As a coach, you’re no stranger to helping others invest in themselves and unlock their potential. But what about your own business?
Investing strategically in your practice can help you run it more efficiently, earn more working less, and give a better experience to your clients. Running a small business normally doesn’t require venture capital or equity and debt investments—just strategic, long-term thinking.
Let’s explore some smart investments in four key areas of a coaching business that pay off in the long run.
1. Optimize Your Business Operations
Small business administration can be a drag. Here’s how investing in the right tools and systems can tidy your workflow.
Streamline Client Management
Simplify your workflow and save money by using all-in-one tools designed for coaches. For example, Paperbell replaces your website builder, scheduling tool, payment gateway, digital signing tool, and even more with a single subscription.
It creates a cohesive system, from onboarding through running your coaching program to collecting feedback. You can manage it in a central place and quit juggling multiple services.
Set up a Professional Website
A professional website is the most important asset of your coaching practice. It creates an instant connection with potential clients, provides them with all necessary information about your packages, and allows them to sign up for them instantly.
If you need a more robust site with a store, multi-step funnel, or podcast, it may be worth investing in a more complex website builder or marketing funnel tool to tie things together.
However, if you simply need a coaching website with great design plugged into your client management system, Paperbell can automatically set one up for you.
Automate Repetitive Tasks
Investing in automation tools can free up mental bandwidth and improve the experience you provide to clients.
Tools that handle email reminders, client onboarding, and follow-ups allow you to focus on delivering great coaching while ensuring a seamless client journey.
As you grow, you may look into email and marketing automation tools to optimize your campaigns.
2. Develop Expertise
Staying updated on coaching trends and developing new skills lets you grow in your career and provide the best value to your clients. Here’s how you can grow your expertise and credibility as a coach.
Dive Deeper Into Your Niche
Investing in certifications or courses related to your focus lets you pick up practical skills and develop specialized expertise. Look beyond coaching methodology and see if there are any gaps in your skill set related to client acquisition or time management you can improve on.
Consider defining a growth area for yourself as a coach and business owner every year and investing in a course or workshop related to that. This ensures you’re consistently growing and staying ahead in both coaching methodologies and business skills.
Work With a Mentor or Coach
The best way to become a better coach is to taste your own medicine. Working with a mentor or coach you respect and admire can help you step into their footsteps.
Plus, experiencing coaching from the other side (ideally, with multiple professionals throughout your career) can be extremely insightful for how you want to show up for clients.
3. Outsource What You Can
Outsourcing tasks you’re not skilled at or don’t enjoy allows you to focus on your strengths, which are likely your most profitable activities.
Hire a Virtual Assistant
Though Paperbell automates most admin tasks for coaches, you may still have some time-consuming, repetitive tasks on your plate—as most small business owners do. A virtual assistant can handle things like organizing your inbox or running a market research in your niche.
This frees up time to concentrate on the strategic parts of your business that you enjoy most. Thinking long-term is only possible when you stop firefighting and create space for smart investments.
Outsource Marketing
It can be overwhelming to show up as a coach, run your business, and promote your services all at once. Even if you have a background in marketing, staying consistent with content creation and list building is a lot on top of everything.
Hiring a specialist for your most important channels allows you to maintain a strong online presence and consistently attract new clients. Social media experts, copywriters, and ad managers can implement focused strategies for your business that attract the right clients.
4. Invest in Client Acquisition
A steady stream of clients keeps your business thriving and ensures long-term sustainability. Effective client acquisition strategies help you reach the right audience and grow your practice.
Leverage Paid Advertising
Targeted advertising, such as Facebook or Google Ads, can help you connect with potential clients actively searching for coaching services. It gives you more control over reaching your target audience than trying to go viral on social media.
Image source: acuabit
To ensure you’re getting a good return on your ad spend, start with a clear objective, such as generating discovery calls or growing your email list. Avoid generic target keywords and narrow down your core audience based on their specific interests or behaviors that align with your brand.
Again, an ad specialist can help you maximize your return on your investment. You can hire them to run your campaigns or advise on which campaigns to invest money in versus which ones will make you lose money.
Build Relationships
Connections take time to build, but they can bloom into repeat clients and impactful collaborations over time. Attending events or joining online communities related to your niche can open doors to them.
Focus on building genuine relationships rather than transactional ones. Ask questions with curiosity and offer helpful points of view or free resources on your website. These small efforts can grow your client base organically and build your reputation in your circles.
Create Valuable Content
Content creation allows you to showcase your expertise and attract clients who resonate with your approach. Consistent, high-quality blogs, reels, or slideshows help position you as a trusted authority in your niche.
Focus on topics that address your audience’s biggest pain points or questions. Repurpose content across platforms to maximize its reach, and use storytelling to make your message more relatable.
How to Invest in Your Business Without Losing Balance
One or a few strategic investments that align with your goals are far more effective than trying everything and seeing what sticks. To avoid burnout and financial strain, focus on what matters most.
Prioritize investments in your quarterly business plan that are critical for your current stage of growth. Evaluate your returns on investment (not just financial) regularly and adjust your strategies based on what works best.
Lastly, evaluate market trends critically and avoid fads that don’t fit your business. Stay focused on your priorities and adopt new methods only when they align with your vision.
Build a Thriving Coaching Practice
Investing in a small business is a continuous effort. Whether it’s your team, yourself, or your revenue, incremental growth is about making thoughtful, long-term choices that pay off over time.
Ready to start thinking long-term? Automate your coaching business and website with Paperbell and create space for new ways to grow your practice. Try it for free with your first client.
Editor’s Note: This post was originally published in December 2020 and has since been updated for accuracy.