Here’s a question we get a lot: do I need a business coaching franchise to be successful as a business coach?
Our answer is no.
Instead, there are three things you need to be successful as a business coach.
The first is a system. You need a proven system of processes, templates, and strategies to get leads, convert those leads to clients, and coach your clients to success in their businesses.
The second thing you need is a mentor. This should be a proven coach who knows what it takes to make six figures or double six figures as a business coach in real life. It’s simple consistency: if you’re going to be a business coach, you’re going to need a coach of your own.
The third thing you need is a community. This is a community of business coaches who are already doing what you are doing, to help you stay abreast of best practices in the fields of coaching and entrepreneurial innovation.
These three things are vital. But perhaps what you’re really asking is if you need a business coaching franchise to get these things?
What Will a Business Coaching Franchise Provide?
In my experience, here’s what you can expect:
Some franchises (not all) have a decent system–although there are limitations with the best ones because, for the most part, those systems are built around the learning of one high-profile person.
Most franchises will NOT provide for mentoring from a proven six figure coach–largely because the majority of franchises don’t have a very large stable of six-figure coaches to call upon–so this tends to be a no-go.
Many franchises will provide you with a community.
This means that in most business coaching franchises, you’ll get one, or maybe two, out of the three. But the thing is, thanks to online technology and social media, now you can get a system, mentoring from a proven coach, and a community–at a fraction of the price of a business coaching franchise.
This means that in most business coaching franchises, you’ll get one, or maybe two, out of the three. But the thing is, thanks to online technology and social media, now you can get a system, mentoring from a proven coach, and a community--at a fraction of the price of a business coaching franchise.
We actually believe that the business coaching franchise model is a dinosaur. If you invest in a business coaching franchise, it will cost anywhere from $50,000 to $200,000 or more. But you can get systems that provide you with everything you need for a small fraction of that (such as our own Coaches’ Coach system–which, of course, we think is the best on the market…not that we’re biased or anything!)
Either way, if you’re looking into a business coaching franchise and want more information about the state of the business coaching franchise industry, check out our FREE report, The Business Coaching Franchise Buyer’s Guide. It will help you discover what you need to do and what you need to know as you’re coming into the industry.