Market Update: The Coaching Industry
Episode Summary:
Is the coaching market saturated? Is it too late to start a consulting revenue stream in your business? How do you stand out in a sea of coaches? Welcome to a market update of the coaching industry. I'm so excited. I've never done a podcast episode like this before, but I got the idea because when I was buying my house in the last half year, I became obsessed with really understanding more about the economy and the housing market. The coaching industry is another market that changes and grows over time and I really feel like I have a lot to say on this because I've been coaching now for eight years and not only have I been able to keep my own coaching practice fully booked for seven plus years, but I've also helped so many women start and fill their coaching practices, get them to six figures in the last seven years. I have seen the market change, and I want to address that honestly. If you are someone that's thinking about starting a coaching practice, I think this episode will be so helpful for you!
Topics Discussed:
The psychological theories, tactics, and techniques that are the core foundation of the coaching industry
Why coaching is a dream come true for Anna’s career and how it’s supported her through many seasons
Bypassing the thought that it would have been easier to start your business X number of years ago
Focusing on market demand and awareness rather than over saturation
How to stand out online, even amongst the rising numbers of other entrepreneurs who are online and why you should focus on authenticity content
Why it’s a good things that consumers are more picky and/or mindful of who they’re investing in
Episode Resources:
Apple Podcasts | Spotify | Google | Stitcher
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Anna Rapp (00:01):
Is the coaching market saturated? Is it too late to start a consulting revenue stream in your business? How do you stand out in a sea of coaches? Dun, dun, dun. Welcome to a market update the coaching industry. Dun, dun dun. Okay, so I'm so excited. I've never done a podcast episode like this before, but I got the idea because when I was buying my house in the last half year, I became obsessed with really understanding more the economy, the housing market, right? I've also really been into the stock market and I really see the business industry, the coaching industry as another market that changes and grows over time. And I really feel like I have a lot to say on this because I've been coaching now for seven, eight years and not only have I been able to keep my own coaching practice fully booked for seven plus years, but I've also helped so many women start and fill their coaching practices, get them to six figures in the last seven years.
Anna Rapp (01:00):
And so I have seen the market change, and I wanna address that honestly, because I think someone would be lying to you if they said like, oh no, starting a coaching practice today is exactly like it was eight years ago. It's just not, it's different and I wanna address it. And so if you are someone that's thinking about starting a coaching practice, I think this would be so helpful for you. And just some real talk. Okay? So a little bit of background about me. If you don't know, I started my path as a mental health therapist. That's what I went to school for. And I remember one of our first semesters in grad school, they gave us this quiz to help us identify of all, there's all different theories and research backed methods for therapists to help their clients change and grow, right?
Anna Rapp (01:43):
There isn't any one way. You may have heard of cognitive behavioral therapy, that's one of the most popular, right? But there's lots of different methods that have been researched. But what they train you as a therapist is you pick one that most aligns with your values, your beliefs, your personality, but you don't just wanna pick out of the air. Like you wanna pick one of the ones that's actually been proven and research with real humans that actually shows to be true for changing your client's behavior, right? So I remember taking this little quiz. I love a quiz and of all the theories, the one that I scored in the highest that would align with me was solution-focused therapy. I'm obsessed with this theory. I have so many books on this theory, and it's not actually just a therapy theory, but it's actually a coaching theory as well.
Anna Rapp (02:32):
The founders of this theory also used it for coaching. And this was before I even really knew about coaching, but right away I was intrigued by the idea that we could use certain tactics and techniques and work on people's thoughts and beliefs and get them to change their reality, get them to change their life. Most humans go through their life and they don't change, and that's okay. But actually it is possible, even with our experiences, good and bad, it's possible for us to change the way we think and to change the outcomes that we get in our lives, whether it's with your health or your fertility or your business, right? I think it's amazing that we can do work to actually change people's lives. And I am addicted. I'm obsessed <laugh>, and there's nothing I wanna do more than coach till the day I die.
