Business Overview

Almost everyone wants to better themselves, but many people struggle to make significant improvements. Life coaching business help people make the changes they want to see in their lives, whether those changes are related to their careers, health, relationships, or some other aspect of life.

A life coach is there to speak with clients about any issues the clients have, help clients set motivating goals for themselves, navigate through important personal and professional decisions, and much more. Though most life coaches help coach clients in various aspects in their lives, it is possible to specialize your coaching to an area about which you are really passionate. A few examples of specialized life coaches include health coaches, special needs life coaches, relationship coaches, career coaches, and executive coaches.

Who is this business right for?

Anyone who has been able to achieve their own goals and would like to help others may be well-qualified to be a life coach; however, there are courses available to teach coaches the most effective strategies to use with clients. Coaches typically have strong interpersonal skills, as the success of a life coaching business depends entirely upon the business owner’s ability to connect with and assist other people.

Business owners’ calendars need to be able to accommodate meetings with clients, but these meetings can be scheduled during business hours, evenings or weekends. Many life coaches have started their businesses by working as a coach part-time during non-business hours while remaining employed part- or full-time, and then transitioned to coaching more as their business grew.

What happens during a typical day at a life coaching business?

Life coaches spend much of their time meeting with clients. Many coaches meet with each client two to four times in each month. Meetings usually last between 20 and 60 minutes, but this doesn’t include doing pre-meeting preparation, driving to and from meetings, and taking post-meeting notes. An hour-long meeting may easily take up two hours of a business owner’s time, especially if it’s held at a client’s location.

Coaches can reduce the time they spend driving to and from meetings by having clients come to an office. Clients may not want to drive to an office, though, and running an office increases overhead. When not meeting with clients, life coaches often spend time building on their own skills by attending seminars and marketing their businesses.

What is the target market?

Your clients will be people that are looking to make improvements in their lives. They may be people who feel like they are caught in a slump and need a kickstart to start succeeding the way that they want to, or they may be already successful individuals that are looking for someone to help coach them through successfully managing the various tasks and situations that they have to handle.

Regardless of the situation in which your clients find themselves, they will be looking for a life coach who gives off an aura of success, confidence, and support.

How does a life coaching business make money?

A life coaching business makes money by charging clients for coaching services. Coaches often either charge an hourly fee or request a retainer. (A retainer is when a client is guaranteed that a professional, such as a coach, will be available for a certain amount of time in a given week or month.)

What is the growth potential for a life coaching business?

Life coaching business’ brands often revolve around the business owner. Even if a business has employees providing coaching service, the business owner is usually the leader who oversees all coaching. Therefore, they become the face of the company.

Because the business owner is largely a life coaching business’ brand, the growth potential is somewhat limited. Business owners often garner a reputation within a geographic region or an industry, and this market eventually defines how large a business can become.