by Eric Dombach | How to Become a Business Coach
There’s a need out there, folks. A need for your skillset, compassion, and mentorship. A need for someone to help struggling business owners find more freedom in their businesses and lives. A need for more business coaches.
I’m here to make the case today that you should become a business coach.
Yes, you.
The Need
In the United States alone, there are over 7.2 million businesses that have enough substance and enough growth to have payrolled employees. And 98% of these businesses have fewer than 100 full-time employees.
This means that in the United States and North America, the vast majority of entrepreneurs have these businesses, slugging it out every day, doing their best, making a living, and helping their employees make a living. It’s literally the backbone of what we used to call “the American dream.”
But we know, from a lot of research that’s been done, that out of every 100 independently owned small businesses, about 90% of them will fail within 10 years. Sad, but true.
So why does this happen?
Mapping the Trends
The Service Corps of Retired Executives (SCORE) has looked into the question of why 90% of small businesses fail in 10 years. Their results?
- 78% lack a solid business plan
- 73% are overly optimistic about their ability to get sales
- 77% don’t price their products or services properly
- 70% don’t recognize where they’re vulnerable or seek help when they need it
The Good News
But this just opens the door to opportunity for entrepreneurs like you–because business coaches can reverse this trend! As a business coach, you help struggling business owners correct the problems SCORE outlined above…and in the process, build a thriving business yourself!
As a business coach, you help struggling business owners correct the problems SCORE outlined above...and in the process, build a thriving business yourself!
And, by the way, with the way business coaches now operate in our virtual, internet-based world, business coaching has become a hyper-profitable business you can run from anywhere.
How Much Do Business Coaches Earn?
I chose the words “hyper-profitable” for a reason. Many of the coaches we’ve trained are able to build businesses that look a lot like this (EBR in the chart stands for “Effective Billable Rate”):
Of course, you don’t just waltz into this kind of revenue. You need to start smart, have an effective sales and marketing plan, and some basic characteristics that translate to being a good coach.
But it’s not true that you need a university degree, certification, or 20+ years of experience in business to be successful. What you really need to do is decide, commit, and act.
Where to start?
First things first, I suggest reading our FREE ebook, How to Become a Business Coach. It walks you through everything you need to know and do to get started on the right foot. I might also suggest checking out Do You Have What it Takes to Be a Successful Business Coach, which outlines the eight behavioral attributes that have been proven to correlate to success as a business coach with 95% certainty.
There is a world of opportunity out there…and literally millions of business owners who need a coach to guide them to higher levels of success. If you’re considering becoming a business coach, don’t wait: NOW is the time to explore further. You’ll be glad you did!
by Eric Dombach | Business Coach Training
You ever find yourself in one of those conversations where someone asks you what you do for a living? And when you reply that you’re a business coach, they give you a blank stare. You know, kind of like that scene in Office Space:
Especially when you’re networking or meeting new business owners, the more compelling, interesting, and informative your response, the more conversations you’ll be able to strike up…and turn into potential new clients!
Over the years, I’ve tried a few definitions of what a business coach is, but recently settled on one that I think explains it faster and better than any I’ve encountered yet. See what you think–maybe you can start using it when you only have a sentence to describe what it is you do!
So…what is a business coach?
A business coach is a professional advisor who mentors business owners in growing their businesses so that the incremental cash flow more than pays for the customized business education the coach provides.
Let’s break that down.
A business coach is a professional advisor: This means that a coach isn’t a buddy or a cheerleader, but a true professional with ethical standards and specialized expertise that are worth paying handsomely for.
who mentors business owners: Business coaches work hand-in-hand with their business owner clients in a mentor-mentee relationship. This means that the mentor (you) holds the mentee (the business owner) accountable to do the work necessary to grow the business–which is the exact opposite of a traditional consultant-client relationship, and therefore much more lucrative!
in growing their businesses: Business coaches help business owners see what’s standing in the way of their businesses being as profitable, efficient, and impactful as positive–so that the business owners can overcome those obstacles and grow.
so that the incremental cash flow: Coaching relationship doesn’t offer a quick hit, get-rich-fast, pie-in-the-sky, solve-all-your-problems-overnight kind of promise. Instead, a business coach specializes in helping clients grow their businesses incrementally–which means sustainably, and therefore effectively, for the long-term.
more than pays for: Still, although the gains may be incremental, they need to be substantial enough to pay for the investment the client makes in business coaching…and much more! When you’re able to demonstrate this kind of value, your clients will stay with you for years.
their customized business education: The value of a coach vs. a do-it-yourself business course is that the education and training a coach provides is specific to the needs of the business owner’s unique situation. This means better results, faster.
The next time someone asks you what a business coach is, try this explanation and see how it works!
And for more hot tips and tricks, check out our FREE ebook, Secrets of a Business Coaching Rock Star.
by Eric Dombach | Business Coaching Systems
If you’re struggling to attract business coaching clients, chances are good at least one factor is that your marketing is too generic. That is to say, you haven’t clearly and comprehensively defined your target audience. The fact of the matter is that you can’t be all things to all people; you need to specialize as a business coach so that you can send laser-targeted marketing messages that stand out in a crowded world.
There are three ways to specialize as a business coach. Here’s what they are–and how to choose the one that’s best for you.
The fact of the matter is that you can't be all things to all people; you need to specialize as a business coach so that you can send laser-targeted marketing messages that stand out in a crowded world.
Local Legend
First is what we call the “local legend” coach. This is someone who is focused on a particular geographic market, such as a metro area, state, or specific community. A local legend is a generalist–which isn’t to say you aren’t highly skilled! Rather, you work with companies of all types of industries if they fall within your geographic area. Typically, your clients will be local businesses, such as a plumbing company, a local media group, or a contractor.
