Coaching Can Take You Far, Your Network Can Take You Further
by Yiannis Gavrielides (Cyprus)
The business coaching industry has been on the rise over the past years. In the US alone, business coaching is ranked as the 7th largest industry in educational services, with a market size currently at $14.2 billion with expectations of further growth by 2028.
To add, Statista notes that veteran coaches, with more than 15 years of experience, earn an average annual wage of $160,000. This is three times the US median income in 2021, classifying veteran coaches among the highest paid in terms of salary.
In this article, we explore how business coaches, at any level of experience, can use networking as a means to their success. To navigate their way through the market, stand out and find their way to the stop.
- Leverage networking to increase your business growth
Bianca Miller Cole from Forbes indicates that ‘networking is the key tool for growth in a resourceful career. Training and certification garnered from networking build self-confidence and promotes self-esteem.
No matter how good you are at your occupation, you always need to channel this knowledge before the right crowd to effectively bring in sales, increase your clientele, build partnerships and open the door to new opportunities.
Your network of professional contacts can by definition help you to achieve this. Studies have showcased that 97% of businesses use networking as a tool to access and acquire new opportunities. To add, a significant number of entrepreneurs use their network for market insights and access, funding opportunities, and talent finding.
Therefore, whether you are looking to find new customers, investment to grow your business, or market information, start by looking at your network first. Do you know someone who can help? Reach out to them.
- Use your network as a beacon in a saturated market
In a saturated market, when the consumer has many similar choices to you, you need to stand out.
Your strengths, areas of expertise, your knowledge are your brand. Be vocal about your strengths and expertise, it will encourage people within and without your network to reach out to you and trust you.
Anna Vija McClain from Piccolo Marketing believes that building a brand while nurturing your network makes you stand out as a “trusted advisor”, rather than a “commodity”.
Therefore, invest time in your network to share thoughts, engage in conversations, and provide advice or insights, on a consistent basis.
- Turn your contacts into customers
Derek Coburn, best-selling business author, highlights the impact that old relationships can have on your career and your personal growth. He notes: “Dormant ties can be more valuable than your current relationships”.
The reason is simple. You have a network of contacts across companies, industries, and even countries, that may have been unutilised all this time. These contacts could be a ‘goldmine’. How can you turn them into opportunities?
Begin with identifying these contacts within your network, revisit past conversations with them, if any, and reach out. Start with a personal note, create a conversation, then proceed with your asking. You need to warm up the relationship first, otherwise it will seem like a ‘cold call’.
Even if they decline your offer at first, stay in touch with them, contact them once in a while, through a comment on their social media, a message, or a call. The ‘no’, may be temporary. You don’t want to miss out on future opportunities.
Source: iCN Issue 40 (Relationship Coaching); pages 27-28
About Yiannis Gavrielides
Yiannis Gavrielides is the co-founder and CEO of Covve, helping professionals grow and nurture their contact network. He actively supports entrepreneurship as a partner at Invelopment Partners.