BUSINESS COACHING FRANCHISE
Business coaching is a strategic process that takes a business from where it currently is, to where the business owner envisions it to be. The role of a business coach is to guide, support and educate business owners so they know what they need to do to achieve their business goals. When you think about it, business coaching is a lot like any other type of coaching. Let’s take sports coaching for example. A sports coach will make his team run laps and work harder than they would on their own (even when they aren’t motivated to). A sports coach tells it like it is, and his team listens. A business coach does much of the same thing, yet in a manner that is focused on creating a successful business – a business their client dreams of having.
Business coaching helps owners or employees of any size business with a variety of key skills necessary for success. Skills such as sales, marketing, management, team-building, finance, cashflow, operations and much more. A good business coach will help their clients plan, set goals and create strategies that will help a business reach its objectives. Business coaches meet with their clients regularly – usually weekly – to help provide the continuous education required to keep them capable of implementing their strategies, and to hold them accountable to any commitments they made during a previous coaching session.
A business coach isn’t a consultant. They are not the ones doing the work, the client is, that way the knowledge is transferred from the coach to the client. A business coach is a personal educator, a sounding board, and someone who is there to be honest with you about your business and personal blind spots.
So now that we know a little bit more about what business coaching is all about, let’s consider what it’s like owning a business coaching franchise, and what you need to know about taking your career to the next level as a successful business coach.
What is Involved with Owning a Business Coaching Franchise?
If you’re considering becoming a business coach and buying a business coaching franchise, you probably have a few questions about what’s actually involved. So, let’s get into it and look at what you should know and what’s involved with owning a business coaching franchise.
Every Day Is Different
The most important thing to know is that there’s no such thing as an average day. When you own a business coaching franchise, there are many different tasks that need to be done and you may be the one responsible for many or all of them in the early days. You may start the week off as a client yourself speaking to your business coach and planning out your week. Another day may be spent on marketing and lead generation, another on sales, another coaching your clients and of course you’ll have to make time to review and manage your cashflow. Investing in a business coaching franchise will give you the option to do what you love, with the support of the franchisor to help you with all those areas.
Your Income is Derived from Different Sources
There are a variety of ways to generate income when you own a business coaching franchise. You could have one source, a select few, or all that are available, it’s up to you. It is good, however, to offer services that can accommodate all business sizes. From one-on-one coaching to group coaching, quarterly strategy days to seminars and webinars, but the product mix is your choice.
You Don’t Need a Coaching Background to Own a Business Coaching Franchise
You don’t need a coaching background. What you do need, however, is a solid business, sales, marketing or finance background. If you’ve ever owned or managed a business, there’s also a good chance you’ll succeed at business coaching. When you own a business coaching franchise, it’s vital you have a solid understanding of business principles, an entrepreneurial drive and a lot of self-motivation. A passion for helping others is also key.
What is the Cost of a Business Coaching Franchise?
The cost of owning a business coaching franchises varies with the scale of franchise you want, but it generally includes a few basic things, such as an upfront payment and ongoing monthly costs to cover marketing and support. Before committing to a price, it’s important you understand what you’re getting for your upfront investment and what’s included in your monthly ongoing support. Before you sign anything, make sure it’s all down in writing and it is clear. You’ll also want to understand the return on investment, what’s expected from you on a daily, weekly and monthly basis, and how long it will take for you to see a profit. Here are some additional things you can expect to pay for:
An Upfront License and Training Fee
This upfront payment can cost anywhere from $27,500 to $300,000 with the most popular franchise model at $57,000. This is the cost of the initial license to own and run the business coaching franchise, as well as the initial training fee.
Monthly Royalty Fees
Royalties generally begin almost immediately, although recently many business coaching franchises have started to delay royalties to give their franchisees some time to find their feet. Typically, the amnesty is 3 months. Royalties can be a fixed amount, or they can be based on a percentage of your revenue.
When buying a business coaching franchise, some franchisors might require you to buy a website, software, marketing and branding materials and more. Be sure you read the contract in fine detail before signing. You don’t want to be startled by any unexpected additional costs.
As with anything, always do your due diligence and make sure you know what you’re signing up for. If the franchisor is more interested in seeing you succeed than selling their own business, well, that’s already a great start.
The Benefits of Buying a Business Coaching Franchise
If you’ve always wanted to be a business coach or run your own business coaching company but were overwhelmed with what it takes to start an entire business from scratch, buying a business coaching franchise is certainly the way to go. Below we’ve listed some of the great benefits of buying a business coaching franchise.
Successful Frameworks Already in Place
When buying a business coaching franchise, perhaps one of the best benefits is that most franchises offer a set approach and methodology to run your business. These methods are tried and tested and proven to work, so you don’t have to waste your time (and money) figuring it out yourself.
A Set of Ready-Made Tools
Along with tried and tested methods, many franchises also offer their franchisees a set of ready-made tools they can use to help their clients (think: exercises, models, support material etc).
A Known and Recognised Brand
Investing in a business coaching franchise means you’re investing in a brand that people are already familiar with. That’s why it’s important you know what people think of this brand: is it positive or negative? Take the time to do some real research to make sure you are investing in a brand that has a positive brand reputation. You want to invest in a franchise that really stands out as an excellent and trustworthy brand. And don’t just rely on a Google search – it takes much more digging to get to the truth.
In addition to leveraging the franchise brand to build your business there should also be a way to receive leads from the franchisor and help with your marketing and sales. For example, assistance with the creative and copy for an advertisement, feedback on a presentation or ideas to market and promote your business.
