You’ve heeded your calling to become a business coach and you are sure that this is the path that you want to take. You want to help other people realise their dreams and achieve their ambitions to run successful businesses. You feel it is in your blood to become a coach. What you may be unsure of is whether to Do-It-Yourself or buy into a business coaching franchise.
Certainly there are advantages to both. Your decision to DIY or invest into a franchise will be based on a number of factors. Aside from budget, perhaps the biggest influence on your decision will be where you are at on your own coaching journey.
As an independent business coach, you won’t face any franchise costs and you will be able to setup your coaching business without that capital outlay. It also means, you aren’t bound by contracts, rules and terms, and you won’t have to pay any royalties in the future. Being independent, you have the freedom to do things your way without restrictions.
Buying into a business coaching franchise does have its perks – big ones. Yes, there are franchise fees to pay and rules to be followed but with this come a number of benefits such as:
You become part of a recognised brand
You have the backing of an established organisation with a recognised brand. This offers potential clients the assurance of credibility and experience. Becoming part of a credible business coaching brand could help you to attract clients. When you invest in a franchise, you can expect support with marketing, sales and admin. Franchises often assist with lead generation and referrals which can help you get business lined up. There is a number of business coaching franchises in the market. Read our blog on choosing a franchise here.
Training and mentorship
Established business coaching franchises will typically provide training to their franchisees. This would include training on their products and services as well as business skills – skills that you will need to run your coaching business. You will also benefit from the mentorship of other business coaches who have been in the field longer than you.
Set frameworks and structure
A well established business coaching franchise will have an approach, methodologies and structure that has been tried, tested and proven to work. What this means is that you won’t have to learn what works by trial and error. You should also have access to systems, tools, support material, models and case studies that will help you to help your clients. As an ActionCOACH, you have access to the library of ActionCOACH’s proven systems, tools and processes.
One of the biggest plusses of being part of a franchise is the opportunity to be part of a community. The franchise as well as senior coaches and other business coaches within the franchise become your support network for mentorship and even simply for bouncing ideas. It is always helpful to have someone with experience to turn to for advice. Becoming part of the ActionCOACH family immediately connects you to a global community of professionally certified experts.
Access to business tools
Your coaching business is like any other business. You need administrative and marketing tools, IT systems and the basic know how for running a business. As part of an established business coaching franchise, you should have access to tools to help you to run your business.
Ask yourself these questions to help you decide whether to DIY or go with a business coaching franchise:
1. Do you want the freedom to run your coaching business as you see fit or do you want the backing of en established franchise?
2. Do you have access to networks and contacts for growing your customer base or could you benefit from the network and referrals that would come with being part of a franchise?
3. Do you have the time, money and expertise to develop a marketing plan for your business or would you rather be able to leverage on the brand, marketing strategies and collateral that would be available to you as part of a franchise?
4. Do you have confidence in your approach to coaching business owners to success or would you feel more confident in using a tried and tested model?
5. Do you prize flexibility over structure and support?
6. Would you like to be part of a community of coaches or do you prefer working on your own?
7. Would you like to tap into the support and mentorship of senior coaches or do you already have a mentor, someone who you are able to talk to for advice?
8. What is your risk appetite? Although the benefits of a franchise come at a cost, there are fewer risks associated with it compared to going it alone.
9. Do you have any qualifications or certification in the field or do you need training?
10. Can you live with the restrictions of a business coaching franchise or not