By Malcolm Nicholson (United Kingdom)
Coaches may be incredibly capable, knowledgeable and passionate in their chosen vocation, however, if they cannot run their practice along business lines they will never maximise their revenue, nor consequently keep their skills fresh.
For those coaches who do not have previous sales and marketing awareness (not necessarily experience) coming, for example, from academia or the third & public sectors, then the process may be more uphill. The following is based on my own experience of running a coaching business for some 14 years. For me, the three core elements are ‘getting’ the business, ‘running’ the business and ‘doing’ the business.
Getting the Business. When starting a business, make sure you have a clear indication of your budgets, and what happens if things do not go as quickly as planned. When starting and on an ongoing basis, I think it is important to be able to present to potential clients some idea of what they will be getting for their money – after all, it is a financial investment they are making that could be used in many different ways. So prepare a capability statement. This should include a brief summary of credentials, a description of your coaching approach and any specialisation, how you approach coaching and any USPs (Unique Selling Points). I have collected a set of testimonials which include ROI (Return on Investment) figures. This, combined with published figures like the Manchester Group’s report, provide a compelling case for those potential clients new to coaching.