The coaching industry is the second fastest industry of the world and you may be wondering - is there room for me in this billion dollar industry?
In this episode of Women in the Coaching Arena, Business mentor and Coach Jo Lott shares trends and predictions along with ideas of what you can do to stand out as the amazing person you are in this industry.
Key Points From This Episode
[00:00:45] Jo shares the latest research by PWC that coaching is the second largest industry in the world.
[00:02:00] Jo talks through how those qualifying as coaches has increased over the past two years.
[00:04:00] There are 12 coaches per 1 million population.
[00:05:00] What this means for you in terms of solving specific problems and standing out as an expert in your field.
[00:06:00] How you can start to find or refine your niche.
[00:07:00] Why entrepreneurship is so different to employment
[00:08:00] Jo shares some trends arising over the past few years.
[00:10:30] How you can innovate to create new solutions.
[00:13:00] Lean into the unknown - there is no rule book.
The industry is the second fastest industry in the world and worth billions of dollars.
There is an increase in the number of people becoming qualified coaches but there's also an increase in the awareness of coaching and demand.
You have a huge opportunity to bring your whole unique self into your business to serve deeply in your own specific way.
Three core areas people are happy to invest in are health, wealth, and relationships.
People are crying out for connection. How can you be the one who provides that deep connection and who goes beyond surface level tips, giving results in advance of working with you?
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If you’re kind enough to leave a review, please do let Jo know so she can say thank you. You can always reach her at: joanna@joannalottcoaching.com
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Transcripts
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Hello. Welcome to the third episode of Women in the [00:00:30] Coaching Arena. I'm so glad you are here. Today I'm going to be sharing some research trends and predictions in the coaching industry.
Let's start by talking about the size and value of the industry.
So the latest research by PWC found that coaching is the second largest growing industry in the world. The first being tech, which as I'm sure you can imagine, is absolutely massive.
It's estimated to be a $20 billion industry.
Each [:
And even more exciting, IPEC found that 99% of people were satisfied or more than satisfied with their coaching experience. So you are all doing an amazing job.
become coaches. So that has [:
And I did my own research on LinkedIn over the past two years. So when searching for the term "coach" [00:02:00] on LinkedIn in the search bar in December, 2020, there were 1.6 million results for that term "coach".
One year later in December,:
And this month, March, 2023, these numbers have continued to grow with the current search for the word coach on LinkedIn being [00:02:30] 8.1 million results.
So that's a huge increase from 1.6 million results two years ago to 8.1 million results today.
kedIn when your ideal client [:
So what does this mean for me? You may be asking, or even more specifically, a question I'm asked by so many coaches is, "Is the market saturated?"
And so I wanted to give you a bit of context because I know what it's like with the internet algorithm just feeding you, what you are searching for in the world.
are seeing is coach related [:
So for context, I have worked out that if the ICF rates are correct, as of 2023, that there are 93,000 coaches. This equates to 12 coaches per 1 million people of the population. So I hope that gives you an idea that in that million people, there will be people with lots of problems that need [00:04:00] your help. And so yes, whilst there is that increase in people becoming coaches. There is also an increase in demand.
in their life as a result of [:
We buy the fit body we will get from going to the gym, so no one buys the modality. They want that tangible result in their life. And this is super exciting because it provides you the opportunity to become an expert in your field by going really deep on one specific niche. So for example, if you had a problem with emotional eating, would you work with [00:05:00] a general life coach or would you find a coach who specialises in helping people with emotional eating?
nicheing in itself causes a [:
So nicheing is the exact opposite, which is why I think there is this huge divide between coach training school and becoming a successful business owner providing coaching services. And if you are still finding your [00:06:00] niche, don't worry. Don't let this freeze you into inaction. It's just the opportunity to have more conversations with people.
provide a bespoke program to [:
So there are problems everywhere. Listen out. When you are talking to people at the tea point at work; when you are at a party; everywhere you go; start spotting and listening out for those problems that people have.
