If Online businesses were on the rise before, they are exploding this year because of the COVID-19 pandemic.
If you are looking to start an online business but are unsure what online business to start; I have good news for you!
Digital Coaching is one of the best businesses to start in 2020.
If you have a passion for helping others, are looking to make money online and want to be location independent then digital coaching is an excellent option.
To help you get started, I’ve compiled this ‘Ultimate Guide to Digital Coaching in 2020’.
I hope you find it to be a valuable resource!
What does a Digital Coach do?
As a Digital Coach, your job is similar to a traditional coach, with one significant difference; all of your clients are online.
You’ll use apps and training tools to share your knowledge and guidance to your clients online. As you can imagine, with the internet, the potential for digital coaching and creating a profitable online coaching business is endless.
Coaching is considered a 2 billion dollar industry worldwide, and it’s only growing, as more individuals turn towards seeking expert guidance.
It is not unusual for digital coaches to make north of six figures or even seven figures every year in their business (if you do it right!), without ever even interacting with a client in person!
Benefits of running a Digital Coaching Business
Digital coaching is undoubtedly an enticing choice for anybody looking to start a business online. With a wide array of benefits associated with this business model, it’s no surprise that the online digital coaching market is one of the fastest-growing industries globally.
Some benefits of starting a digital coaching business are:
Low Start-up Costs
Digital coaching requires little start-up costs. With this type of business, you do not need to worry about having a storefront or holding any inventory!
Of course, a lot of upfront work is required in setting up a digital coaching business, but this usually requires more sweat equity than a monetary commitment.
Flexibility
The low risk and low overhead costs associated with a digital coaching business allow for a high degree of flexibility. With a laptop and a stable internet connection, you can essentially start a digital coaching business from anywhere in the world. A lot of digital coaches run their business while traveling around the globe, and there is no reason why you can’t too!
Scalability
With a digital coaching business, you are not limited to promoting your business locally, or only seeking local clients.
By promoting your offerings to a global audience, and the potential to create digital products like e-books and online courses means a digital coaching business can be scaled as far as your visions allow it to.
We have clients in the US, Australia, Canada and throughout Europe!
Types of Digital Coaching
You can start digital coaching in a wide variety of niches. The beauty of a digital coaching business is that now more than ever, people are more open to learning from subject matter experts from the comfort of their own home.
No matter your niche, if you genuinely care about helping others and can solve a problem with your expertise and experience, you will find a market.
Some of the most promising digital coaching niches include, but are not limited to:
- Business Coaching
- Life Coaching
- Career Coaching
- Health & Fitness coaching
- Dating & Relationship Coaching
- Executive & Leadership Coaching
It’s important to note that most niches mentioned above have sub-niches too.
For example, a business coach might specialize in coaching small businesses with marketing while another might focus on coaching on operations. A relationship coach might specifically coach only women or men.
‘Niching down’ is a good idea, especially when you are starting. This way, you’ll find it much easier to reach out to a specific target audience.
Don’t be limited by the niches mentioned above! Even smaller digital coaching niches like parenting coaching and mindset coaching have tons of successful stories of coaches running 6 and 7 figure businesses.
Confused as to what niche to pick? We’ll discuss that in the section below!
How to get started
So you’re sold on the idea of starting a digital coaching business? How do you go about setting up your new venture?
Choose a niche
The first thing you need to do is pick your niche. It is the most critical step because it will serve as the foundation that the rest of your business (offer, messaging, etc) will be built upon.
Many individuals find this to be a stumbling block they just cannot get past, and I can see why! Picking your niche can be tricky.
You can start by looking at this way; is there some area that you have specifically achieved success with in your own life? Is that something you can help others with and bring about a change in their lives? This could be anything from fitness to relationship to business and more. What about your job history? What were you hired for? What are your greatest strengths? Where do you have both expertise and experience in?
As I mentioned earlier in the article, it’s important to be laser-focused.
If you try to be too broad with what you offer and do too many things at once, you will fall into the trap of the generalist and set yourself up for failure.
Specialization is key to both connect with your ideal clients and to create a name for yourself as you move towards becoming a known expert in your field.
Acquiring your first client(s)
Like any business, acquiring your first few clients can be the most challenging aspect of your entrepreneurial journey. That being said, there are many different ways in which you can kickstart your digital coaching practice.
Paid marketing is an option, but not the best option to begin with. In fact, we teach you how to make six figures with organic marketing and then use paid marketing to scale up to 7 figures.
When you are just starting out, you need social proof first! Think about it, would you buy a service with no reviews and no one to vouch for it’s success?
Probably not.
It’s always a good idea to leverage your existing network to acquire your first ‘client.’
The word client is in quotes because your first clients might not necessarily be paying clients. Think of this as a test run; focus on adding real value and solving problems. If you are successful in doing so, you will build ‘goodwill.’
Goodwill can go a long way in business. Referrals are still one of the most powerful (and free) forms of marketing. You will also get testimonials which you can then use to get clients and this time, paying ones!
Another great way of acquiring your first clients is with content marketing. Start building your audience on social media, post valuable content, and answer questions on forums and Facebook Groups. By giving away your expertise for ‘free,’ you can gain a lot of traction with your target audience. People will start to follow you and raise their hand to work with you.
Scaling Up
Your business is going well, and you have a steady stream of clients. You have managed to build social proof, an attractive portfolio of testimonials, and lots of ‘goodwill’ online.
The next step is scaling up your business. Like I mentioned earlier in this post, it’s possible to scale your digital coaching business to six or seven figures. It requires the right mindset and strategy. Without it, many digital coaches get stuck at the same income level for years. Scaling a digital coaching company takes time but the right mentor, marketing and sales systems and support, you can grow fast. While I don’t have time to break down all the aspects of scaling a coaching digital coaching business, you should know that the first step you can take is leveraging your time.
If you are solely focused on 1-on-1 coaching, it’s impossible to scale your business to the next level. You only have so many hours in one day and there is more to running a successful digital coaching business than just serving clients. Having a 1:many option (group) is key to leveraging your time so you can make more money while working less hours. You can can also create digital products like courses, however, we recommend focusing on high end coaching packages to start.
Scaling up your business has its own set of challenges, but it can be incredibly rewarding once you break through to the next level of income.
Conclusion
With the right strategy and support, anyone can build a digital coaching business in 2020.
Thousands of coaches have managed to transition from their full-time careers into a digital coaching business achieving a new level of financial freedom.
To build a world-class coaching business, you need to have a growth mindset and be willing to invest in your success. You must also be committed to showing up and getting super visible especially in the beginning when no one knows your name.
Finally, you must be committed to getting your clients results. Testimonials are key in creating raving fans and awesome referral partners. The more people you help, the more people will want your help.
In closing, remember this, being a successful coach requires you to have a generous personality. If your sole aim of starting a digital coaching business is to rake in dollars, then you will have a difficult time succeeding.
Yes, you can make great money with digital coaching, but if you go in with the mindset of being of service and if your focus is on helping others to succeed, you will go further, faster.
What digital coaching business are you planning to start in 2020?
Have you narrowed down a niche yet? I’d love to hear from you, so let me know in the comments below!
