In all aspects, both the supply and demand for coaching are increasing. The coaching industry is one of the few industries to have demonstrated growth despite the events of the last 18 months, adopting online sessions and being a beneficiary to a widespread interest in personal development and potential.
Though growth is evident through various highly credible research pieces, the under 35’s coachee demographic continues to indicate untapped potential – with many still yet to benefit from the coaching experience.
Coaching Industry On The Rise
The ICF Global Coaching Study of 2020 states that “Globally, it is estimated…there was an increase of 33% on the 2015 estimate” of coach practitioners, and “The estimated global total revenue from coaching in 2019 was $2.849 billion U.S. dollars, representing a 21% increase over the 2015 estimate.”
The growth of the coaching industry has come from many different elements. Most notably, for experienced coaches, there has been an increased demand for self-employment. For clients, there has been a realisation of the endless benefits that a session with a certified coach can bring to their positive state of wellbeing and mindfulness; in both a personal and professional context.
Less Than A Quarter Of Coaching Clients Are Under 35
Interestingly, and clear evidence of barriers to entry, “the typical coaching client is between 35 and 44 years old (37%). A little under one in three clients (30%) are in the 45-54 age range. Around one in four (24%) are under 35 years old.” (ICF, 2020).
This begs the question as to whether coaching platforms and coaches are targeting the younger audience as much as they should be. Are they in touch with typical societal norms of the modern-day and age? Are their marketing targets too limited? Or perhaps price point remains a barrier to entry? In a growing industry, the young professional market continues to hold untapped potential.
Experience Still The Most Important Predictor Of Coaching Income
The same ICF report of 2020 makes an accompaniment to the fact that the “Years of experience continues to be the most important predictor of a coach’s income/revenue from coaching.” As much as this makes thorough sense, in the coaching industry and field, it has been recognised that many experienced and/or certified coaches cite that there is an over-saturation in the market. This is with regard to there being far more coaches offering their service than clients looking to book a session with a coach.
“It should also be noted that the revenue/income measures presented in this report are for coaching only. But 93% of coach practitioners also offer additional services such as consulting, counselling, etc. On average, coach practitioners who offer additional services allocate 44% of their time to coaching. The income that coaches generate from those additional services is not included in the income/revenue.” Experienced coaches continue to demonstrate the ability to provide a variety of services and thereby attract a wider client audience.
Shifting Coaching Niches
Much has been made of the importance of coaches finding a niche, in order to provide specialist services that are attractive to a specific audience.
“Compared with 2015, the proportion of coach practitioners who identify Business Coaching (i.e., coach practitioners who identified their main area of coaching as Leadership Coaching, Executive Coaching, Business/Organization Coaching or Small Business Coaching) as their main specialty increased by three percentage points, up from 62% in 2016 to 65% in 2019. The change was driven by the rise in the proportion of coaches citing Leadership Coaching as their main specialty, up from 25% in 2015 to 30% in 2019.”
Leadership and business coaching, alongside life coaching remain at the forefront of coaching niches. But coaches in 2021 are demonstrating a willingness to be more specific in the services; with the likes of “life coach for women ” and “confidence coach for men ” being two niches that coaching platforms continue to notice.
In light of such research, CEO, and Co-Founder of Adviice, Samuel Foreman, recounts that his vision for Adviice is summarised by the infamous quote: “We all had a teacher growing up, why don’t we have a coach as adults?”
“It’s fantastic that the coaching industry continues to grow and be widely accessible through online platforms. I believe more can be done to make coaching accessible to young professionals across the UK, with this being a key priority for us moving forward. If young people can experience coaching; the benefits can be truly transformative.”
Enter Adviice (www.advice.co.uk), an online platform with a positive social impact at its core and running throughout, with the catchphrase; “Connecting Individuals. Inspiring Positive Change.”
Adviice’s true mission is two-fold. The first and most important mission is to normalise coaching. This pays respect to the former quote and philosophical ambition that people needn’t worry about speaking out about where they currently are in their life, career, mind, body, or spirit. In simple terms, it’s about generating an atmosphere where one can express their emotional state, their fears, worries, and anxieties with the perfect coach for them, whom they can find on the Adviice platform.
The second aspect is in relation to Adviice being the future home for coaches. That means, all coaches, with relevant credentials and experience, are integrated into the Adviice community and share a vision for inspiring positive change.
Adviice offers a user-friendly service for both coaches and interested potential clients, aiming to put coaches at the forefront of personal development.
15 Davis Road
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Daily Pune journalist was involved in the writing and production of this article.