by Emily Correa, Founder of Ultimate Spark! Coaching
The 2020 Covid-19 Pandemic has made almost all of the globe re-evaluate the long-term and short-term goals of their business... and the coaching industry is no different.
From massive layoffs & furloughs, to big corporations declaring bankruptcy, to absolutely every large gathering or live event cancelled until at least 2021; cross-functionally destroying layers of industry from transportation to publicity, not since the Great Recession of 2008 has there been such an upheaval in the markets of commerce and trade, felt by literally...everyone.
But this time has hit much harder and has been far more expansively income-crushing across the entire globe, with many impatient prior-employed people researching “how to start a side-hustle” or get online training to boost their resume; start a new career all-together (40% of jobs may never come back), or even planning to leave the corporate world altogether to build a start-up business from the trusty word-of-mouth referrals method and direct network marketing..if that is even a possibility against unemployment checks that has cast a safety nets over some families, and a lot of “essential workers” at times, being paid less than just staying at home and collecting.
Coming from us at Ultimate Spark! Coaching, a fast-emerging 5-star rated coaching certification described as “exceptional” and “holistically empowering”, the aforementioned coaching areas belows are our 6 best areas of focus and redirection for you as celebrated in our 90-day program.
If it feels like it is time for you to “multi-niche” or switch your coaching industry focus altogether, read on to find out what we deem as the Future of the Coaching Industry hottest trends.
#1. Life Coaching
“Coaching is an ongoing relationship between the professional coach and the client, which focuses on the client taking action toward the realization of their vision, goals or desires.” - International Coaching Federation
Coming from being a ICF-certified Life, Business & Law of Attraction Coach myself, being multi-niche has allowed me to be more flexible with my clientele and eventually design my own coaching certification that has certified 135 new coaches on..drumroll... finding their own niche prior to entering the market (which makes sense rather than just winging it against the market.)
The journey through these 6 niches has been incredibly self-exploratory for the coaches, as much as it inspired and drove me as their “Coach Trainer” to become better on multiple levels for my students right back.
But... if I didn’t spend the last 7 years exploring the process of coaching my clients in multiple areas first; as a Life, Business and Law of Attraction Coach, even doing this in Miami, NYC and now Chicago (all different types of energy of people)...well, I would not have grown so very much as a person to have even created my program that...Ta Da!
Let’s one explore many niches prior to entering the market..Ah! The Beautiful Journey.
Isn’t that the point of coaching, reaching our potential anyway? With the U.S. estimated market value of personal coaching at “$955 million in 2015” “1.02 billion in 2016” and at a “6.7% growth, this will be reaching 1.34 Billion by 2022” (www.MarketResearch.com),
Life Coaching is here to stay and with the current Covid-19 situation making mental health issues our next sad global illness to remedy (it’s actually Mental Health Month here in May 2020), the timing cannot be better to help your business clients on their: long-term life goals, confidence, motivation and life issues to truly support their self-development, learning and growing and...to come up with a strong plan of action post Covid-19 and into 2021, and perhaps, even the next few years.
As Tony Robbins shared, “Training by itself increased client productivity by 22.4%, but training combined with weekly life coaching increased client productivity by 88%”..
So is it very important that the “cash” and the “mindset” of your clients are both properly balanced and that we all get back into the game of life to 360 degrees by supporting their BUSINESSES!
#2. Business Coaching 2.0
(Expand your Audiences or Shift your Pricing)
“I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed.” - Michael Jordan
So you are all about helping your clients identify business strategies and opportunities for creating business growth, increasing revenue, becoming a more effective leader, thriving in hard times, recruiting and retaining top talent (the list goes on).
What I love most about business coaching is the numbers! We can get mentally into the game with life coaching, but with BUSINESS coaching, the game is literally scored! From percentages, to price quotes, to conversion rates, to time frames, budgets, margins, profits and assets vs. liabilities etc., it is easy to understand why so many of you choose Business Coaching as the track in the first place.
But with the current issues of Covid-19, with nearly everyone’s businesses or employment status devastated or affected in some way across the globe, can’t you adjust your pricing to support those who lost their jobs just... a little bit? Or:
Offer a freebie or free trial? Focus on struggling mid-size businesses getting back on the right path with your coaching via payment plans?
How about offering free Financial Management training online or tools so THEY can afford your services later on?
Navigate the cost/expense ratio of hiring new employees against the budget, sooner rather than later?
Then there is the possibility of perhaps, coaching a new audience. You were coaching corporate CEO’s before...now how about now you give a little back and also coach single mothers in a group coaching experience, because well... you were once a single mother yourself (albeit now.. a 6 figure one).
How about this:
“Forrester has predicted that the global loss in the retail sector will likely hit $2.1 trillion in 2020 and will take four years to overtake the levels of growth seen before the pandemic.
Although the impact will likely vary across different regions, it is thought that non-grocery offline sales will see a 20% decline in growth overall, while ecommerce growth will remain mostly neutral.
In the US, sales are expected to drop by $321 billion this year, down 9.1% from 2019, and there’s a similar picture for Canadian retail spending, which is predicted to fall 7.7% (a loss of $25 billion).” (https://econsultancy.com).
The retail industry and business of all sizes need your help now.
Perhaps time to switch up a few things?
#3. Health Coaching
“It is health that is real wealth and not pieces of gold and silver." - Mahatma Gandhi
If I had to put my money on the best niche to break into for 2020 and probably the next 5 years, it would be for sure Health Coaching, 100%.
With the expectation that “Health Coaching Market Revenue Will Grow By $1.7 Billion By 2022, New Research Data Says” (MarketResearch) and this was written prior to Covid-19, imagining how obsessive the entire globe has gotten about their health during Covid-19...my hand is raised as well…
And we predict it won’t be changing for a long time, so this might be your time to fly high and ride that wave into the Health Coaching track.
Think about it: Anyone who has been thinking about losing weight...quitting cigarettes...meditating to balance life or career stress...boosting their immune system with proper nutrition..quit any addictions...building stronger social support systems for mental well-being...I mean, many potential clients are eager to work with a Health Coach or will soon be.
Connecting this with the “Business Coaching” niche, maybe this means you will start helping Corporations or small to mid-sized businesses by creating a Corporate Wellness program or setting up a Health Fair.
Maybe focus on coaching executives or the C-Suite on enhancing “work/life balance” on their own lives about the stresses of the furloughs and layoffs on their mental health, or especially health resources for their current staff of very loyal employees.
There is a lot more you can do with your Business Coaching track than just looking at the numbers, maybe looking at strategies to lessen the numbers of potential sick days coming up in 2021?
#4. Relationship/Love Coaching
“As for my secret to staying married, my wife tells me that if I ever decide to leave, she is coming with me.” - Jon Bon Jovi