How to Become a Business Coach in 3 Essential Steps
Business coaching is a fantastic career choice if you love working with people. And NOW is the best time to consider a change.
Business coaching is a huge $2.4 Billion industry, growing at a blistering pace of 25% a year. Now YOU can join this booming industry.
With the right training, it’s possible normal to earn $100,000 to as much as $300,000 per year as a business coach, with billable rates ranging from $250-$750 per hour.
So how do you do it? Here’s how to become a business coach in three essential steps…
1. Find a Business Coaching System and Curriculum
If you already have experience and want to build your own training system, that’s great. Most people, though, want to piggyback on the experience of others and simply adapt an existing business coaching system and curriculum.
To do that, look around for effective, step-by-step programs that help you solve common business problems quickly and efficiently. You can learn about the Coaches Coach Business Coaching System HERE. This is absolutely critical.
Without this kind of methodology, you’ll never retain clients long enough to make an impact in your local market.
2. Market Your Way to Prosperity
The next step is finding clients — and it’s what scares new business coaches most. Don’t be intimidated; it’s not hard when you know how.
Over the past 15 years, I’ve raked in between $200,000 and $300,000 a year in fees. And the following 7 marketing strategies have brought me as much as 95% of all my new clients:
- Networking. Here’s what you do. Make a list of your 10 most trusted friends and colleagues. Ask each of them for 10 referrals. These will be some of the warmest leads you’ll ever get.
- Bold Walking. This is where you walk into places of business and meet and greet the owner. Say: “Hi! My name is _______ and I’m a business coach conducting marketing research on what successful business owners are doing to [boycott the recession (if applicable) and] grow their businesses. I want to offer you a complimentary coaching session where we’ll identify the hidden areas of profit in your business. So, can you tell me a little bit about your business?
- Internet Marketing. Use your website as a lead-generation and sales tool. Give away a FREE report on business growth secrets followed up by helpful, educational emails. Then call the people who read your stuff. Offer your leads a complimentary coaching session and then go close the sale!
- Direct Mail. Send postcards or letters in the mail to business owners. Invite them to contact you for a complimentary coaching session. Use emotional copy and messages. For example: “Tired of not seeing your family because your business can’t run without you? Here’s how to increase your revenues by at least 72% in the next 12 months.”
- Telemarketing. Use the phone — love the phone! Talking to business owners for a few hours each day can make you millions of dollars. Hate cold calling? Hire a telemarketer vendor to book phone appointments for you, then call them back to conduct a mini “triage” calls to discover the areas of struggle. This call will lead naturally into a more formal complimentary coaching session where you can sign them up as new clients.
- Referrals. Eventually, your existing clients will be your most consistent source of new clients. Always ask for referrals, then offer to pay them 10% of each new client they send your way.
- Strategic Partnerships. Find other businesses and professionals who serve your target market — attorneys, CPAs, and so on. Set up a relationship where they recommend your services for a piece of the action. That makes it a win-win-win! If you do this right, these professionals will actually bring you into their boardrooms to sign their clients for $2,000 to $3,000 per month.
3. Systematic Execution of Your Plan
Do you have your business coaching system and curriculum? Great! Have you chosen a few of the marketing strategies above? Excellent! Now it’s time to execute.
Find an experienced mentor or your own coaches’ coach to make sure you stick to your plan and execute with excellence. Join a mastermind group and report your progress to your peers. Having people who hold you accountable will make all the difference in the world to your ability to be successful.
You can enroll in 30 days of totally FREE “Cash and Clients” Strategy Sessions with one of my highly successful, certified Coaches’ Coaches. You’ll get four, 30-minute, unbridled, uncensored, one-on-one coaching sessions during which your coach will review everything you’re doing to build your coaching business and answer all your questions. When you enroll, be sure to send us everything you’ve done so far, so that we can provide you with valuable feedback on what you’ve done — not to mention point you in the right direction for future Virtual Coaching assignments.
Do these three things, and you can establish a 6-figure business coaching practice in less than a year.
When Master Business Coach (and former pastor) Eric Dombach began his career as business coach, he had NO contacts, NO professional experience, and NO marketing or sales skills. Through hard work, dedication, and lots of trial and error, he grew his business coaching practice from $0 to $1 Million in 4 short years. Learn how he did it in his ebook: How To Become a Business Coach: A Beginner’s Guide to Reeling in $20,000 a Month Or More Working Part-Time Hours from Home.