The entrepreneurial spirit is alive and well in the United States, with an impressive 4.4 million new businesses starting up each year on average, as per data from the US Census Bureau. One of the fastest-growing sectors in the world? The coaching industry. Valued at a staggering $20 billion in 2022, the industry's market value in the US alone accounted for $10.5 billion, and it's projected to reach $25 billion by 2025, boasting an average annual growth rate of 7% from 2022 to 2025.
With over 150,000 self-employed coaches and consultants listed on social media from the UK and North America alone, it's clear that this booming sector has captured the imaginations of many. However, a significant proportion – 25,000, to be precise – have been in business for under two years, and the truth is that many of these coaches are struggling financially. Juggling side hustles or relying on the support of their loved ones, their businesses are far from sustainable.
Meet Mike Handa: a business plan writing expert who's become a lifeline for early-stage coaching and consulting businesses. Mike's journey to success, however, was not without its challenges.
Mike gained invaluable experience working at his mother's accounting firm, which managed the financial affairs of 200 local business owners. This hands-on experience ignited his passion for helping fledgling businesses take flight. With ambition and a determination to be self-made, Mike relocated to London and launched his first venture in 2007: an online platform for entrepreneurs to share their business plans and network with potential investors.
Unfortunately, the 2008 financial crisis upended his plans. The aftermath saw a rise in crowdsourcing platforms, business incubators, and accelerators, reshaping the competitive landscape. Reflecting on this difficult period, Mike said, "The loss of my business in 2008 was one of the toughest lessons of my life, and it taught me how to build and scale businesses more lean, from launching a minimum viable product or service (MVP) and organically growing while staying financially sustainable."
This led Mike to become an independent consultant, crafting business plans and working as a business and marketing strategist. Over 15 years, Mike has devised successful business plans and strategies for numerous companies, including international franchises. He's also built and subsequently sold two businesses of his own.
After his second successful acquisition, Mike immersed himself in coaching programs, experiencing tremendous personal and professional growth. "The coaching programs I participated in helped me to reconnect with myself, understand what makes me tick, and in turn, how to run my business better, so that it is aligned with me and more fulfilling at a personal level," he shared.
This transformation inspired Mike to use his business plan writing services to help coaches and consultants in America and the UK launch their businesses and achieve sustainable growth. His expertise has been instrumental in guiding countless coaches towards the success they've always dreamed of, a fact he finds incredibly rewarding.
Mike revealed the six fundamental pillars to create a successful and fulfilling business:
- Know your personal values and aspirations.
- Understand the greatest value you can provide to another person or company.
- Have clarity about the timeline and your resources to launch your business.
- Understand how creating your own business will transform your life and affect others around you.
- Learn about your market, the competition, and validate your business idea first.
- Have a clear, actionable plan with targets and a strategy to achieve your goals.
The most significant positive impact for Mike has been witnessing the results of his work through those he's helped. He takes immense pride in knowing that his guidance and expertise have provided them with the necessary foundations to build successful businesses, enabling them to help thousands of people worldwide live more fulfilling lives and achieve their dreams.
To book a free consultation with Mike Handa, visit https://mikehanda.com/.
Embarking on the journey from a 9-5 job to owning a thriving coaching and consulting business may seem daunting, but with the right guidance, strategy, and mindset, it's an attainable dream. As Mike Handa's story demonstrates, hard-won experience, resilience, and a passion for helping others can pave the way for success in this rapidly growing industry.
Armed with the six fundamental pillars for creating a successful and fulfilling business, coaches and consultants can navigate the challenges of entrepreneurship and make their mark in this flourishing sector. With experts like Mike Handa at their side, they'll be well-equipped to not only transform their own lives but also positively impact countless others, helping people around the globe realize their dreams and lead more fulfilling lives.
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