Many coaches dream of leaping into entrepreneurship, and for good reason — launching a coaching business can be a profoundly rewarding endeavor. It offers creative, intellectual, and even soulful fulfillment that can be hard to find in other fields. While the start-up process can feel daunting, it offers unparalleled opportunities for personal and professional growth.
Starting a coaching business, even as a side hustle, can feel intimidating. Many successful entrepreneurs begin without a robust client list or extensive knowledge of sales, marketing, and business development practices. Their journeys often illustrate that entrepreneurship is as much about learning and adaptability as it is about expertise.
Fortunately, in today’s hyper-connected world, where resources are more accessible than ever, aspiring entrepreneurs can navigate challenges with the tools they need to succeed. You can begin right here.
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A New Paradigm of Prosperity
One of the most exciting aspects of launching a coaching career is the chance to build a business that creates new models for wealth and work. Hustle culture has us addicted to busyness and time scarcity. In the United States, burnout and isolation remain rampant, and wage gaps by gender, race, and ethnicity persist. The conventional 9 to 5 model has proven to be outdated.
Entrepreneurship offers an alternative path where we have control over our time and earning potential. Starting a coaching business allows individuals to shape their schedules, earning potential, and approaches to work.
So what prepares you to start a business? What should you prioritize? In her 2022 book Tiny Business, Big Money, Elaine Pofeldt provides fascinating insights into what drives success in modern entrepreneurship. Based on her research of 49 entrepreneurs, she highlights key trends:
- On average, these businesses reached $1 million in annual revenue within four years
- They spent an average of 4 years as non-employer businesses
- All of them used contractors
- 90% incorporated automation into their operations
- 88% engaged in some form of exercise, like yoga, gym workouts, strength training, and walking
- Many (64%) had a spiritual or religious practice like meditation or prayer
- 34% practiced meditation
- 37% had a business coach
- 45% belonged to an entrepreneurship group
These findings challenge conventional corporate success models and highlight the importance of adaptability, self-care, and community support in building sustainable businesses. Entrepreneurship requires resilience, intentionality, and a willingness to keep learning. Success relies less on knowing everything upfront and more on qualities like adaptability and being intentional with time and energy. Learning is an ongoing investment when playing the long game.
Coaching Business 101: Where to Start
Tip #1: Recognize Existing Strengths
Aspiring entrepreneurs often overlook the resources, practices, and knowledge they already have. You must identify and leverage personal strengths rather than focus on knowledge gaps.
Here’s a valuable exercise: list 100 reasons you are ready to become an entrepreneur. This process boosts confidence and highlights unique qualifications and perspectives — not just to minimize the knowledge gap but to increase awareness and confidence of all you bring.
Some questions to get you started:
- How does your background uniquely prepare you?
- Who/what are your allies?
- What are your strengths?
- How do those qualities prepare you for charting your path?
Tip #2: Embrace Continual Learning
Addressing knowledge gaps and cultivating a mindset of continual learning are key to success. Entrepreneurs should seek opportunities to deepen their understanding of business, entrepreneurship, and finance through books, podcasts, online courses, or mentorship. Plan on doing this in tandem with your coach training. Just like in coaching, you will learn by doing. You will need to develop both proficiencies.
Tip #3: Begin Before You Are Ready
Entrepreneurs never feel completely ready to launch their business. If you feel hesitant, you are in good company. From the start, you’ll need to dive into doing things outside your professional skill set and comfort zone and be flexible to adapt to the unexpected. Instead of waiting for the fear of the unknown to disappear, practice including it. Courage and fear can coexist; the key is to move forward despite uncertainty. When in doubt, take a step back and remember why you are starting a coaching business. Then, take the next step forward.
Begin slowly. For example, launching a business as a side hustle can mitigate financial risks and provide room for steady growth. Entrepreneurs should plan for one to three years to establish a sustainable revenue foundation, recognizing that everybody’s journey is unique. Some achieve milestones faster by dedicating themselves fully from the get-go, while others take a more gradual approach.
Nobody starts from the same place. Wherever you start is workable.
Is Starting a Coaching Business Right for Everyone?
Running a coaching business isn’t for everyone. Thankfully, it also isn’t the only way to make an impact as a coach. Coaching skills like active listening, curiosity, and powerful questioning are invaluable in various contexts, including organizations, teams, leadership roles, and even at home. Even if you don’t feel called to start a coaching business, you may have areas of influence where your coaching training will be invaluable.
Resources for Aspiring Entrepreneurs
Preparation and support are essential for anyone learning about starting a coaching business or embark on any entrepreneurship journey. Resources tailored for first-time entrepreneurs can provide guidance and encouragement. These may include self-assessment tools to gauge readiness, curated book and podcast recommendations, and access to business-building communities.
The Co-Active Coaching Toolkit is a free collection of resources designed to help current and aspiring coaches and entrepreneurs connect with valuable and useful tools for growth.
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Co-Active Training Institute has trained professional coaches and effective business leaders for 30+ years. Graduates of our programs use effective coaching strategies and techniques to affect change in clients and employees alike. Because the Co-Active coaching model is the most flexible and proven methodology in the coaching world, we have what you need to explore starting a coaching business or coach effectively within your organization.