So, you’re thinking about becoming a business coach. Good for you! Now is an excellent time to regain control of your life and do something you truly love – helping people achieve their business goals. After all, you’ve already spent years in your industry so it’s safe to say you know a thing or two about being successful in business, right? Since you’re already thinking about making the move and becoming your own boss, we thought we’d put together a list of 7 things you should know about becoming a business coach. We want you to have all the facts and know what to expect once you enter the business coaching industry (hint: expect many good things).
1. Focus is key
When starting out as a business coach, there are many different options and models that you can pursue. Spend some time doing research into the industry and focus on the type of coaching you’d like to do and who you would like to do that with. It will help you stay focused, driven and ultimately help you gain the type of clients you want.
2. You need excellent time management skills
The great thing about business coaching is that it is incredibly flexible. There’s no one telling you what time to set your alarm, you can meet with clients you want to meet with and you don’t have someone monitoring your work. Of course, this could also create a challenge unless you strong time management skills. Perhaps one of the most important things about becoming your own boss is knowing how to properly manage yourself. If this is something you know you need to work on … there’s no time like the present to start. A calendar, whether it is in app form or a regular hard-copy calendar, can do wonders to keep you in check.
3. Practice as much as you can
While you might possess countless years of experience in your field, coaching others to be successful is a skill that requires practice. Some people have a knack for it to begin with, while others will need training, some dedicated time, perseverance and practice to get there. If you need to offer your services at a lower price while you start out and find your feet, then so be it. Another great way to practice is by helping friends and family who might need some coaching. That way, you can also ask them for honest and critical feedback to help you with future, paying clients.
4. Know your worth
If you’ve done your research already, you probably know that business coaching can be a pretty profitable career. As you start building up your clientele, it’s important you know your worth from the beginning. If any client suggests your fees are too high, tell them that your experience and knowledge is worth that price, because it is. Unless you believe in yourself and your value, your clients won’t either.
5. Work with other coaches
How do you become the best business coach? By working with and learning from the best. If you can find a mentor or someone to learn from, there’s no doubt you will succeed faster. Having a network of coaches to learn new skills from and bounce ideas off is an invaluable tool in the industry. If you decide to invest in a business coach franchise like ActionCOACH, you will have access to a huge array of resources and knowledge from people who have been there and done it.
6. Don’t be afraid to promote yourself and your experience
While it’s great to work with other coaches, sometimes you may find yourself competing against other coaches to win a client. They may be more experienced at coaching than you, but perhaps you have more real-world experience with a proven track record in getting results? And generally, this is way more valuable to prospective clients. They want to know that you’ve got the experience and knowledge before they buy.
7. Treat it like a real business … because it is a real business!
This might sound crazy as a business coach, but it is vital you treat your business like a real business. If you just want to do it part time to earn some extra income or as an interim until you find something more structured, business coaching probably isn’t for you. To truly be a successful business coach, you need to give it your all and treat the role seriously. This includes things like opening a business bank account, hiring a bookkeeper and treating it like you would any other business.