Are you looking to start an online coaching business? If so, we have covered a complete step by step guide on how you can start a successful online coaching business as a beginner.
The way of learning has evolved over the years. While more interesting topics and professions have come up, the world of learning has seen a massive transformation. From teaching to the way learners learned, technology and the internet have helped things get better. Online coaching is now one of the most popular money-making online business for a lot of people across the globe.
10 Steps to Start a Successful Home-Based Online Coaching Business
Step 1. What Can You Coach Online?
You have an array of options to choose from. You can either be a life coach, a fitness coach, a relationship coach, a sales coach, a career coach, and many more. First, look for the niche you are comfortable in, and with some knowledge, you can start to work as an online coach for a particular field.
Read: How to Start a Life Coach Business
Online coaching can be a variety of types. You will help your clients achieve goals with your excellence. It’s not only music or science, but online coaching can also be of a number of types.
For example, a business coach will help budding entrepreneurs start a new business or expand their existing ones.
Different forms of online coaching are:
Step 2. Creating A Business Plan
Once you finalize a domain, it’s time to work on it. Start with competitors. It’s really important to have an idea of what others are doing, how much are they charging, and on which platforms are they available. This will help you to create your own plan with all the important points.
Step 3. Getting Prepared
While you already may have knowledge in the respective field, consider getting some training upfront. Apart from your knowledge, some coaching training will help you perform better. Some sort of additional certification will also add to your credibility. This will help you to market yourself against the competitors.
Step 4. Choosing The Platforms
You need to find relevant platforms where you will upload your videos or offer classes. You can provide live coaching one on one via video classes. While you can charge for live personal classes, you will also have the option to upload your videos for a subscription.
Step 5. Buying Equipment
You will need a few types of equipment to start your online coaching business. This can be a basic camera, microphone, editing software, and a headset. If you plan to send some material over email. So, keep your stuff ready in PDF formats.
Step 6. Setting Up Your Online Coaching Business
Deciding a business structure is important. You need to sort out a plan for how you wish to operate. Create a business name, form a company, get a license and register to file for taxes. This will vary from county to country. Some of the platforms also ask for a coaching contract that outlines your services and other details.
Step 7. Signing Up & Demo Videos
Once you are done with the initial setup, now it’s time for a few demo videos. Some of the platforms ask for a few trials. They have guidelines, and you need to follow them. Platforms like Udemy, Coursera, etc have dedicated support in case you need help.
Step 8. How Much to Charge for Online Coaching Services
As a coach, you get to decide the prices. If you are a beginner with no experience, fix up the prices below your competition. This will offer you an added advantage over other coaches in the same domain. You can also choose to upload your videos on YouTube to make money from advertising.
Step 9. How Much Money Can You Make as an Online Coaching Consultant?
The earning will largely depend on your skills and the time invested. The average median hourly pay for a life coach as per Payscale is around $35 per. However, successful online coaches earn more than $1500 per hour.
That’s just one type of coach and doesn’t even touch the kind of money some of my financial planning friends make each year.
Step 10. Marketing Your Online Coaching Business
The online coaching business is a client-focused venture. If you fail to deliver, this will impact your business. You need to keep up with your client and see if they need any further assistance or help. You can take feedback on how was your service, and if they are not satisfied, ask how you can improve your service.
You need to create your own marketing strategies. Reaching out to potential clients is important for an online coaching business. You can opt to offer free 15-minute sessions and write for websites and other platforms about your coaching for more exposure. Creating a website with a blog is a must for online coaching professionals.
Before you dive into an online coaching business, it is important to understand the trade. Find below, answers to some of the frequently asked questions from beginners
So, What’s Online Coaching?
It’s a normal class, where you teach and makes people learn things, but through the internet. You may choose to teach over a normal webcam, or a whiteboard and pen facing the camera. Instead of a class, here you will teach students online.
You can teach what you like, and there’s no hard and fast rule to go with the process.
How Profitable Is Online Coaching Business?
The advent of the internet and growing technology has sparked up a massive market for online coaching. Learners around the world look for quality online coaches on a variety of subjects.
There are also a number of platforms where learners can even complete a whole course with a proper certificate without going out.
Who’s The Target Audience?
Anybody who wants to learn. It could be an 8-year old kid or a 90-year old grandpa. There’s no specific target audience in an online coaching business.
Though the subject you deal with may have a niche audience, but again there’s no segmented target population for an online coaching business.
Being a service-based business, online coaching does come with plenty of opportunities. Keep upgrading yourself with the latest trends, understand what your clients need, and be realistic about the approaches!
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.