Buy a Business Coaching Franchise License for Pennies on the Dollar

Buy a Business Coaching Franchise License for Pennies on the Dollar

Like anything in business, your goal is to buy low and sell high. But there are literally thousands of people who have foolishly paid top dollar for business coaching franchises they now regret owning. This represents a huge opportunity for you. If you’re interested in a franchise system, all you need to do is find a coach who wants out and buy their business coaching franchise license for pennies on the dollar, or less. You’ll actually be doing them a big favor by relieving them of their monthly royalty payments.

As soon as you receive the Franchise Disclosure Document in your due diligence process, start with the list of franchisees who are currently involved in litigation. They will be the most motivated sellers. Begin calling every single franchisee in the list and leave a message if you don’t get an answer.

Here’s a script to get them calling you back:

“Hi, my name is _____ and I’m currently exploring the franchise opportunity with _____. I’m interested in the possibility of paying cash up-front for your franchise license and relieving you of your monthly royalty payments immediately. Please, call me back ASAP at _______ because I’m moving quickly on this. Thanks!”

When they call you back, don’t elaborate. Just tell the franchisee that you want to buy their license. In many cases, the franchisee will basically GIVE it to you — as long as you’re willing to assume the liabilities they’re trying to get out of.

If they won’t, walk away and find another franchisee. There is NO compelling reason for you to pay much for the license, because the business has no assets. Otherwise, it wouldn’t be up for sale! If there are any client relationships, DON’T pay for them, because they probably won’t survive the transfer of ownership from the existing coach to you, trust me.

When you share this tactic with your sales rep, be prepared for a little hand-wringing and hullabaloo. Ultimately, though, it will blow over, because it’s actually in the franchisor’s best interest for you to buy up used licenses, too!

Why the Franchisor Benefits from You Buying a Business Coaching License from a Franchisee

Every time a franchisee fails, the franchisor has a couple options: they can resell it or just de-activate the license.

Re-selling is always preferable because of a pesky little requirement by the FTC that franchisors hate. The FTC requires all failed franchisees to be reported in the FDD to protect you. The FTC wants you to see how many franchisees are really failing!

BUT – how it’s reported is the key. If the franchisor can sell the failed franchise license for even $1, they can show it on the FDD as a “sold/transferred” license. This makes it impossible for you to know the condition of the sale.

The franchisor wants you to believe that these franchisees made a fortune and decided to sell their businesses for big bucks and ride off into the sunset — as I did. But this is a VERY rare accomplishment in the industry. So showing the license as “sold/transferred” is usually a way of concealing failure from unsuspecting consumers.

Showing the [business coaching] license as “sold/transferred” is usually a way of concealing failure from unsuspecting consumers.

Of course, even when you get a franchisee to practically give you his license, the franchisor will still
try to make you pay for training, usually $10,000 to $25,000. They might also try to make you pay
a “transfer fee” — which really just amounts to another line of business for franchisors. (In fact, the
larger franchisors have people in their legal departments who focus on transferring licenses and, in
some cases, get paid bonuses for how much they collect in “transfer fees.” Amazing!)

But don’t give in so easily. Everything is negotiable in business. You can negotiate the training and
transfer fees just like anything else. Do you want to see the franchisor become suddenly very willing
to negotiate? Tell him that you WILL be buying a franchise license. It’s just a matter of who you buy
it from. Tell him the names of the other franchisors you’re talking to. Make him accept your offer.

If there’s one thing I hope this chapter has driven home for you, it’s YOU ARE IN CONTROL.

There are so many opportunities available that you NEVER have to pay full price for a franchise —
unless, of course, you enjoy giving your money away. 🙂

For more due diligience strategies as you consider purchasing a business coaching franchise license, check out our FREE ebook, The Business Coaching Franchise Buyer’s Guide.

Swipe Our Proven Webinar-Filling Email Formula

Swipe Our Proven Webinar-Filling Email Formula

One of the most effective ways to build your pipeline is the webinar—a tried and true strategy for adding value to your prospective clients and giving them a taste of how coaching will help them.

But how do you fill those webinars up?

Over the years, we’ve tested dozens of different marketing approaches, email sequences, and messages to drive webinar registrations.

Through trial and error, we’ve unlocked an 8-email sequence that fills our webinars time after time.

Want to swipe it?

Of course you do.

Buckle up.

Emails 1-5: Add Value

Your first step is to add value.

You do this by teaching—yes, right there, within the emails themselves. Send these out over a 2-4 week period before the webinar begins, one or two per week.

Don’t just tell people what you’re going to teach them if they register for the webinar; actually teach them. Whet their appetite. Make them glad they opened your email, regardless of whether or not they register.

Don't just tell people what you're going to teach them if they register for the webinar; actually teach them. Whet their appetite. Make them glad they opened your email, regardless of whether or not they register.

