During the Great Recession in 2008 and 2009, I was a career coach. Sometimes I called myself an executive coach. Most of the time, I talked to people who were fundamentally unhappy with work and with their lives.
I had to come up with a process, a methodology, and a way of interacting with people who needed my help. I had to figure out how I could give them my best and give them something worth paying for but also do this at scale. I had to learn how to build a coaching business. That’s what I am talking about on Punk Rock HR this week.
How do you make a coaching business work, so it thrives in a time when people have no money? Well, the answer is a little complicated.
You have to approach it like a business, not a side hustle. If you are looking for a side hustle, there are many ways to do a side hustle that are faster, more profitable, and less destructive to other people than randomly opening up a coaching business.
Before moving on to how to launch a business, perhaps the next most crucial step is understanding your why.
- Why do you want to be an executive coach?
- Why do you want to help people through the most challenging moments of their professional lives?
You need to know your backstory. You need to understand what motivates you. Because if you don’t know your backstory, including all of your strengths and all of your weaknesses, you’re going to be a terrible coach.
Once you know your why, it’s time to get to work.
Remember, nobody wants a half-assed version of your effort. You’ve got to put everything you have, everything, into your coaching business. If you’re ready to work on behalf of other people who are trying to figure out the world of work, I think you can do great things.
I’m talking about these topics—and how to cultivate behaviors that promote accountability, empathy, and likability—in my weekly newsletter. I’m also sharing a video to help you think about your week ahead. You can sign up here.