Via Forbes : You can have a highly successful lifestyle business with revenues in the seven figures, as Carey Peters and Stacey Morgenstern had in their health coaching and coaching practices. Then, one day, you realize you can scale that business into a tens of million dollar empire.
Health coaches are one of the biggest health trends, according to a survey by the American College of Sports Medicine. The reason: they guide and motivate people to make healthy lifestyle changes, such as losing weight, stopping smoking, managing stress and increasing physical activity. These lifestyle changes can reduce or eliminate the risk of diabetes and heart disease.
However, as skilled as health coaches are in helping clients improve their health, they don’t know how to find clients. “Health coaches were being trained to work with clients, but not in how to build a business,” said Peters. “People were asking us how did we build ours.”
Having received thousands of requests to share their business models, Peters and Morgenstern began to understand the value proposition and the mechanics of building a business. They began training other health coaches to build their businesses. In the past 6 years, they’ve trained over 8,000 coaches from 27 countries around the world.
The challenge of building a business isn’t unique to health coaches. Doctors, lawyers and other professionals were being offered technology platforms that helped market and manage their businesses. Peters and Morgenstern took a page out of the playbook of other industries that faced a similar challenge. “Coaches don’t have the expertise to build their own technology platform,” said Morgenstern. “We could build a platform that helped them market online, convert prospects to customers and manage the customer relationship.”
They weren’t the only ones to realize the opportunity in providing a technology platform to health coaches. At a conference, they met a web developer working on a technology solution.They teamed with him. A private investment group also saw the value and was actively looking for investment opportunities. They reached out to Peters and Morgenstern, offering money and marketing expertise.
Peters and Morgenstern decided to offer a soups-to-nuts approach. They created Health Coach Institute, which trains people to be health coaches and to build their business. They also launched CoachLeads, a digital platform that helps health coaches market and run their businesses.
Having the vision to change an industry can be intimidating. You can get paralyzed thinking about all the steps you must take in order in order to be successful. “Be willing to move forward without knowing every step along the way,” said Morgenstern. “Look up to see the horizon, aim where you want to go and take the first step. Know that the next step will light up when you get there.”
You don’t need to reinvent the wheel when launching a business. You can apply a business model from one industry to another. What business model will you apply to an industry experiencing growing pains?