The teaching can be somewhere around 3-12 paragraphs. But make it impactful. Here’s an example from the Coaching Through Coronavirus webinar series we launched in March 2020, right as the pandemic was picking up steam:

Today, I want to help prepare you for what’s coming next, so you know how to advise your business-owner clients this week.

But first — here at Coaches’ Coach, we have a fascinating vantage point on COVID-19 and the recession because our global network of 6000+ coaches is feeding us info 24/7 on how SMBs are fairing. Thank you! We’re better together. On a personal note, I’m so grateful for how our global network of coaches are helping each other right now. It’s so inspiring! You can join the conversation here: www.coachescoachgroup.com 

SO, in each of the 3 recessions/crises I’ve been through over the last 20 years as a business coach, I’ve seen the same pattern unfold:

SHOCK => ADAPT => EXECUTE => SCALE/FAIL

Please teach this model to your business-owner clients what to do in the coming weeks and months because they get to choose whether they Scale or Fail in this process. It all depends on the choices they’re making right now, with your help.

Shock: In the first few weeks of the crisis, we’re reeling from sensory overload, trying desperately to make sense of the craziness. It feels overwhelming as wave after wave of bad news just keep coming. What just happened?!

Adapt: Slowly we begin piecing together a coherent, rational perspective on what’s happening and how the new realities will irrevocably redefine our world in the near term. We begin developing a strategy to adapt our business to seize the opportunities before us.

Execute: Then we go to work. Long days and short nights. We communicate relentlessly with our team to steady their emotional state. Conversations with customers to add ever-more value and understand their new realities. We invest heavily to adapt or create new products/services from scratch at a furious pace, while right-sizing our expenses and conserving cash.

Scale/Fail: It’s a simple, inevitable reality that some businesses will begin to scale again on the back end of this crisis while others won’t make it. Those who dig deep, invest, adapt, and execute may survive. Many won’t. Their future is hanging in the balance right now.

And here’s where YOU as a business coach can change the world, one business, one family, one business-owner at a time! 

From where we sit, it seems that SMBs around the world have begun moving through Adapt and into Execute. Many of them will Fail because they won’t Adapt fast enough. Many of them won’t Execute effectively. They need your help to survive! They’re simply too close to their own situation to do it well.

Do you see what we did there? We provided a framework, a mental model, to help our coaches and their clients adapt to the disruption that had just descended. We provided insight, thought leadership, and encouragement—all for free.

And we didn’t just do it once. Like I said, we crafted five such emails, and each email had a different hook or insight. It takes some creativity and care to truly add value in an email, but the pay-off is worth it. Don’t skimp here.

Once you add value through solid teaching, pivot to pitching the webinar.

See what I mean in the transition below:

We want to help you as you help your clients. That’s why we’re doing something right now that we’ve never done before at Coaches’ Coach.

We’re doing FREE Weekly Group Coaching sessions each Monday!

Coaching Through Corona: How the World’s Top Business Coaches Are Helping Their Clients Survive and Scale Through This Crisis

Register HERE.

Then, create a list of heavy-hitting benefit bullets about why the webinar is not to be missed. Such as:

Here’s what we’re working on together each week:

How the coronavirus will impact small to midsize businesses around the world and how to get your clients ready for the next 6 to 18 months.

What the world’s rockstar business coaches are doing with their clients RIGHT NOW to help their clients weather this crisis and secure their own coaching engagements.

The #1, most frequently overlooked opportunity for every business owner in ANY crisis, and how you can help your business-owner clients seize this opportunity!

How to advise your business-owner clients if they are cash-flow positive now, but concerned about losing revenue OR if they’ve gone cash-flow negative and have begun to panic.

The top 10 ninja tricks you and your clients can use to create revenue and cash reserves in an economic down-turn.

How to quickly and easily help your business-owner clients get access to cash using asset-based credit line programs up to $2 million, invoice factoring, and equipment financing.

How to leverage our 5 Steps to Freedom framework and our 21 Silver Bullets to get your clients out of Chaos and back up to Control, and then onto Prosperity, even in the midst of a crisis.

Why the coronavirus is a massive opportunity to help your business-owner clients AND build your business coaching practice — IF you know what to do!

How to maintain the mindset of a leader not a follower, courage versus fear, confidence versus panic!

Finally, include a solid call to action—tell them exactly what to do.

These are no-nonsense, no-fluff group coaching sessions — hard-hitting, practical, and immediately useful content on how to help your clients survive and scale during this unprecedented global challenge.

Coaching Through Corona: How the World’s Top Business Coaches Are Helping Their Clients Survive and Scale Through This Crisis

Register HERE.

We want to help you to rock this crisis and keep you and your clients moving forward.

