One of the most common questions asked by those interested in training to become a life coach is this: “Is there a big enough market out there to support another life coach?”
My answer to that is an unreserved “Yes”.
Let me explain why.
“Sell the problem you solve, not the product.”
– Unknown
More interest attracts more of
Isn’t it fascinating? The more interested you become about something, the more you start to notice how much of that something exists in your day-to-day life.
I’m sure you know what I mean.
If your heart is set on a brand new model of car that you think will set you apart from the crowds, it’s likely you’ll begin to notice that very same model appearing on just about every street corner.
Similarly, when you first take an interest in becoming a life coach, chances are that you’ll suddenly take fright at the number of life coaches that just pop ‘out of the woodwork’ in your local area.
Does this mean the market is saturated with life coaches? No, far from it. It’s simply that your subconcious mind is starting to seek them out in the same way it would if a career in real estate, plumbing or teaching transcendental meditation was on your radar!
Economics driven by supply and demand
As we all well know, the economics of any market – commodity or service driven – are determined by the levels of supply and demand. Human nature being what it is, aspirant life coaches are often all too distracted by worrying about the levels of supply to think creatively about the demand side of the equation.
That may well have something to do with the general inability of life coaches to explain, succinctly, exactly what they do. The rather non descriptive term ‘life coaching’ means less to most people than those of us in the industry would like to think.
Something for everyone?
Put at its most simple, life coaching helps people to change their lives for the better and to get more of what they want from life.
Now, it doesn’t take a degree in rocket science to realise, at least on the surface, that this applies to just about every man and woman who walks the Earth!
Well, before we get too excited let’s be a tad more academic in our approach to estimating the size of the potential market for life coaching.
We cannot avoid that startling fact that some 80% of the world’s 7bn+ population live on less than $10 a day. Whereas these people may well benefit from life coaching, they would be seriously hard pressed to afford it!
Then there are some 34% of the population who are either under 15 or over 65 and probably not ideal candidates for life coaching. And finally, it’s estimated that at any one time, some 6% of the people on the planet suffer from a form of mental illness, ruling them out of our market.
A potential market that’s truly enormous
Even after taking into account the above and applying some very conservative assumptions, we are still left with a global potential demand that’s not far off the 1bn mark!
I know, I’m using an extremely broad brush here, but nevertheless, I think you’ll get my point that the potential market for life coaching is truly enormous.
Focusing on how to build awareness
Life coaches need to focus their efforts, not on worrying about how many of them the world can accommodate, but on how to make more people in that huge potential market aware of what life coaching can do for them and why life coaching offers them such great value.
If you’re a life coach, you’re probably wondering what the most effective way is to do just that.
The answer is simple …
Results, results, results!
By delivering great results each and every time you coach and then encouraging your clients to spread the word. It’s common knowledge that word-of-mouth is the most effective (read fastest and cheapest) form of advertising and promotion known to man!
Passionate about training
At New Insights, we’re passionate about delivering great life coach training – and a wonderful life coaching system – that will impart the necessary awareness, knowledge, skills and experience to coach in a way that will promote the delivery of great results for clients.
But we take things an important step further by sharing years of collective wisdom and expertise on how to choose a niche market to work in and how best to get your services as a coach known, understood and – more importantly – wanted by your target market.
Undoubtedly, the world needs many more life coaches …
Or, should I say, many more life coaches who can deliver great results for their clients!
Perhaps it’s time for you to heed the call?
Thanks to Jan for the encouraging words more especially to me who is almost completing my training. I am so inspired. Thanks to Bill who always encouraging us and gives us strength to go forward. Thanks.
It is so inspiring to read all the positive comments and advice. As a newbie, I the training is like a mountain before me. It’s not that I want to give up, I just wonder if there has been are or at this moment are trainees that feels overwhelmed and maybe ask the question – what did I get myself into….?
Hi Andre
It’s very normal to feel a little scared, while being excited at tackling a new challenge. That’s your inner being’s way of saying: “This is really great for me as it is pushing me outside my comfort zone and that is where I can grow and develop as a person.”
Don’t be concerned. There’s lots of support available. Just take it one step at a time (but be sure to take the steps!).
I like to say this: “If you’re not scared, then you’re not on a growth path. And if you’re not on a growth path, then what the heck are you doing?”
I am so glad that I heeded the call to become a life coach 8 years ago, Bill. Empowering others to be the best that they can be, is undoubtedly the best job in the world! Thank you so much for your consistently effective leadership, support and inspiration.
And thanks for your ongoing support and inspiration Karen!
Thanks Bill,
Although you’ve shared a lot of these golden nuggets of wisdom throughout the training programme, it is a very reassuring post to read now as I progress with the setting up of my own Coaching business after certifying as a New Insights Life Coach.
When you have the best available Life Coach training behind you with confidence in your own ability and knowledge that no other Coach is like you, your uniqueness therefore becomes exactly what your preferred clients want (target market) and only you can deliver it. Trust in what you have learnt, deliver the best you can, grow yourself & set your SMERTIE Goal and it will all happen.
Great advice – thanks Jan!