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Rich Coach Club

RCC 26: Where Is the Life Coaching Industry Headed Next?

Life coaching has been around for a while now – before the internet was even invented! – and, like most industries, it’s changed with the times. Before, coaches would mostly meet with people 1-on-1, like a therapist does. Now, there are so many ways to connect with clients that it can all seem a bit overwhelming: webinars, social media, retreats, virtual coaching… you get the picture!

These technological leaps are great for business, but it’s more important than ever to take a step back and look at the big picture of life coaching. What’s going to be important next? What are clients really wanting, but not getting yet? How can you step up your game and embrace the right technologies, processes, and platforms for your business, and let the rest fall away? Luckily for you, that’s exactly what we’re chatting about today!

In this solo episode, I’m sharing the top three trends that I think are taking life coaching by storm and how you can embrace them, too. Life coaching keeps growing, which means more opportunities than ever to work with some fantastic clients and help them achieve their goals. And you get to choose how to make that work for you and your unique offerings.

Don’t forget to share your comments about what you think the next big trend is going to be in life coaching! Join the Rich Coach Club at shyatt.com/cash – we can’t wait to have you!

What You’ll Learn from this Episode:

  • How time and technology have changed the way life coaches do business.
  • Three of the big trends that life coaching will embrace in 2019 and beyond.
  • Why working with clients at mid-life and beyond is such a great opportunity.
  • How all-inclusive packages and programs help your clients find peace and ease in an ever-busier world.
  • Why it’s great to keep track of trends, but even better to sit down and talk with people about what they really want.

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Full Episode Transcript:

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Welcome to the Rich Coach Club, the podcast that teaches you how to build your dream coaching practice and how to significantly increase your income. If you’re a coach and you’re determined to start making more money, this show is for you. I’m master certified life coach Susan Hyatt, and I’m psyched for you to join me on this journey. You’re listening to episode 26, here we go.

The field of life coaching has been around for a pretty long time. Since the 70s. And one coaching school, The Life Coach Institute has been around for over 40 years. And of course, the coaching industry has evolved so much over the last few decades. Way back in the pre-internet days when, you know, dinosaurs roamed the earth, most life coaches would meet with clients one on one in an office. Similar to how a therapist might meet a client.

But nowadays, we have so many options. As a coach, you can meet with your clients face to face, you can have a phone or video meeting, you can run virtual programs where you’re leading 10 people or 100 people, or thousands of people through a coaching experience. You can have a blog or a podcast, you can serve people in so many ways, and it’s exciting to be part of this new era.

And also, a little overwhelming. When people hire me for business coaching, often they feel like they’re swimming in just too many ideas, too many options, too many websites, social media platforms. They don’t know where to focus their energy and it’s kind of like, oh my god, what should I be doing? How can I figure out what people actually want so that they’ll notice me and hire me? And how do I stay fresh and relevant and interesting?

On today’s episode, we’re going to discuss the next wave of coaching. Where is our industry headed? What kind of services do people actually want? And what are people willing to invest in? What are the big trends in coaching and personal development right now? Get yourself a cool beverage because this is going to be a hot conversation.

Okay, so normally I begin each episode with a quick pep talk. A few words to get your week started off right. But this episode, it’s going to be a little different. I want to dive right into talking about what’s happening in the coaching industry right now. Cultural trends, things that clients want, things that people do not want.

I run a life coaching practice that generates couple million dollars a year in revenue and for a long time, I was a faculty member at a life coach training school. Also, I run a program called Clear Coaches where I help coaches build their dream coaching practice and make more money.

So, as you might imagine, I spend a lot of time studying what’s happening in the coaching industry and the trends that are rising. So, here’s what I’m seeing, peeps. Hot trend number one. Meditation. Meditation is going totally mainstream and I, for one, was somebody who, you guys, I remember my friend Karen loaned me a meditation pillow to sit on and I lit a candle and I tried so hard to meditate and I just could not have that blue light experience like Elizabeth Gilbert experienced in Eat, Pray, Love. I was so mad.

I’ve learned a lot about meditation since then. The meditation industry, which includes meditation apps and classes and products and seminars, all that stuff, now generates over 1.2 billion dollars per year in the US and it continues to grow every single year. So if you’re a life coach, a wellness coach, and executive coach, if you’re passionate about meditation, this is great news for you.

It’s a tool that I’ve incorporated into my programs now, even as a former meditation flunky. Many companies are eager to hire meditation experts because there’s a direct correlation between meditation and productivity. So companies now know that if their employees are meditating regularly, they’re going to be more focused, more creative, more productive, and this is all so good for the bottom line.

So, everyone is saying meditation is the new yoga. Soon, in larger cities, you’re going to see a lot more meditation cafes and meditation studios on every street corner, just like you see yoga studios everywhere. So if you’re a coach and you’re passionate about meditation, this is a great moment to take advantage of this trend.

So for example, you could record some guided meditations and share them with your clients or post them online. You could email a company and propose a meditation class for their staff. You can incorporate meditation into your coaching program that you’re already running, like I do.