Anna Rapp (03:23):
Like I love it. I love, I made a joke on Instagram reels the other day that there's two types of people, right? The people that live to sit with crime, women on Zoom, and then the people that think that's awful, right? That's how you know if you wanna have a coaching business or a done for you business, it's kind of a joke, right? But it's true in my mastermind, I have half coaches and half my clients are done for you clients. There's nothing wrong with deciding to not having a coaching consulting business, right? There's nothing wrong with having a done for you business. It's about picking the business model that works best for you and your personality. But for a lot of you that love to listen, that love to help, that love to support, that love to get in it when someone's stuck on a problem and help them through to the other side of success, if that's you, I think finding, coaching, consulting, this industry career is a dream come true for me.
Anna Rapp (04:13):
Like I didn't know when I was five and looking at all the career path options, like I didn't know this was an option, right? And it truly is a dream that I can sit with women and help them through their problems and support them and help them become stronger, more resilient, better versions of them, challenging them, pushing them. And it's the biggest blessing of my lifetime. I feel like that I found this career, not just because it's fulfilling to me personally, but it's also something that I can do that's such a flexible career that I can take with me that I can do from my laptop, right? That when I had to move my kids across the country after my divorce, my business didn't skip a beat because my business was virtual, right? So I have three truths for you. If you're thinking about starting a coaching business consulting wing to your business, if you're a done formula lady and you're thinking about adding it on and I just hope it's a honest, brutally honest look at the coaching market right now.
Anna Rapp (05:10):
If you're thinking about diving in, okay? Truth number one that I hear a lot, it would have been easier to start a coaching business five years ago, right? Anna, there's so many more coaches online right now. Here's the thing, it's true there are more coaches online than there were five years ago, right? I agree it probably was easier quote to start a business coaching business five years ago than today because there's less competition, right? However, however, I still think it's a great time to start right now. Would it have been easier five years ago? Yeah, but it's still a great time, right? I think about this parallel with my house that I bought this year. Would it have been cheaper to buy my house three years ago? Yes it would have. But was it still a great time for me to buy this year? Yes, because it was the right time for me personally, right?
Anna Rapp (06:06):
So often we think about globally, right? For me, I really wasn't in a position in the middle of my divorce to buy a new house. Now it was the right time for me to buy, right? Yes. I got a 4.5 interest rate instead of a 2% interest rate, right? But still, when I stop comparing myself to other people and I just think about myself personally, I have zero regrets that I bought a house right now and I cry happy tears almost every week that I have this house for me and my babies that in the long run that my house will appreciate over time. And I think we really get so much comparisonitis when we think about markets and it keeps us from putting our hat in it all right? We're like, oh, I should have invested in index funds five years ago. I would've made more.
Anna Rapp (06:51):
Yeah, but also you could invest today and in five years you'll be happy for it, right? It's like that adage about like the best time to plant a tree was 10 years ago. The second best time to plant a tree is today, right? <Laugh>, when you're in something for the long run, whether it's a business index, funds real estate, something that's gonna appreciate over time, there is no bad time to hop in and the right time is today like the right time is today? Would it have been easier yesterday? Yeah, but also it's gonna be harder tomorrow. Do you get what I'm saying? And I can't tell you how many women I hear hold them this, hold them back and they really focus on like other people instead of like, is now the time for me? Is now the right time then? Great. Right? I, I think about this a hundred percent.
Anna Rapp (07:40):
Like you, if you feel a nudge in your heart to start a coaching business, I still think it's a great time to start a coaching business. Okay. Truth number two, the market is more saturated. There are more coaches, okay? This is related to number one. It's true. I do think there are more coaches online. Let's say you're a health coach, there's more health coaches quote you're competing against. But here's the other thing I think people don't talk about. There's also more market demand. There's more normalcy, there's more value and awareness in coaching than ever before, right? When I was starting my coaching business eight years ago, there wasn't as much normalcy around it, right? What do I mean by this? What am I, what I mean is that you were having to educate people on what a coach is, right? You were having to explain why it's valuable to hire a health coach.
