Is This the Death of the Coaching Industry?

3 years ago my coach and a very prominent business owner in the UK said that there is going to be a shift between the "have's" and the "have not's" in the coaching industry. The big players are going to push out the rest of the passionate coaches who dabble in growing a business and I can see that coming sooner than predicted.

Here is what's so:

• There are only a handful are 7 figure coaching businesses- despite all the "7 Figure coaches" out there.
• 1% of coaches are hitting 100K months
• Only 2.4% of coaches make 50K a month or more
• Less than 12% of coaches are making 10K a month or more
• 76% of coaches making less than 5K a month

These numbers get worse over time.

Yet, the coaching industry is growing rapidly. The global coaching industry was valued at approximately $15 billion in 2019 and is projected to reach over $30 billion by 2025, according to a report by the International Coaching Federation (ICF).

The demand for coaching services continues to rise steadily. A survey conducted by the ICF found that 84% of coaching clients reported that their investment in coaching was "very valuable" or "valuable."

Coaching is becoming increasingly popular in the corporate world. In a study by the Harvard Business Review, 48% of organizations reported using coaching to develop their leaders and high-potential employees.

Many entrepreneurs and small business owners are turning to coaches for guidance and support. According to a survey by the Small Business Administration, 64% of small business owners who received coaching reported an increase in company performance.

Bottom line: How can the industry be growing so much and most coaches are not making it?

Many coaches are relying on quick fix solutions and get rich quick schemes and they just aren't effective strategies for coaching businesses. These passionate coaches are getting pushed out of the market faster than McDonald's hamburgers coming down the line. Not to mention they are being burned of their hard earned money. It's a harsh and sad reality.

This is good news for you… people have big problems that need solving and they need you. Their future is on the line. The question is this: Are you willing to put in the work to attract them and build a relationship with them?

To have a scalable business you must sell offers that change lives and businesses. AI and technology cannot do a human job when it comes to coaching and humans want to do business with humans that they know, like and trust. These people are in your backyard and you might now realize the opportunities you are missing.

Offering transformation will shift the industry.

The Rise of Coaching:

There is an increasing demand for personal development, career advancement, and work-life balance. Various types of coaching (life coaching, career coaching, executive coaching, etc.) is becoming more understood and more common than a few years ago. And the general population is seeing the real positive impact on individuals and organizations.

Challenges Facing the Coaching Industry:

Although there are only 154,000 accredited coaches globally according to ICF statistics there are over 1 million coaches on Linkedin alone. This has given the appearance of an oversaturated market. Quick fix gimmicks and false promises are creating skepticism among potential clients, and the rise of alternative self-help resources like books, podcasts, and online courses makes it more difficult for people to invest when everything is on demand and free.

This is where YOU come in:

In order to create sustainable change ALL HUMANS need a system, support and accountability to break free from their comfort zone.

YES! Some people can hold themselves accountable when the pain is so unbearable and the motivation factor is high for short periods of time and then self sabotage kicks in, fears, doubts and people fall back into old habits and patterns because they aren't aware of how to break those patterns for good.

This is your job!

What do the 12% know that you don't:

Growing a coaching business can be boiled down simply to these 3 things:

1. Clarity: You are an expert problem solver. Know the problem you solve and be able to communicate it clearly in the market place. You must position yourself as THE expert. Get over your feelings of "Imposter" if it comes up and own who you are and the value you add to people's life.
2. Conversations: The name of the game is creating conversations. How you do that MUST be aligned with your core values. The more value you add, the more chances you have to create impactful conversations. You must show up as a leader in these conversations- no holding back. Be a stand for others and don't make it about you. Creating conversations is your job!
3. Credibility: You must have some social proof and continuously grow your credibility. People want to do business with people that have walked the walk. You must bring something of high value to the table- knowledge, expertise and a track record of success. The days of being a general life coach are over.

This is the pitfall high achievers make when moving from a corporate job to growing a business: They assume that because they were successful growing someone else's business that building their own can be done with little to no effort.

This could not be further from the truth. There is a system to grow your own business and throwing spaghetti at the wall and hoping something sticks is a temporary fix. This is a long game.

Don't get me wrong, growing a coaching business is fun and rewarding but if you are looking for a quick fix solution to grow a business, I am sorry but you are in the wrong profession. I want to be super straight about this because I do not want you wasting money on BS lies and pipe dreams.

If you feel like you have everything you need to be a successful coach and you don't have a system to create conversations, leverage your credibility and get laser clear on who you can help, then let's have a conversation.

If you are willing to put in the work to be the real deal and get out of your way to make an impact and be the top 12% then I would love to talk to you.

A system, some support and a high level of accountability could be the only thing in your way of making a big ripple in your community and beyond! Cheers to your success.

Tina

Book Your Business Assessment Call Today! Your future self will thank you. 😊