So for example, in the Bare program, I have a guided meditation that’s directed towards saying nice, loving, amazing things towards that god pod of yours. Meditation and mindfulness are hot, hot, hot, and thank goodness because lord knows all of our brains could use a little more peace and quiet.

Hot trend number two. Coaching for clients who are mid-life and beyond. So I’m 45, I guess you could consider me mid-life. Every single day here in the US, about 10,000 people turn 65. Because of the baby boomer generation, we have a huge wave of people who are moving into the 50s, 60s, and beyond.

So here’s what I’m noticing. Many of these people are nearing retirement age, but they don’t want to retire. They want to stay engaged and active in the world. They want to be creative and stimulated. They want to give back and they want mentors. They want to find some kind of meaningful work, even if it’s not the full time employment they previously had. And many are craving a change, a new chapter, a new season, a second or third act.

This is another great opportunity for coaches. In fact, I know quite a few successful coaching who have decided to focus exclusively on this demographic of people, mid-life and beyond. So for instance, I’ve met coaches who specialize in helping people in their 50s and 60s to start a new chapter in their careers. I’ve seen coaches develop programs especially for empty nesters – that’s going to be me soon – who are craving a new lifestyle, a new purpose after those kiddos leave the home.

I’ve seen wellness coaches focus on mid-life women who are dealing with menopause and hormonal chaos. Hello, we talk about that a lot in my Bare group, and so on. There are lots of people in their 50s, 60s, 70s, and better, who want to reinvent and turn a new page and create their best chapter yet. And as a coach, you get to help.

And here’s one more trend I want to discuss. Hot trend number three, all-inclusive packages. Yes, this is something I love. This is something I’ve noticed a lot in my own business and in many of my clients’ businesses too, that when it comes to purchasing a service or a program or a retreat, whatever you’re offering, people really love it when it’s an all-inclusive package, meaning everything is included, everything is handled, no worries, no stress.

So even my husband, we used to be big lake people. We had a lake house and a boat and I’ll talk in another episode of why we downsized all that. Hello, next chapter for us. But we were in the lake with some dear friends of ours and our friend, Michael, was asking me questions about my retreats. And he was like, okay, so let me get this straight. I pay you this suitcase full of money and I just show up and once I get to the airport, you’ve got a car service, my room’s taken care of, all my meals, all my activities? He was like, sign me up.

And I had to laugh because yeah, I mean, it really is for so many people who are experiencing stress and overwhelm in their lives, having everything handled with no worries is what they want. We have so much decision fatigue that when a coach says, “Hey, buy this and everything’s handled,” it feels like a warm bath.

So for instance, let’s say you’re a writing coach and you coach people who want to write a book. So instead of just offering coaching alone, you put a little team together and you put together a package that includes coaching and also editing and proofreading and cover design and printing and shipping. Everything your clients need to finish this project, all for one price.

Oh my god, your client is going to be ecstatic. You just saved your client so much time and stress by providing everything they need all at once. A one-stop shop. So valuable, right? So nowadays, when people are busier than ever before and our world is noisier than ever before, people are stressed and overwhelmed.

So any time you can make your client’s life a little bit easier, save them some time, save them some drama, they appreciate it immensely. Many people are willing to pay more. Sometimes a lot more if they know that they’re purchasing an all-inclusive package and everything is handled and they don’t have to stress about the details.

So, here’s one interesting statistic I found that in recent years, all-inclusive resorts and hotels have been increasing in popularity. According to one report, the all-inclusive resort industry keeps growing by 5% to 7% per year. So clearly, customers are craving experiences where they can make one flat payment and then show up and know everything is handled.

People want that all-inclusive feeling and experience. So whether you’re a life coach or a business or a wellness coach or whatever kind of coaching you do, in addition to what you’re already offering, think about how you could design an all-inclusive package for your clients. What’s something you could infuse into your work that would make your clients’ jaw hit the floor?

What would make your client say, oh my god yes, I need all that, I want everything on that list, sign me up. I do this. I have, in addition to my retreat, I have a coaching package called The Ultimate, and I don’t really talk about it that much because I can only take a handful of people per year because with The Ultimate package, it’s like, hey, here’s what you get. You get 30 coaching sessions, you get a seat at everything that I do that year. You want to become Bare certified? It’s included. You want to come to one of my book parties? It’s included. You want to do business training? It’s included.

And all that for one price. People are like, done and done. What would it be like to be taken care of for a whole year of coaching? For you though, if you do marketing coaching, you could create a package that includes coaching and also a graphic designer and a virtual assistant for one month to help implement everything you’ve discussed with your client. And if you run retreats like I do, a women’s retreat to Italy or Spain or whatever, you could offer a package that includes airport pick up so that your client doesn’t have to worry about finding a cab or renting a car.

My people love that I do that. This may seem like a relatively small detail, but it can make such a big difference for your client. And if your client visits your website and reads that retreat description and sees that everything is handled, that person might be significantly more likely to sign up.

So okay peeps, to recap. Meditation and mindfulness, the mid-life and beyond demographic, and all-inclusive packages. These are three trends that I believe will be hot, hot, hot in the coaching industry in 2019 and 2020 and it’s where our field is heading. So of course, there are tons of other trends and shifts happening too like body positivity. Hello Bare.

