one on one or in a group session.

Your coaching program must deliver a desired outcome for the people who purchase it. To simplify this, define the answers to the following questions.

• What does your coaching program focus on?
• What challenges are your target audience looking to solve?
• At what points are they struggling?
• What will your students be able to achieve once they have completed the program?

All of your coaching material must be focused on the points I have just made. When it comes to the personal coaching you must be adaptable to tailor to specific needs of your clients.

Delivering Your Coaching Program & Services 

When it comes to delivering your coaching material, you will be looking to utilize third party systems. The key point here is the systemization. Your objective is to create an automated system that captures leads, converts them into customers and delivers the content. That system must also take payments and create user accounts.

Now that seems complex and from the outset yes it can be overwhelming. I use a specific platform that does all this for me. It takes some time to set up but then it works 24/7 automatically.

As for your personal coaching sessions you will leverage online appointment systems. They create your calendar and collect the money, so you are ready to go when you meet your clients.

You must always remember this one critical thing. Delivering your coaching products and services must digestible for your clients. They must be able to understand what you are teaching them.

Also, there must be a step by step process in place, so they see progress being made. This is also an accountability measuring stick meaning they must stick to the process you lay out for them.

Start Your Online Coaching Business With Build Your AU 

I have shared 6 crucial things that you must consider when starting an online coaching business. I know that what I have shared is a lot to take in. You can do this on your own, but it may take you some time to figure things out.

To shorten that process I invite you to register for a free 9 step program which shows you how to do what I have shared. To learn more about this opportunity click here or at the link below. I look forward to connecting with you on the inside.

Register now by Clicking Here!

Helping you build your authenticity, authority and audience.

Trish Davies

Build Your AU