This is the time for our network of business coaches around the world to believe in themselves and the power of our profession. 

Let’s go team!

Email 6: “Tomorrow”

The day before the webinar, send a reminder. Don’t include teaching, just your list of benefits and two calls to action. The first call to action should be a link to register before your list of benefits, and the second should come after.

Yes, you can use the same bullet points as above.

Email 7: “Are You Joining, [Name]?”

Schedule this email to go out a few hours before the webinar begins. It should be short and sweet. No bullet points, just a simple prompt, like this:

Just hours to go before our FREE Weekly Group Coaching session!

We’re going to teach you the strategies and processes that have helped 1,000’s of business coaches and their clients beat the previous recessions.

Coaching Through Corona: How the World’s Top Business Coaches Are Helping Their Clients Survive and Scale Through This Crisis

Are you joining us?

Register HERE.

It’s time to add more value to existing clients and capture new clients!

Email #8: “If You Missed It

The day after the webinar happens, send a short, quick email that reiterates the offer you made at the end of the webinar (usually a complimentary coaching session) and includes this line:

“If you missed it, just email me back and I’ll give you the replay link.”

When somebody responds that they want the replay link, manually respond, “Sure! What’s your mobile number so we can follow up with you later?”

You’d be surprised at how many people will give it to you—and when they do, you have a new lead to plug into your telemarketing pipeline.

If they don’t respond within a day or so, I usually send the link along anyway: “Here it is, enjoy!”

Using this formula, you’ll be able to fill more webinars, follow up with more leads, close more clients, and coach more businesses. Enjoy!

For more rock star coaching strategies like this, check out our FREE ebook, Secrets of a Business Coaching Rock Star!

Earning Potential for Business Coaches

Earning Potential for Business Coaches

Business coaching has a high earning potential for those with the right skills, strategy, and implementation.

Whether you’re an executive, manager, or business owner looking for a great way to supplement your income part-time, or an entrepreneur seeking to establish a rewarding full-time practice, business coaching could be your answer.

Successful business coaches typically make between $100,000 – $300,000 a year.  They do it working 30-40 hours a week, often from their home office.  Business coaches charge clients anywhere from $1,500 – $3,500 a month for a few hours of coaching and consulting time per week…generating effective hourly rates of $500 to $750, or more.

But are business owners really willing to pay business coaches that much money — and, if so, why?

Small Businesses Need the Assistance of Skilled Business Coaches

The answer lies in a little-known secret about the backbone of the global economy: small to mid-sized businesses.

There are over 30 million small businesses in the United States, accounting for a full 99.7% of all employer firms…nearly 50% of all jobs…and about 44% of GDP in the United States.

And yet, most of these 30 million small business owners get started because they have an interest or skill and decide to build a company around it—NOT because they know anything about running a business based on sound management principles.

So, after they launch their businesses, it’s only a matter of time before they realize they need professional help.  That’s when they call a business coach.

That’s why business coaches make so much money.  These small business owners are willing to pay for the assistance they need to succeed. 

That's why business coaches make so much money. These small business owners are willing to pay for the assistance they need to succeed.

After all, a good business coach can increase profits by hundreds of thousands, even millions of dollars, simply by giving small business owners the tools and information they need to solve problems and be successful.

It’s no accident, then, that business coaching has blossomed into a $11.6 billion industry.

But How Much Can I Make as a Business Coach?

Of course, just because some coaches can make six figures in coaching doesn’t mean every coach will.

If you’re considering becoming a business coach, your next question probably relates to how much you, personally, can expect to make if you start your own business coaching practice.

And the answer, as unsatisfactory as it may be, is simple:

It depends.

It depends on your skill level. It depends on your commitment. It depends on the business coaching curriculum you use. It depends on the support you surround yourself with.

There are no guarantees, but if you want to become a business coach, why don’t you start with my FREE ebook, How to Become a Business Coach? It will show what business coaching is…how to get started…and what it takes to succeed.

As you continue looking into business coaching, I’m confident you’ll discover that it’s a promising vocational path. Best wishes as you learn more!

My Top Productivity Hack for Business Coaching Success

My Top Productivity Hack for Business Coaching Success

Happy New Year! If you have a resolution to accomplish more than ever before in 2021, I’d like to share with you my number one productivity hack.

It’s the simple “default calendar” I’ve used for years, and have shared with hundreds of my business coach clients.

Here’s how it works.

Split your day into three basic blocks of time: morning, lunch, and afternoon (plus, the bonus time: evenings and weekends).

Each block has a specific objective that allows you to focus, build momentum, and stay productive.

After many years in this business, I know the right mix of activities and the best way to plan my day and allocate my time to build a healthy business.

As you’re planning for success this year, try adapting this default schedule as your own.

