If you’re considering buying a business coaching franchise , you no doubt have a lot of questions running through your mind. You might be thinking, “What’s involved in the day-to-day running of a business coaching franchise” or “How much money can I make as a business coach?” Perhaps you’re thinking about both of those things. We believe the more questions you ask, the better.
After all, while owning a business coaching franchise is an exciting prospect, it’s also important you ask as many questions as possible to ensure it’s the right path for you. That’s why we’ve put together this article about the 5 things you should know about owning a business coaching franchise, based on what it’s like owning an ActionCOACH franchise. Happy reading!
5 things you should know about owning a business coaching franchise
1. There’s no such thing as an average day
When you own a business coaching franchise you will be required to wear many different hats, especially in the beginning while you’re growing your business. You may love the idea of coaching and decide to be the business coach in your firm or maybe you prefer to work on the business side of things, creating systems and processes which means you’ll have to employ a coach (or a few).
Either way, expect to also be involved with marketing, sales, finance and HR in the early days. The exciting thing is you can mix it up as much as you want. You might spend one day meeting with prospects, another day coaching, another giving presentations and another in the office working on your cash flow or systems.
2. There are different ways to generate income through business coaching
As a business coach there are many different ways you can generate income the important thing to remember is that you want to create recurring monthly revenue. This can be achieved via one-on-one or group coaching, quarterly strategic planning days, monthly marketing or sales seminars.
There are a variety of ways to earn an income as a business coach so take the time to understand your local business landscape and make sure you have something that is affordable and helpful for all businesses regardless of size or budget. This allows you to really build your brand in your local community and help the very small businesses grow and hopefully one day they too will be able to afford one-on-one coaching.
3.You don’t need a coaching background to own a business coaching franchise
Many people think in order to own a business coaching franchise you need a coaching background. This is not the case. What you do need, however, is a strong business background. If you have ever owned or managed a business before, or if you have a background in sales, marketing or finance there’s a good chance you’ll find business coaching the perfect business opportunity for you.
In order to own a business coaching franchise, you need a solid understanding of business principles, a strong entrepreneurial spirit, a positive attitude and plenty of self-motivation. You also need a healthy dose of passion for helping others and above all else, the drive to succeed.
4. You can work from home when you own a business coaching franchise
Owning your own franchise offers you the flexibility to either work from home or from an office – it’s your choice! If you have the desire to build up a team of coaches and you have the finances to do it, you might choose to run your business from an office from the get-go so you are prepared for the growth that will inevitably come.
Or you might like to start your business coaching franchise from home and work your way up to an office. Alternatively, you can choose to be the sole business coach of your franchise and always work from home, it’s up to you.
5. Remember it’s about the value you bring
Owning a business coaching franchise revolves around providing incredible value to clients. It's not just about the fees they pay, but the immense benefits they receive through your expertise and guidance. Although some may initially perceive the cost as high, it's crucial to help them recognize the substantial returns they can achieve.
For instance, consider a hesitant business owner who hesitates due to perceived expenses. With your proven strategies and tailored guidance, you help them streamline operations, optimize marketing efforts, and enhance overall business performance. As a result, their revenue significantly surpasses the initial investment, highlighting the exceptional value you bring.
Remind potential clients that your experience, knowledge, and dedication make your services worth every penny. Encourage them to envision the long-term benefits and the positive impact on their business growth. By believing in your value and emphasising the remarkable outcomes you can help achieve, you instil confidence in clients, demonstrating that investing in your services is an opportunity they can't afford to miss. Click here to find out more about ActionCOACH Franchise opportunity.