What Skills Do You Need to Own a Business Coaching Franchise?
Chances are, you’ve had a long and successful career in your chosen field or industry. However, there comes a time when you start searching for growth and new challenges in your career, and this is when a change in direction is necessary to allow you to continue to develop in your career and as a person. There’s no doubt that over the course of your career, you’ve acquired a superset of skills that will allow you to take your career in whichever direction you choose. So, have you ever considered how your skills might translate into owning a successful and profitable business coaching franchise? The truth is, not everyone has the right skills to own a business coaching franchise. While you don’t need experience in running a business as most people would believe, you do need certain skills that are adaptable and translatable. If you are wondering if you have the right skills to own a highly successful business coaching franchise, read on to find out.
What’s Involved in Owning a Business Coaching Franchise?
Before we jump into the type of skills you need to own a business coaching franchise, let’s take a look at what’s actually involved in becoming a franchise partner.
No Two Days Are the Same
When you own a business coaching franchise, no two days are the same. As a business coaching franchise partner, especially when you first start out, there are many different tasks that need to be accomplished and you will be responsible for many of them. Your week might begin with speaking to your own business coach, and end with working on your financials and cash flow. During the week you’ll find yourself busy coaching your clients, and working on your marketing and sales. Owning a business coaching franchise offers you the options to do what you enjoy doing, with the full support of the franchisor and team behind you.
You Can Earn an Income from Multiple Sources
As a business coaching franchise partner, there are multiple ways you can earn an income. You may choose to have one source, or a few sources – it’s completely up to you. It is wise, however, to offer services that can accommodate all types of businesses and sizes. You may offer one-on-one coaching, group coaching, quarterly strategy days, workshops or free webinars, the choice is entirely yours.
You Don’t Need a Coaching Background
What a lot of people don’t realise is that you don’t need a coaching background in order to successfully run and own a business coaching franchise. You do, however, need a solid background in marketing, sales, finance or management. As a business coaching franchise partner, you’ll be involved in most, if not all, aspects of your business, so having a solid foundation and understanding of business principles is key.
The Skills You Need to Own a Business Coaching Franchise
Now, let’s get into the skills you need to own a business coaching franchise. As we’ve talked about, you don’t need experience as a coach or even experience in running a business in order to own a business coaching franchise (although we won’t lie – it would certainly help). What you do need is a background in sales, marketing, finance or management – the rest you’ll learn with the help and guidance of the franchisor. The truth is, the best business coaching franchise partners are not those who have the most experience. It’s those with passion, determination and a strong entrepreneurial spirit who have the most success. Here are some other important skills you need if you want to own a business coaching franchise.
You Are a Leader
It doesn’t matter whether you’re an extrovert who wants to coach your clients directly, or an introvert who likes the idea of building the business’ systems and processes from behind the scenes – as a business coaching franchise partner, you will be in a position where you are required to lead others. Whether that’s inspiring contacts to sign up as clients, motivating current clients to take their business to new heights, or building a team of reliable support staff, you will be responsible for leading your clients, network and community.
Your Skills Are Translatable
While successful business coaches come from a variety of backgrounds and industries, the reality is it’s not for everyone. And, while passion and drive will see you go far, to be the most successful you can be, it’s important you begin your business coaching journey with skills in sales, marketing, finance or management. Not only will these skills help shape you into an incredibly successful business coaching franchise partner, it will also make your time transitioning into your new role as a business coach that much smoother.
You Are Adaptable
Adaptability and flexibility are key when it comes to owning a business coaching franchise. In our experience, the best business coaches are those who are adaptable and flexible in their approach to their clients. While there are certain systems and processes for you to follow, there are times when a client may throw you a curve ball and you will need to be adaptable in order to provide them with the guidance and help they need. Furthermore, the best business coaching franchise partners are the ones who sincerely care about their clients and are willing to go the extra mile when required.