Mornings Are for Sales

Each morning, review your Vision Book and Affirmations. You can learn about the power of the Vision Book HERE and get a Vision Book template HERE.

After that, catch up on emails and administrative tasks that would serve to distract you if left incomplete.

Then, sharply at 8 a.m., begin your call block and continue until noon.

The single biggest key to success in your Business Coaching Practice is as follows: Don’t end your daily call block each morning UNTIL you’ve booked at least one Complimentary Coaching Session!

The single biggest key to success in your Business Coaching Practice is as follows: Don’t end your daily call block each morning UNTIL you’ve booked one Complimentary Coaching Session!

During your call block, focus on calls to the following groups in order of priority:

  • Your newest, warmest leads.
  • Unconverted leads from past Complimentary Coaching Sessions or seminars.
  • Prospective referral partners from your personal network.
  • Prospective strategic partners.
  • Past clients that have left your coaching program but could be re-engaged.
  • Cold leads from your marketing list.

Lunch is for Partners

Lunchtime can be productive and fun if you take some time to mix business and pleasure.

Over the lunch hour (in person, when possible—at least, in non-pandemic times!), meet with prospective personal network referral partners and strategic partners.

Find ways to work with your contacts: cross-promotions, revenue shares, referral rewards, and more. You’ll be surprised at the creative partnerships you can dream up!

Afternoons Are for Coaching

Use afternoons to conduct your Complimentary Coaching Sessions and to coach the clients you’ve landed.

I find coaching the most energizing, so this gives me a chance to refresh and renew myself after a long day. It always helps to sign off on a high note!

Be sure to end each day by reviewing your affirmations and your vision book again.

Evenings and Weekends Are for Rest and Recreation

Once you’ve put in a productive day, set your work aside. You need recovery time—time to breathe, time to hang out with family and friends, time to pursue hobbies and recreational activities, time to fill your cup with what brings you joy.

Rest and recreation are just as important as work. Give yourself sabbath.

Get more tools like this one with a FREE 30-day trial to our comprehensive business coaching system.

A Strategic Plan Should Be Your First Step with Coaching Clients

A Strategic Plan Should Be Your First Step with Coaching Clients

Every coaching engagement should begin with a strategic plan.

Why?

Because a strategic plan clarifies the mission, vision, and values of the team as well as long and short range goals.  This allows you to ensure that everyone is on the same page—and to help you and your clients mutually define what success in your coaching engagement looks like.

It also gives you an opportunity to collect a larger upfront coaching fee.

Here’s how I do it.

When I land a coaching client, I collect the first month’s fee, plus an additional month’s fee for what I call “team day”—when we gather the key team members to create the strategic plan together. This adds value for the business and unifies the team behind the plan, which helps ensure that your coaching efforts will be successful.

Then, I introduce my clients to the one-page strategic plan. This tool, developed by Verne Harnish of Growth Institute, is a powerful way to help businesses find strategic alignment.

During the team day, we work to fill it out in full, and to get buy-in from all the critical team members.

Let’s walk through it together.

Download your own copy of the 1PSP at Growth Institute.

Get the Big Picture

The first thing you do in the strategic planning process is to take the time to step back from the business and survey the landscape. Therefore, your clients will complete a SWOT analysis and name their key reputation and process drivers. This allows them to get some space from the day-to-day pressures of the business and see things from a 20,000-foot view.

Then, have them articulate their core values and beliefs. It really helps them think through why they do what they do, to find a reason for being that goes even deeper than profits.

It really helps them think through why they do what they do, to find a reason for being that goes even deeper than profits.

Finally, they need to name their Big Hairy Audacious Goal. By this, I mean a massive crazy-wild objective that a company can really aspire to for years. And I’m talking Big: a dream, a vision, your clients’ equivalent of sending the first man to the moon—something that can rally people and inspire mass change.

Build the Structure

Once they’ve named the big picture for which they’re striving, it’s time to operationalize it.

Here, we break things into 3-5 year targets, annual goals, and quarterly actions. These should be in service of the BHAG and bring the organization closer and closer to achieving it.

The quarterly actions are where the rubber meets the road: these are the actual tasks that need to be accomplished day-in and day-out. During the team day, it should be crystal clear who is responsible for which quarterly actions, so that you can hold everyone accountable to the strategic objectives.

Coach from the 1PSP

Finally, a strategic plan is only as good as its implementation! During every coaching session, review the 1PSP and get updates on the quarterly actions; hold your clients accountable to the goals they set with it.

Every quarter, bring the team back together for a 2-4 hour session to report back on their progress and to set objectives for the coming quarter.

If you do this right, you’ll find that you and your clients will be able see their progress over time. This will lead to stronger businesses, more satisfied clients, and long-term success for you and your clients.

For more great strategies like this, check out our FREE ebook, Secrets of a Business Coaching Rock Star.