A rapid growth of coaches over the last years causes a massive market over-saturation. Which means that the already established, successful coaching businesses still keep on thriving although it requires a lot of business innovations, while young and talented coaches entering the business today struggle with too much competition to many eventually leaving the industry. And while I strongly believe that there's always a space on the market for an extraordinary service, starting to coach now as well as further developing the business is becoming increasingly difficult, unless one knows well what is a right thing do to.
Another negative consequence is that this environment makes it very difficult for people who've not experienced coaching yet to find a right coaching professional for themselves. How is one supposed to easily navigate in a market seemingly exploding with specialists of all kinds offering comparable services? How to even determine its quality standards? The increased demand for coaching over the past decade, especially between 2010 - 2015, coupled with a highly increased offer, sky-rocketing since 2015, mostly from coaches with a lacking credibility who couldn't provide the quality of service they promised, caused underlining doubts about coaching and a mistrust felt throughout the industry. Meaning, if it wasn't easy to sell the service to clients decades before when the benefits of coaching as a new discipline were not known well yet, now when they are finally understood, sales is not any easier as requires much more creativity as in the past. And if it was easier to buy before, now it's getting difficult with explosive offer and the uncertainty clients have about the methods, results, value and quality of individual coaches.
The global technology progress and its influence on our day to day lives that drives constant change of customer behaviour requires more creativity, open-mindedness, visible online presence and flexible working options from coaches who were by default taught to work with clients one-to-one and face-to-face to provide the value and quality of service. Now, the emerging global economy crisis triggered by Covid-19 as well contributes to challenging the already transforming industry, asking for an even bigger transformation.
For any coach who seeks to continue coaching and delivering quality while not getting squashed under the ever growing competition that thinks the same, they need to go beyond their 'coaching' specialization and think technology, innovations and sustainability, sales, marketing, PR and online presence (public speaking or publishing) including online learning; and ideally master these all. Or alternatively, find a reliable network of partners/ suppliers who can provide the additional services inevitably needed for today's coaching practice. It shouldn't be a surprise that the coaching supplier network is over-booming as they've an ocean of potential customers. So too succeed as a Coach nowadays, you need to know your market and its requirements well to know what to focus on, what to invest in as well as where your future lies - what are the growing trends to help you to develop yourself.
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