If you’ve been stuck in a career rut for a while, chances are you’re itching for a change. And why not? You’ve done your time, working long hours and learning all you can to get to the career position you’re in today. So if you’re serious about making a career and lifestyle change, business coaching might be the perfect job for you. Not only do you get to dictate your own schedule, but business coaching is also one of the most lucrative jobs out there. The total annual revenue from coaching in Oceania is around $2.5M. Safe to say, there will be no shortage for work out there once you take the leap and become a business coach. We’ve put together a 5 step guide to becoming a business coach so when you’re ready, you’ll know what to do!
Step 1: Decide on whether you want to buy into a franchise or go at it alone
Deciding from the get-go if you want to become a part of an established and reputable franchise or start your business coaching journey alone is an important first step. There are pros and cons for each and it all comes down to the individual. Some of the benefits of buying into an established franchise are that you receive training before you start (and ongoing training), you don’t need to work on building a brand name because that’s already done for you, and you can access expert advice at any time. Yet there are also benefits of starting your own business coaching company, such as the opportunity to get hands on experience starting your own business from scratch. While many people do choose to buy into a franchise, it all depends on you and what skills you currently possess when you decide to become a business coach.
Step 2: Leverage your network
If you buy into a franchise, you’ll have a wealth of connections and a large community already waiting. However, it doesn’t hurt to get in touch with your wider network to let them know of your career change. You never know who might be interested in becoming a client! Get in touch with old colleagues via LinkedIn or by sending out an email. And don’t forget to ask people within your network if they could refer you on to people in their network. At the beginning of your business coaching journey – and as you progress – it’s all about leveraging your network and connections.
Step 3: Find a mentor
Again, when you buy into a franchise, you will have access to many business coaching experts who will be there to guide and counsel you every step of the way. If you decide to start your own business, then it’s even more important to find a mentor early on. You might know someone in your community or you might have a business coach in mind, from whom you’d love to learn. Reach out to your contacts and find a mentor as soon as you can. After all, they have been in your shoes and already walked the path you are about to walk. While you might be an expert in your industry, you are not yet a coaching expert. A mentor can advise you on tips and tricks of the trade you’d otherwise never know. Never underestimate the usefulness of a mentor, even if you think you’ll be fine without one.
Step 4: Create a business plan
With all your other steps complete, it’s now time to create a business plan. When you buy a franchise, there will already be ready-made business plans in place. If you’re not buying a franchise, you’ll need to create one yourself. All you need to do is go through the same steps you would go through with a client but this time you’re working on your own business model and plan. Think about things like: your mission and vision, what you’re offering, your pricing and profit, and business model. Consider the resources you’ll need to succeed – money, time, skills, equipment and don’t forget people resources. It’s also important to set goals and milestones, like 1 year, 3 year and 5 year goals. This will help keep you on track and accountable.
Step 5: Write a marketing plan
When you buy a franchise, you’re buying into a well-known and recognised brand. When you start your own business, you will need to work at building your personal brand. This is where it is important to have a good marketing plan. There are a lot of business coaches out there, so have a think about what makes you stand out. How can you market yourself and your skills in a unique and engaging way? Consider how you will connect with your target clients and how you might build rapport and trust.
With all these steps done and dusted, you’re now ready to launch yourself into the world of business coaching. Business coaching is an incredibly exciting industry to be in, so enjoy the ride!