There is a big demand for business coaching. In fact, it is one of the fastest growing industries in the world. If you are already a coach or considering becoming one, buying into a franchise should give you structure, proven systems and methodologies, and the support of a community to make a success out of your business coaching business.
P.S. If you are still exploring the idea of becoming a business coach read our blog: Franchising Vs. Going At It Alone
But, not all business coaching franchises are equal. As with any franchise, the frameworks, tools and level of support provided by coaching franchises will differ. You must do your homework to avoid investing in a coaching franchise that isn’t right for you.
First things first.
Be clear about why you want to get into coaching. This line of work is for people who want to help other people grow. It is about helping other people make a success out of their businesses. In turn, your business will be successful. It also requires patience, empathy, diligence and work. What you put in, is what you get out. The greatest reward however is seeing your clients realise their dreams.
As we have said, not all franchises are created equal. Research the different business coaching franchises to learn about their models and values. You might find some too rigid and others to lax in their approaches. The best way to find out what a franchise is really about is to talk to franchise partners.
Use your contacts, online forums and even Facebook to find out what others’ experiences have been with the business coaching franchises you are considering. Understand the services they provide and make sure that these fit with the types of services you want to offer. Brand and reputation are crucial. You want to be part of a franchise that has credibility in the market. It will make marketing your business and attracting clients so much easier.
Ask yourself…
Evaluate the level of support and mentorship as well as the administrative tools you will get. When you invest in a franchise, you can expect support with marketing, sales and admin. One of the highlights of being part of a franchise is the opportunity to be part of a support community. Your franchisor and fellow franchisees will be an invaluable source of support. Choose a franchise that has a great community. Becoming part of the ActionCOACH family for instance connects you to a global community of experienced business coaches from day one.
Ask yourself…
Look at the cost of investing in the franchise. Is there a training fee? what are the ongoing costs such as royalties as well as the running costs such as office space (if you choose to have an office), marketing, internet and telecommunications etc. You may be governed by set pricing structures so go through the details of your contract with the franchisor in detail. You must be comfortable before you sign anything.
Ask…
One of the greatest benefits of buying into a franchise is the set structure, systems and tools you will get to help you run your business. Assess different franchises to determine what exactly you will be getting for your investment.
Ask…
Don’t be blindsided by promises. Carefully evaluate the earning potential of the business coaching franchise against the costs of investing into it. Do the math and be realistic about what you could earn. Speak to other franchisees to find out how they have structured their businesses and if they are earning what they intended.
Ask yourself…
As with running any business, you will have to get to know your market, understand your potential customers, be knowledgeable about the services you offer, know how to use the toolbox, and know your way around the IT systems. To be up and running as quickly as possible, you need training. The franchise should offer orientation and training on all of these aspects. Certification also adds to your credibility with clients. ActionCOACH’s training is unparalleled and the ongoing support is unmatched in the industry.
Ask…
Business Coaching is already an $11.1B industry, and the growth shows no signs of slowing down. If you're looking for an opportunity to start a business AND make a difference in your community, ActionCOACH may be the perfect fit.
We're the world's largest business coaching franchise, and we're experiencing tremendous growth in the post-pandemic economy thanks to our new Entrepreneur Membership Program, a subscription-based offer for business owners. As a franchise owner with us, you'll be part of a dynamic industry that is making a positive impact on businesses in your local Community.
We teach you all the skills you need to run a successful business coaching firm. We also help you develop your business plan and business launch together with a full marketing plan and team to support you along the way.
Click here to find out more about ActionCOACH Franchise opportunity!