Is this a growing, thriving field?Coach... · fulfilling. This is the “bug” that most...

Copyright © 2015 Margaret M. Lynch, www.MargaretMLynch.com

2

After eighteen years of engineering management and winning top sales awards at Fortune 500 companies, Margaret Lynch left corporate America to live her passion. In less than four short years, she created a million dollar business using the exact techniques she teaches.

An accomplished Transformational Wealth Coach, speaker, author and top Emotional Freedom Technique (‘Tapping’) expert, Margaret has been called “The Wealth Manifestation Authority,” by The Wall Street Journal and has x-ray vision for seeing the fears and limiting beliefs that keep success minded people restricted in their money and personal power.

Margaret M. Lynch | Bio

THE

COACHINGREPORT

Facts, Trends, FAQs


3

I have created this report as an in depth look at the coaching industry, its trends and to address many of the persistent myths and questions people have about coaching. The information is based on my insights and experience from over 8+ years of working as a coach and training and certifying world class coaches, as well as external sources as noted.

The coaching Industry is considered to be the second fastest growing industry. Lisa Berkovitz, in an article for Up Market Magazine, says the “Size and growth rate of the coaching industry is remarkable.”

According to Market Data Report, coaching is a $2.4 billion industry that is growing at about 18% per year.

Berkovitz sums up the reason as, “A coach will significantly shorten your learning curve and the time to fulfill your vision.”

According to the 2012 Global Coaching Study (more details below) coaching is a profession that is continuing to grow even in difficult economic times.

The majority of coaches surveyed indicated they saw a year-over-year increase in their fees, clients, revenue.

Yes, by all accounts, the coaching industry is growing and is currently underserved, as there is a shortage of coaches.

What is this report about?

Is this a growing, thriving field?


4

Here are some facts from the 2012 Global Coaching Study commissioned by the ICF (International Coach Federation) that surveyed over 12,000 coaches. Active coaches make an average of $50,400 in North America ($47,500 globally) with more highly trained and specialized coaches bringing in well over $100,000 per year, and the upper bracket of elite coaches earning over $300,000/year.

There is a freedom of time and lifestyle while being HIGHLY, HIGHLY effective with your client time that is part of the coaching work structure. This is a radical difference from the typical corporate or office environment that requires commuting time, in-office “face time” and has a lot of wasted and unproductive time built into the day.

So, coaches define the amount of hours they wish to work per week and then build their prices and clients around those hours.

For example, most coaches meet with their clients 1 or 2 times per month for anywhere from a 30 min to 60 minute session of highly focused productive time. So if you had 15 clients and did 45 min sessions, you could be working about 15 to 30 hours/month with clients.

The bottom line is that coaches choose the hours and schedule that works best for them and aligns with their goals for income and freedom of lifestyle.

Are people really earning money as coaches?

How many hours do coaches work?


5

No. Many people transition slowly into coaching by getting trained and certified and starting to work with clients all while maintaining their current employment. Because of the flexibility coaches have in making their own schedules, some coaches continue to keep their full time employment and coach on the side indefinitely, while others eventually build their coaching business up to a level that allows them to leave their old career behind.

However, the majority of coaches who maintain other employment report an interesting side benefit in their day job. The vast majority of time, coaches find that their training and experience as a coach “on the side” has a significant positive impact on their job satisfaction and success.

Of particular note is the frequency with which part time coaches notice a higher level of praise and recognition from their management, often reflected in the form of raises and promotions.

There is no special background required to step into training as a coach. You will find therapists, attorneys, nurses, financial advisors, executives and professionals from many industries, along with retirees, engineers, healers, artists, chiropractors, acupuncturists, and stay at home moms working in every imaginable niche of coaching very successfully.

However, there are 2 substantial trends of people entering the coaching field at higher rates.

They are:1. Therapists leaving the traditional therapy practices behind to become coaches. 2. Professional women in the 45-65 age group leaving their corporate careers to do something they simply describe as “more satisfying.”

