Are there too many life coaches?
This is the question on the mind of those who investigate how to start a life coaching business.
A career in life coaching can be rewarding both personally and professionally, but some are concerned about following this career path. Life coaching remains a viable career path, and in our opinion, will continue to be well into the future.
As more people realize that life coaching is an effective way to improve their lives, they will be seeking such services. Similarly, once a client begins a relationship with a life coach, it is likely that it will continue for years.
There are many reasons to feel bullish about the future of life coaching, with a number of different aspects contributing to this reality. The life coaching industry has grown exponentially but is not saturated. We’re barely scratching the surface.
There is a misguided belief that the industry is saturated and that there are too many life coaches already. This is unfounded for several reasons:
1) The number of life coaches compared to counselors.
Remember that life coaches are different from therapists and counselors. Coaches fulfill a different type of role than counselors. Typically, counselors help people who are having difficulties get through tough times, while life coaches help their clients meet their full potential and focus on maximizing the positive aspects of their lives.
When it comes to self-improvement services the potential client pool is limitless. Because of this, there will always be a growing number of clients. In many ways, there is now a stigma surrounding complacent people who take a passive approach to life.
2) No stigma in life coaching
The non-clinical potential of life coaching – in that for non-clinical work, there isn’t a stigma. It’s hip!
There is a growing awareness of the benefits of life coaching, especially among younger people. When a client pursues the assistance of a life coach, it is usually to address an area of their life that they want to improve. This proactive outlook is commended by society, and counter to seeking therapy, many people are more than happy to discuss their life coaching strategies.
There are so many aspects of self-improvement and actualization that are now commonplace and considered mainstream. While there may be some stigma still unfortunately associated with seeking mental health services, everyone is looking for effective ways to improve their lives.
3) Businesses across the world have adopted life coaching as part of a strategic plan (even Google).
Maximizing employee productivity is vital for corporations in today’s competitive environment. Coaching is also a strategic way for employees to gain an edge as they ascend the corporate ladder.
In many industries, it can be extremely competitive when it comes to career advancement, and people look for effective ways to improve their chances of success.
As more corporations recognize the benefits of life coaching, the demand will grow exponentially, likely leading to a shortage of coaches, not a surplus.
4) Most coaches only need a few clients; a drop in the ocean.
What is truly wonderful about life coaching relationships is that they are deep and meaningful. Working with a limited amount of coaching clients is sufficient to have a full and successful practice.
Even if the market for life coaches was saturated, the number of clients that are necessary for success is low enough that effective coaches are able to excel, even in challenging markets that contain a lot of competition. Rather than focusing on the overall number of active coaches, looking at building a practice centered around a small number of solid clients is more productive.
5) Life coaching specialties
Life coaches are able to concentrate on certain market segments or on specific areas of their clients’ lives. These areas of focus allow coaches to differentiate their services from others in the industry and create a niche for themselves.
For example, a life coach can focus on serving a certain market segment, such as young professionals looking for career advancement, or parents who want more balance between their careers and family.
Further, a life coach could work solely with clients who seek optimal athletic performance and require life coaching in addition to physical training. Specialization is an effective way to grow an incredibly successful practice, regardless of the competition from other coaches.
It is our strong belief that for these reasons and more, life coaching remains a robust and attractive career path. Individuals who are considering such a career will do well to ignore the naysayers and look more closely at the many ways that life coaching can provide a successful and rewarding career.
