by Eric Dombach | How to Become a Business Coach
Are you a successful business executive interested in a second career? Have you ever considered that you might become a business coach and earn a 6-figure income working from your home office?
If you’re a successful C-level executive or business owner, or even an accomplished entrepreneur looking for a rewarding home-based business you can run part time or full time from your home office, becoming a business coach could be right for you.
Professional business coaching is widely considered to be one of the most lucrative business opportunities on the planet.
Successful business coaches bring in between $100,000 – $300,000 a year. They work 25-50 hours a week, usually from their home office. Business coaches charge their clients an average of $1,500 – $3,000 a month for a few hours of business coaching and consulting time per week…which means their effective hourly rates are around $500 to $750 — and sometimes even more.
But are business owners really willing to pay business coaches that kind of money — and, if so, why?
Business Coaching: Addressing the Needs of Small Business Owner Clients
Small businesses are the backbone of the global economy. In the United States alone, you’ll find more than 29.6 million small businesses. And yet, if you’ve ever worked for an entrepreneurial company, you know that most business owners are in business for themselves because they have a specialized interest or skill — NOT because they are good at business or understand basic management principles! Business coaches fill that gap. If you become a business coach, you’ll be educating passionate entrepreneurs in the business best practices they desperately need to survive and thrive.
And that’s why business coaches make so much money. By empowering the small business owner with new information and tools to lower costs and increase profit, business owners typically realize returns of hundreds of thousands, even millions of dollars from their investment in business coaching. No wonder that they’re willing to handsomely reward the source of such newfound prosperity — their business coach!
It is for this reason that the business coaching has blossomed into a $2.4 Billion industry over the past few years. And demand for business coaches just keeps growing. For an overview on how to consume the growing demand for business coaching with a practice of your own, check out our popular ebook: How To Become a Business Coach.
Is It Possible for ME to Become a Business Coach and Make that Kind of Money?
Maybe. Your first order of business is to found out whether or not you have what it takes to become a business coach. Did you know there’s a statistically validated way to predict your likelihood of success, should you decide to become a business coach? That’s right. You can find out whether or not you‘ll be successful BEFORE you invest your hard-earned time, money, and energy and become a business coach, launching a business coaching practice of your own.
How can we be so certain?
In 2005, as we were onboarding dozens of new business coaches into our international network of business coaching firms, we coordinated a rigorous study of the psychometric data of 55 business coaches who had proven themselves successful using the only metric that really counts: revenue banked from business coaching clients. The results were staggering: in every instance, those who were truly successful — generating anywhere from $20,000 – $40,000 USD (or equivalent) per month in business coaching fees — ALL shared eight behavioral traits that we discovered had a profound statistical correlation to their business coaching success.
This FREE 15-page report reveals exactly how we conducted this ground-breaking study — including a detailed explanation of each of the eight behavioral traits…not to mention a surefire way to determine whether or not YOU possess them. I personally used this research to build a championship team of business coaches in my coaching firm that I later sold for a Million Dollars — an incredible 800% return on cash. This 15-page report is FREE but the information is PRICELESS if you want to be highly assured of success in the highly competitive and lucrative field of business coaching BEFORE you begin.
So, If I Become a Business Coach, How Much Can I Earn?
If you’ve got what it takes to become a business coach, you probably want to know much you, personally, can expect to make. While there are never any guarantees in business, most successful coaches make $100,000 – $300,000 a year. Where you fall in that range is entirely up to you.
What do I mean? Follow along.
If you’re a rookie business coach, you can generally land a business coaching client for about $1,500 per month — or $18,000 per year (and as you become more skilled, you can increase that substantially, winning contracts in the $2,500-$3,500 per month range). Most business coaches can very comfortably handle 10 clients at a time. Even at the lower “rookie” rates, that’s still $180,000 per year — which should net you well over $100,000 after expenses for the typical home office. If you’re willing to serve more clients than that, your earnings push ever higher. Most experienced business coaches can handle as many as 15 or 20 clients at a time.
For an overview of the all the mechanics on building a business like this, check out our popular ebook: How To Become a Business Coach.
ABOUT THE AUTHOR: When Master Business Coach (and former pastor) Eric Dombach started his business coaching practice, he had NO contacts, NO professional experience, and NO marketing or sales skills. Through hard work, dedication, and lots of trial and error, he grew his business coaching practice from $0 to $1 Million in 4 short years. To learn how he did it, download our popular ebook here: How To Become a Business Coach
by Eric Dombach | How to Become a Business Coach
Did you know there’s a statistically validated way to predict your likelihood of success, should you decide to become a business coach?