Do I have to quit my job?

Are there prerequisites for becoming a coach?


6

People from many different professional and educational backgrounds enter the coaching field for many reasons.

However, the vast majority sited give the same 2 major reasons for becoming a coach. The first reason involves the yearning to do something they love, and that feels meaningful and fulfilling.

This is the “bug” that most coaches-in-training experience for the first time when they do practice sessions with clients. Making a real and dramatic impact that a client can see and feel and appreciate is an incredibly satisfying feeling.

The second reason always has to do with wanting more freedom in their schedules to live the kind of lifestyle they have been dreaming of. This is where the unique working model coaches use is extremely desirable and an exciting part of the career.

Coming up third on the list is to earn more money, as typically employment has a very structured and limited income ceiling and coaching has a completely different model and much higher income potential.

This makes sense as most people who transition into coaching have one major theme in common: they are feeling unhappy, uninspired, bored and stuck where they are. There is a lack of passion and meaning in their work, together with a restrictive schedule that year after year becomes unbearable.

Coaches commonly report that they shifted into coaching because in addition to wanting more freedom and meaning, they felt underpaid and/or not appreciated for their true contribution or value in their past employment.

Sometimes there is a natural transition in their career, like a job change or retirement that can create the space to step into coaching. For others, it is the ability to start coaching on the side that makes the step into coaching highly appealing.

Why do people decide to become coaches?


7

Lisa Berkovitz says in Up Market Magazine, “There’s a reason why all elite athletes and top performers in any field have coaches. No matter how talented you are, everyone has blind spots. A great coach can help reveal your blind spots so you can keep getting past your own upper limit.”

First, there are many coaches who have had no formal training at all. In an article published on Fastcompany.com they called it “the wild west” of coaching because it is a $2Billion dollar industry with no standardized certification.

However, most who are drawn to coaching don’t want to try to figure it out on their own; they want to follow a system and gain confidence quickly.

Great training on a system of coaching will shorten the learning curve for becoming an expert at coaching to months. Similarly, great training on a “system of earning” - marketing and charging and package structures – will shorten the time to earning well.

As mentioned earlier in this report, ideally a coach in training should be able to get a return on their coach training investment either during or shortly after the training and certification is complete.

Coaching programs vary from weekend workshops to 6 months to 1 year programs and offer varying degrees of required training hours, practice and support provided.

Coaches as a group are typically voracious learners committed to continuing education and excellence. It is common to find coaches with certifications from multiple coach training programs.

What drives most people into hiring a coach?

Is it hard or does it take a long time to learn how to coach?


8

It is important to be aware of the International Coach Federation because it is the professional organization that leads the global industry in advancing the Coaching profession and setting high standards of Integrity for coaches. It is also recognized as the main authority in rigorously reviewing coach training and certification programs to insure they meet the high standards of excellence in content, training and practice….and proof that the training program gives the results it promises.

When a coach training or certification program meets the high standard set by the ICF, the training becomes an ICF Accredited program and will bear the official seal of the ICF.

It is incredibly satisfying and will transform you into your best self as you transform your clients. Particularly in the area of transformational coaches, where clients are carefully guided through deep and meaningful change that impacts many aspects of their lives.

For transformational coaches, working through the same powerful processes they use with their clients means they are operating at a higher level of inner power, consciousness and heart based intuition.

It is also satisfying because the nature of people seeking coaching (see section “Who are the clients”) tends to be people who are open and ready and willing to be coached and greatly value the coach’s contribution to their life and/or business.

What is the International Coach Federation?

What is it like to be a coach?


9

There are all sorts of coaches and all sorts of niches. For a broad view, you can break the industry down into these categories:

• Business and marketing• Health and wellness• Sports enhancement• Executive/Career• Personal development/high performance• Transformational (new category of Personal development)

Each type of coach has a broad range of niches within which they can work and specialize. For example, a sports enhancement coach will clearly work with athletes, but can specialize in triathletes and further specialize in women triathletes and even further specialize in corporate women triathletes.

