Many people who look into buying a business coaching franchise do so because they love working with people. They enjoy entrepreneurship, counseling, coaching, and leadership. Business coaching is an excellent career for people with these gifts and interests. If you’re just beginning to decide whether or not business coaching is right for you, here are some important considerations.
First, understand what business coaching is.
Business coaches help entrepreneurs and business owners improve their businesses. You teach them solid principles in sales, marketing, systematization, and hiring. You also identify and solve problems that are preventing your clients from being as successful as they can be. As you help them improve, you’ll be handsomely rewarded for your efforts.
Business coaching is a fast-growing industry with annual projected growth rates around 25%. And realistic earnings potential is as high as $100,000-$300,000 a year.
Is Coaching Right for My Personality?
In my 15 years of experience helping business coaches succeed, I’ve discovered that there are specific personality traits that lead to success in coaching. It’s not enough to love people (although that’s critical). You also need to answer yes to each of the following questions:
- Do I dream of changing people, organizations, and systems?
- Do I thrive on making decisions for myself and others?
- Can I live with decisions I make?
- Am I a good teacher, leader, and motivator?
If you can’t honestly say YES to each of these questions, business coaching might not be the right opportunity for you. I’ve seen would-be coaches with amazing resumes and tons of corporate experience fall flat because they weren’t gifted teachers or passionate about inspiring change. On the other hand, I’ve seen would-be coaches with very little experience find tremendous success in business coaching because it’s such a good match for their skillset. (In fact, I’m one of those folks: when I started out I had NO business/entrepreneurial knowledge, but I had passion for each of the questions listed above–and in four years’ time I’d built my firm to over $1 Million.)
Should I Buy a Business Coaching Franchise?
The question of whether or not you’re a good personality fit for business coaching is something that most sales reps for business coaching franchises will never raise with you–and yet in my experience, it’s the number one predictor of success. Please be sure to carefully consider whether or not business coaching is right for you before you drop tens of thousands of dollars into a business coaching franchise that might not pay off.
The question of whether or not you're a good personality fit for business coaching is something that most sales reps for business coaching franchises will never raise with you--and yet in my experience, it's the number one predictor of success.
And if it does seem that business coaching is a great fit for your personality, know that there are many ways to break into the business. Buying a franchise isn’t your only option: you could take independent training courses, hire your own coach, join a business coaching membership program like the Coaches’ Coach, or any combination of the above.
I recommend downloading our FREE ebook, The Business Coaching Franchise Buyers Guide. It takes you through all the questions (like personality!) that your sales reps won’t raise with you, but that are critical to consider as you decide whether or not buying a business coaching franchise is right for you.