Taking your coaching business to the next level isn’t just about expanding your services and manpower. Brand strategists Pete Canalichio and Mark Di Somma defined the difference between growing and scaling: the former merely focuses on replication of a business model while the latter seeks to improve processes within reasonable management limits. This way, scaling will allow you to improve your profits and services at your own pace.
However, scaling isn’t an easy task. There are problems you will encounter that can thwart your plans of expansion and even cause your entire business precious time and resources.
Fortunately, there are ways to gauge your readiness in scaling. If you think that now is the time to expand your coaching business, you should definitely ask yourself these questions below.
Do I have mastery over my services?
Although there’s no one true way to scale up your business, one tried and tested method of expansion is focusing on your specialization and making your processes more efficient. However, becoming an expert coach requires a lot of training, as well as the numerous clients all demanding a unique approach in helping them succeed.
To know if you’re ready internally to expand your services, think about whether you have the three hallmarks of coaching mastery: hours of practice and application, continuous accumulation of knowledge, and constant self-reflection.
Do I have the tools to accommodate scaling?
The coaching industry is already saturated with players ranging from one-man operations to large-scale corporations dedicated to servicing countless clients. With an increasingly competitive landscape, one way to gain a competitive edge over other players is to use scalable tools in coaching.
For instance, Coach Simple’s automated coaching dashboard makes tracking of your clients and their progress more convenient. By leveraging the power of technology, you can focus on other aspects of your business like onboarding new clients, expanding your services, and finally, scaling your business.
Is my company structure legally ready to move up?
If you’re still operating at a limited scale, then scaling is the perfect opportunity to change your company structure. For coaching businesses and other companies offering specialized services, the best way to legally structure your business is by forming a limited liability company (LLC). An Investopedia article highlights that this type of organizational structure offers key advantages over other forms, namely pass-through taxation, separation of assets and liabilities between the entity and the owners, and ease of incorporation, among others.
Although regulations vary from one state to another, a ZenBusiness guide to forming your own LLC details how it is generally doable in five easy steps. The steps comprise of choosing a name for your LLC, selecting a registered agent, filing a Certificate of Formation, getting the Operating Agreement, and applying for an EIN and reviewing tax requirements. Make sure you read about your state incorporation laws first before you form your LLC to avoid future headaches.
Is my coaching business ready to get more talent?
Even with all the automated tools and the mastery of your trade, you may have to get an extra set of hands for your coaching business. However, hiring someone isn’t just about having a body double. You need to find the perfect talent who will improve your culture and your business.
One of the most important factors in looking for talent is finding someone who functions in line with your collective goals. Applicants who use logic and common sense instead of relying on formal office policies are the ones who will elevate your business, and help you expand as efficiently as possible.
After you have considered all the above points your coaching business will be ready to go to the next level and grow.
Article written by Lauren Sloan exclusively for coachsimple.net