Within these categories you have some blending as many coaches will use personal development tools as part of their work. You can also find many personal development coaches also teaching business and marketing particularly to clients that are solopreneurs marketing online. This blending allows any coach to broaden their offering and work with clients on a longer term basis.

What kinds of coaches are there and whatniches do they work in?

Transformational Coaching is a newer category of personal development or life coaches. These coaches have the training and courage to go deep with clients using world class tools and processes.

Their techniques can be drawn from a variety of fields of study like energy psychology, consciousness work, energy medicine, law of attraction and chakra healing but they are used in a structured way to create consistent, measurable and dramatic impact on every client.

The goal of transformational coaching is truly to transform clients from places of being stuck, fearful or holding back their true power and self in any way…to being on fire, powerful and enthusiastically shining with all their power and gifts.

What are Transformational Coaches?


10

Transformational coaches are on the cutting edge of the personal growth and performance field and are in high demand because of the results they can achieve in both healing long standing past issues and in unleashing the true personal power and energy of their clients.

In an article by Drake Baer, a writer for Fast Company, he summarizes typical clients who hire coaches as “the off-balance and overwhelmed entrepreneurs, the well-off and underwhelmed professional, and the mid-careerist trying to decide if they want to do the same thing for the next 30 years—or if they need to switch to a more meaningful vocation.”

For example, there has been a large trend into entrepreneurship which includes “solopreneurs” or those building a business as an individual. The majority of solopreneurs come from professional backgrounds but are not fully prepared for the challenges of building a business on their own, particularly around the need to find customers or clients, widely self-promote, market and charge their worth.

As a group, they tend to be open to many types of coaching because they can see the immediate negative impact on their business and income from issues like procrastinating, spinning their wheels and inner doubts and fears. Likewise, they can see the fast payoff of working with a coach who can help them get clear, focus, execute and market and charge with confidence and enthusiasm.

As a group, they tend to be found attending networking, business or personal development events and often join formal networking groups or masterminds to grow their businesses. So client demographics and psychographics will vary greatly based on the niche, whether sports enhancement, or health and wellness or executive professionals, and it is up to each coach to find and know their niche well.

But if there is a generality to be made, it’s that clients are typically people who are struggling in some way and have realized they can’t figure out on their own how to get from where they are to where they want to be. So they become seekers who have something they really want to accomplish. Because of this, they are open and willing to be mentored and advised by a coach and motivated to take the steps and action recommended.

This makes the vast majority of them as a group, exceptionally fun and satisfying people to work with.

Who are the clients?


11

The next step is to breathe, be open and curious as you get yourself informed in all 3 key areas needed to make a decision about stepping into coaching OR up-leveling your existing coaching business.

These are the three important questions you’ll want to consider: 1. Can I see that I will quickly become an expert and a confident coach who can ‘WOW’

clients and make a big impact? 2. Is there specific “how to” training and tools to earn and thrive quickly as a coach so I get a

fast return on my investment in any training?3. Is there proof from people who have transitioned to coaching successfully that they love

what they do, are wowing their clients and earning a real income?

This report is designed to get you started, but the video series I have created is a training that goes much more in depth. It provides straight talk and specific information about the most important aspects of earning and creating a thriving business as a coach.

You will also find a wealth of real stories from new coaches that can help provide the picture of what it will really be like for you as a new coach building a whole new way of life.

If you have specific questions about becoming a coach, you can always reach out to us by emailing [email protected] and one of my amazing coaches will be happy to answer all your questions.

I hope you have found this report helpful and I wish you the very best in this new chapter of your life and career!

What is the next step if I am interested in becoming a coach?

Is this a growing, thriving field?Coach... · fulfilling. This is the “bug” that most...

Documents

Transcript of Is this a growing, thriving field?Coach... · fulfilling. This is the “bug” that most...