During this coronavirus crisis, many of my coaching clients have started asking me about starting an online coaching side hustle.

I wasn’t surprised.

Economic recessions are undoubtedly periods of struggle and uncertainty for the majority of people.

But for some, it can be a time of opportunity and new beginnings.

The SARS outbreak in 2004 was recognized as the catalyst for then tiny and obscure e-commerce company Alibaba. After the pandemic was over, it became the leading online retail giant in Asia.

Today’s big tech players like AirBnB and Uber both shot into the stratosphere after benefiting tremendously from massive disruptions in the 2008 financial crisis.

Peak performers are trained to see opportunity and be resourceful in every crisis. Even as the world strips you of your assets, it cannot take away your most powerful asset: your mind.

If you’re resourceful enough, you’ll realize that a recession can be a great window to go into entrepreneurship.

One such business you can go into is online coaching.

As a coach, you’re in the business of helping people solve problems.

And everyone has a problem with something. You might be the right person to solve it.

My question is: why not get paid to do it?

Don’t get me wrong, running a business is not easy.

But what if you could just give it a try to see if it works (like a fun pet project)?

If you need the money and have time to spare, a side business can be a great way to convert time into money. Running a side business teaches you to be self-reliant and be disciplined with managing your time.

And because it’s only a side hustle, it doesn’t come with the risk or liability of running a full-time business. It’s a great best-of-both-worlds option if you’ve been on the fence about starting your own thing.

As a full-time coach, I started my coaching business as a side hustle while I was a full-time undergraduate in university.

My parents weren’t keen on the idea of me becoming a full-time entrepreneur straight out of school, so I had to come up with a low-risk strategy to prove to them that I could do it.

Long story short, I succeeded.

I’ve been a full-time coach for 3 years now, and it’s been a steady source of income for me in good times and bad.

Running it full-time has taught me to be resourceful and has given me a lot of freedom and control to live the life I’ve always desired. To be honest, it’s one of the best things that’s ever happened to me, and I’m grateful to be doing what I do.

You may not see yourself as a full-time coach, but have you ever considered the option of starting a side business as an online coach?

Here are 5 reasons why you should:

5 Reasons To Start An Online Coaching Side Business During A Crisis

#1: Make an additional source of income as a side hustle

Let’s be truthful here: we could all use some extra cash during these hard times.

If you know your stuff, can communicate well and have the heart to solve problems, coaching can be a lucrative way to build an additional source of income for you and your family.

If you already have a job, perfect!

The best time to start a coaching business is when you STILL have a job so that you still have your main income if your business doesn’t pick up.

Sure, you may be busy with your current job. But what if you could just put in 3 hours each day to work on your business?

With social media and many online tools available on the internet, you can just start coaching sessions immediately.

#2: People desperately need some coaching/counselling right now

During a major economic downturn like this, coaches are greatly needed.

When people are laid off from jobs, they are in desperate need for re-training.

You can coach them through this difficult transition period and provide them with the skills needed to get them back on their feet.

Also, there are many people who are willing to pay for re-training because they feel like their jobs are at risk.

As of 1 April 2020, all eligible Singapore Citizens aged 25 years and above are given advance access to their one-off SkillsFuture Credit top-up of $500.

Because of economic uncertainties, people want to improve their employability so that they can stay employed during the coronavirus outbreak. This opens up a huge opportunity for online coaches.

Online counsellors are also in demand because there are many people facing great psychological distress as a result of the uncertainty.

People are stressed, anxious and depressed and could use a listening ear right now. You may not be equipped to help people upgrade their skills, but you can still help to ease their burdens.

#3: Provide your services remotely at your own convenience

Now that everyone’s getting the hang of video conferencing, now’s the perfect time to use the platform to do online coaching.

Conduct your coaching services from the comfort of your own home!

Besides Zoom, you can use one of many alternative free video conferencing tools available like Google Hangouts, Jitsi Meet, Webex or the classic Skype.

Not keen on any of these? Then simply do your coaching via FaceTime or Whatsapp video call.

Schedule your coaching ‘office hours’ and allow your clients to book you at a time when you’ll be available using a booking app like Calendly or Acuity Scheduling.

You can beta test your coaching business on free versions of all these apps.

What have you got to lose?

#4: Available time to build your expertise

If you’re working from home, it’s likely that now you have some extra time on your hands.

Don’t let it slip through your fingers!

Instead of binge-watching Netflix, use this time to build expertise in a niche subject.

As a side hustle, you don’t want your coaching business to become an additional burden to you.

Choose a niche you can enjoy helping others with.

As a coach, what niche do you want to be in?

Currently, there are many coaching niches you can choose from:

– Entrepreneurship Coaching

– Health or Wellness Coaching

– Spiritual Coaching

– Financial Skills Coaching

– Performance Coaching

– Relationship Coaching

– Social Media Coaching

– Technical Skills Coaching

Once you’ve chosen, you can start promoting your services to your family and friends on social media.

Besides this, you’ll need time to come up with a business plan and strategize how you will go about running your business.

Here are some starter questions to think about:

– Who will need your services?

– What problems will you be solving?

– What solutions will you provide?

Yes, credibility is important. But the only reason why it is important is that it helps to build trust between you and your clients.

So trust is the key factor here.

You may not be a certified ‘expert’ in your niche, but if your clients trust you and want you to help them solve their problems, would it still matter?

Instead of worrying about not being certified enough, use this time to build trust with your clients.

#5: Low overheads

As an online coach, you’ll be running your business virtually.

Which means you don’t need to rent out classrooms or pay for office space.

There are only two main things you will be paying for:

1. Yourself

2. Digital tools

As an online coach, your most important asset is yourself!

You’ll be investing in books, courses and accreditations to build your expertise.

After all, information is free.

You can literally teach yourself to become an expert on a niche subject in 30 days, and then teach people who aren’t willing to go through the hassle of learning on their own.

The only thing you may need to budget for is digital tools like your:

– Video-conferencing app

– Scheduling apps (like Calendly or Acuity) for clients to book coaching sessions with you

– A professional website to showcase your profile

– GSuite to save and organize your coaching materials

– Canva to design marketing materials

The best part is that there are free versions and alternatives to all these digital tools above.

If you’re conducting coaching for people within your network, then advertising is also optional!