Some people are simply born to coach. Passion, patience, strong communication skills, all these characteristics are imperative in coaching. Although there are plenty of business career options with coaching as a component, these roles often don’t provide the best tools or time to be of the highest service. Business coaching gives an individual the opportunity to concentrate on helping entrepreneurs substantially grow their business, while also developing a business of their own.
Chances are you’ve thought about striking out on your own, however, you may have no idea how to start a coaching business. To begin exploring, you need to not only evaluate the market for potential competition but also how your qualifications and experience fit into the equation.
Can I Make a Living Coaching as a Business?
Business coaching is a $7.5 billion industry in the United States, and some analysts predict that number will reach $20 billion by 2022. There is a tremendous amount of opportunity in the coaching industry, and the demand continues to grow. To start a coaching business, you will need to determine your profit goals, your potential revenue streams, potential clients, and what your time and physical resources are worth.
Every community is full of businesses that need coaching and leadership training. One way to determine your product offerings and pricing is to search for similar professionals in your area and examine their services and rate structure. This will give you an idea of what is possible to earn and what the market value is for coaching services.
Another factor that is crucial in evaluating your potential income is defining how you plan to deliver your services. Many business coaches work face-to-face with a single client, for example, the company owner or executive leadership. However, there are many coaches who have discovered that group coaching can be both more rewarding and more profitable. Group coaching has the added benefit of accountability and camaraderie that encourages collaboration and long-term relationships. Often sales leadership will employ coaches to develop their entire team.
Am I Qualified to Be a Business Coach?
Though business consultants and coaches provide a wide range of services, they typically offer training on management development, professional development, quality assurance, and comprehensive business coaching. You may already have expertise in these topics due to your career experience. Additionally, you may have relevant post-secondary or post-graduate education in the field. Obviously, these assets give you qualifications and credentials that should appeal to your clientele.
Regarding qualifications, the same pool of respondents believed the most important qualifications a company looks for when choosing a coach was experience coaching in a similar setting (65 percent), whereas the importance of certification in that choice was ranked at only 29 percent. Regardless of any added credentials you may seek, remember that your experience and professional accomplishments are indispensable in establishing your proficiency.
How Will I Find My Clients?
Twenty-seven million working-age Americans are starting or running a new business, and there are almost 30.7 million small businesses in the United States, and over 90 percent of the business population represents small and medium-sized businesses. Since business coaches enjoy a high degree of trust among business owners, with the right reputation, you are in a good sales position to build your clientele. In other good news, the trend of business coaching is outgrowing its reputation as a “luxury” service. Companies today are more likely to view coaching as part of the engine of success.
Though it is key that you sell your personality and skills, you must demonstrate that you are using a proven methodology that will improve a company’s bottom line. When you can show proof of performance, you will have both feet in the door.
Remember that a good match between you and your client goes both ways. Look for clients who are motivated and ambitious, as this will drive both your successes. As you develop, you will be able to leverage those relationships. Referrals from your successful clients will help you continue to build your business and build a client portfolio.
And last but not least: network, network, network! Join relevant professional associations and attend meetings and conferences. You may know a lot, but it never hurts to find a coach or mentor of your own. There are many generous, knowledgeable professionals who will be willing to share their advice on building your clientele.
Offer a Customizable Coaching Service
There is a vast array of services that business coaches can offer. From accountability training to helping business owners find a healthy work-life balance to sales coaching and more, there are plenty of reasons why a business owner would want a great business coach.
Figuring out which services you want to offer should be a combination of feeling confident in what you know how to do best, gaining insight from what other business coaches are offering, and being flexible enough to address whatever needs your clients bring to you.
As with any potential entrepreneurial effort, there’s a lot to learn before you get started. This advice is meant as an initial reference point that we hope will help you understand coaching as a business. You may ultimately decide you don’t want to go it alone. The Growth Coach is here and willing to help you decide the best option for you. With close to 25 years in the industry and a reach into over 100 markets across the United States and abroad, our coaches have helped thousands of small business owners achieve personal and professional goals.
The Growth Coach is ramping up for nationwide expansion and is looking for entrepreneurs with proven leadership experience who are interested in bringing their unique skillset to an established franchise organization which offers support, resources, peer network and tools to grow an exceptional business coaching franchise.
With a specialty in group-style business coaching, The Growth Coach offers a proven system designed for strong growth and meaningful engagement. If you’re interested in hearing more, fill out this short form, and someone will reach out to you with more information.