How do you survive and thrive as a coach in an economic downturn ?

by Angela Wahl

With all of the negative news in the media about the economic recession, it is difficult not to question the impact of the economic downturn on coaching. Is coaching something people will cut in difficult economic times? Will people be hesitant to invest in coaching during a time of uncertainty in the market? Will my business survive this recession? The economic change that we have experienced on a global scale has, for many people, created fear, uncertainty, and inaction. All of which leave us feeling disempowered.

It is for this reason that coaching is needed now more than ever! Although, the downturn in the economy may mean that some potential clients directly affected by the slow down cannot afford one on one coaching, and that some individuals and businesses will cut down on their discretionary spending, the changing economy also brings with it many opportunities for coaches.

So how do you survive and thrive as a coach in an economic downturn? Simply step back, reassess, and find out where the new opportunities are. Consider these strategies when reevaluating your coaching business:

1.Check your perspective – What is your perspective on the economic recession and what it means for your business? Does your perspective support and empower you or does it leave you feeling frustrated and powerless? What alternative perspectives can you take that will empower you in building your business?
2.Look for the opportunities – What personal life issues are presenting themselves in public awareness as a result of the change in the economy? What industries and businesses are thriving despite the economic downturn? How can you add value to a group that needs you?

3.Be creative and flexible with your coaching – How can you reinvent the services that you offer your clients to suit their economic situation? What unique promotions, programs, and events can you offer to increase visibility and lead generation?
4.Hire a coach – A coach can support you in continuing to build your business and can support you in creating and maintaining momentum, especially in a difficult economy when it can be easy to become discouraged.
5.Know your clients – Understand how your clients are being affected by these economic times. Revise your coaching programs to adjust to their individual situation. Be accommodating.
6.Diversify your coaching services – Offer programs and products with different price points and that reach different markets. Create multiple streams of revenue.
7.Focus on joint ventures and affiliates – Other businesses will be feeling the effects of the recession as well. Creating joint ventures and affiliates that are mutually beneficial will support both partners in generating business during the economic downturn.
8.Expand your marketing – Explore new niches and new markets. Coaching is an international market. You do not have to rely on local business to generate new clients. If you are finding that you are not attracting your desired number of usually clients, take the opportunity to go after different and better markets.
9.Accept the challenge – Times of change provide us with the opportunity to step outside of our comfort zone and challenge ourselves in new ways. Use this opportunity to push yourself and your business to new levels.
An economic downturn can be challenging and it is easy to become discouraged. Keep in mind that even during a recession, the majority of people have jobs and continue to buy what they need. Millions of people around the world will still want help in their lives, relationships, and careers. Businesses will continue to invest in training and development. So rather than allowing the economic downturn to get you down, embrace the opportunity to challenge yourself, surprise yourself and take your business to new levels!