Coaching is a rapidly evolving and expanding industry. In 2019, the estimated global total revenue from sports coaching was $9.3 billion U.S. dollars – and it’s only going up. Here are some other coaching trends and predictions to think about and, perhaps, act on.
1. Coaching is Going Digital
Online coaching is becoming more popular. There have been more searches for online coaches over the last 6 months than ever before, so much so that some coaches ONLY offer their services online, which is unsurprising, given that it’s more convenient for both coaches and their customers.
Takeaway: If you haven’t taken your business online yet, maybe it’s time to start considering the move.
2. More People are Getting Coaches
While coaching as a profession was severely impacted by the recession caused by the COVID-19 pandemic in 2020, the US Bureau of Labor Statistics states that, as of 2021, and because of the economic recovery from the pandemic, “employment of coaches and scouts is projected to grow 26 percent from 2020 to 2030.” Compare that to the percent of growth for all high other occupations, which is only around 8%! Given its high and growing demand, there’s no better time to be or become a coach.
Takeaway: The demand for coaches is going up – now is a good time to invest energy into growing your coaching business.
3. Coaches are Considering Alternatives to Cash, Check and Venmo
Many coaches have moved from paper to digital billing, and for good reason. Cash is difficult to keep track of and reconcile if there’s a discrepancy. Checks have a lot of sensitive information on them and carry a high risk for fraud. Digital billing makes it easier for coaches to keep track of their transactions and is oftentimes much more secure.
Why is Venmo on this list? Starting 2022, Venmo will send anyone receiving over $600 for goods/services on their app a 1099-K form, as well as more strictly enforce rules that have always been in place, like charging businesses a 1.9% + $0.10 fee per transaction. This fee is still less expensive than the fees many credit card companies charge, and many clients prefer to pay this way, so Venmo remains a viable way to get paid. In short, Venmo’s not going away, but it’s not free, so coaches are looking for options that reduce the amount of money taken away from their profits while keeping the convenience of using a platform like Venmo.
Takeaway: Get your payments and methods of receiving payments organized before you invest energy into growing your business. Get organized now!
4. More Coaches are Automating
More demand for online coaches leads to more coaches coaching online, but also, inevitably, more online administrative work. Many coaches are choosing to automate what they can to both save them time now and in the long run, when they plan to scale.
Some tasks to consider automating: scheduling, billing, and mass communicating with customers.
With the time saved because of automation, coaches now have the chance to:
- add more coaching sessions to generate extra revenue
- spend more time improving their curriculum
- spend more time with their clients and deepen the relationships
- spend more time with family, on self-enrichment, or just for leisure
Takeaway: Set aside time now to automate as much as you can to make it easier to focus on your customers and build your business.
If you’re interested in keeping up with these trends, Finli’s here for you. To learn more, schedule a demo today.
