Why You Should Become a Business Coach

by | Apr 1, 2022 | 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 CoachIt 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!

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