There is a journey that entrepreneurs take when deciding to start a business. It is much like a buyer’s journey to purchasing a new car, except the stakes are much higher when investing into a business. It is also spurred by a spirit of entrepreneurship.
Entrepreneurship by definition is “the activity of setting up a business or businesses; taking on financial risks in the hope of profit.” However, entrepreneurship is more than just that. Entrepreneurs go into business because they want control of their dreams and their careers.
Entrepreneurship is also about creating value and providing solutions that help people to address the challenges they are facing, whether it is an innovative product that helps them complete a task, a piece of technology that streamlines their business or a service that makes their lives easier.
If you have landed here, you are considering starting a business coaching business because you want to help others make a success of their businesses and regain control of their lives.
From my experience it's truly an awesome business to be in. It is a passion. It is a lifestyle. As a business coach, you really can curate a life on YOUR terms. In business coaching, you will discover the meaning of entrepreneurship.
Questions to Consider Before You Get Started
ActionCOACH founder, Brad Sugars describes four stages in the decision journey to starting a business coaching business. You can expect to travel through at least two of these stages, depending on whether or not you decide to invest in a franchise. During each stage, you should answer these questions in order to arrive at the best decision for YOU:
1 - Business Ownership Vs Job
- Why do I want to go into business?
- Am I comfortable with giving up the "stability" of a job?
- What am I good at?
- What do I see myself doing?
- Is my business idea feasible?
- Does it fill a need or add value to the market place?
- What income do I need to cover my expenses?
- What capital do I have available to outlay to start my business?
- How fast do I need to get my business up and running?
- Do I want to on the road or office bound?
Stage 2 - The Business of Business Coaching
- Does this fit within the life that I want to have for myself?
- Do I have a passion for people and enjoy mentoring and supporting others?
- Am I motivated by the idea of coaching other people to achieve success in their businesses?
- What is the earning potential?
- What is my field of expertise?
- Can I leverage this expertise as a business coach?
- What training, qualifications or certifications do I need?
- Do I have the confidence to coach business owners to success or would I feel more confident in using a tried and tested model?
- Do I have a mentor or someone who I can to talk to for advice or do I need the support of another senior or established business coach?
- What is my risk appetite (being part of a franchise is considered less risky than starting from scratch)?
Stage 3 - Franchising Vs Going Alone
- What business coaching franchises are available?
- What are the franchise costs of each?
- What are the ongoing costs to keep my license?
- What tools do they offer?
- Are the tools user-friendly?
- What are the rules and restrictions of each franchise?
- What leads, sales, marketing and admin support can I expect?
- Am I happy with the level of support I will get for what I am paying?
- Will I get training?
- Do I have to work from an office or can I work from home?
- What are people saying about these franchises?
- Which franchise has the best brand presence, credibility and a good reputation?
Read our blog “Business coaching franchise or DIY?” for more advice.
Stage 4 - The ActionCOACH Business Coaching Franchise
- Do I have the desire and ability to build and mentor a team of business coaches or do I want to be a single operator?
- What are the features of the ActionCOACH Firm model?
- What are the features of the ActionCOACH Practice model?
- What are the costs and fees of own an ActionCOACH Franchise?
- Do I have the capital available to invest in an ActionCOACH Franchise?
- How much of my time am I willing to invest?
- Where do I see my business in five years time?
As you can see ActionCOACH offers two different business models to help you make a business out of business coaching. The model you choose will depend largely on where you see yourself going with your business as well as your investment level. We will help you make the right choice based on your background, abilities, experience and vision.
You can also expect the best training and support . Your training with ActionCOACH will cover every aspect of running your own business and becoming a fully-fledged and highly capable coach.