Anna Rapp (08:30):
Right? Now, more what I hear from my clients that are health coaches is people come to them and they're like, I already know I wanna hire a health coach. I already see the value in health coaching. I'm just trying to pick the right health coach for me, right? So no matter what market you're in, there's always gonna be an objection you saw for your clients, right? Five years ago it might've been convincing them why it was important to consider a health coach and not just a fad diet. Right? Now it might be they know they need to hire a health coach, but they're trying to figure out which one, right? So I feel like the nice thing about the market that we're in right now is there's a lot more demand because people see the value for coaching, right? Even though it's not a regulated industry, people really are noticing and seeing and hearing their friends talk about the value of coaching, the importance of coaching, the change that coaching can have in your life.
Anna Rapp (09:22):
And so I actually think this is a big blessing in the market that we're in right now. Truth number three, it's harder to stand out online because there are so many people. I think this is actually true, right? In some ways it is harder to stand out online. There are more people online. However, I think it just means that you need to shift the type of marketing you're doing, right? Gone are the days of having a perfect Instagram grid, right? I really feel like right now what I'm seeing is in the olden days of coaching eight years ago, I really feel like I produced a lot of value content because again, we were trying to prove coaching as valid. We were trying to help people trust it. Now people trust it. And so I really feel like it's more about authenticity content so that people can connect with us personally and connect with our stories, right?
Anna Rapp (10:16):
Also, I just wanna say a side note for people that are saying like the market is saturated. I feel like you swear like you're trying to find like 7,000 clients, right? To fill your one-on-one coaching practice. I mean, what do you need? Like eight clients? 16 clients. Like I think people forget like it's not y Yes, you need the audience bill, but you don't have to have 5,000 followers on Instagram. Like you can have 300 followers on Instagram. You can have 200 people in your Facebook group and find the five clients, the eight clients, the 16 clients that you need, right? Okay. Anyway, so remembering the way to stand out online with more people is to make yourself unique with your story, with your unique selling point, with your heart, with your passions, right? You guys know invisible impact. I talk about creating four types of content.
Anna Rapp (11:03):
And I feel like right now in our coaching space, the type of content that really is queen is that authenticity content, right? Really sharing your story, sharing your heart, sharing your wins, that is what's working, okay? Truth number four, consumers are more mindful and picky and maybe have had a bad experience with coaches before, right? This is true. I do think that consumers when it comes to buying coaching are more picky. And I actually think that this is a good thing, right? <Laugh>. I feel like we want mindful consumers because what does that mean for me? If my potential client is asking me questions on a sales call and they're being mindful that tells me that they're a really mindful human and even after they pay me money, they're gonna be empowered
Anna Rapp (11:52):
And mindful about their work, about their business, right? We want empowered women, right? We want, and so what that means in the buying process is often they have questions. They're not just throwing money at the problem they want to, and then like that's good. And I think so often we perceive it as a threat when someone has objections or hesitations to our product or services. But I actually find this is a really good thing, right? I also think this is really interesting because I find that eight years ago there wasn't as much competition in the online space. And so you might think that that's a bad thing, but I, or a good thing. But I also think it was kind of a bad thing that I would find that clients would work with me for like one term and they would be like, oh my gosh, Anna, this was so amazing.
Anna Rapp (12:40):
You're such a great coach. I'm gonna try a different coach because like if Anna was amazing, I can't wait to see what else is out there, right? Nine times out of 10, they would try a different coach and they would come back to me and be like, oh my gosh, Anna, no, you really, you're amazing. Like why did I look elsewhere? And of course I'm like, I love that you looked elsewhere. Like I think it's great to try different coaches and styles, right? But I think now when there's more coaches online, I just remember just, just remember when you're heart-centered and you do good work, this is always a good thing for you because you're gonna stand at the rise to the top and stand out, right? I have people come back to me all the time that are like, oh my gosh, like I thought all coaches were ethical and hardworking and diligent and mindful and they're not.
