As Coaching Grows Into a $2 Billion Industry, Demand for Coaches Has Never Been Higher…
Though traditional coaching has been around for decades, and has helped millions of people transform their lives, in the last 5 years the demand for coaches has reached new heights.
Right now more people are actively looking for coaches than ever before.
And that’s because the mainstream has finally caught on to the secret: that some of the most successful people in the world have been using coaches to quietly reach their goals…
If you’re looking to advance in any area your life, you’ll get there faster if you are supported by a coach who knows what they’re doing.
As someone who’s deeply embedded in the coaching industry, it’s been exciting for me to watch this latest chapter in coaching’s history… and see the transformations it’s making possible for so many people’s lives.
And the data is there to show it! In a global study released in 2016, the International Coach Federation (ICF) estimated about 64,100 active professional coaches worldwide generated nearly $2.3 billion in annual revenue.
So, while you might have raised a few eyebrows if you introduced yourself as “a coach” a few years back, these days it’s far more likely that someone will lean in and start to ask questions about what sort of coaching you do…
And It’s No Wonder When You Look at What People Can Accomplish With the Right Coach
It used to be that coaches were just reserved for CEOs, or top performing athletes. But no more!
Companies, employees and individuals have all woken up to the powerful impact that coaching can have on their lives.
A study by Paul Bernard & Associates recently showed that the Return on Investment for anyone who participates in coaching can be as high as 50:1, with companies regularly seeing a 10:1 return on their investment in coaching for their workers.
Not only that, but employees who receive coaching are less likely to leave and look for new opportunities – and if they do leave the job, they find new work faster with their additional skills.
Behind all the numbers is a simple truth: anyone who works with a coach is far more likely to hit (and even exceed) their goals.
There Has Never Been a Better Time to Become a Coach or Start Your Coaching Business!
And as this truth reveals itself, we’re finally starting to see coaches stepping into the valued role they can play in society: helping people improve their lives.
In a recent international coaching survey by the ICF, results showed just how effective coaching has been in improving people’s lives, with a whopping 96% of people saying that they would repeat the coaching process.
With such a positive outlook on coaching, and with the demand for coaches at an all-time high, there has never been a better time to have a coaching business… or start one!
High-income clients have more discretionary spending than ever before, and they’re looking to grow in their personal, business and professional lives.
All they need is the right coach to help guide them towards the outcomes they seek.
So, Why Do Most Coaches Struggle to Make a Living?
With such an increasing demand for coaches, you might be wondering…
“Why is it that there are so many struggling coaches, barely able to pull together a decent living?”
Well, the reality is that while demand has increased, so has the competition.
Coaching as an industry has a very low barrier to entry, meaning anyone can *technically* call themselves a coach.
According to IBISWorld, 75% of coaching establishments are sole proprietorships, meaning the owner has setup the company by themselves, with no partners and probably little-to-no funding.
And who can blame them? The dream of working from a home office, where you can conduct phone and video chat coaching sessions, holds a lot of appeal for people working in this modern economy.
But, just like any market that’s flooded with service providers because of a low barrier to entry, most coaches simply don’t (or can’t) deliver the results that high-end clients demand.
The Unfortunate Truth: 5% of the Coaches Eat Up 90% of the Business
This has led to a “two tier” industry, where the majority of providers are constantly scrambling to find enough business, while a select few are able to make a very comfortable living by charging top rates.
Why is that?
Well, when someone is looking for a coach, the primary thing they’re searching for is a coach they can trust to deliver the outcomes they’re looking for.
Far more important than price is the coach’s ability to help them change their behavior and achieve their goals.
The in-demand coaches, who sit at the top of the industry (and charge premium prices for their services) are the coaches who deliver what the client ultimately wants: a real transformation.
So, why don’t most coaches deliver those results? Over the next few days, I’m going to explore this with you.
P.S Next week I’m doing a very cool thing – for the first time, absolutely FREE I’m running a Story Coach bootcamp – yes, you can sign up for this 3 day training event and learn more about Story Coaching, at no cost. Will you join me? Click HERE to sign up.