it's about experimenting and [:
Because the most exciting thing about entrepreneurship is that there is no right answer. I think that again, is another huge divide when people leave their workplace. Which is exactly what happened to me - when there are things that are right and there are things that are wrong, and I used to do [00:07:30] governance and hr, so it was very rules and regulations and black and white.
lving, so you need to evolve [:
So let's cover some trends now that are emerging over the last few years. So I'm sure you can imagine that one of the most significant trends in the coaching industry is the shift towards virtual coaching rather than in-person coaching. I think of all of the clients I work with, I would say 95% is virtual coaching on Zoom or Google or whatever versus in-person meeting.[00:08:30]
And so that means that people can now search for their exact problem and find a coach offering a solution to that problem. We are operating in a global arena. In so many ways. I mean, even if you think about, say, food delivery with Deliveroo, that I can get a curry and my partner can get a pizza and my children can get McDonald's all in the same delivery.
manding with getting exactly [:
So that's another trend is how can you show the return on investment in your coaching?
n mental health since Covid. [:
There is also a growing trend towards coaching for executives, athletes, and entrepreneurs. So coaching who cater for this group are [00:10:00] in high demand. And again, this trend is expected to continue. And there's always the age old, three areas that have been shown time and time again that people are happy to invest in.
So those three areas are health, wealth, and relationships. So how can you bring in one or more of these elements into what you offer the world?
tinues to evolve so rapidly, [:
So can you do more lives where you are answering your ideal client's questions? Can you do a workshop, which is like a [00:11:00] really amazing way of them getting to know you and giving them results in advance of working with you so they trust you and they know that you know your stuff and you are so worth working with.
integrity, that deep honesty [:
Another great thing you can do as a coach is be prepared to innovate. So what can you take from, say another industry and bring it into your industry? Or what can you take from what you are noticing are people's [00:12:00] objections and do something really exciting? So, for example, I recently offered unlimited laser coaching in 15 minute sessions.
to fit in than a whole hour [:
And lastly, like I've alluded to throughout [00:13:00] this episode, it's about leaning into the unknown. There is no rule book and times are changing, and the most successful coaches will be prepared to tune into their creativity and also turn it round. Ask yourself like, what do I need right now? What am I desperately searching for?
aching in the past, and I've [:
Is it because there isn't that tangible thing that you wanted? And if so, how can you bring those learnings into what you offer as a coach? Because I do think there is a shift when you have invested yourself [00:14:00] versus being the type of person that's only ever done the free coaching with other people in your coach training versus actually taking that decision - yes, this is something I'm prepared to invest in and this is what I'm gonna do. And I have worked with people who, for example, maybe have had seven months with no paying clients and finally invested in working with me, became the type of person that invests in coaching.
, maybe other people do too, [:
Okay, so let me summarize today's episode. So firstly, the industry is the second fastest industry in the world and worth billions of dollars. Secondly, there is an increase in the [00:15:00] number of people becoming qualified coaches, but there is also an increase in the awareness of coaching and internet searches of people seeking coaching.
e. They are waiting for you. [:
So it's health, wealth, and relationships. So how can you bring in one or more of these elements into what you cover? Fifth, people are crying out for connection with others. How can you be the one who provides that deep connection and who goes beyond surface level tips, giving results in advance of working with you?
And finally, yes, there [:
I really hope you enjoyed today's episode and found it useful. I would love to hear your greatest insight. Do drop me a message on LinkedIn or Instagram to let me know what you took from today's episode.
the wise gardener who keeps [:
Thank you so much for listening to this episode of Women in the Coaching Arena. Please come and say hi to me on LinkedIn or Instagram and let me know how you are getting on in your coaching business and how you are gonna go for your dreams this year. My name on LinkedIn is Joanna Lott and on Instagram is at Joanna Lott Coaching, and I'll also put links in the show notes.
