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5 Tips for Building an Executive Coaching Practice

September 09, 2022 by Amanda Reill

5 Tips for Building an Executive Coaching Practice

While coaching and leadership may come naturally to you, it’s typical to find that building, launching, and marketing an executive coaching business is a whole different beast. 

These different aspects utilize different skill sets, and you may find yourself giving advice to your clients that you know you also need to internalize. It’s okay to admit that it’s not easy to be self-promotional, to build something from nothing, or to take risks that have to do with something so personal to you. Setting up a successful coaching business is a journey, and taking a deep breath before you depart on that journey is fine. You may find that you’ve taken your breath, and you’re ready to go, only to realize you aren’t sure how to reach your end goal. One of the best ways to visualize your destination is to draw up a map.

5 Tips for Building an Executive Coaching Practice

Charting the course

A business plan is the map that gets you there. This prospect excites some personality types and gives others hives, so it may be important to remember that you have permission to be creative in the process. If templates relieve stress about where to start, there are hundreds of examples of sample business plans online. 

If you prefer to take a more creative approach, there is literally no “wrong” place to start. You can start with a crayon and a napkin if you like. The goal of starting this business plan is forward momentum. You can make lists, draw a flowchart, start sketching your logo — anything that starts to bring tangibility to your dreams.

No two coaches or coaching businesses are identical. The waters are uncharted for your particular approach. But that doesn’t mean it can’t be fun. This is the beauty of running your own business — there are no rules! It is up to you to write the story.

Developing a solid coaching practice

Consider drawing out this map as though you’re a character in the Hero’s Journey. There’s power in the pen — when you get to write the story, you control the ending. As many novelists will tell you, sometimes the ending surprises even the writer. But they have to start somewhere.

1. Know who you are.

Start with some character development:

- What sets you apart as a coach? List out 5-10 qualities you think are your particular strengths, such as: empathetic, humorous, artistic, insightful, well-read, etc. Sometimes we don’t realize “who” we are until we actually start writing some things down.

- What are your highest values? Think about the guiding principles that will be foundational to your coaching practice. For example, if you highly value knowing your worth, it could inform the price point of your services. If you value being candid, you may make a commitment to yourself to communicate directly if you ever feel uncomfortable in a session.

- If your ideal client was describing you to another prospective client, what would they say about you? Try to step outside yourself and talk about yourself in the third person. Maybe you incorporate feedback from others to help you with this script.

- Who are “your people”? Who has the most to benefit from your services? What are their greatest struggles? How do you imagine providing value in a way that helps pull them through?

2. Know where you’re going.

Have a conversation with your future self and seek to visualize where you’d like to be working as a coach in three months, six months, a year, and five years. If you sat at a table across from this person, what would they say to you? How would they present themselves? What will they have accomplished?

3. Know when you’re leaving.

Chart out a timeline with all the items you’d like to complete in order to launch your business. Put completion dates on each item. These items might include: - Creating a logo and tagline

- Developing a website and social media accounts

- Detailing your ideal client avatar

- Creating an intake form

- Determining pricing

- Determining marketing plan

- Establishing goals such as “obtain three paying clients next month”

4. Know who you’re going with.

One of the best ways to learn more about coaching and building a coaching business is to be mentored by other successful coaches. Get some coaching yourself, join networking groups, and follow your coaching heroes on social media. Mentoring others is rewarding for both parties — it never hurts to ask a more experienced coach if they have time for a brief coffee with you.

5. Know how you’re getting there.

Get the tools you need to make your business plan a reality. These things could include:

- Proper training and coach certification. When can you start coach training? How much money will you need to get certified as a coach?

- A financial plan — what kind of funds will you need, and when? If you’re transitioning out of a full-time job and into full-time coaching, what is your plan to do so?

- Finding practice clients to hone your skills. Practice clients are one of the most critical components to success!

- Creating a social media plan to develop an online presence. Develop the message you have for the world as you continue to fight for good!

Ready to launch?

Though coach training is not legally required to become an executive coach, over 90% of coach practitioners are certified through a professional coaching organization. Certification provides credibility and gives you a much better chance of being hired by individuals or organizations. You can take the time while you’re training to tackle a lot of the big questions listed above. You’ll have the opportunity to practice, learn, and receive training on how to niche down.

The most important thing that you need to prepare before launching an executive coaching business is your confidence and self-awareness. Be prepared for imposter syndrome to kick in, and be prepared with answers to it from your future self. One of the best ways to combat this “syndrome” is to anticipate it. Consider hiring a coach to help walk you through the process of a successful executive coaching business launch! Get excited about the journey! Remember that you can trust yourself, trust your clients, and trust the process.

For more information on the CTEDU Executive Coaching Program or the Life Coaching Certification process.

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