In the journey of building a successful coaching practice, the initial stages center around laying a solid foundation — identifying your niche, crafting compelling services, enhancing visibility, and attracting clients (that’s what I covered with coaches in the ICF Business Development Series Core Program).
Once your brand gains recognition and you establish yourself as a sought-after coach, the next step is to evolve your practice further to align with your goals and passions. This entails broadening your impact and boosting revenue, which will be the focus of ICF Business Development Series Advanced — a program specifically designed for seasoned coaches thinking about what’s next.
As you think about the future direction of your practice, your considerations might include:
- Enhancing your position as a thought leader and increasing visibility.
- Venturing into new business areas.
- Seeking more personal free time.
- Boosting the efficiency of your practice.
- Modifying your business structure, such as transitioning from a solo venture to a partnership.
This article focuses on strategies for revenue growth, with future discussions to cover other aspects of practice evolution.
The first step in enhancing your revenue and reach is to determine which of the following four strategic options is the right path forward for you:
1.) Increase Market Share
This strategy involves expanding your client base within your current niche. It’s about intensifying your presence among the demographic you currently serve. If your ambition is to be the number one executive coach for bankruptcy attorneys or the go-to coach for individuals recovering from leukemia, this route is ideal for you. It means doubling down on what you are doing and increasing your visibility with this community so you can own this market.
2.) Expand Into New Markets
To tap into new markets, consider exploring new audiences that could benefit from your existing coaching services. This might mean coaching an adjacent niche (e.g., moving from mid-level to senior executives) or entering an entirely new niche. The initial step is to define the new audience you wish to serve and then immerse yourself in understanding their needs, allowing you to tailor your current offerings and delivery methods to resonate with this new audience.
3.) Create New Offerings for Existing Clients
Leveraging existing relationships to sell additional services is sometimes more straightforward than acquiring new clients. If you’re inventive and have developed your own intellectual property or valuable thought-leadership content, this approach might be right for you. Focus on leveraging your intellectual property to develop new products, whether online courses, public speaking engagements, or launching a certification program. If you aren’t clear about your intellectual property yet, take some time to define and describe it. Then, create your new offering strategy.
4.) Develop New Offerings for New Clients
This approach involves a significant shift, either by completely pivoting your business or maintaining your current practice while cultivating a new business. This strategy, which involves both a new target audience and new offerings, requires the biggest effort among these four options. However, the skills and insights gained from your existing business can be invaluable in navigating the necessary activities to start your new venture. If there’s something you have always wanted to do that’s not part of your current practice, this could be a motivating way to expand your success.
Deciding on the best strategy for growing your coaching practice begins with a clear understanding of these four options. Each path offers distinct opportunities and challenges. Your choice will significantly influence the direction and success of the future state of your career.
If you’re thinking about growing your established coaching practice, join me for the live or on-demand version of ICF BDS – Advanced.
