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Joanna Lott Coaching

The 3 Core Foundations for Building a Successful Coaching Business: Community, Strategy and Commitment

The 3 Core Foundations for Building a Successful Coaching Business: Community, Strategy and Commitment

 

Table of Contents:

  1. Foundation 1: The Power of Community
  2. Foundation 2: The Importance of Strategy
  3. Foundation 3: The Role of Commitment
  4. Putting It All Together

 

As a coach, building a successful business can feel like a daunting task. You might find yourself sitting alone behind a computer, comparing your progress to others’ shiny social media posts and feeling stuck.

But what if I told you that the key to your success lies in three core foundations that may surprise you?

In this article, I’ll share the crucial pillars for building a successful coaching business, based on my recent experiences and insights from my in-person event and coaching programme.

Foundation 1: The Power of Community

women together in a business community

The first pillar, and perhaps the most unexpected, is community. Almost every case study I’ve encountered emphasises the importance of community, often underestimated at first. Here’s why it’s so vital:

Combats isolation: Running a coaching business can be lonely. Community provides support and understanding from others who ‘get it’.
Facilitates idea exchange: Brainstorming and sharing ideas with peers can spark creativity and solutions.
Offers diverse perspectives: Different coaches excel in various areas, providing valuable insights across platforms and strategies.
Provides accountability: Regular check-ins and co-working sessions can boost productivity and motivation.

At my recent in-person event, participants relished the opportunity to voice their challenges aloud to others who understood. This experience highlighted the power of creating a space where coaches can connect, share and support each other.

To foster community in your coaching business:

1. Join or create a group coaching programme
2. Attend in-person events when possible
3. Participate in online communities
4. Organise or join co-working sessions
5. Seek out diverse perspectives from other coaches

Remember, building a community isn’t just about receiving support—it’s about championing others and creating an environment where everyone can succeed.

Foundation 2: The Importance of Strategy

the importance of strategy

The second pillar for building a successful coaching business is strategy. Having a clear roadmap is crucial for reaching your goals. As speaker Jane Johnson aptly put it at my event, “You wouldn’t just wander out of the house thinking, “I hope I make it to the Roehampton club today.” You would have looked up the map, looked up your train time, looked up the route and ensured that you have a plan to get there.

Consider these sobering statistics:

– 80% of businesses fail in the first two years
– Only 20% of business owners have a strategy

Could it be that the 20% with a strategy are the ones who succeed? To ensure you’re part of this successful minority, focus on developing a comprehensive strategy that covers:

 

Strategy Component: Key Considerations 

Business Model: Overall structure and approach

Ideal Client: Who you serve and why

Offer: Your unique value proposition

Messaging: How you communicate your value

Marketing: Channels and tactics for reaching clients

Sales Approach: Process for converting leads

Operational Efficiency: Systems and processes for smooth running

Financial Planning: Budgeting, pricing, and growth projections

 

You might also find this article on building a successful coaching business helpful.

Remember, strategy isn’t just about the practical aspects of your business. It also involves addressing emotional and mindset barriers, particularly around finances and self-worth. As Antje Langsch highlighted at my event, our relationship with money often runs deep and requires ongoing work.

Foundation 3: The Role of Commitment

commitment

The third pillar in building a successful coaching business is commitment. This goes beyond simply saying you’ll do something—it’s about following through, even when things get tough. And, trust me, they will get tough.

Commitment involves:

  • Showing up consistently, even when you don’t feel like it
  • Completing regular action reviews to track progress
  • Setting and working towards priorities
  • Surrounding yourself with an environment that fosters commitment and courage

One of my clients, Natasha, exemplifies the power of commitment. Initially struggling to take action in her business, she committed to the process and transformed her coaching from 2% of her income to 50% in just six months. This remarkable shift demonstrates what’s possible when you truly commit to your coaching business.

To strengthen your commitment:

1. Set clear, achievable goals
2. Create a structured routine for your business activities
3. Join a programme or community that holds you accountable
4. Celebrate small wins along the way
5. Regularly reassess and recommit to your vision

Putting It All Together

showing a woman concentrating on her work at her desk looking happy

Building a successful coaching business requires a combination of community, strategy and commitment. These three pillars work together to create a solid foundation for growth and success.

When you are considering investing in support for your business, ask yourself:

– Will this help me build a supportive community?
– Does it provide a clear strategy for growth?
– Will it foster commitment and accountability?
– Is the potential return on investment at least 4-10 times the cost over my lifetime?

Remember, every decision you make in your business accumulates over time. Investing in the right support and resources at the right time can have a profound impact on your long-term success.

Conclusion

Building a successful coaching business is no small feat but, with the right foundations, it’s absolutely achievable. By focusing on community, strategy and commitment, you’ll be well-equipped to navigate the challenges and embrace the opportunities that come with running your own coaching business.

If you’re looking for a ready-made solution that incorporates all these elements, consider joining a comprehensive coaching programme.

As someone who’s created exactly what I wish I could have found when starting out, I can vouch for the transformative power of the right support.

Remember, building a successful coaching business isn’t just about individual effort—it’s about creating an environment where you can thrive, grow and make a real impact on your clients’ lives.

So, I really encourage you to embrace these three core foundations, and watch your coaching business flourish.

Prefer Audio?

You can also listen to all my new content on my podcast Women in the Coaching Arena

Whenever you’re ready, here’s how I can help you grow your coaching business:

a beige background with a mustard and white abstract design with the words: love coaching but struggling to get clients

Interested to know more about my ‘Business of Coaching’ programme? Click here to learn more.

Hi, I’m Jo, and I’d love to help you on your coaching journey. I spent 20 years in corporate HR but faced challenges balancing work and family. Refusing to settle, I ventured into coaching, seeking financial success aligned with my values. Overcoming limiting beliefs, I developed strategies to attract clients, leading to the creation of my Reliable Results Path. Now, I support coaches in achieving their goals through my Business of Coaching programme. My values of honesty, personalisation, and courage guide me, fostering a community of impactful coaches who believe in inclusivity and making a difference. More about me

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Hello and welcome! I’m Joanna Lott, and I’m passionate about empowering qualified coaches like you to build brilliant businesses.