How to Become a Business Coach

Top 5 Fears of Potential Business Coaches

By on August 1, 2020

Over the years, I’ve talked to dozens of potential business coaches who want to dive into the business, but are saddled with fears that might be holding them back.

Well, recently, I chatted with Andy Jacob of Dot Com Magazine about precisely this problem.

Here’s the thing: anyone embarking on a new venture will feel some level of fear. The question is whether you allow those fears to keep you from building something great, or learn to confront and overcome them—so that you can create the life and business you want.

In my conversation with Andy, we tackle the top five:

Headtrash

This is when you allow your insecurities and perceived liabilities dictate how you feel about yourself and your business. The solution? A simple but powerful mental reframe that transforms your so-called liabilities into assets in your own mind.

No System or Curriculum

Many potential business coaches have hard-won business acumen but aren’t sure how to translate that into teaching their clients can master, or worry about marketing well enough to close new sales. The solution? Find a system! There are plenty out there, from business coaching franchises to license programs to white-label systems. (Shameless plug: we like the way ours stacks up to the competition, but invite you to see for yourself!)

Will My Business Expertise Translate to Other Industries?

Maybe you have experience in one market vertical and are worried about whether or not your expertise will translate to other industries. A couple of points to consider to put your mind at ease: First, many business coaches find traction faster when they specialize in a particular market niche—so this isn’t necessarily a liability (the Coaches’ Coach, anyone?). Second, basic business principles that deal with the core challenges SMBs are facing—namely time, team, and money—tend to be universal, regardless of industry. Your expertise can translate.

I Don’t Have Enough Money to Start

When I got started in the business, you realistically needed six figures to launch a successful business coaching practice. We’ve come a long way since then. Now, with the proliferation of digital technology, business coaching is a high-margin, low-cost business model that can be deployed part-time—at least initially!

Now, with the proliferation of digital technology, business coaching is a high-margin, low-cost business model that can be deployed part-time

I’m Not Good at Marketing

I’m not going to lie to you: marketing is at the heart of success in business coaching. However, you don’t have to start from scratch. At the Coaches’ Coach we’ve spent the last 15-20 years developing and refining proven, predictable, effective marketing strategies that you can take and deploy in your chosen market. It’s not a cakewalk—you have to actually implement the strategies consistently and carefully—but it’s not as intimidating as you might think.

More Resources

Like what you’ve read so far? Here are some more resources to get you going:

  • Andy Jacob at Dot Com Magazine is always looking for entrepreneurs to interview—you could get a video like this to jumpstart your business coaching career.
  • We literally wrote the book on this—and it’s free! Download How to Become a Business Coach and get more wisdom for prospective business coaches.
Eric Dombach

About Eric Dombach

Eric Dombach is the Founder of Coaches’ Coach. In 2001, he founded a business coaching firm that, by 2005, was generating more than $1 million USD in revenue, 23% operating profit, and average annual growth rate of 140% per year. In 2005, he sold the firm to 4 of his employees for $1 million U.S. dollars, generating a return on capital of more than 800%. Since then he has trained more than 1,300 independent and franchise business coaches in the United States, Canada, Mexico, Europe, and Australasian markets.

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