The Top 10 Things You Need to Know in Order to Become a Business Coach
Over the years, we’ve talked to hundreds of professionals who are looking to launch business coaching practices. They’ve asked us what it takes to become a business coach and how to do it efficiently and effectively.
Here are our answers to the top 10 questions we get about how to become a business coach:
1) How Do I Start A Business Coaching Business?
To start a business coaching business, your first step is to establish a process for acquiring business coaching clients and coaching them successfully. Many beginners overlook this critical key. In fact, failure to present an effective, step-by-step methodology that helps you quickly and reliably solve business problems for business owners and entrepreneurs will doom your efforts to become a business coach. On the other hand, going to market with a proven method for increasing revenue and profits will make you the go-to person for entrepreneurs in your community or industry niche. There are various options for acquiring a business coach system. You can learn about the pros and cons of each of them HERE.
2) How Much Money Can I Make Offering Business Coaching?
The typical independent business coach will earn $30k to $60k per year or less. But business coaches in our network are NOT typical! Coaches’ Coach is a global network of 6000+ business coaches. We offer a 12-month training process you can go through with a guaranteed outcome of at least $10,000 to $30,000/month in coaching fees. Our process for business coaching client acquisition and retention has been honed and perfected over the last 20+ years and our effectiveness at training business coaches is indisputable. Learn more HERE.
3) What Do You Need To Be A Good Business Coach?
More than anything else, you’ve got to be a great coach in the general sense of the word! All great coaches provide three things:
1) Awareness. Your first job is to help your clients become aware of the roadblocks and obstacles adversely affecting their businesses. You do this by digging into their businesses to “diagnose” the issues, and then clearly communicating where they’re falling short. After all, recognizing and understanding the problem is the first step to correcting it.
2) Education. Next, you guide them to the educational resources they need to overcome their challenges. Many business owners lack any kind of real business training – so you teach them these essential skills using tools, knowledge, strategies, and assignments.
3) Accountability. In order to make sure your clients actually implement what you share with them, you hold them accountable. You provide feedback to make sure they’re doing the work correctly. You stay positive and affirming to ensure they follow through on their objectives. Accountability is one of the most important aspects of coaching, and believe it or not, they’ll thank you for it. Learn more HERE.
4) What Do Business Coaches Do?
Simply put, business coaches are in the business of helping the owners of small-to-medium-sized businesses increase their profits and improve their quality of life. You do this by educating them and guiding them through a process that will increase their revenue and build a team that can run the business for them. Typically, you meet with your coaching clients once a week for 30 to 60 minutes. Most of your coaching sessions are held via Zoom, some in person. Learn more HERE.
Simply put, business coaches are in the business of helping the owners of small-to-medium-sized businesses increase their profits and improve their quality of life.
How Can I Learn the Details of How Your Program Works?
Here’s a 16-minute training VIDEO on how you can generate 10 to 20 high-ticket business coaching clients and bank $10,000 to $30,000 PER MONTH every single month for your expertise in growing businesses and entrepreneurs.
How Do I Get Rid of My Head Trash?
By “head trash” we mean the insecurities and perceived liabilities that you may be allowing to dictate how you feel about yourself and your potential to succeed as a business coach. The solution? A simple but powerful mental reframe that transforms your so-called liabilities into assets in your own mind. Learn more HERE.
What If I Have No System or Curriculum To Use With Business Owners?
Many potential business coaches have hard-won business acumen but aren’t sure how to translate it into training and solutions their clients can easily master. Others worry about whether they can market 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! Learn more HERE.
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 being a specialist isn’t necessarily a liability and can be a huge strength. Second, basic business principles that deal with the core challenges SMBs are facing—namely time, team, and money problems—tend to be universal, regardless of the industry. Your expertise can easily translate into many industries. Learn more HERE.
What If 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 from your home office. So, start-up costs are remarkably low. Learn more HERE.
What If I’m No Good at Marketing and Sales?
I’m not going to sugar-coat it: marketing and sales is at the heart of success in business coaching. However, you don’t have to start from scratch or figure it out for yourself. At the Coaches’ Coach we’ve spent the last 15+ years developing and refining proven, predictable, effective marketing and sales 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 methodically. But it’s not as intimidating as you might think! You can do it! Learn more HERE.