5 Tips for Starting a Successful Business Coaching Business
The business of business coaching is booming. Creating a rewarding opportunity for aspiring entrepreneurs who want to leverage their years of industry experience and skills to take their career to the next level. However, if you are considering starting your own business coaching business, you may be wondering if it will actually provide you with the lifestyle and financial income you desire. The truth is, when it comes to the world of business coaching, you get out what you put in. This means that in reality, your earning potential as a business coach is really up to you. Yet, of course not all business coaching businesses will succeed, which is why we’ve put together this article. Below, we’ve gathered our 5 best tips for starting a successful business coaching business so when you decide it’s time to dive into the world of business coaching, you’ll know exactly how to do it.
Tip 1: Decide Whether You Want to Start Your Own Business, or Buy a Franchise
Tip number one is possibly the most important step towards making your dream of starting a successful business coaching business a reality. It’s important you decide from the get-go whether you want to become part of an established franchise, or start your business coaching journey alone. Of course, there are advantages and disadvantages for both options, and it really comes down to the individual. Some of the great benefits of buying into an established franchise are that you receive initial and ongoing training, you don’t need to work on building a reputable brand (because that’s already done), and you can access expert advice any time you need from a massive local and global community that supports you and wants to see you and your clients succeed. There are also benefits to starting your own business coaching practice, such as the opportunity to get hands-on experience starting your own business from scratch. While many entrepreneurs do choose to take the franchise route, it does depend on your individual preference and the skills you currently have.
Tip 2: Choose From Where You’d Like to Coach
One of the advantages of business coaching that many people enjoy is the freedom and flexibility that comes with it. One such freedom of choice is deciding from where you’d like to work. With the internet you have the opportunity to change your work environment from day to day or choose the location that works best for you and your client. In addition to choosing your own office, a home office or your client’s office, you may also like to mix it up a bit and work from the local café, a shared office space, or the local park. Whether you choose to build your own business from scratch or join a franchise, it’s entirely your choice where you would like to work.
Business Coaching from an Office
One of the main benefits to investing in an office is that it gives your business a professional front, which is especially important if you plan on offering in-person coaching sessions, group coaching sessions or workshops. If you are the type of person who prefers to separate work and home life you may also prefer to invest in renting or buying an office space, rather than working from home. If you are seriously considering a physical office space take the time to list out all the pros and cons, especially costs. You’ll need to be clear on not only the cost of renting the physical space, but also the additional costs that come with setting up and running the office such as: utilities, Wi-Fi, phone connections, signage,furniture and general necessities like tea and coffee to offer your clients.
Business Coaching from Home
On the other hand, you may be someone who enjoys the benefits that come with working from home, such as: theres no need to commute, you in your own personal space and comfort, you can work the hours you want and take breaks whenever you need. A home-based office is ideal for those who want to start a business coaching business and plan on coaching clients over video calls or the phone.
One of the difficulties of working from home, however, is trying to balance your business coaching business with the rest of your life. If you decide to set up your business coaching practice from home, it’s important you have a dedicated room or area that is just for business (and everyone in your household knows that when you’re in that spot – it’s work time and no distractions are allowed). It is also important that you are disciplined and are able to manage your time and yourself to ensure you stick to the working hours you initially laid out for yourself.
Tip 3: Find a Mentor
One of the best tips we can offer when it comes to starting a successful business coaching business is to find a mentor. This ideally should be someone who’s walked the path you’re about to take and can offer both personal and professional guidance. When you join the ActionCOACH Franchise, for example, you automatically receive your very own mentor who you can call on whenever you need help or advice. When building a business coaching business from scratch, it can be hard to find the right mentor, so it’s important you start looking and asking around as soon as possible so you find the right person for the role.
Tip 4: Create a Marketing Plan
When it comes to starting a successful business having a strategic marketing plan is important, and business coaching is no different. If you decide to join an existing business coaching franchise, successful marketing strategies are shared with you all you need to do is fit these strategies into your own personal marketing plan. You also get a proven sales process to ensure your leads generated from your marketing convert. If, however, you’re starting from the beginning, it’s important to create a marketing plan and sales process as soon as possible.
To get started with a successful marketing plan, take the time to understand who your ideal clients are and where you can find them. Then, identify the marketing strategies and tactics that will attract them to your business. Developing a professional LinkedIn profile is a great place to start. It’s also worthwhile reaching out to your personal and professional network. A great way to secure your first set of clients would be to offer people in your network a free coaching session in exchange for a testimonial for your website or LinkedIn profile.
Tip 5: Work Out Your Rates and Sell Yourself
Don’t be afraid to charge what you are worth. You have years worth of knowledge and skills, so you are able to charge a professional fee for a professional service. It’s also important when working out the rates to charge your clients that you consider the value you bring to their business, as well as what you want to earn and how many hours you want to work each week.
Once you’ve figured out your rates, whether it be hourly or by package, now’s the time to sell yourself. When it comes to selling yourself, remember to listen. You can’t sell your services if you don’t first understand what people need, and how you can help them. Align your services as solutions to their specific problems, pain points and challenges. And finally be prepared, in the beginning while you’re building your brand, to do the hard work, and be persistant. It’s okay to put yourself out there and ask for the business. You’ve got the know-how and the skills, so just believe in yourself, be confident and sell, sell, sell.
Are You Thinking About Becoming a Business Coach?
If you’re considering becoming a business coach, then you must watch this interview: ‘The Business Coach Exposed’. This on-demand webinar comes from a live interview with Steve Leach (a coaching industry pioneer) who reveals the honest truth about what it’s really like to become a business coach. Watch it here.