That’s right. You can find out whether or not you‘ll be successful BEFORE you invest your hard-earned time, money, and energy and become a business coach with and launch a business coaching practice of your own.
How can we be so certain?
In 2005, as we were onboarding dozens of new business coaches into our international network of business coaching firms, we coordinated a rigorous study of the psychometric data of 55 business coaches who had proven themselves successful using the only metric that really counts: revenue banked from business coaching clients.
The results were staggering: in every instance, those who were truly successful — generating anywhere from $20,000 – $40,000 USD (or equivalent) per month in business coaching fees — ALL shared eight behavioral traits that we discovered had a profound statistical correlation to their business coaching success.
This FREE 15-page report reveals exactly how we conducted this ground-breaking study — including a detailed explanation of each of the eight behavioral traits…not to mention a surefire way to determine whether or not YOU possess them!
I personally used this research to build a championship team of business coaches in my coaching firm that I later sold for $1 Million USD — an incredible 800% cash-on-cash return.
If you’re considering become a business coach, YOU NEED THIS INFORMATION!
This 15-page report is FREE…but the information is PRICELESS if you want to be highly assured of success in the highly competitive and lucrative field of business coaching BEFORE you begin.
We know this report will help you on your journey. Get your FREE 15-page report HERE. Enjoy!
by Eric Dombach | Business Coach Training
Here’s some business coach training that can land you 10 high-quality business coaching leads in less than an hour…GUARANTEED.
It’s my proven Business Coaching Referral System.
Why are referrals so important?
Well, it’s no secret that one of the best and most leveraged ways to generate leads is through your personal network — people you know. After all, people are more likely to do business with folks they know — or with people who are recommended by a friend or family member.
So your first step is to think of people in your professional network (clients, partners, friends) who know, like, and trust you enough to answer YES to the following question: “I’m expanding my business and I need your help. Could you meet me for breakfast or lunch on Wednesday to discuss how you can help?”
When you sit down with them, ask them to think of people they know who fit your ideal prospect profile. Emphasize that this is a brainstorming session–not simply a request for referrals. As they list names, write them down. Don’t be surprised if there are 15-20 names on the list. Then ask them to list their “top ten.”
Starting with the last name on the list, ask, “What’s wrong with John? Why is he a #10 instead of a #1?” Whatever they say, you reply, “That’s okay. We’ll get rid of him.” Do the same thing with #9…and so on…until they say, “STOP! The rest are good!”
Why do you ask this way? Because suddenly they become an advocate of those names! And they’re willing to introduce you to them. Arrange a time to be introduced to the new referrals. Then let your sales skills take over.
I’ve used this system over and over in my business coaching practice and have always had incredible results with it. So when you need to land new business coaching clients fast, I always recommend you start here first!
For more great marketing tips and tricks like these, download out my ebook, Secrets of a Business Coaching Rock Star. Or, if you get stuck or need support in the form of systems and expert help on mastering these skills quickly, then book into a Cash and Clients Strategy Session with one of our certified Coaches’ Coaches who will help you get things rocking in a hurry!
by Eric Dombach | Business Coach Training
I got an email this past week from a successful business coach banking about $150k per year.
“I need to bring on about 5 clients quickly (within a month) and I’m wondering what you’d do to make that happen?”
GREAT QUESTION!
Based on the last 10+ years of experience providing business coach training for 1000’s of business coaches, here are the top 3 strategies I’d recommend to land clients fast if you’re in a revenue pinch.
Each of these three business coach marketing strategies work just fine alone, but they’re dynamite when you mix them together!
1) Go through your warm database and start helping business owners on the phone — for free!
You’ve gotta show business owners how you can help them before you can expect them to buy from you, of course. Use our Silver Bullet Call script (download our Silver Bullet Call “Cheat Sheet” for FREE) to start helping business owners over the phone at no charge. At the end of these short phone calls, you’ll book face-to-face, Complimentary Coaching Sessions with prospects where you can help them further and then sign them into one of your business coaching programs.
Prioritize your calls as follows:
Start with your old business coaching clients and give them a call to see how you can help them. Many of them will be ready to get back into coaching with you! Next, call any past Complimentary Coaching Sessions that you didn’t manage to convert on the spot. Some of them will now be ready to start coaching! Next, go through your database and see who’s been reading your blog posts and emails. If they’ve been to a webinar or seminar, you’ll have their phone number and you can call them. Lastly, call those with whom you’ve done Silver Bullet calls in the past. Many of them will be glad to hear from you and ready to meet face to face. Obviously, cold calling is always the very last resort. You should never have to do this if you’re generating plenty of warm business coaching leads in other ways.
