by
Dawn-Marie Nesbitt, guest writer
Want to use partnerships to grow your coaching business? Find out the most effective ways to implement strategic partnerships in this article.
The US coaching market’s estimated market size is $11.6 billion.
It’s one of the top 500 industries in the US and if the annual growth numbers are anything to go by, coaching is a lucrative business to be in.
At the same time, staying ahead of the competition is more important than ever. There are over 23,000 coaches registered in North America. Given the popularity and the ease of starting a coaching business, this number could increase exponentially.
So, how do you build a thriving coaching business? In my experience the best answer to that question is through partnerships. Now, forging a partnership won’t make you an instant hit, but it could definitely help your coaching business in more ways than you imagined.
In this article, I’ll explain why you need to set up strategic partnerships in your coaching business, and break all your preconceived notions about them. After that, I’ll lay out the different ways in which you can make the best use of a partnership.
Let’s dive right into it.
Why use strategic partnerships in your coaching business?
“Business, after all, is nothing more than a bunch of human relationships.”
This is a quote by Lee Iacocca, the automobile expert who headed companies like Ford and Chrysler. We often think that the term ‘relationships’ in this context refers to clients or employees. However, it extends to competitors, partners, and anyone who can propel your business to greater heights.
A coaching partnership gives you the opportunity to tap into the hard-earned trust another coach has earned within their network to more quickly earn the trust of more prospects who could become clients..
But this isn’t just about bottom line profits. Referrals from the right strategic partners who understand the profile of your ideal clients give you the opportunity to scale the impact you have on the clients you feel called to serve.
In short, the right strategic partnerships in the coaching business are genuine human relationships that grow both your impact and your earning potential.
4 myths about coaching business partnerships
Before getting into the details of partnerships, let’s bust some myths about coaching business partnerships.
1. Having similar skills is best in a partnership
Many believe that partners have to be like-minded and have similar skills. But this couldn’t be farther from the truth.
While you may need some shared skills, there’s little value addition if you both are good at the same aspects. By identifying the differences in your ideal clients you and your partner can offer services that better fit more people. It’s a truly virtuous cycle.
2. You cannot team up with competitors
Let’s make it clear that competitors are not always a threat. If you look closely, every competitor of yours has a unique selling proposition and a different business model. So, you’re often better off teaming up with them. Though you hear it more often in the corporate world, this is exactly what we mean by a “strategic partnership” for coaches.
One famous example of such a partnership is between Microsoft and Nokia. While Microsoft was a top player when it came to software, Nokia ruled the roost in the hardware department. Despite being competitors, they captured a good 18% of the market share by forging a winning partnership.
3. It’s always win-win for both parties
You and your partner cannot expect to benefit equally every time.
There will be instances when you’ll have the upper hand in a deal, and at times, your partner will get an edge. The key is to have a long-term partnership so that you can offset such advantages and increase your respective revenues.
It’s like having your coffee cart and your partner’s bagel stand next to each other. You both will surely be able to attract customers who want both bagel and coffee, but many of them would want just one of the two items. With time, you’ll have a good number of regular customers who will make your partnership successful.
4. You only need a partner when business isn’t great
Let’s say you’re a restaurant coach who specializes in quick service setups. By teaming up with another coach who’s an expert in the cloud kitchen domain, you can create a winning team.
While it may seem like the corporate world often uses partnerships only to salvage a dying business, it’s not the only reason to collaborate. If the synergy between any two players is great and there are profit opportunities, they can definitely play in the same team.
5 ways to use partnership opportunities
Let’s be clear. Blindly partnering with your best friend or neighbor might not necessarily help your coaching business. As I mentioned earlier, it has to be a strategic alliance.
Here, I have listed 5 effective ways to create strategic partnership opportunities that benefit all stakeholders.
1. Create a mastermind group
Mastermind groups have been around for nearly a century now. Yet, its potential has largely remained untapped by business coaches.
In a mastermind arrangement, two or more coaches get together and lay out a roadmap to help each others’ businesses. They don’t have to be from the same domain, but they do need to have a solid quid pro quo arrangement in place.
Bedros Keuilian, a former fitness trainer, understood this early on. He found a successful entrepreneur and offered him free fitness training in exchange for business lessons. This way, he went on to create Fit Body Boot Camp — a fitness chain with hundreds of outlets in the US.
2. Join an association
Associations are the best place to network with people in the coaching business. By taking up an active role in an industry association, you can become an authoritative voice and establish your own brand.
You could write newsletters, conduct seminars, or simply be an office-bearer to make your presence felt in the industry.
The US is home to many such associations — the National Association of Business Coaches, Professional Business Coaches Alliance, International Coaching Federation, and the likes. Join any one of them to put yourself on the map.
3. Cross-promote your business
If you’re a real estate coach, it’s likely that your client might need the help of a professional organizer or a productivity specialist. So team up with them and give back more to your community.
Similarly, business consultants could definitely use your help when they deal with clients in the real estate space. This arrangement could be a one-off session or a full-fledged collaborative arrangement.
4. Enter the In-House coaching domain
Your scope of forging partnerships isn’t limited to other coaches or individuals. There might be corporate houses that need your services.
Big companies need to evolve too, but commonly struggle with change. Your experience and expertise can help fill these gaps. Instead of hiring employees and building things from scratch, they might want a business coach like you to fast-track their activities.
By partnering with such a company, you can coach their clients or employees while getting a handsome retainer.
5. Become a backup coach
Know someone who is an expert in your domain? Tag along with them and consider becoming their backup coach.
Leading coaches often give keynote speeches, corporate presentations, and address a large audience. Even if you can get 10 minutes of stage-time in such events, you could benefit immensely.
This is a great strategy for new coaches to learn, showcase their prowess, and find their footing in a particular niche.
Final thoughts
Don’t shy away from partnerships. They can help in growing your coaching business by opening up new opportunities.
At the same time, choose your partners wisely. Your partnership should solve problems instead of creating new ones. The key lies in finding the right avenues, vetting them thoroughly, and making use of them wisely.
Here’s a recap of everything I covered in this article:
The coaching business is a lucrative yet competitive business to be in
A strategic partnership with an expert or a non-competitive authority can lead to more referrals of more ideal clients, which means you have a bigger impact on more of the clients you’re passionate about serving and a more profitable coaching business
Busted common myths that may give you pause when pursuing partnerships
Creating a mastermind group, association memberships, and cross-promotions are tried and tested methods of leading coaches
Becoming an in-house coach or a backup coach can also lead you to more opportunities
A strategic alliance is a surefire way to capture a larger share of the target market
Do you and your coaching business partner want a better way to engage clients in your programs and scale your impact? Try creating your own coaching app for free with Nudge.
Author Bio:
Dawn-Marie Nesbitt is a sales funnel strategist for coaches and helps coaches use simple tactics like partnerships through local and online talks to attract their best fit clients. She’s also obsessed with travelling the world and eating some of the most mind-boggling cuisine you’ve ever heard. Ready to leverage partnerships and get your first coaching client. Get your free 30-day Action Plan for Booking Talks and Webinars With Partners so you can go on to quickly and effortlessly build your audience with perfect prospective clients.
