For those of you looking for greater freedom and autonomy as a coach, perhaps you’ve been looking for a coaching franchise opportunity. However, coaching franchises can be extremely costly and restrictive. (If you’re unfamiliar with coaching franchises, you can read our article here.) So, join us as we weigh up the pros and cons of a career coaching franchise, the Entrepreneurs Source, and the Business Coach Academy.
An Entrepreneurs Source franchisee fulfills two roles. Firstly, you’re a Career Ownership Coach, and secondly, you are a business owner. Entrepreneurs Source will give you the training and support you need to educate your clients and help them discover their path to their next career.
Entrepreneurs source costs
Before we get into the details of the license and the training, let’s take a look at how much each business costs to be a part of. According to Franchise Business Review, an Entrepreneur’s Source franchise requires a startup investment of anywhere between $114,350 and $125,950 for a single unit, with a minimum cash requirement of $100,000. Ongoing fees include costs for brand awareness and marketing, which come out to just over $1000 per month (minimum), and a placement fee share of 25%.
Entrepreneur’s Source Earnings Potential
Vetted Biz claims that in 2021, the median franchise sales for Entrepreneurs Source came out to $95,000. With a profit margin of 12.5%, you’d be looking at around 10 years to recoup your initial investment. With a 70% net profit margin, you’d still be looking at 3.25 years, which is generally longer than other franchise opportunities.
The Entrepreneur’s Source Reviews
The Entrepreneurs Source has seen over 30 years of success with their proven business model and has won multiple awards in that time. An owner satisfaction report from March 2023 gave them a score of 78/100, receiving the grade “very good” or “excellent” in every field besides training and support. So, on the surface, it appears to be legitimate.
Is the Entrepreneur Source legitimate?
A conversation between users of the social media platform Reddit casts a few doubts around the Entrepreneurs Source operation, most notably the way they convince new franchisees to get onboard.
One Reddit account wrote, “After I explained that I couldn’t put that burden on my family just yet, they got really weird. They insisted several times that I should consider entrepreneurship as a means to my ends. Then, when they said the words, “Some people will put their IRAs (Individual Retirement Accounts) up as collateral,” I came to the sad conclusion that this was both trouble and not what I wanted.”
Business Coach Academy cost
First and foremost, Business Coach Academy is not a franchise. This means becoming a ProCoach requires a minimum upfront investment of as little as £4,950. In fact, there are 3 options to choose from:
- Certification – £4,950 initial investment and no operating costs. This is ideal for people who want more security with an in-demand skillset.
- Part-time – £4,950 initial investment and £495 monthly operating costs. This is ideal for people who want a side hustle that generates £10,000 per month.
- Elite – £14,950 initial investment and £990 monthly operating costs. This is ideal for people who want to be self-employed, earning £20,000–£50,000 per month.
Keep in mind that you’re not buying into a franchise, so it’s far more simple, flexible, and affordable compared to coaching franchises like Entrepreneurs Source. Furthermore, if you don’t hit £10,000 per month, you won’t pay anything; you’ll get £1,000 cash just for the trouble!
And the results are nothing short of exceptional. Let’s take a look at some reviews.
Business Coach Academy reviews
Business Coach Academy has all 5-star reviews on TrustPilot. They have an outstanding track record when it comes to training business coaches, with 100s of testimonials from coaches. Some of the results include:
- Coaches who have signed new clients in a matter of days
- Coaches who have gone from 0 to 6 figures in the space of a year
- Coaches who only have to work 10 hours per week
- Coaches who have gained the freedom to work from anywhere in the world
These are just some of the results they’ve been able to help their Certified Coaches achieve, and there are hundreds of others just like them:
Who is The Entrepreneurs Source aimed at?
People from all backgrounds looking for an alternative career can apply to become a franchisee. The company feels that the unique experience each coach brings to their business will help them better connect with their clients and manage their business. One strict criterion is that all applicants must be motivated, hardworking, and have a strong desire to help others. No business will be successful without the necessary input. Applicants have got to be committed to putting in their best effort.
What does the training include?
As part of the licensing fee, you gain access to the company’s twelve-week training program. The program ensures that new coaches are comfortable and confident with the Entrepreneurs Source approach to Career Ownership Coaching, as well as with the management and administration necessary for franchise ownership.
As part of the training, you will receive:
- Twelve-Week Training Program
- Peer Performance Groups
- Live, Ongoing Virtual Education
- Weekly Franchisor Spotlight Calls
- Annual Conference
How do you apply to The Entrepreneurs Source?
First, you will schedule an introductory call; this will be your first conversation with a member of the team. If everything goes well on the call, you will be sent some informational presentations. These presentations will illustrate exactly what the TES franchise opportunity entails. Next, you’ll have the chance to talk with some current coaches to ask them any questions you might have.