Set a goal to book at least one Complimentary Coaching Session (CCS) per day — and don’t stop calling business owners each morning until you do! With a little practice, your conversion rate using our business coaching tools and systems should be 25% to 75%, depending on your level of skill. For business coach training on setting up Complimentary Coaching Sessions with prospect business owners, grab our free ebook HERE.
2) Make a list of your top 20 current or past business coaching clients and set up referral meetings.
In other words, rank your list of business coaching clients based on these qualities: they have a solid business with great growth potential, they’ve received heaps of value from your professional business coaching and they sincerely appreciate it. These clients will love what you’ve done for them and be glad to help you.
Call each of these clients and set up a separate meeting (face-to-face, if possible) during which they’ll give you referrals for their colleagues and vendors who they think need your business coaching and mentoring. Using our referral system, you should get at least 10 leads from each meeting! See this post for a complete run-down of the entire referral strategy.
3) Join a couple networking membership groups (i.e. BNI, LeTip, etc.) and attend at least 3 networking events each week.
When you join a group like BNI or LeTip your goal will be to do everything you can to help your fellow members grow their businesses. The best way to do this is by booking face-to-face meetings with them and giving them a Complimentary Coaching Session (CCS). Remember, this is NOT the normal stuff that most members do during the standard get-to-know-you meetings! Your objective is to get them excited about what you do as a business coach.
Of course, you may be able to convert some of your fellow members…but what you’re really after is their referral power! After your CCS, take them through the process listed as #2 above. You’ll be amazed at how many quality referrals you get from them after you’ve done a Complimentary Coaching Sessions (CCS) with them and they understand the power of what you do as a business coach!
In addition to networking membership groups like BNI or LeTip, you can also identify a whole bunch of other networking events, such as those sponsored by your local Chamber of Commerce. Meet as many people as you can, as fast as you can. You should get at least 10 leads from each meeting like this if you’re following the process we teach on how to get the most out of your networking events. Here’s some business coach training on a networking strategy that really works.
If you’re ready to do all of this on your own, then go for it! If you get stuck or need support in the form of systems and expert help on mastering these skills quickly, then contact us. We’ll hook you up with a Cash and Clients Strategy Session with one of our certified Coaches’ Coaches who will help you get things rocking in a hurry!
by Eric Dombach | Business Coach Training
Your success as a business coach depends almost entirely on how well you invest your time. Here’s some business coach training on time investment best practices.
Time is the number one resource every business coach has to invest. If we all had more of it, then we could make more money, do better work for our clients, and have better personal lives. Why is time so valuable? The answer is simple, unlike every other resource in the world, you can’t manufacture any more time. Time is a deep fundamental of the universe, and the supply is permanently limited.
Over the last decade, one of the defining factors we have discovered between coaches who struggle, and those who succeed is how the manage themselves in relationship to time. If you do not have effective personal systems in place in this area, it’s very difficult to coach clients who face similar challenges. The balance between activity and productivity, or as Stephen Covey says, “Effectiveness versus efficiency”.
Benjamin Franklin, one of the Founding Fathers of the United States said: “Lost time is never found again; and what we call time enough always proves little enough.”
Are you investing your time wisely or poorly?
Try one of the following techniques:
1) Stephen Coveys’ Four Quadrants. Stephen Covey is the number one person we all think of when it comes to time management. Understand his 4 Quadrant technique to determine which tasks are important and urgent. Once you know this, you can spend your time working on the tasks that will grow your business without wasting time and without feeling like you are constantly behind. (Click here to learn more about this.)
2) The Pomodoro Technique. Based on the use of the classic timer the Pomodoro Technique helps you increase productivity by breaking up your time into optimal thinking/working chunks. Increased efficiency is always a win!
3) Avoid Multitasking. We’ve all been trained to think that checking our email while eating while simultaneously working on a client proposal is the best way to do things. After all, we’re doing three things at once! But it turns out that doing more than one thing at once means you aren’t doing any of it well and will probably have to redo it later. Just do one thing at a time.
4) The Getting Things Done method. Getting Things Done is a time and task organization method designed to take your to-do list out of your brain, thereby freeing up mind space for thought and work. With lots of software spin-off options, this technique is great for a lot of businesses.
5) There’s an app for that! Use your smartphone to help you manage your time most effectively. Wunderlist and Evernote are the go-to apps for most people, but there are many, many others. Find the one that works for you and run with it.
How do you effectively manage your time?What techniques are your favorites?
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