Those are just a few that I’ve noticed. And I would love to hear from you. So head to the Rich Coach Club Facebook group. I’ve started a conversation in there about the next wave of coaching, so head into the group, post a comment, and share what you’re noticing about our industry and what you think the next huge trends are going to be.

And if you’re not already a member of Rich Coach Club, you need to go to shyatt.com/cash. The link is in the show notes, and you’ll see instructions on how to join. That’s shyatt.com/cash, and it’s totally free to join so do it already. This Facebook group is not just a bunch of people yacking about nothing. It’s full of awesome coaches who are building their dream practices and sharing ideas and supporting each other.

And it’s a fantastic little corner of the internet. I do Facebook Lives in there every Monday. You need to come join us. Shyatt.com/cash. Pop inside and join the discussion. I post new things inside the group several days a week and I’ll see you there.

Now we’re moving into the part of the show where I give shoutouts to you. Shoutouts to listeners, clients, all you wonderful people in my business community. Today I want to give a shoutout to Pamela. So Pamela left me a five-star review with a bunch of hearts.

She says, “I literally sit in awe every Monday as Susan Hyatt delivers an amazing, high quality podcast with incredible guests, and wonder, how does she produce on this level for her audience? It’s amazing. Do not miss out.”

Thank you so much Pamela. I can tell you, the way I produce this is I have an amazing podcast producer named Pavel. Hi Pavel, and I have an amazing assistant named Larissa, and I have an amazing marketing director named Holly, and it takes a village. But I am so blessed that you noticed. Thank you.

So that’s my shoutout for today, and hey, if you have something you want to say about this show, please send an email to my team or post a five-star iTunes review about the show, or say something on social media and tag me, and you might hear your name on a future episode. I love – it’s like, my favorite to give shoutouts to people in my community so holler at me.

Throughout this episode, we’ve been talking about what’s next for the coaching industry. What’s the next wave, what are the big trends, and it’s awesome to pay attention to cultural trends. However, don’t forget that the best way to find out what your clients want and need is to listen to them. It’s pretty simple.

Ask people, what are you struggling with? Ask people to share their biggest frustrations. Ask people about their dreams. Eavesdrop on conversations at the gym, at the grocery store, at work, and notice the types of things that people complain about and worry about. And if you move through the world with your eyes and your ears open and really listen to people as they describe their struggles and dreams, you’ll get so much information and this information you can use to design your services, your programs, your classes, and all the things you want to offer.

So for instance, a year ago, I noticed that coaches who were digesting the Clear Coaches digital program really wanted some extra help creating and implementing things like a communication plan and a sales funnel and some of the more techy things that involve higher level assistance and learning.

And so after hearing coaches ask questions over and over and over about it, I decided to create something called Clear Coaches Select, where it’s an eight-week program. We put together your communication plan for six months and then we also really help you figure out what your free offer is going to be, do you need and want a sales funnel, how to do Facebook ads, all those things.

And so, if you’re wondering, I don’t know what to offer, what do people actually want, what do people actually purchase, the first step is to ask and listen and gather information like a detective. You can pour over business reports and studies and statistics, but nothing really compares with information you glean from simply listening. Listening to another human being express what’s going on in their life. Start there.

So thank you for listening to today’s episode. I hope you got at least one exciting idea from this show. Maybe an idea about how you could make your coaching services even more enticing and fresh and relevant in today’s world, and if you want to work directly with me to build your dream coaching practice, you know where to find me.

My website is shyatt.com. I also have another website that you may not know about called letsgetbare.com that’s all about the Bare movement. I run a program though, a few times a year, called Clear Coaches, and when you sign up for Clear Coaches, we work together to bring your coaching practice and your income to a whole new level.

So Google Clear Coaches and check it out. And as always, if you enjoyed today’s show, please head over to shyatt.com/cash. That’s where you’ll find a free worksheet called Three Things You Can Do Right Now To Get More Clients. You can download that worksheet, print it out, there’s a fun checklist for you to check off.

Just three things to do. Very simple, not overwhelming. So head over to shyatt.com/cash to get that worksheet and thank you for listening, and thank you for being a coach, for dedicating such a big part of your life to helping people. The type of person who decides to become a coach, who decides to devote their life to helping people reach their goals, that is a very special kind of person. You are very special. I hope you remember that. It’s such a joy to make this podcast for you and I’ll see you next week.

Alright, thank you so much listening to Susan Hyatt’s Rich Coach Club. If you enjoyed today’s show, please head over to shyatt.com/rich where you’ll find a free worksheet with audio called Three Things You Can Do Right Now To Get More Clients. You can download the worksheet and the audio, print it out, there’s a fun checklist for you to check off. Just three things to do. Check, check, checkidy-check.

This worksheet makes finding clients feel so much simpler and not so scary. So head to shyatt.com/rich to get that worksheet. Over there, you’re also going to find a free Facebook you can join especially for coaches. Bring your coaching practice and your income to the next level at shyatt.com. See you next week.

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