After that, you will then have a call with founder Terry Powell to get a more complete sense of what being a coach is about. Subsequently, you will then be invited to a virtual Meet the Team Day. This event allows you to understand the roles of all the Performance Enhancement Team members who will be your support. If you and the company both agree that you are a mutually great fit, you will get the necessary paperwork to sign and become a franchise owner.
Who is the Business Coach Academy Program aimed at?
Business Coach Academy’s program is for people with a high level of business experience; either they’ve worked at the director level in the corporate world or ran their own business previously. This experience gives you a strong framework and credibility as you begin your journey towards becoming a prestigious 6-figure business coach.
The program is designed so that it can be done part-time, too. This means that, unlike franchises, you won’t have to give up your busy role, incur huge costs (both upfront and ongoing), and go all-in, taking on a huge level of risk as you do so. They’ve helped directors from prestigious firms like Apple, JCB, IBM, and Nike become successful coaches.
How to apply to work with Business Coach Academy
You can learn more via the Business Coach Academy website, and then you’ll be able to book a call as part of the discovery process. Once it’s been established that you’re a good fit for the program, you’ll have immediate access to the ProCoach platform, community, resources, and materials. Overall, it’s a much simpler and easier process than franchises.
What does the training include?
The online program provides you with all the tools, training, and resources to launch your own highly successful coaching business.
The ProCoach Training
Each program has slightly different training. The Certification consists of 9 modules, while the Part-Time program has an additional 9 modules around sales and marketing. Finally, the Elite program has an additional 3 modules to help you build your coaching business to £20,000–£50,000 per month. Here’s an overview of the first 9 modules you’ll go through as part of the ProCoach Certification.
Each module is an in-depth discussion around one vital aspect of business coaching, and once all 9 modules have been completed, you’ll receive your certification. You’ll also have access to the course and the 9 modules forever on any device, as well as complete flexibility as to whether you want to pause or repeat any parts of the program.
Here’s a breakdown:
- 9 weeks training
- 1 year mentorship
- Full access to the extensive coaching community
- Monthly live Q&As
- Expert tools, worksheets, and materials to help your coaching business
- 1-1 calls with a millionaire coach
Here’s an overview of each coaching module:
Going Pro
The first week of the ProCoach training is all about laying the foundations for your new business. This involves structuring and optimizing for achieving success in the easiest, fastest way possible.
Best Coach
The second module is concerned with learning the best coaching skills to handle any situation. This second module is designed to give you total clarity about the difference between business coaching and other change models, such as consulting. This means you only need to do what’s necessary to get your client exceptional results, and, as a result, your services will be in very high demand.
Coached Model
In the Coached Model module, you’ll learn the exact questions to ask clients. You’ll learn precisely how to create major personal shifts in any business owner by following a proven process—a 4-step system to deliver immediate value to every client you ever coach. You’ll have a clear coaching plan and know exactly how to deliver immediate value to any new client. Every session will be templated and already done for you, making your life as easy as possible.
Client Rulebook
By week 5, you’ll be learning how to create a clear process that helps you deliver exceptional results and, most importantly, retain your clients for years.
Proof Generator
In this stage of training, you’ll build confidence and credibility by getting and conducting free business coaching sessions. These will prove that you have the ability to change people’s businesses and lives by following what you’ve learned in the previous modules, eliminating any sense of imposter syndrome or lack of confidence in yourself and your own ability.
Perfect Offer
By the end of week 7, you’ll have crafted the perfect offer and profile setup to attract prospects who are ready to talk and become paying clients without having to deal with overly complex marketing funnels or things of a technical nature.
Fast Funnel
Nearing the end of your training, you’ll be able to use the FAST Funnel with £0 ad spend, a proven system to generate £1000-£5000 PCM clients on-demand. This means you can increase your income whenever you want and achieve true financial security.
Income Escalator
In the final week of your training, you’ll learn how to continuously make your coaching business easier to run and, at the same time, more profitable. These elite tools and tactics have helped generate results like this:
Business Coach Academy or Entrepreneurs Source?
Both businesses seem like solid options and great companies overall if you’re looking to become an established coach. Entrepreneurs Source is a multi-award-winning franchise that’s been around for 30+ years; however, Business Coach Academy is not a franchise. This means it’s more than possible to get the same, if not better, results from Business Coach Academy at just a fraction of the price. Furthermore, you won’t have to give up your job to go all in; there’s no lengthy contract, and, to begin with, you can do everything by committing just 5 hours of your time at the weekend.
Final Note
Feeling overworked in your corporate position? Dreaming of a better life where you have the autonomy, work-life balance, and family time you deserve? Or are you worried about job security and feel like you need an exit strategy from your current high-stress job? Learn more about how you could become the next Business Coach Academy success story here.
