As a lawyer who represents a lot of different health and wellness coaches, I have seen some very successful coaching businesses. These coaching businesses make a lot of money, but the best part is that they help a lot of clients in need. Clients want services from these coaches. So much so that some of my clients have waiting lists for new clients that extend beyond a year. How do they do it? Well, here are my observations as their wellness lawyer:
They have a target market
These wellbeing, wellness, life or holistic health coaches know exactly who they want to serve. They have identified a niche market that is not being served, or at least served adequately. The target market usually consists of members of a certain group. That group might be defined by religion, disease or illness, age, gender, or life goal. Better yet, the target client belons to a group with a combination of these factors. The more narrow the market, the more successful the coach usually is.
They have multiple revenue streams
These successful coaches may have started out focusing on one aspect of their coaching practice, usually one-on-one coaching to individual clients, but eventually, they branch out to include other ways to reach more people. Some typical ways I’ve seen coaches grow their business is to offer group sessions, corporate wellness services, paid seminars and retreats, membership services, writing a book and creating educational courses from that book, licensing their intellectual property, or creating a management services organization. By adopting one or more of these methods to increase your income and reach, you grow from being a self-employed coach to an enterprise.
They stay within their coaching “lane.”
One thing that can torpedo a health or wellness coaching business is violating state or federal law. Violating the law, or even just being accused of violating the law (even if you are not technically violating it) can ruin your reputation and cost you money in trying to defend yourself. Successful coaches understand that they cannot be everything to everyone. They know, understand and appreciate their limits. They do this by working with a competent wellness lawyer. They do not attempt to treat, diagnose or prescribe any remedy for disease or illness, whether physical or mental. Clients of successful coaches appreciate the ability to learn from the coach’s expertise and to be held accountable to achieving health, wellness or lifestyle goals.
They are not afraid to put themselves out there.
Successful coaches use all kinds of technology platforms to get their name and brand out into the world. The send email campaigns, create social media posts and groups, host and guest on various podcasts and other media outlets, write books and course materials, and provide valued content at little or no cost. The coaches who I believe are the most successful, and make more than enough money to pay the bills (and then some) are constantly thinking of ways to get their content out into the world and in front of their target market. They let go of linear thinking long ago.
They embrace technology.
One big reason for the booming interest in health and wellness coaching is the proliferation of virtual coaching platforms. Online platforms have opened up the market for coaches everywhere. Because of virtual communication platforms like Zoom, Teams and specialized coaching platforms, coaches are no longer limited to in-person sessions. They can see clients anywhere, and serve clients from anywhere. It is truly amazing, and is a key factor for the most successful coaches I know. None of the successful coaches I know conduct in-person coaching sessions, at least as a primary revenue source. They all leverage technology to grow their market across borders. And because no state regulates coaching as a licensed profession, coaches are in the unique position to be able to practice on a national, or even international scale.
Can I Make A Living As A Wellness Coach?
If you have knowledge involving health, wellness and lifestyle that you are yearning to share with others, you can make a very good living doing it. I heard a statistic recently that 85% of health and wellness coaches drop out of practice because they can’t get paid. As a result, a number of groups representing the interests of health and wellness coaches are striving to get coaching reimbursed by health insurance. I do not think that is necessary, and may lead to other compliance issues. As a wellness lawyer, I think coaches can be successful on a cash model if they follow the steps outlined above and they keep their legal risk low.
Our firm has created numerous resources for coaches and consultants to tackle legal risk. We have created a starter kit for launching a health or wellness coaching business, as well as training videos to learn more about the legal basics of starting such a business. We specialize in making sure you feel comfortable with your coaching or consulting practice from a legal standpoint, so that you can deliver the best services to your clients. Contact us today to help your coaching or consulting business thrive!