Do you think that having competition for your coaching services is a good thing or a bad thing? I am surprised at the number of coaches who think that competition is a bad thing. This is an erroneous assumption.

Coaches often cite the presence of competitors in coaching being bad as they think that there will be less of the pie of potential clients for them. Believe it or not, competition is a good thing and here is why...

Competition is Good

Having the presence of competition for your coaching services is evidence that:

1. A market place exists - By seeing competitors (with successful practices) operating in your niche market, you know that there is a need for your type of service. People are already demonstrating their need and willingness to do something about it in the only time that matters in marketing - the present moment.

2. There are effective ways to reach your clients - You can learn from observing your competitors and the marketing methods they use to attract clients. This can shorten your learning curve tremendously so you have less trial and error.

3. Other coaches are being fed (and more) - If you see a number of other coaches in your niche market (again with successful practices) this shows you that they are able to contribute to their lifestyle through running their own coaching practice.

4. Your idea has potential - If other coaches are operating successful practices in your niche area - then why not you? Just put your own unique spin on the niche to differentiate yourself slightly from the competition and give people a reason to choose you.

The above points are simply a pragmatic way of setting up your own successful coaching practice.

Sure you could go after a fresh market that is untapped and has little or no competition. However, this route contains more uncertainty for you and often has a lower probability of success as it's unproven. Of course, there are benefits of being the 'trail blazer' in your market but there are no certainties that your idea will succeed. It's your choice.

Look for Competition

Here are a few points to consider when looking at your competition:

1. Do you have any? - Ideally, you want to find a niche market where there is some competition. Preferably your competition will come from other coaches so your market are already used to purchasing coaching services.

Your direct competition could also come from other trainers and consultants who satisfy a similar need in your marketplace.

2. Are they living well? - Have a look at your main competitors in your chosen niche. Are they living the type of lifestyle you aspire to?

Be on the look out for competitors that are not really marketing themselves very well but still have some clients. If this is the case, you have the chance of greater success with smarter marketing.

3. What will make you different? - Remember that potential clients need a reason to choose you over your competitors. Why would someone choose you specifically?

Find ways to differentiate your coaching practice from the competition so you give people a reason to choose you.

I do hope that this article is useful for you and that it has got you thinking about what it takes to set up a coaching practice that gives you the biggest chance of success.