I absolutely believe that people, unless coached, never reach their maximum capabilities.” – Bob Nardelli
Research on the Coaching Landscape of India proves that the most pursued niche in Professional Coaching is Life Coach. People want to become certified life coaches. But the sore spot is setting up a business of life coaching in a systematic way.
We invited Vijay Rashali – an ICF learner coach (pursuing her ICF Credentials) to share her thoughts on starting a life coaching business. She greatly describes various nuances of the life coaching business & being a life coach as well.
If you want to become a Life Coach or are stuck at starting your own flourishing business, then what follows is a treat for you. Let’s dive in!
Why Become a Life Coach?
“I want to become a life coach; can you suggest to me how?” this was a question asked by a friend who noticed my profession through social media networks. My first question was, “Why do you want to become a Life Coach?”
All of us have a “WHY ” – why we do what we do.
Your “Why” is the inspiration, purpose or belief that drives you to action.
These are some of the whys that came out of our exploration:
1. You can work on your terms and be your own boss
2. People have always come to you for support and solutions, and you feel a sense of content helping them
3. Life Coaching aligns with your inner values
4. You desire financial freedom & flexibility in work
5. Life coaching provides deeper meaning and fulfilment
When the above 5 criteria transpire into an individual’s life goals, they step into a Life Coaching career.
What Is Life Coaching?
Every individual is filled with infinite potential – some are evident, and some are invisible or unnoticed. A life coach is a professionally trained personnel, who is competent with the necessary tools to help you bring forth your full potential and accomplish your desired goals.
● They are a trusted partner who understands your privacy and listens to your fears, doubts, and self-limiting patterns
● They understand your beliefs, aspirations, dreams, and desires without judging your intentions
● They help you assess and analyze – where you are and where you want to be and support you to take actions you’ve been putting off for a lifetime
● A life coach partners to facilitate your awareness by asking the right questions and bridging the gaps – helping you in building meaningful relationships, health, wealth, and fulfilment in your life.
● Unlike therapy or counselling, life coaching doesn’t work on past issues or traumas – it systematically works on your present and future goals
● A life coach is a lighthouse that only helps you get a sense of guidance in the chaos and immensity
As Eric Schmidt, a firm believer in coaching & former CEO of Google (now Alphabet) once opined about coaching: “The one thing that people are never good at is seeing themselves as others see them. A coach really, really helps.”
Who Can Benefit From Life Coaching?
Let me explain this through a joke:
“How many coaches does it take to change a light bulb?
Just one, but the light bulb really has to want to CHANGE!!”
The number one criterion to leverage in coaching is – Willingness to Coaching or be Coachable.
Coaching is for those who know that there is something that is not working. They realize that it is not enough to wait and rely on strategies that are not accelerating them toward their goals, because they’ve understood that, the same actions equal the same results. They are ready and willing to do whatever it takes to Change. Apparently, life coaching benefits those who choose to change!
A Life coach facilitates the development of personal or professional objectives.
● If you are an employee – coaching will help you improve your productivity, performance, and growth in the organization
● If you are a leader – coaching helps you lead and develop great teams and advance organizational goals
● If you are an entrepreneur – coaching helps you increase your profits and peace of mind
● If you are a husband/wife, parent, son/daughter, sibling, or in any relationship – coaching helps you develop deeper connections and bonds
Irrespective of age, gender, or the life roles you play – coaching helps you experience a sense of balance between work-life. It makes you emotionally intelligent, you transcend into a path of self–discovery, wisdom, and growth in every aspect of your life.
Benefits of Opening a Life Coaching Business
All right, as noble as it sounds to be, how easy or difficult is it to make it a career choice, and set up a coaching business? Being a life coach entails a far greater responsibility than just a business idea.
If you are working full-time as a life coach, with your coaching proficiency, well-designed pricing, right client profile, and marketing strategies you can expect no limits for your earnings. However, it takes more than just inspiration and desire to thrive in a life coaching business.
With the growing awareness and impact of the right mindset and people wanting to explore life beyond the dimensions of routine life, self-improvement is the most desirable attribute that people are focusing on. This has led to significant growth in the coaching industry.
Here are some stats to ponder:
● The overall Coaching Industry is valued at $15 billion as of 2019. With an average annual growth rate of 6.7 percent from 2019 to 2022, the market value is estimated to reach $20 billion by 2022.
● An interesting survey conducted by the ICF (International Coaching Federation ) in 2009 estimated about 47,500 coaches worldwide which amounts to over 132 times (13,200%) growth in volume over the past decade!
