💻 [OBO DIGEST] 1.5 Billion TikTokers

How business coaches have taken over Instagram, TikTok to hit 1.5B in 2022, and how to practice gratitude in your business…

Written by: Online Business Owner • November 22, 2021

This week we are grateful for each and every one of YOU!

Thank you for allowing us to support you in your business each week and thank you for your love and support as we’ve launched OnlineBusinessOwner.com! On to this week’s news...

PS: If you love this week’s issue, help us out by forwarding it to a biz bestie, coach, client, or someone else who you want to be in the know! 

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News + Happenings

Business Coaches Touting 7-Figures and Beyond Take Instagram and TikTok by Storm

Nearly 5 million Americans started their own business this year and many of them are turning to their favorite apps -- and their smartest users turned influencers -- to learn their next step as an entrepreneur.

According to new reporting from Insider, the women-dominated business coaching industry (valued at $15 billion in 2019) is expected to grow 5.8% in 2021, returning to its pre-Covid market cap. 

A major source of growth for business coaching? Millennial and Gen Z founders who find their business inspiration and advice on Instagram and TikTok (don’t mind us while we break the 4th wall and stare into the camera a la “The Office”…).

Insider reporter Jennifer Ortakales Dawkins writes, “These business coaches...advertise that they make six and seven figures and can help others achieve the same success. But the field is unregulated, which leaves the vetting in the hands of the consumer.”

While most business coaches have built their own businesses and many come from therapy or counseling backgrounds, not all do. That means that without regulation the business coaching industry is “a risky, Wild West for first-time entrepreneurs paying thousands for services” writes Ortakales Dawkins for Insider.

Platforms like Instagram and TikTok allow anyone to build a presence online, develop an engaged audience, and sell their programs, products, and services. While the opportunities are endless for building a successful online business that focuses on business coaching, Insiders reports that the lack of industry standards or certifications means that “not all who proclaim to be experts deliver results.”

Why this matters for online business

Here at OnlineBusinessOwner.com we are excited when our industry gains attention and coverage from mainstream media outlets. This latest piece from Insider helps to further legitimize the industry of online coaching, consulting, and course creation. It also raises very important points regarding the lack of regulation in the industry and the risk clients and customers have with investing in programs, products, and services.

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TikTok on Track to Hit 1.5 Billion Users in 2022

Building off its explosive Covid-lockdown-spurred growth, TikTok will reach over 1.5 billion users around the globe in 2022 according to App Annie.

TikTok’s growth rate is unprecedented -- it has become a massive platform and cultural force faster than any other social app in history.

Even as other platforms try to copy TikTok’s success (Instagram and Facebook have Reels, YouTube has Shorts, Snapchat has Spotlight, Pinterest has Idea Pins, and we’re sure LinkedIn will introduce a ripoff of their own soon…), the popular platform continues to grow at a rapid pace. It seems that the more copycats there are, the more users crave TikTok-style content.

But, no matter what other companies and brands try, none can seem to crack the code when it comes to TikTok’s freakishly accurate algorithm and time-bending feed of immersive video that never ends.

A favorite amongst Gen Z, TikTok’s continued growth is destined to keep the app toward the top of Meta and Mark Zuckerberg’s “Apps To Watch” list. TikTok’s next great adventure? Shopping! Monetization is the name of the game in 2022.

Why this matters for online business

TikTok’s cultural relevance can’t be ignored. And while the platform, its user base, and content style may not be the best fit for everyone, if you’re the type of person who can create fun and engaging short form videos, then TikTok is the place for you! As always, it’s important to understand who is actually using the app and to create a marketing strategy that is sustainable and effective (TikTok is all about organic content that follows specific trends).

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Social Media News + Updates

📸  Instagram will let you delete individuals posts from a carousel AFTER its published

📸  Live stream Badges are now available for all eligible creators on Instagram

👥  Facebook is paying creators up to $50K to use it’s Clubhouse copycat “Live Audio Rooms”  

👥  A new “Neighborhoods” feature is now available on Facebook (similar to popular app Nextdoor)

👂 Clubhouse (FINALLY) adds live captions to help with accessibility

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In Other News

💰EIDL funding is still available; however, you must apply by December 31.

💸 The IRS will start requiring reporting of crypto transactions in 2023.

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YOUR WEEKLY KICK IN THE PANTS

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@mindset.therapy

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About The Contributor

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