Become Part of a Support Network
One of the most appealing benefits of buying a business coaching franchise is the opportunity to become part of a larger support network. Not only do you receive support from the franchising company but also from other franchisees who should be willing to offer you guidance, help and advice.
Questions to Ask Before Buying a Business Coaching Franchise
As with any major commitment, it’s vital you do your homework before signing on the dotted line. If you’re considering buying a business coaching franchise, you’re likely to have a lot of questions. Don’t be afraid to ask, what you think, is a silly question (there’s no such thing!) – you want to ensure you know everything that’s involved with buying and running the franchise, from expected earnings to franchise fees, the kind of training you’ll receive and beyond. Here are a few good questions to ask any potential franchisors before you commit.
1. May I have a disclosure document?
The Franchising Code of Conduct states all franchisors must provide potential franchisees with a disclosure document. This document should contain most of the key information about the franchise, including payments, whether you have an exclusive territory and what happens once the agreement has ended. It should also contain all the contact details of current and past franchisees.
2. How will I earn money?
Something you’ll likely want to know is how you’ll be earning money as a business coaching franchise owner. The number one rule of any business is making sure you have repeat business. This can be achieved through different service offerings like one-on-one coaching and group coaching. But you and the franchisor may also have other ideas on how you can offer paid services to build up the monthly revenue you get from repeat business so make sure you ask this question and have a clear understanding of what you can offer and the expected monthly retainer you will receive.
3. What are my costs?
Most franchisees acknowledge they will have to make a significant upfront payment when buying a business coaching franchise, and then some ongoing fees as well. However, there might be additional costs you weren’t expecting. For example, you might need to pay to update your equipment or participate in extra training. That’s why you should always gain as much information as you can about additional fees you might have to pay.
4. What training and support will I receive?
A large part of why people choose to buy a franchise instead of starting their own small business is because of the training and support they expect the franchisor will provide. However, not every franchisor provides the same kind of training and it might not be what you expect, so you should find out exactly what training and support you will receive and how often.
5. What happens if I can’t run the business for a while?
An often-overlooked question is what happens if you can’t run the business for a certain period of time. Things don’t always go to plan, that’s just life! That’s why you should always ask the franchisor what will happen to your franchise if you suddenly become ill or are unable to run the business for a while.
The Skills You Need to Own a Business Coaching Franchise
The good thing about owning a business coaching franchise is that you don’t need coaching experience. What you do need, however, is a background in sales, marketing, finance or management. Perhaps most importantly, you’ll need an entrepreneurial spirit, passion, drive and a desire to help others succeed. We’ve outlined below some other important skills you should have if you want to run a successful business coaching franchise.
You’re a leader who can bring out the best in people
It doesn’t matter if you’re an extrovert who loves the idea of presenting and coaching your clients directly, or an introvert who would prefer to build the business’ systems and processes and be behind the scenes – either way as an owner of a business coaching firm you will be responsible for leading people. It might mean inspiring new contacts to sign up as a client, motivating your clients to take the next step in their business or building a team of reliable support staff. It’s important as the owner, you have the skills that can lead and bring out the best in people.
You Like to Travel
Depending on the way you choose to run your franchise (or the way the franchisor sets it out), as a business coach you should expect some traveling, so it’s important you enjoy it! You might be going back and forth between your clients, traveling to conduct group coaching sessions or to deliver presentations, or further your own education at conferences and specific training opportunities.
Your Skills Translate Well
Sales, marketing, finance, business and management are the most important skills to have as a business coaching franchise owner.
While business coaches come from almost every industry, from engineers to doctors, marketers and accountants and beyond, it’s not for everyone. You do need a certain set of skills to be a successful business coach franchise owner. It goes without saying that people with experience in; sales, marketing finance or management will have an easier time transitioning to the role of business coach.
A good business coach is flexible in his or her approach to clients. While of course there are certain systems and processes in place for your coaching calls, there are times when clients will throw you a curve ball and you will need to be flexible, so you can offer the guidance they need, when they need it. It’s important your clients know that you care and are willing to go the extra mile when it’s needed.
Why a Business Coaching Franchise is Better than Other Franchises
Franchises come in all shapes and sizes, each one offering its franchisees a completely different experience. Arguably, however, owning a business coaching franchise is far better than any other kind of franchise. Why? Not only do you earn a significant income, but you also receive daily gratification from knowing you’re making a massive difference to other peoples’ lives. Here are a few additional reasons why a business coaching franchise is a cut above the rest.
You Get to Help People Achieve Their Goals and Dreams
When you own a business coaching franchise, you get to help other people every single day – and get paid for it! More specifically, you get to help people achieve their biggest goals and deepest dreams, there’s no better job satisfaction than that.
An Independent Lifestyle
A business coaching franchise provides you with the freedom to create a lifestyle that suits you. It’s a role you can pursue from anywhere and at any time of the day. Some coaches choose to work from home, meeting with clients and prospects over the phone or internet, while others prefer to meet their clients and prospects in person either at their office, a local coffee shop or community meeting room.
Earn a Substantial Income
If you put in the hard work, you can certainly earn a substantial income as a business coach. The thing to remember is you’re in control – you are the one who grows your business to a level that meets your own financial and personal goals.
Grow Your Network
Every day as a business coaching franchise owner you get to interact with other business owners and goal-oriented people. And, you never know what kind of opportunities might pop up because of these connections. The greatest benefit, of course, is that your growing network makes it much easier to secure new clients, make new friends and learn about new business opportunities.
Business Coaching Asia
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Address: Floor 2nd, Tower AB, 76 Le Lai, Ben Thanh Ward, District 1, HCMC
Phone: (+84) 87300 9300
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