Online coaching- professional switch

Online Coaching: As an experienced professional, are you on board?

If you are an experienced professional looking to start an online coaching business, I believe a unique window of opportunity has just opened…

When I was coming up through the ranks in corporate Nigeria, companies looked to hire people with solid years of experience behind them for general-manager positions. One shift we now see is that those same people are being laid off, as companies now look to hire younger people at lower pay! So, experienced professionals are rightly worried about the vulnerabilities in their 9-5 jobs.

Less noticed, however, is the surge for online coaches in its own midst! It is time to pay attention to the surge in the online coaching market.

The online coaching market is surging right now. It generated $35.6b in revenue in 2011. It was projected to reach $107 Billion in 2015, and it did. Now, Research and Markets, a market research firm, projects that the online coaching market will grow to $325 Billion by 2025, a triple of 2015 revenue, (source: Forbes)!

The story is only just beginning. But what is driving the surge in the online coaching market?

Mike in Abuja, on customer service

The Experienced Professional Online Coaching Checklist

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If you are an experienced professional looking to start an online coaching business, I believe a unique window of opportunity has just opened…

When I was coming up through the ranks in corporate Nigeria, companies looked to hire people with solid years of experience behind them for general-manager positions. One shift we now see is that those same people are being laid off, as companies now look to hire younger people at lower pay! So, experienced professionals are rightly worried about the vulnerabilities in their 9-5 jobs.

Less noticed, however, is the surge for online coaches in its own midst! It is time to pay attention to the surge in the online coaching market.

The online coaching market is surging right now. It generated $35.6b in revenue in 2011. It was projected to reach $107 Billion in 2015, and it did. Now, Research and Markets, a market research firm, projects that the online coaching market will grow to $325 Billion by 2025, a triple of 2015 revenue, (source: Forbes)!

The story is only just beginning. But what is driving the surge in the online coaching market?

  1. An abundance of online coaching solutions


    The primary growth drivers are an abundance of online learning solutions and continuous improvements in these solutions. The rapid growth in the demand for these platforms, plus the huge growth in the number of internet users, and growing access to broadband service with mobile phones and online capabilities are also fueling the growth of the online coaching business.

  2. Online coaching offers flexibility and convenience to end-users

    Another thing is the huge advantages it offers to end-users. These have attracted more online learners. Learners now have the flexibility to learn from the comfort of their living rooms or on the road, and with convenience; they are able to establish their own learning goals – decide how, when and what to learn, and their choice of coach.

  3. As the pie gets bigger, so is the demand for online coaches


    But as the online coaching market gets bigger and bigger, finding a good coach is equally becoming a bigger and bigger issue.  Hence professionals from all walks of life are being sought-after to create and launch online coaching programmes: business coaching, wellbeing coaching, and life coaching, among others.  This is an advantage for the experienced professional: he already has the experience and the drive.

  4. Impact matters with online coaching


    Also, impact is really starting to matter.  More learners are looking for learning experiences that share real-life scenarios that create a real impact on them.  They are looking for learning opportunities that put the concepts and experiences that they will encounter into practice. Again, experienced professionals are uniquely qualified for this role: they “have been there” and “done that”; hence in a good place to share firsthand experiences and ideas with learners.

  5. Context is becoming as, or more important than just providing content!


    One high-level shift I have also seen is that shaping and supporting the learner’s context is becoming as, or more important than just providing content! For instance, coaches need to identify and understand their audience pain-points, in order to create learning experiences that are targeted, and relevant to the learners’ needs, and the solutions that they seek.  So online coaches now have to think much more about quality, and about how to personalize learning experiences. This is one reason I am big on the self-hosting platform, so you have complete control of your learners’ experience (more about this in future write-ups).

  6. Online coaching is clearly becoming more sophisticated


    Finally, the market for online coaching is clearly becoming more sophisticated. This trend has a number of implications. It means, for example, going beyond the “one and done” transactional model, into finding ways to add meaningful social elements – mentoring, curate content, among others- to help supplement your coaching experiences and create more value. The experienced professional is in a good place here too: he has strategized at business retreats and corporate weekends on how to respond when the market is getting more sophisticated.

Taken together, more and more experienced professionals today, are making the switch to full-time online coaching business, leaving behind the vulnerabilities in their 9-5 jobs. For some, the transition is seamless. For others, it is not that easy.  Many in the latter tend to feel that the online business space is not real; they tend to see the online business as a fad. But this is a losing proposition. Because professionals, who are still attached to traditional business tools at the expense of the online business opportunities, are really placing their brand value at risk!

Now, it’s your turn…

Knowledge is power. But knowledge without action is nothing! So if you are worried about vulnerabilities of your 9-5 jobs, it is up to you to take action. Whether to wait for another leap or take it now!

For additional resources, you checkout my FREE Checklist “The Experienced Professional Online Coaching Checklist”, at www.mikehunder.com

Regards
Mike Hunder

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