CoachNow Blog

State of the Coaching Economy - Where Do We Go From Here?

At CoachNow, our mission is to provide you with everything you need to succeed in your coaching business, including technology, education, and insights into the global coaching economy.

And I’ll be honest - right now the coaching economy seems to be in a bit of trouble.

In fact, where I’m standing, I’ve been seeing quite a bit of panic coming from the coaching community.

Coaches, academies, and large organizations all over the world are downsizing or going out of business.

Things are getting more expensive, and we’re seeing athletes and parents become less willing to spend their disposable income on coaching.

That's why I felt it was crucial to make this blog post for you today.

Right now, there are four things in your coaching business that will either set you up for success or lead to your failure.

In this post, I’ll cover each of these areas to help you understand what might be happening in your business, how to assess it, and most importantly, how to take action to ensure you weather the economic storm and come out on top.

Because with the right tweaks, we think 2023 can be your best year yet. Let’s dive in.

1. Stop. Only. Selling. Units. of. Time.

Those of you who’ve been following me for years are probably sick of me saying this. But I can’t say it enough.

If your core business model revolves around selling units of time, such as lessons, you're in trouble.

This approach is not scalable, highly risky, and shouldn't be the sole foundation of your business. The reality is that no modern successful business relies solely on this kind of transaction.

We understand that many of you may be starting out or still have a component of your business that operates this way, and that's okay.

But we urge you not to let your entire business depend on it. More on this at these links:

Sell Your Expertise, Not Your Time

2. Leverage Technology NOW

If you're not leveraging technology to stay connected to your customers and build deeper relationships, you're in trouble.

It’s super crucial to have an app (e.g. CoachNow) on your athlete’s devices that EXCLUSIVELY represents your relationship with them. It’s so easy to get lost in the noise - doing so helps you maintain a direct, focused line of communication without distractions.

Technology can be overwhelming and there’s no need to over complicate your business. There’s definitely a fair share of “solutions chasing problems” in the technology sector.

But at the very least, you must ensure that you're staying connected, fostering relationships, and providing athletes with the tools they need to succeed.

And technology can be a great tool for exactly that.

3. Create Multiple Streams of Income

If you don't have a system in place for multiple streams of income, it's time for a wake-up call.

Selling lessons may be one income source, but there's no reason why you can't offer in-person and remote services, sell eBooks, create paid communities, and explore various other avenues.

We have plenty of content on this topic, including our Connected Coach Blueprint Level Two, which focuses on digitizing your expertise and creating multiple products.

If you haven't checked it out, make sure you do. It's included in ever active CoachNow PRO membership (or you can buy it a la carte at this link).

Setting up multiple streams of income ensures the stability of your business in the midst of economic uncertainty. It’s always good to have a fallback!

4. Focus on Long-Term Development, Not Short Term Wins

Selling single lessons is a thing of the past. Instead, concentrate on guiding people toward long-term development because that's the only way athletes can truly improve.

And this principle holds true, no matter the coach or sport.

It takes time to get better, so make sure your offer reflects that. Speak in terms of 3-6 month commitments, make the expected commitment abundantly clear, and stay firm on what you expect during that period of time.

Sell a subscription with a GOAL, not a package of lessons.

Focus on the results you are achieving together. Focus on the wins and continually set new goals as your athlete improves.

We wrote a whole series of posts on this topic, check them out for more info:

Getting Started with Long-Term Development Programs - 3 Key Components

How to Introduce Long-Term Development Programs Into Your Coaching Offer

What I Wish I Knew When I Started as a High Performance Coach

Let’s recap.

The economy is hurting and I’m seeing coaches panic. Remain calm. Your mindset is crucial, and you CAN take action to ensure your success.

First, stop exclusively selling your time for money. It’s too risky.

Leverage technology to improve your communications. When deployed correctly, technology should only SAVE you time, not add an additional headache.

Create multiple streams of income by offering Assessments, courses, ebooks, what have you. There are tons of tools out there to help you get started.

And lastly focus on the quality of your coaching to ensure retention. Specifically, focus on long-term development plans that will make you invaluable to your athletes.

All together, these steps will help you have a fantastic 2023.
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