Thinking About Becoming A Business Coach?
When many of us think of coaches, sports automatically come to mind. Yes, sports coaches are the most popular and widely thought of. They teach athletes to play and work together as a team, but the phrase coaching encompasses a world of opportunity.
For example, there is business coaching. Do you know what a business coach is? If not, you should take the time to familiarize yourself. Why? It is a great opportunity and one that can translate into profits.
A business coach is an individual who provides business owners support and encouragement. This support and encouragement gives them that extra push they need to see success.
The most common users of business coaches are new small to medium sized business owners. These individuals usually have a passion and they want to profit from it.
For example, a stay-at-home mother may enjoy making handmade quilts for her children. One day, it dawns on her that she can make custom order quilts to sell both locally and online for a profit. She has a good idea and a good product, but does not know where to start.
This is where a business coach, which could be you, would provide assistance.
What Do Business Coaches Teach Their Clients?
Anything and everything related to business. If the above mentioned mom wants to open a local quilt shop, you can show her the importance of location. A high-trafficked and easily seen storefront will automatically translate into more customers and sales.
If she has yet to pick a location, help her make the right choice. As for an online shop, if she has yet to set that up, help her choose an affordable web hosting package, a good domain name, and encourage her to hire the services of a professional web designer.
Some clients seek the advice and expertise of a business coach right from the start, but others wait until their new business shows signs of trouble. In these instances, business coaches educate their clients on marketing and sales.
A stay-at-home mom selling her handmade quilts online is nice, but handmade products are widely available online. Just because she has a well-designed website, it does not mean that people will find it.
Business coaches need to stress the importance of online and local marketing, as well as highlight a few examples for their clients.
In keeping with the example of a stay-at-home mom who wants to profit from her talent, most of these individuals want to be self-employed. They want to work for themselves and have no hired help.
This does lower costs and increase profits, but many new small business owners make costly mistakes. One of those mistakes is taking on too much, too quick. Business coaches should also stress the importance of time management and show proper techniques.
For example, the above mentioned quilt selling mom should have a waiting list and inform customers of a long wait, not stay up all night making quilts.
How To Profit As A Business Coach
One question that those interested in running a coaching business ask is about profits. Most clients are new business owners or business owners who aren’t seeing profits.
How can these individuals pay for a business coach? Honestly, some cannot, but many can. Business owners need to look at it from the standpoint of a wise investment and you must do the same.
For a small to medium sized business that is barely staying afloat, a professional business coach may be its last hope. For that reason, you will always find clients willing to pay for your service. With that said, fair rates and flexible payment plans cannot hurt.
In short, coaching involves more than just teaching an athlete to beat the competition; it encompasses many things. If you have a business management degree or prior experience running a small to medium sized business, take your degree and experience and turn it into a profitable career.
Who Needs A Business Coach
Many Americans would love to run their own business, but most do not know how. You can teach them how but who are they?
New business owners
Most new business owners take time to create their empire. They brainstorm and develop a plan, secure financing, and get to work. This is how small businesses should get started, but many do not take this route.
Some individuals get an idea in their head to start a business and make money; they run with it. Action is key, but so is careful planning. Acting without first thinking of a solid plan is one of the reasons why many new small to medium sized businesses fail.
You, as a business coach, can stop that from happening.
Not all new business owners realize the importance of proper training and education. Some mistakenly believe they can do anything themselves. These individuals may need a little push.
Lead them to your website or deliver free promotional material highlighting your services. Also, show how they can translate into profits. For example, stress the importance of marketing. Both online and storefront businesses need a solid marketing plan.
No one will buy products or pay for services if they don’t know they exist. If speaking directly with a new business owner, ask about their marketing plan. If they do not have one or have a poor thought out plan, stress the dangers and risks of heading down the wrong path.
Business owners not seeing profits.
As previously stated, some new small to medium sized business owners do not understand the importance of seeking help. Most believe they can handle all responsibilities on their own. You can use persuasion and proof to change their minds, but still some will not budge.
That is why you should not only target new business owners, but businesses in distress. Start with your local community. Have you heard ramblings that a small mom and pop store is about to go under due to increased competition and poor sales? Make your move!
Business owners who aren’t seeing profits, already have a business plan in place. That may be a good plan that just needs a little bit of tweaking. Since the business is already established, you should focus on sales, marketing, and lowering operating costs.
When soliciting business from struggling companies, have a set plan in place. Have a step-by-step guide available to show potential clients why you can help and how you will.
Stay-at-home parents looking for a way to increase income.
Perform a standard internet search with the phrases “working from home,” “work-at-home moms,” or “work-at-home parents.” You will find online message boards where parents are looking for information on how to make money from home.
Some of these individuals just want a job that allows them to work from home, but others are interested in starting their own business. This is another group that is considered your targeted market.
When working with stay-at-home parents, it is important to focus on the business aspect. The internet is filled with online job scams. Most parents can benefit from starting their own business, as opposed to working for someone else.
It also provides parents with more freedom and flexibility. Not only can you provide setup, marketing, and sales help to these individuals, but you can feed them ideas. Essentially, you aren’t just a business coach, but a moneymaking coach.
Does a stay-at-home dad express his interest in woodworking? Suggest profiting from that passion by creating natural wood decor or toys to sell. If they like the idea, help them turn it into a reality.
Anyone with the dream of starting their own business.
As previously stated, you can do more than just help small to medium sized business owners increase their profits. You can also encourage people to follow their passion and profit from it.
This does involve more work, as you help someone get their small business off the ground, but it expands your reach. Not only do you have experience coaching small to medium sized business owners, but you now have experience with business setup.
Thinking About Becoming A Business Coach – Conclusion
Becoming a business coach has helped me reach out and effect change in so many peoples lives. Sure, the money is great but seeing those people and their businesses grow is even better.
The impact you can have as far as making a difference in another persons life is huge. You are helping them reach their dream and there is no price tag on that.
If this post has given you some insight on becoming a business coach leave a comment and let me know your thoughts.