Should You Launch a Coaching or Consulting Business?
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Episode Summary
If you’ve ever thought about starting a coaching or consulting business, this episode will help you understand what these business models really look like and whether they’re the right fit for your strengths, your goals, and the current market. In this episode, Parker Stevenson, CEO of Evolved Finance and author of Profit Pillars, shares what he’s learned after more than a decade of working closely with coaches and consultants across a wide range of niches.
Parker breaks down why coaching and consulting businesses can be so appealing for new entrepreneurs. The startup costs are low, the profit margins are high, and it gives you a chance to turn real-world experience into a service people genuinely need. With today’s online platforms, it is easier than ever to get in front of potential clients without a huge audience or a complex marketing system. That is a big reason why so many professionals consider moving into coaching or consulting at some point.
Parker also explains the challenges that come with this type of business. The industry has become more competitive, especially in broad spaces like life coaching, leadership coaching, and business coaching. Building a steady flow of leads often takes longer than new coaches expect, and it requires more consistency in content creation, networking, and outreach than people realize. Even if you are highly skilled, getting those first clients and building momentum can take time.
To help listeners make a clear and informed decision, Parker walks through the key questions every aspiring coach or consultant should ask. Do you enjoy creating content? Are you willing to do cold outreach or tap into your professional network? Do you already have an audience or a strong network to start from? And can you build your business gradually on the side before going full-time? These questions help you understand whether coaching or consulting is the right business model for you or if another direction might be a better fit.
Parker closes the episode by reminding listeners that coaching and consulting can be incredibly rewarding if you love working with people and you are willing to build both the business and the service side of what you offer. With a realistic plan for lead generation and a solid understanding of your numbers, these models can lead to a profitable and sustainable business. For anyone considering this path, his book Profit Pillars provides the financial foundation and strategy needed to get started the right way.
Important links from this episode:
Profit Pillars Book: evolvedfinance.com/book
Evolved Finance Services: evolvedfinance.com/services
Finance Tools and Courses: evolvedfinance.com/learn
Frequently Asked Questions
Here are a few common questions business owners ask around this topic:
Yes, coaching and consulting businesses can be highly profitable because they have low overhead and rely on your expertise rather than expensive infrastructure. The biggest factor is whether you can consistently generate leads and deliver results that build trust and referrals. Even in a competitive market, specialists who solve real problems and communicate clearly can build strong, sustainable revenue over time.
You’re ready to start coaching or consulting when you have expertise others find valuable and you’re willing to market yourself consistently. Beyond skillset, the real test is whether you’re prepared to create content, build relationships, and handle the business side (not just the coaching side). If you’re comfortable speaking, writing, or connecting with potential clients, you’re already ahead of the curve.
Successful coaches need expertise, communication skills, and a willingness to generate leads through content, networking, or outreach. You also need basic financial literacy to set pricing, manage cash flow, and avoid undercharging. Many new coaches fail because they focus on serving clients but ignore the marketing and financial systems required to keep their business running.
It often takes several months to build consistent lead flow unless you already have a strong professional network. Early clients typically come from referrals, social content, or cold outreach. As Parker shares in the episode, momentum builds over time as you do great work, refine your message, and consistently show up where your customers spend time online.
No, but your lead generation strategy must match the type of offer you’re selling. One-on-one coaching and consulting require fewer leads and can be filled through personal networking or targeted outreach. Larger programs, group coaching, or education-based offers require a bigger audience. You can absolutely start small while building your visibility over time.
Not necessarily. Many successful coaches start their business on the side to reduce financial pressure and validate their offer. Quitting your job too early can create unnecessary stress, especially when lead generation takes longer than expected. Starting on the side lets you build confidence, test your pricing, and develop a client base before going all-in.
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The Profit Pillars Show
The Profit Pillars Show by Evolved Finance gives online entrepreneurs and modern small business owners the real-world guidance and insights they wish they had sooner. Each episode delivers actionable, straight-to-the-point advice on finances, operations, and overall business strategy, drawn from host Parker Stevenson’s years of experience helping entrepreneurs build stronger, more profitable businesses.