III. Industry Analysis
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[Company Name] competes against small, individually owned career coach businesses. The coaching industry in general has seen a huge boom in business since the pandemic. In the past few years, millions of people have been reconsidering their career goals and have sought out the guidance of a coach to help them navigate a new career path. The success of these coaches and their clients has led to an increase in demand.
The primary positive factors affecting this industry are the increasing demand for personal development and career coaches. Total advertising expenditure is expected to increase, representing a potential opportunity for the industry. In recent years, favorable government policies, such as the implementation of free trade agreements, are positively influencing market demand. Rising foreign direct investments coupled with improving economic conditions are expected to further boost the market.
According to IBIS World, the career and business coaching sector was worth $15 billion in 2022 and has been increasing at an average rate of 2.5% per year. With so much demand and potential, there is no better time to become a career coach.