● Apparently, the demand for life coaches is still on the rise, and the business is predicted to increase at a rate of around 5.4 per cent each year.
It is obvious that there is a huge opportunity for those who are passionate about Life coaching and can find their drive, true meaning, and purpose with financial benefits.
Steps to Start a Life Coaching Business
Life coaches are more than just good listeners – they are entrepreneurs or Solo – entrepreneurs to be precise. You play an all-in-one role right from a marketer, a salesperson, a networker, an accountant, a digital marketer and a leader.
This might sound overwhelming; however, the good news is, with the right mindset, skillset and toolset – you can set yourself and your life coaching business up for success!
Here are some questions you must ask yourself for a readiness check:
● What is the Clarity I need for my business goals – do I want to be a hobbyist business owner (who primarily enjoys coaching, but doesn’t think of money) Or do I want to be a Profitable business owner (clear financial goals)
● Do I have the courage to jump in – “Fear kills more dreams than failure ever will” Whether you left your comfortable steady income, or you always wanted to help people around you, stepping into a career which is a lonely journey of uncertainty, demands a great amount of courage in what you truly believe and want to do
● Do I have the Conviction that I can be a successful life coach – After all the sleepless nights and excitement of how you can add profound value to people’s lives, does self-doubt creep in and you think, whether you can really succeed?
● Am I currently “trained” enough to be a Life coach? – What additional learning do I need to become a life coach?
● What parts of my life need growth and development to become a successful Life Coach?
● Do I have all the required skills to be an effective entrepreneur, marketer, salesperson, networker, accountant, techie, creative, ethical and leader?
● Am I willing to spend the necessary time, energy, and money in improving the above attributes, if so do I have a roadmap for that?
●Do I have the required credibility as a Life Coach? My credentials, qualifications, and experience. Why should potential clients trust me?
● What are the best resources/certifications that will add value to my credibility as a coach?
● Additionally, some more parameters that are an important aspect of the life coaching business are:
● Define your business model
● Define your coaching niche
● Plan your life coaching services, prices, and logistics – when where and how
● Automate and scale your marketing & sales and build your digital presence
● What are your strategies for consistent and predictable business
● How will you do your R&D – find new ways to add/upgrade your skills in all areas of business
● How will you track your customer’s happiness, and feedback and make continuous improvements?
How to Get a Life Coach Certification?
One of the critical concerns with the current coaching industry is the lack of industry regulation. This domain is majorly unorganised and an aspiring Life Coach can often become misguided. Perhaps, a lot of coaching clients also fall into wrong hands and go through disappointments.
So, What Specific Learning Is the Requisite to Become a Life Coach?
As the Coaching industry is booming at a great pace, unlike other psychology, counseling, or therapeutic fields, there are no specific educational life coach requirements. However, positioning yourself as a professional who can scientifically and systematically help clients to achieve their objectives is imperative to a successful life coaching business.
ICF Credentialing – The Best Way to Become a Life Coach,
Therefore, earning the right competencies from the right institute sets you apart, gives you credibility and shows your dedication and focus in becoming a life coach who gains clients’ trust and thrives in their business.
The International Coach Federation (ICF) is one of the best-known internationally recognized organizations that provide certification to professional life coaches. To get a certification, you must submit recorded coaching sessions and write a written test that demonstrates your knowledge and practical application.
How Long Does It Take To Become a Life Coach?
The ICF certification is rigorous and takes longer to achieve, as you must complete a certain number of paid coaching hours prior to obtaining certification. You can expect to take anywhere between 6 months to 1 year with focused learning goals to come out as a certified coach. The ICF has various levels to accomplish, here is a link to the ICF page to explore more.
Read How to become an ICF coach
Become a Life Coach with Regal Unlimited, Gain a Partner for Life
Here’s what’s in store for you, should you choose Regal Unlimited:
● Derive the best of our experience training over 300 coaches
● We enable you to build your coaching muscle (ICF mandated 100 hours of coaching practice)
● We handhold and mentor you through your credentialing
● Our Coach Accelerator Program can help fast-track your entrepreneurial ambitions
● We provide last-mile support in renewing ICF credentials.
● You can step up your coaching quotient beyond certification with the Coaching Unlimited Program.
Check out our Coaching Unlimited Program
Vijay Rashali took a leap of faith and decided to become a life coach with Regal Unlimited. She is now on her way to setting up her dream business!
Would you like to crystallize your dreams of being a life coach & entrepreneur?
Reach out to us to become a Life Coach with Regal Unlimited!