Where Virtual Business is Going for Coaches
The pandemic has shifted business in an extraordinary way for coaches and for the future of the coaching industry. Let’s examine the current market and future trends within the world wide coaching industry –
The current market for coaching
- People see coaches to help them achieve goals through actionable steps
- Market preference of life coaching versus therapy
- Market preference of health coaching versus trainers & nutritionists
- Corporate wellness coaching and corporate health and wellness benefits have dramatically expanded in demand based on radical work-force environment shifts and mental, emotional and physical employee needs
- Global pandemic caused industry expansion
Coaching Industry Statistics
As of 2020 here were some remarkable statistics in the coaching industry –
- 71,000 life coaches based in 161 countries worldwide
- In 2018 there were 53,300 coaches
- Life coaching is the second fastest growing industry in the US
- 23,300 coaching practitioners in North America
- The percentage change in total revenue for coaches between 2015-2019 was 36% in the US
- The estimated global revenue from coaching in 2019 was $2.849 billion
- The coaching industry has a $1 billion value in the US
- A search for ‘coaches’ on LinkedIn brought in over 6.28 million results in 2020
- The corporate wellness coaching market was identified by Inc. magazine as one of the fastest projected growth markets from 2015-2020 and now has both met and exceeded that growth projection. Corporate wellness continues to be projected as a growth industry 2022 and well beyond
- Post-pandemic growth and projected continued expansion –
According to Encora Inc.’s assistant VP, Umesh Venkatesh, “The estimated market size of the Coaching Industry is $15 billion in 2019 with a total of $7.5 billion worth market value in the US alone. I expect the market value to reach $20 billion by 2022 with a 6.7% average yearly growth rate from 2019 to 2022. Moreover, according to PwC, the Coaching Industry was the second fastest growing sector in the world. It is estimated that there are currently 5,86,292 coaches worldwide in 2019. About 92% of these are active. Of these, 42% operate in the United States — a total of 2,88,500 coaches. One would think that the U.S. market is saturated, but demand appears to still be growing”.
The importance of virtual coaching and private practice in a digital world
How Technology is Shifting the Coaching Industry
- Increases accessibility
- Expands market potential beyond ‘your neighborhood’
- Advances care through tech tools
- Facilitates effective time management
- Automates many cumbersome admin tasks
- Makes marketing and reaching new potential clients achievable
- Requires a shift in how care is provided
The Future of Coaching and Private Practice
- Accelerated growth within the coaching industry
- Global market penetration – it is now a global market- place
- Existing and new emerging technology increasing accessibility both physically and financially to coaching support and coaching tools
- Technology driving the global coaching industry
Virtual trends and how to adopt them now
- Globally the trend is that many companies intend to continue work from home or hybrid work after the pandemic
- The Survey of Business Uncertainty (SBU) conducted in May 2020 found that the anticipated share of days working at home could triple after the pandemic ends, rising from 5.5% to 16.6% of all working days.
- This continued virtual work will also continue to drive virtual coaching and the use of technology within private practice
- Emerging technology will address these market needs and demands
- Those in private practice who are early adopters of technology and virtual platforms will thrive and become market leaders
- The Future of Coaching and Private Practice (Focus: How much ‘virtual care’ is right for your practice)
More stats on virtual care
- Telemedicine & tele-wellness as defined by The World Health Organization – defined telemedicine as the delivery of health care services at a distance using electronic implies for “the diagnosis of treatment, and prevention of disease and injuries, research and evaluation, education of health care providers” to improve well-being. Telemedicine can support long-distance clinical care, education, and health administration.
- The pandemic forced people to access care virtually – here is the data on the results: Almost 80 percent of people who used telehealth during COVID-19 reported patient satisfaction, and over 70 percent expect to access virtual care post-pandemic, according to a new survey from the COVID-19 Healthcare Coalition
How much ‘virtual care’ is right for your practice?
When NOT to do a virtual coaching session
- Emotionally unstable clients
- Clients with hearing or vision issues
- Older clients who are not technically savvy (over 70)
When to do a virtual coaching session
- Almost always!
- Clients who are busy
- Clients who are physically limited, live in remote or distant areas
- When clients can’t afford one-on-one coaching and need either online programs or group coaching options
- Identifying what balance is best for YOU
The best of both worlds – How to customize what you feel is best for your private practice
3 Tips to transform your virtual practice experience
- Tip #1
Create a business plan that includes a budget for your time, energy and resources (aka technology). Practice proactive and intentional approaches to time management, money management, technology management and energy management. This will pay you back a thousand-fold!!
For virtual coaching be sure to create a professional and separate work-space – even if it is just a corner in your home. Practice conducting sessions virtually to get comfortable with not only the technology but also the coaching model you use and the coaching support you provide. Virtual coaching is just as effective but will take you learning how to deliver it virtually.
- Tip #3
Use technology to reduce administrative time, increase automation and maximize your time and earning potential through programs and group coaching. Find technology that will DO part of your job for you.