Importance Of Business Model For Coaches & Trainers
There is a misconception that Entrepreneurs can not become coaches or trainers. In fact becoming a coach by an entrepreneur helps him immensely in communicating and conveying his thoughts , vision to his employees or vendor or customers. At the same time Most of the coaches & trainers do not have a very specific business model, simply because of lack of understanding about it.
Most of the coaches and trainers I have met and spoken with do not even know that they should be having a proper business model. All they do is call up potential clients or agencies and see if they have any coaching or training assignments for them.
Importance For Creating Business Model
So, most of them burn out or lose interest in continuing in the training & coaching business. Yes, I am purposely saying it’s a business. Agreed it’s a noble cause to coach & train people who need it but remember even the teachers get paid and since they are employed by schools & colleges, they do not think about it as a business but so many smart teachers have opened their own classes and charge a premium to teach the students. So, why you should not think about it as a business to train the entrepreneurs and employees of the corporate world.
So, let us understand how you can create a business model for yourself.
Niche & Target Audience
First and foremost, you must know your target audience and not a general target audience say, corporates or entrepreneurs, etc. you need to really narrow it down to the last fraction. Remember specialist doctors, lawyers & chartered accounts get paid awfully more than general practitioners. So, really create a very specific Niche for yourself and target prospective clients based on that. Trying to put together a coaching package before you define your niche and identify your ideal client will make your offer too vague. Potential customers won’t understand what’s in it for them. That will also make it easy for you to create your marketing strategies and course material. Confused about how to do that? Read till the end where I will give you a solution for that.
The second thing you need to consider is Value Proposition. Before you deliver anything, you must know what your value proposition is. In other words, what will you offer your clients that is of value to them? You know how valuable coaching is, but your clients might not even know what it means. You have to, therefore, answer this question: What’s in it for them? Your client is not interested in knowing what you are good at, he wants his challenges and problems addressed and resolved.
A strong value proposition has to be one of the main pillars of your business strategy. In the words of Kaplan and Norton, authors of Strategy Maps, “strategy is based on a differentiated customer value proposition. Satisfying customers is the source of sustainable value creation.”
Want to learn and understand how to create your niche and what kind of value propositions you should consider while creating a business model? Come join us at TLC – Teachers are Leaders Community, which is an implementation focused global mastermind community. Knowledge is available all around us, what differentiates us from not so successful coaches & trainers is the implementation of the knowledge we have gained. To know more about TLC and how we can help resolve many of your challenges, fill up the form and we will get in touch with you.
You can also join me in the master class on “3 Simple Steps To Build Successful Coaching Business” on Saturday 23rd October @ 7 pm on Zoom. Click on the link below to register for the same.