As career trajectories become more fluid, corporations find their senior-level talent pool shrinking. Several factors are at play. Some people don’t want to return to the office full-time after working from home during pandemic times. Others found after achieving certain career milestones, it was time to start something new. Whatever the reasons, we now see many senior employees looking to pivot away from the boardroom and into the world of executive coach solopreneur.
Do you want to leave the C-suite and make the leap to be an executive coach entrepreneur? The transition can be tricky. This new path can be fraught with anxiety and identify shift challenges along with a broader search for meaning and purpose.
With careful planning and a clear understanding of the risks associated with a transition, you can be more prepared to undertake the challenges. In preparation, executive coach solopreneurs should focus on three important areas: establishing a personal brand, building client relationships, and developing a cohesive business strategy. By achieving more clarity on these topics, you can adopt a growth mindset and be more comfortable with ambiguity while managing the transition and business launch.
Getting Started: Steps to Becoming an Executive Coach Solopreneur
Personal Branding
The goal is to craft an executive coach solopreneur brand that leverages your professional experience while also establishing you as a coaching business founder. A personal brand is more than your corporate resume. It evokes your purpose and core values, sprinkled with authenticity and storytelling. It’s important to establish a voice that sounds like you and shares your unique opinions. Think about identifying a specific pain point and how your coaching can help solve it.
A strong personal brand allows you to connect with clients, become more visible in the coaching industry, promote your reputation, leave an impression, and help build your business. By communicating your views, prospects can easily decide if they want to work with you.
Questions to consider:
- Make a list of your differentiators; for what are you known?
- How do you describe yourself in 3-5 words?
- How would you describe your coaching style?
Building a Client Base
All businesses need clients to flourish, and sustaining a coaching client base can be challenging. It’s all about getting out of your bubble and networking. Try a targeted approach with intentional goals to broaden and deepen your connections.
There are many ways to start networking as an executive coach solopreneur. It can be as simple as reaching out to ten people daily, whether by calling, texting, or LinkedIn messaging to check in. Or you can develop more in-depth spreadsheets with first- and second-degree connections, assessing the value of each connection as it relates to coaching. In-person events are valuable networking opportunities that provide introductions and one-on-one conversations.
Questions to Consider:
- What external networks do you belong to? (boards, organizations, or associations) How do these groups benefit your executive coach solopreneur business?
- How many connections and followers make up your LinkedIn network?
- What value do you offer to your community, industry, or network? How can you give back?
Successful Business Strategies
A corporate career comes with support and a predictable schedule. Executive coach solopreneurship is a separate way of working with its own benefits and issues. Despite the challenges, you can generate wealth, growth, and innovation. With risk, there are infinite rewards.
Think about what it would look like to be on your own, without an admin, a resolute team, and corporate resources. Building a coaching business is half running the business and half coaching – and it’s never an exact split down the middle.
Questions to consider:
- What gaps do you have where support and/or outsourcing may be needed to operate a coaching business effectively as you build a client base?
- What is your preference: designing strategy or planning execution?
- How do you adapt when plans suddenly change?
Who is Your Target Audience?
Your personal brand and building a client base come together in the business strategy by defining your target audience. After a long corporate career, you bring a tremendous amount of knowledge and wisdom to your executive coaching clients. Sometimes, your target audience is obvious. But often, we need to dig a little deeper to distinguish our executive coach solopreneur experience.
Consider your industry or a tricky situation you navigated during your career. What is your niche? Research shows that the more specific you can be about your target audience, the more prospects you will attract.
Solopreneur Success: Embrace the Unknown
Expect the unexpected. Transitioning to a successful executive coach solopreneur requires both a deep understanding of the coaching discipline and a strong business mindset. Remaining open to the unknown and learning from the journey are essential components to successfully building a coaching business.
© Elissa Kelly
