6 things to consider when choosing the best business coaching franchise for you
There is a big demand for business coaching. In fact, it is one of the fastest growing industries in the world. If you are already a coach or considering becoming one, buying into a franchise should give you structure, proven systems and methodologies, and the support of a community to make a success out of your business coaching business.
P.S. If you are still exploring the idea of becoming a business coach read our blog: Franchising Vs. Going At It Alone
But, not all business coaching franchises are equal. As with any franchise, the frameworks, tools and level of support provided by coaching franchises will differ. You must do your homework to avoid investing in a coaching franchise that isn’t right for you.
First things first…
Be clear about why you want to get into coaching. This line of work is for people who want to help other people grow. It is about helping other people make a success out of their businesses. In turn, your business will be successful. It also requires patience, empathy, diligence and work. What you put in, is what you get out. The greatest reward however is seeing your clients realise their dreams.\
How to choose a business coaching franchise that’s right for you…
1. Do Your Research
As we have said, not all franchises are created equal. Research the different business coaching franchises to learn about their models and values. You might find some too rigid and others to lax in their approaches. The best way to find out what a franchise is really about is to talk to franchise partners. Use your contacts, online forums and even Facebook to find out what others’ experiences have been with the business coaching franchises you are considering. Understand the services they provide and make sure that these fit with the types of services you want to offer. Brand and reputation are crucial. You want to be part of a franchise that has credibility in the market. It will make marketing your business and attracting clients so much easier.Ask yourself…
- Does the franchise have a brand presence, credibility and a good reputation?
- Does it align with my values and the approach I would like to take?
- Do I like what other franchisees and the general public are saying about the franchise?
- Can I work within this model?
2. Franchise Support
Evaluate the level of support and mentorship as well as the administrative tools you will get. When you invest in a franchise, you can expect support with marketing, sales and admin. One of the highlights of being part of a franchise is the opportunity to be part of a support community. Your franchisor and fellow franchisees will be an invaluable source of support. Choose a franchise that has a great community. Becoming part of the ActionCOACH family for instance connects you to a global community of experienced business coaches from day one.
- Is there a support network?
- What kind of support would I like to received?
- What support does the franchise offer?
3. Evaluate The Costs
Look at the cost of investing in the franchise. Is there a training fee? what are the ongoing costs such as royalties as well as the running costs such as office space (if you choose to have an office), marketing, internet and telecommunications etc. You may be governed by set pricing structures so go through the details of your contract with the franchisor in detail. You must be comfortable before you sign anything.Ask…
- What is the capital outlay to buy into the franchise?
- What are the training fees?
- How has the franchise structured its royalties?
- Is this franchise affordable?
4. Check Out the Systems and Toolbox
One of the greatest benefits of buying into a franchise is the set structure, systems and tools you will get to help you run your business. Assess different franchises to determine what exactly you will be getting for your investment.
- What’s in the toolbox?
- Does the toolbox have tools to help me build my business and my clients businesses?
- Will these tools actually help me to market and facilitate my business?
- Are the systems and processes tried and tested?
5. Determine the Earning Potential
Don’t be blindsided by promises. Carefully evaluate the earning potential of the business coaching franchise against the costs of investing into it. Do the math and be realistic about what you could earn. Speak to other franchisees to find out how they have structured their businesses and if they are earning what they intended.
- What kind of earning potential is possible?
- What kind of return on investment(ROI) can I expect?
- Am I comfortable with investing into the franchise for the ROI I can expect?
6. What Training Do You Get?
As with running any business, you will have to get to know your market, understand your potential customers, be knowledgeable about the services you offer, know how to use the toolbox, and know your way around the IT systems. To be up and running as quickly as possible, you need training. The franchise should offer orientation and training on all of these aspects. Certification also adds to your credibility with clients. ActionCOACH’s training is unparalleled and the ongoing support is unmatched in the industry.
- Will training be provided?
- What aspects will be covered in training?
- How long does training take?
- Is there on-going training and support?
From researching to training we have covered some of the most important things you should consider when choosing which business coaching franchise to join. Each business coaching franchise will have it's pros and cons, but one of our most helpful tips is to take a closer look into the vision, mission and culture and see which franchise best aligns with you.