Often, local legends make connections through in-person networking or “bold walking,” because they’re particularly effective in real-life conversations. You might even hold some sessions, retreats, or seminars in person, to provide a personal touch and experience. (Though be careful; time is your most valuable asset as a business coach. Don’t waste it driving to and from in-person meetings in a world in which Zoom exists!)
I started my career as a business coach as a local legend, and quickly grew my practice to employ several associate coaches and reach a 7-figure valuation. This is a great way to connect, add value, and become prominent in your local community.
Global Guru: The Industry Specialist
The next option is to become a “global guru” who specializes in a particular industry. This is an especially effective choice if you have experience in a specific market vertical–say tech start-ups or medical practices. For global gurus, your work is not location-dependent. You’ll work remotely, coaching clients pretty much exclusively on Zoom.
To find prospects, go to industry events, buy targeted mailing lists, and join industry-specific online communities. A solid website, complete with automated lead nurture processes and highly targeted content is extremely important for global gurus.
After selling my local legend business coaching firm, I shifted to becoming a “global guru”–that’s what the Coaches’ Coach is all about!
Global Guru: Competency-Based Specialist
Another way to specialize as a business coach is to market yourself as someone with a specific business competency, such as sales or operations. As with the industry specialist, you’ll work remotely, coaching clients via Zoom. The difference is that instead of targeting a specific industry, you work with companies in multiple industries that need targeted, intensive help in a major area of their business. This is a great option if you’ve had similar roles in various industries, such as sales director, chief operations officer, or accountant.
To find prospects, invest in search engine optimization and digital advertising so that you can capture leads when they’re searching for resources on your area of expertise. Digital marketing will be the name of the game for you.
Sales, marketing, operations, and finances are some of the most common competency-based specializations I’ve seen, and many of our clients have adopted this approach with incredible success.
Not sure how you should specialize? Our business coaching certification program walks you through the process of determining which makes the most sense in your case. Check it out to learn more!
by Eric Dombach | Business Coach Training
Recently, we received word that Corporate Vision Magazine named the Coaches’ Coach Best Business Coach Training Provider 2021 – Texas.
This award is judged purely by our in-house team with all potential winners assessed against multiple relevant criteria, including company performance over a given period of time, expertise within the industry, sector or region, previous accolades won, and client testimonials or recommendations.
According to Corporate Vision:
Now in its 6th year, the Corporate Excellence Awards continue to showcase the companies and individuals that are committed to innovation, business growth, and providing the very best products and services to clients across a wide range of industries.
Our team focuses on a range of sectors from across the business landscape in order to provide a fair and accurate representation of the best in business. There are no limits when it comes to company size or geographical location, we only look to identify recipients based on merit and celebrate those who have worked tirelessly to reach where they are today.
This award is judged purely by our in-house team with all potential winners assessed against multiple relevant criteria, including company performance over a given period of time, expertise within the industry, sector or region, previous accolades won, and client testimonials or recommendations.
We’re grateful for the recognition, but even more grateful for the clients and coaches we’ve been able to serve over the years. You make our work possible and meaningful.
And if you’re interested in discovering what exactly Corporate Vision saw in our work to honor us, I invite you to try a FREE 30-day trial of our comprehensive business coaching system! Get inside, dig around, and see for yourself. I feel confident saying it will help you create the breakthrough you’ve needed in your business coaching practice.
by Eric Dombach | How to Become a Business Coach
If you’re just starting your business coaching career, pay attention. One of the inescapable truths about business (and this goes for any business, not just coaching) is that there’s ONE MAJOR FACTOR separating those who are successful from those who aren’t:
Massive action.
Many people dream big…but they never actually put their money where their mouth is. As a result, they bounce from idea to idea, opportunity to opportunity, hoping they can make something work easily — but never stick with anything long enough to give it a real shot.
Many people dream big...but they never actually put their money where their mouth is. As a result, they bounce from idea to idea, opportunity to opportunity, hoping they can make something work easily -- but never stick with anything long enough to give it a real shot.
And then they wonder why they never succeed.
The lesson here for you?
If YOU want to be successful, now is the time.
Action Items
Fortunately for you, we’ve developed resources that will take you step-by-step through the process of becoming a business coach and launching your business coaching career. Here’s everything you need to do:
STEP 1. Download and read our FREE ebook, How to Become a Business Coach. Part guidebook, part launch checklist, this hugely practical resource gives you a big-picture overview of the coaching industry as well as the nuts and bolts of getting your business off the ground.
STEP 2. Check out our report, Do You Have What it Takes to Be a Successful Business Coach. Rooted in our own independent research, we can predict your success (or failure) as a business coach with about 95% certainty based on your psychometric profile. Lots of failed coaches wish they’d known this before they took the plunge.
STEP 3: Get our one-page roadmap on transitioning into business consulting or coaching. This is especially for executives who want to safely and confidently transition without breaking the bank or reinventing the wheel (though others could benefit from its wisdom, too!).
STEP 4: Request to join our Facebook group, Rockstar Coaching Program. Here’s where you’ll stay connected to some of the most successful business coaches on the planet — as well as network with new coaches just like you. You’ll be able to ask questions, join discussions, and stay up-to-date on all the most important strategies, success stories, and developments in the industry. I can’t emphasize enough how important being connected is — so join NOW.
STEP 5: Consider applying to our 52-week business coaching certification program. This is a live mentorship program where you’re coached weekly by me or one of my elite certified coaches’ coaches. It’s the only program where you can walk in as a noobie and walk out a multiple six-figure earner.
Now you have no excuse! It’s time to become one of the few who engage in massive action so that you can launch your practice and start your business coaching career!
