According recent surveys, key services that speak to the business community are surviving the economic storm better than others. One of them is business coaching. Business Coaching weathers recessions well. In good times, owners can afford it and see the benefits that business coaching can add in terms of increased revenue and improved leadership skills. In bad times, small business owners need coaching to help trim budgets, reduce expenses and find creative ways to improve marketing effectiveness. Business Coaching can be a profitable business for someone that brings the experience and mindset necessary to be successful.
Let’s talk about what’s required to be successful as a business coach. In no particular order, a business coach must want to help people and businesses succeed. This passion and desire to help should be evident as you need to build a sense of trust and partnership with a client. People recognize when someone is not genuine, and in my experience business coaches who truly care about helping a client to reclaim their original vision for their business or get some of their life back are those that excel.
Business experience whether from the corporate world or the kind gained as an entrepreneur helps the client have increased confidence in your ability to relate to their situation. However, in a franchise system, business coaches are often well trained on helping their clients discover their blind spots and apply a proven, systematic approach to improving their client’s business. Often times, a business coach takes on the role of a mentor and helps a client formulate and achieve a set of goals for his business. Once these goals are set, a business coach must then hold the client accountable for reaching those goals. This can require having an honest conversation with the client, but if the trust is built, it becomes less difficult.
Business coaching can also offer a desirable lifestyle. Because business coaches can work out of a home office and manage their schedule around lifestyle needs if necessary. Having a sense of discipline in managing time is very much needed when you are structuring your day and week around priorities. The best advice: create a schedule that fits your needs, and stick to that schedule mimicking what you would have to do if you are working for someone else. But the benefit here is you are your own boss! No matter what business you start, remember there is a ramp up time where you need to devote the activity necessary to generate the results. The best part about being a business coach is that you can create the schedule to fit your needs. Marketing can be done during prime time, and coaching is sometimes done either during normal working hours, or “off” hours, which again allows you flexibility to meet your lifestyle goals.
Business Coaches can choose to operate as a sole proprietor or some have built a “firm” approach and employ several coaches who are developing expanded markets and territories.