Ever thought, Could I do business coaching?
So what's holding you back?
If you've built a successful business, you've got a wealth of knowledge, skills, and advice to share. You may need to hone your leadership skills, but there are plenty of struggling business owners who'd happily pay for a professional to coach them on their journey to profitability and freedom.
Business coaching has been around for decades. Even the most popular entrepreneurs like Steve Jobs work with coaches to level up their services and businesses.
And as a coach, it's rewarding to see so many talented business owners transition to coaching.
So if you have the personal goal of becoming a business coach, this guide will help you on your journey.
If you're wondering, why business coaching? Click the link to read up on the benefits.
The business coaching industry is unregulated. You can search for coaches on the web, and you'll see endless options. Likewise, anyone can pretty much call themselves a coach.
This is when you start assessing yourself. Do you have what it takes to be a business coach? Here are three questions to ask yourself:
This is probably one of the most common questions I get when it comes to business coaching.
Frankly, no. You don't need a degree to become a business coach.
But, if you want to boost your credibility, earning coaching credentials from an accredited organization like the International Coaching Federation is a huge help. Based on ICF's study, 83% of clients agree that accredited credentials are vital. And this drives 77% of coaches to get certified.
So, you can get ICF-certified, but many successful coaches chose a different path and still became very successful. You can work with a certified coach for coach training and mentoring. Also, you can take up leadership courses and programs to develop your skills and build a world-class coaching career.
As I said, coaching is business. It's not a nine-to-five job or a corporate profession. So aside from your passion and skill set for coaching, it's important that you also know how to start, run, and manage your coaching business (click to learn more). Here are my tips on how to become a successful business coach.
Before anything else, you have to choose an entity type for your business coaching practice. Here are your two options:
Now what should you choose between the two? Here are a few things that you should consider:
Keep in mind your business goals and where you want to go. Don’t be scared of asking for advice or help from seasoned professionals.As a business coach, choosing the right type of business entity is important. Where sole proprietorship offers freedom and low costs, an LLC provides benefits and protection that are worth considering. The decision is up to you.
Let me give you a quick background on how I started. I was a college dropout who tried to pursue a career in IT. It worked well for a year. Then, I left my corporate job and plunged into starting my very first company.
I soon realized that I’d traded an 8-hour workday for a 16-hour workday with less money and hours of sleep. It was frustrating, and this drove me to work with a business coach.
So for you to become a business coach, you also need to get a business coach of your own. You need someone who already knows the ins and outs of the industry. Otherwise, you're shooting from the hip.
Just like most certified business coaches, you can charge your clients in three ways:
There are business coaches who offer hourly and monthly sessions. Rates range from $75-$1,000. They're the right fit for businesses that only seek initial and one-time coaching.
But if you've just started becoming a business coach, it's highly advisable to charge per package. This helps you calculate the number of months that your clients signed up for, so you can also identify your income and manage your expenses.
The catch is, you can attract more committed and high-paying clients. These are businesses that want to take coaching to the next level and seek your help in the long haul. Coaching packages also generate more sessions, which means you can have a bigger impact on their lives, and you can charge higher.
Here are some factors to help you settle on the right price:
Your competitors' business coaching rates
In my first business, a business coach advised me to become a really good marketer if I wanted to win more customers and upscale my business.
I've learned this the hard way, spending a lot of money on ads without getting returns. I don't want this to happen to you, so here's what you need to remember. You can't hack marketing. You can't simply do a little marketing and expect a massive return.
You need a marketing plan if you want to become a successful business coach. It doesn't matter how amazing you are at coaching people if you can't get clients in the first place.
Your marketing plan can help you target the right people and do whatever it takes to entice them to sign up for your coaching program.
Now that you have a marketing plan, let's focus on how you can be visible to your target market. Business coaches have an online presence, so you should build one for yourself too.
The truth is, you don't have to spend a fortune doing this. You can come up with an effective business coaching strategy that’s cost-efficient, produces tangible results, and doesn’t take over your life!
As a starting business coach, you can focus first on:
For your website, you need:
For social media, take time to answer these questions:
Networking is a surefire way to extend your opportunities and resources. You can't always rely on marketing tactics to win new clients. As you move forward, extend your reach and people will come to you.
There are a lot of platforms that can upscale your coaching business, but again, I highly recommend for you to sign up on social media. For a start, you can set up business accounts on LinkedIn, Facebook, and Instagram.
You can use LinkedIn to connect with CEOs and other executive clients. But if you'd prefer to work with small businesses rather than large corporations, be more active on Facebook and Instagram.
Here are a few business coaching tips to expand your network:
So that's how to become a business coach. While it might sound exciting, I need to warn you that it takes work, time, and effort to establish yourself as an accredited authority in your industry.
You need to be willing to go through coach training and you have to develop a business plan for your company. Identify how you will find new business and what methods you'll use to develop and nurture coaching relationships? What knowledge, skills, and tools will bring a positive impact on their lives.
More importantly, you must want to help business owners overcome challenges, devise strategies for success, build a team, and achieve their goals.
If this all sounds good to you, I’d say to dive in.
Considering everything you've read, do you have what it takes to be a coach?
Are you up for the challenge?
Forget about qualifications. I've been mentoring business owners around the world for the past six years. I don't have an MBA. I never completed my degree. I simply identified a gap in the market and used my knowledge and skills to fill it.
And I learned early on that a client only wants results, so I deliver. So let me ask you this:
Then let's kickstart your online business coaching journey. Click here and complete the coaching certification form.Or get your hands on my coaching toolbox. This handy little toolbox contains every document, guide, and resource I use to get my coaching clients world-class results.
What if you could change the trajectory of your career? I recently launched the Certification Program for agency owners, consultants and marketers who'd like to become a 1-Page Marketing Plan certified business coach.
It's a 12-week intensive CERTIFICATION program that will shortcut your path to business success.How does this program differ from other business coaching programs?
Upon graduation from the certification program:
And you’ll have formed a network of elite like-minded peers to engage with over the years to come. All my graduates have gone on to become successful business coaches and you can too.
You'll get new articles delivered straight to your inbox, plus special subscriber-only content such as podcasts, videos and live training events.
Get free weekly emails that make you smarter at marketing and help you grow your business