This is one of the questions we hear most often from professionals considering a coaching career.
Do I need a business coaching franchise to be successful as a coach?
The answer I give them? Not anymore.
In my experience, there are three things you need for business coaching success…
- A business coaching system. The more comprehensive, the better. The system should cover everything you need for business coaching success–lead generation, sales conversion, your own business management and metrics…and of course a solid, effective process for coaching and keeping your clients. Without this, you’re flying by the seat of your pants, and losing time and money in the process!
- A mentor. It should be no surprise that a business coach needs a business coach! You need someone who understands the industry and what it takes to win. Business coaches should always be practicing what we preach by employing the services of master coaches and mentors. I have a coach. My most successful business coach colleagues have coaches. You need one, too.
- Community. Business coaching can be a lonely gig. Solopreneurship is great because you control your own schedule and steer your own destiny…but human beings do better in tribes. You need a support system of dedicated professionals and peers who do what you do, who can celebrate your successes and help you overcome your obstacles, and who can provide you with tips, ideas, and strategies that work in the real world.
Why the Business Coaching Franchise Option Has Become Obsolete
Business coaching franchises used to be the only source to go to get each of the three elements you need to be successful. And even then, it was something of a crap shoot. Some have great systems — others are lackluster. A rare few provide solid, proven mentors — all too frequently, the “executives” in franchise systems are struggling just as much to make heads or tails of the industry as you are! What all franchises do provide well is community, and that’s fantastic.
But if you want to get into a business coaching franchise, you’re looking at a financial outlay of $50,000-$200,000! That’s $50,000-$200,000 for, realistically, one or two of the elements you need to be successful.
With the proliferation of online technology, another, better way has evolved.
Business coaching membership systems, like the one we offer at the Coaches’ Coach, provide you with all three elements you need to be successful at a fraction of the cost. Not only do the systems, mentorship, and community tend to be superior…perhaps most importantly, you can hang onto the war chest of $50,000-$200,000 you need to get your practice started — money you can spend on MARKETING and closing deals!
Bottom line? Business coaching franchises are an obsolete way of becoming a business coach. Be sure to examine ALL your options before you commit.
Check out our FREE ebook, The Business Coaching Franchise Buyer’s Guide, for all the questions to ask and consider before taking the plunge.