Online Coaching Business : Best business to start in 2021
It was the year 2020 and month March. The whole world came to standstill, Covid 19 pandemic had struck. Countrywide Lockdown was announced on 25th March. For the next 2 months, people were at their homes the whole time watching Netflix, online zoom meetings, Social media surfing. The time spent online just doubled. From kids to adults all started their online learning journey to make the best use of their free time. The online coaching business started booming. It is estimated that the online coaching market size is expected to reach $21 billion USD by 2022, the coaching business is one of the fastest-growing sectors in the world.
In this blog you will get insights on how to start your 6 figure online coaching business and make an impact in the world.
Tools like Zoom and Google Meet have made face-to-face coaching with students possible sitting at home. Due to this coaching profession has expanded many folds in the last few years. If you feel you have the ability to connect with people and help them to solve their problems then an online coaching business model is the best business option for you. A lot of income can be generated with online courses in a short amount of time.
Now you can find courses on every topic you can imagine. Due to the online platform, you can learn from masters of the world sitting in your living room at a comparatively low cost. In the same way, your coaching audience is the whole world your students can be from around the world.
Frequently asked questions about online coaching business
Do you need any qualification to be an online coach?
The answer is no. If you are good at a particular topic and can help your customers solve their problem you can prove to be a good coach. Your qualifications really do not much matter.
Can you make money coaching?
The simple concept that works here is one to many, you once create content and sell it to many people year after year. It is the same as writing a best selling book and taking the royalty for life. In fact, there is a chance to even make $15K per month if you have an aggressive marketing plan. Your profit from this business is directly proportional to the amount of value you provide to others. Are you able to successfully take your students from point a to b and help them achieve their goals. You can also warm some affiliate income from the products and tools you recommend your students to use. Being true to your students and recommending the minimum needed products will help you in the long run.
Cost of starting an online coaching business?
LMS to host your course (Teachable, Thinkific etc)
Domain and Hosting for your personal website and blog (Hostinger, Namecheap)
Email Marketing Software to maintain your subscriber base (Mailer Lite, Getresponse)
Funnel building software to design your sales funnels (ClickFunnels, Leadpages, Kartra etc)
Webinar Software for your weekly webinars (Zoom, Webinarjam)
Conversion tracking software (Clickmagic)
Video recording and editing software (Camtasia, Screen flow)
Image editing software (Canva, Crello)
The total monthly cost of all the tools and software comes around 500$ roughly.
Why are more and more students shifting to online coaching?
As per the recent study college and tuition fees are rapidly increasing in recent times. An average tuition fee in 2021 is approximately $11,173 per year and higher school goes around $14,978. This is due to higher infrastructure, management and staff cost. There are no signs of stopping as of now. As a result the student loan debt is increasing drastically. Students are searching for alternate solutions to cater this. Here online coaching comes as a saver as it can let you learn from anywhere and anytime.
Steps How to Start an Online Coaching business
1. Discover your Profitable Niche:
Discover your Profitable Niche: Online coaching niches are broadly divided into
b) Health & Wellness
d) Personal Growth
e) Hobby & Skills
A simple formula to choose your niche is to follow your passion. Search deep inside what you are best at. Once you have done this check whether it solves people’s problem and are they ready to pay for your coaching service. There are around 500 different niches you can select from. The narrow you go the better. There you have very little competition and you can cater to a small group of people and produce good results for them. To understand Niche selection in details go through my blog
2. Build a Brand around you:
“Love and trust” factor should come first. Sell the prospect and then build trust, if we reverse this if someone loves and trusts you they are most likely to buy from you. Now they know that you are the person who can help them to come out of their current state. Book a domain and build a website and start filling it with content. Use youtube, facebook and other social media sites to share content. Start spreading your wings with free useful content which will hook your future customers to follow and trust you.
3. Your Product Stack:
Now it’s time to create your online product. Structure the video modules in such a manner that users can understand the concepts easily. Try to give assignments at the end of each module so that you can check whether they are moving in the right direction. Your product stack should ideally be structured as
- Front end product: This is a low cost entry point where the probable customer enters your system. This can be PDF, 3 days Video course or some software / tool. This will help you to built trust and credibility, which gives them confidence that you are going to solve their problem. This will help you to built your email list to whom you can send webinar invites or offer emails in the future.
- Your Course: This is your mid range product where you offer your recorded course material. Your sales funnel starts from here.
- Upsell Product: This a one time offer where you offer products after they buy your course. This can be an irresistible offer where you offer them with service where they actually implement the program with you. Your upsell product is if properly selected can cover up your advertising cost.
- High end Product: This is also called the done for you product, Here you involve your team to get things done for your client end to end. 1-2-1 consultation can be included in this product
Consider giving a certificate at the end of the course. This will help you to get some brand recall value.
4. Traffic Generation:
Now your product is ready you just need customers. There 2 ways to move forward 1. Upload your course on Online coaching websites like Udemy, Udacity, Skillshare and many more. Here most fo the marketing is done by the website if your course comes in the recommended category. 2. Upload your courses on LMS software like Teachable and Thinkific here you have to market your courses on your own.
The best way to market an online coaching business is through Advertising on Social media networks like Facebook, Instagram & Youtube. You can also try influencer marketing, choose a famous influencer in your niche and work out some deals where he promotes your product. Start your online community like a Facebook Group where you provide value in your niche. More your true followers more the business you generate.
5. Scale your Business:
How to grow online coaching business beyond your initial push. This is where you hit the ceiling and are unable to grow more. Here you can take help of notable mentors in your field and give a new dimension to your coaching business. Your role now slowly shifts from execution to leadership. You can have collaboration with industry experts in your field plan summits and challenges to increase your online presence.
Advantages of Online Coaching Business:
- Convenient: You can save on your travel time and carry on your business from your home. You just need an online connection and a laptop. You have the freedom to travel around the world and still keep track of your sessions.
- Scalable: You create content once and sell a thousand times. You just have to update the content from time to time at your pace.
- Makes you Famous: When you see your followers, your tribe who believe in you gives you satisfaction and makes you proud. You are solving their problems and helping them achieve their goals.
- Good earning: Your online coaching business give a steady income at the beginning and once you become famous you easily make a million dollars a year in earnings.
Majority of entrepreneurs get started with selling online courses as an additional revenue source. Online courses take less time and money to create, and there are no shipping costs involved. You have an online product that can be sold to unlimited people. Now you have an overview of How to start your own coaching business ? Clearly there are more advantages. But this is not a make rich overnight business model, it will take time for you to build up your business to a good level. You need passion, patience and perseverance.
If you wish to join my free weekend Coaching Insight session click the below link to get registered.