There are many ways to become a business coach. In this article, we will discuss the 3 most popular approaches to becoming a business coach
How to Become a Business Coach
- Figure It Out On Your Own- Courses, books, interview people.
- Join A Business Coach Franchise– leverage their brand and materials
- Become A Certified Partner– have greater flexibility but still get training & tools
Before you start this article, make sure you are familiar with what is a business coach, and the exact job they do. The business coaching industry is largely unregulated which means pretty much anyone can call themselves a coach. This has become an issue for the coaches who have the legitimate skillset because companies are becoming pickier and pickier about who they hire.
If you want to break into the industry you will need to have the correct qualifications and credentials. This will show people you are qualified and trustworthy. If you’d like to view a list of our top coaching companies and the options they offer, view our post here.
The path to becoming a business coach can look different for everyone, and there is no right or wrong way to do it. There are however some paths that are substantially easier to follow! Today we are going to discuss some of the most popular ways to become a business coach and the pros and cons of each.
1) Figure it out on your own
There are many elements and components of being a successful business coach, some of which you may already be good at, and others which will require a significant amount of time, dedication and practice to develop. These skills include:
- becoming an effective motivator
- giving constructive feedback
- setting performance plans
- delegating empowering others
- and many more.
If you are looking to improve your skills in any of these areas you could: read books or podcasts on the topic; enroll in some business courses; speak to someone in a role similar to the one you are aspiring to; or try and learn on the job as you go along.
- You can save money on franchising and licensing fees.
- If you are already knowledgeable in business coaching then you can start practicing right away and don’t have to wait to complete a course.
- You are also able to run your business on your own terms.
- It is difficult for you to gauge if you are progressing. As you won’t have anything to compare yourself against.
- It is also difficult to start getting clients and breaking into the industry if you don’t have any certification or experience to back you up.
- It will be difficult for you to prove that you have the skills and knowledge that are required.
- Finding clients can also be difficult without any industry knowledge, or a network for you to tap into.
- It could take you months before you land your first client and start making money.
This route could work for you if you are an extremely successful business owner, with a lot of experience, and previous businesses to use as examples of your work. If you don’t have any business experience, or if this is your first business endeavour then this is not the preferred route for you to take.
2) Join A Business Coach Franchise
If you have the money to invest and want a bit of security going into the business coaching industry, then becoming part of a franchise is another popular option. By paying an upfront fee you sign a contract to become part of a brand that is already well known in the industry. You can then pay a monthly fee to be able to use all their marketing material and branding in order to boost your own coaching business.
- Franchises are great if you don’t want to spend too much time on your own branding
- They can help you with marketing.
- A franchise offers you ongoing support and training so that you can upskill yourself.
- It’s a business in a box so you are immediately prepared for your clients.
- The Fees!! Upfront & Ongoing- To become part of the franchise can be expensive, as you’ll need a substantial amount of capital to start out.
- You will also have to keep paying a monthly fee to remain part of the franchise.
- A percentage of your revenue will also have to be given back to the company.
- Becoming part of a franchise doesn’t give you a lot of flexibility, or individuality.
- You are restricted in the materials you use, where you coach, and the branding that represents you.
- Most franchises also limit you to a specific territory. This means you cannot offer you services to anyone outside of your allocated space.
A franchise could work for you if you need minimal training and you have the capital for the initial investment. You should also be quite confident that you will be able to attract clients within your designated territory.
3) Become A Certified Partner
Becoming part of a certified partnership, allows you to complete training offered by a certified company. Once you complete the training you become a licensed coach. A once-off fee is paid for the initial training plus a yearly license. This allows you to use the framework, done for your coaching tools, branding, and marketing resources.
- You are not limited to operating under the name of the business when you form part of a certified partnership.
- There is a lot of freedom and flexibility in the way you operate and market yourself.
- You are also provided with a variety of resources, tools, and materials. This makes starting your own business as seamless as possible.You are, however, under no obligation to use these.
- It is also never required from you, to give any of your revenue back to the company, and what you earn is yours to keep.
- As part of the cost, you receive comprehensive training. This means you can become certified even if you are a complete novice at business coaching and have no prior business experience.
- You will finish the training with extensive knowledge and the appropriate skills to be a valuable asset to your clients.
- Taking part in a Certified Partnership is does cost more than going it alone or just buying a basic one-off course.
- You will need the appropriate capital to invest in the training as well as your own marketing.
- If you want to keep using the marketing and coaching collateral you will have to pay yearly fees (but these are much lower than franchise fees)
- You will have to be willing to put in the time to really grow your business. It can take a while to establish yourself as a trustworthy coach.
This is a good option if you enjoy flexibility, and are looking to create your own brand. If you are invested in honing your skills and educating yourself on the best business practices, this would be a good choice for you.