Anna Rapp (13:23):
And I'm so glad I found you Anna, right? Like remembering that like your clients will see you the same way and when there's a sea of coaches, you'll only look better and better, right? And interestingly enough, now more women come to me because there's more coaches online that have already worked with a coach. And so then they'll come and work with me and be shocked and delighted by the experience inside my business, right? And so I really want you to see it as a good thing when there's other people out there and just remembering and being confident that you are one of the best. You are amazing. You are heart-centered, you are ethical, you show up for your clients, right? You know, my coach Lacey has a saying that I love. You don't always get it right, but you make it right. What that means is like you're not perfect, but you always make things right at the end of the day with your clients and try your best.
Anna Rapp (14:10):
And that's gonna make you stand out. And in a sea of consumers that are being more mindful about the coaches they're selecting, that's great because they're gonna select you. And just trusting in your heart, maybe you wanna put your heart on your hand right now and just sink down into that deep place of confidence. Who are you? How do you show up in your business? You show up not perfect, but excellent. You show up, you care about your clients, you wanna do things with ethics and honesty and intentionality and heart and you will always rise to the top. So affirm right now, I am an amazing coach. I'm not intimidated by entering the market right now, right? This market was made for me. I was made for this market, right? Like the last thing that you wanna do is be intimidated by a busy market and not enter in at all.
Anna Rapp (15:04):
But you are qualified, you are competent. The market needs your story, the market needs your version of coaching, your clients need you. Another affirmation I love is I am the perfect coach for my clients. Maybe not for everyone out there, right? But for those 20 women that are, that are gonna work with you this year, you are the perfect coach for them. And they're waiting for you. They're needing you, they wanna pay you. They wanna spend their time and their money with you. And so being willing to put your heart out there, put your neck out there, put your offers out there because it's the perfect time for you to start a coaching business. Okay? One last final note is just remembering in the grand scheme of things that I actually feel like the coaching industry still is very new, right? I think about Bitcoin.
Anna Rapp (15:49):
Haha, right? And like just different like markets and industries that have popped up and like fizzled and such like that, right? I really feel like the coaching industry is one that is here to stay like it is not going anywhere. And I feel like when we think about, you know, I really consider the coaching industry to be like 15 years old, something like that, right? We're really new into it, right? And so 50 years from now, you are going to regret not hopping in at the 15 year mark. And so don't tell yourself like, why didn't I hop in at the 10 year mark? Be glad you hopped in at the 15, right? And again, reminding yourself it is the perfect time for me to hop in and go all in in my coaching business right now. There's never a better time. I hope this was useful for you and I would love to hear if you had any takeaways.
Anna Rapp (16:38):
And feel free to tag me on Instagram and of course if you want my support around creating a coaching business, my 12 step process I teach in getting coach I really feel like is foolproof. I've seen women rinse and repeat this system who have been course students of mine who have been one-on-one clients of mine. The same method that I teach my clients, forgetting your first or next paying clients. And it is really foolproof, like rinse and repeat templates. And I feel like make it easy for yourself. Starting a coaching business is already intimidating in itself. So don't feel like you have to do guesswork. Let me help you lunch it again. I will also help you with coaching skills and with swipes around what to do once you have the clients. What pre-surveys to send. Like it's really a coaching business in a box. And I wanna help you, heart-centered woman make money online in a way that is ultimately free and fulfilling. And it is literally the risk that I took in my life that I am the most proud of. And I hope that you put your heart on the line and take that risk too. It's a great time to start a coaching business.
PS: In the midst of this challenging time I’ve been asking myself what I can do to help? One of the #1 ways I support my clients is by helping them simplify their business so that they can increase the flow of money without creating extra work. In this season simplified visibility and sales is needed more than ever.
So if you’re craving personal support as you reposition your free and paid work, I’d love to help you simplify your sales process so that you can produce income in your business even during a challenging time. If you want support you can check out my services and book a free discovery call here, or you can send me a DM on Instagram.