How Can You Profit From Your Knowledge & Passion?

Dr. Dawn
Apr 5, 2020
4 min read

Updated: Mar 12

Did you know that professional life coaching is a billion-dollar global industry? People can create a profitable business from services, products, and training. But, many people are not aware that coaching is a profession, or what coaching as a method is. So, let’s start with defining coaching. The International Coaching Federation defines coaching as “partnering with clients in a thought-provoking and creative process that inspires them to maximize their personal and professional potential.” So, according to ICF, coaching is a process. But it’s also a tool and an industry.

woman on the phone while on her computer

As a tool, coaching facilitates the process to help coachees or client optimize their full potential. Coaching tools include questions, models, methods, techniques and activities that ignite creativity, motivate action, and transform thinking and behavior. As an industry, coaching is broad and overlaps in many fields. Major companies such as Virgin, Microsoft, and Apple incorporate coaching tools and services to develop leaders, increase productivity, and ensure staff maintain high or positive morale. There are also different domains for coaching. For example, there is marriage and sex coaching, solo-entrepreneur coaching, business coaching, leadership coaching, spiritual coaching, academic coaching, and personal coaching. Coaching supports ministers, actors/entertainers, politicians, teachers, nurses and doctors, college students, and athletes. A qualified coach can be positioned in several industries or fields as a consultant or a full-time staff member.

There are many opportunities and spaces where you can discover a niche. How does your knowledge and passion play a role? You can transform what you know, have learned, and feel passionate about into a coaching business or career. So, combining your background with the right coaching tools can create a profitable business for you.

While the coaching industry is projected to increase in revenue and opportunities over the next 5-10 years, not many people or companies understand coaching as a helpful tool or its industry potential. There is also the challenge of over-saturation in coaching fields and domains. That’s where your unique skills come in and why narrowing your niche is essential. Likewise, there is a need to share evidence that coaching works, especially for motivated individuals. Others likely need your expertise because of your background, knowledge, and experience.

Studies have shown that the more competent a coach is, the more likely she will help clients achieve goals effectively. For instance, part of core coaching competency is knowing the difference between coaching, mentoring, therapy, and counseling. A professional coach knows about the differences and when to use coaching. Furthermore, competent coaches apply high ethical standards and good business sense. That’s why Reid Ready® provides coach tools and training that aligns with ICF beliefs and approach, to help coaches build these skills to be highly effective, both in their practice or as an employee of a company.

Coaching can also help coaches become subject matter experts in a coaching approach or model, or in using coaching in a specific industry. You have many coaching opportunities, especially if you undergo professional training. A career in coaching can offer both fulfillment and financial stability. How can you benefit? By honing your skills and making sure you are an effective coach. Everybody is not meant to coach or manage a coaching business. That’s okay. But if you feel this is your purpose and have a skillset ideal for coaching others, coaching may be a good professional fit for you. A good place to start is assessing and researching if and how coaching is right for you.

References for further reading:

Biswas-Diener, R. (2010). Practicing positive psychology coaching: Assessment, activities and strategies for success. London: Wiley.

Brockbank, A. (2008). Is the coaching fit for purpose? A typology of coaching and learning approaches, Coaching: An International Journal of Theory, Research and Practice, 1(2), 132-144, DOI: 10.1080/17521880802328046

Cavanagh, M. (2006). Coaching from a systemic perspective: A complex adaptive conversation. In D. Stober & Grant et al., A.M. Grant (Eds.), Evidence-based coaching handbook, 313–354. Hoboken, NJ: Wiley.

Grant, A.M., & Spence, G.B. (2010). Using coaching and positive psychology to promote a flourishing workforce: A model of goal-striving and mental health. In P.A. Linley, S. Harrington, & N. Page (Eds.), Oxford handbook of positive psychology and work, 175–188. Oxford: Oxford University Press.

Jarosz, J. (2016). What is life coaching? International Journal of Evidence Based Coaching and Mentoring, 14(1), 35-56.

Jinks, D., & Dexter, J. (2012). What do you really want: An examination of the pursuit of goal setting in coaching. International Journal of Evidence Based Coaching & Mentoring, 10(2), 100-110.

O'Broin, A., & McDowall, A. (2015). Specificity is the key, if we really want to understand coaching! Coaching: An International Journal of Theory, Research and Practice, 8(2), 69-72, DOI: 10.1080/17521882.2015.1078083

Theeboom, T., Beersma, B., & van Vianen, A. (2014). Does coaching work? A meta-analysis on the effects of coaching on individual level outcomes in an organizational context, The Journal of Positive Psychology, 9(1), 1-18, DOI:10.1080/17439760.2013.837499