Do I Need a Business Coaching Franchise to Be Successful as a Coach?
Posted by Eric Dombach on Mon, Nov 07, 2011 @ 10:24 AM
One of the questions we hear most often among professionals considering business coaching as a career is this:
Do I need a franchise to be successful as a business coach?
The answer I give them: not anymore.
In my experience, there are three things you need for business coaching success...
- A business coaching system. The more comprehensive, the better. The system should cover everything you need for business coaching success -- lead generation, sales conversion, your own business management and metrics...and of course a solid, effective process for coaching and keeping your clients. Without this, you're flying by the seat of your pants, and losing time and money in the process!
- A mentor. It should be no surprise that a business coach needs a business coach! You need someone who has been there, done that...who understands the industry and what it takes to WIN. Business coaches should always be practicing what we preach by employing the services of master coaches and mentors. I have a coach. My most successful business coach colleagues have coaches. You need one, too.
- Community. Business coaching can be a lonely gig. Solopreneurship is great, because you control your own schedule and steer your own destiny...but human beings do better in tribes. You need a support system of dedicated professionals and peers who do what you do, who can celebrate your successes and help you overcome your obstacles, and who can provide you with tips, ideas, and strategies that work in the real world.
Business coaching franchises used to be the only source to go to get each of the three elements you need to be successful. And even then, it was something of a crap shoot. Some have great systems -- others are lackluster. A rare few provide solid, proven mentors -- all too frequently, the "executives" in franchise systems are struggling just as much to make heads or tails of the industry as you are! What all franchises do provide well is community, and that's fantastic.
But if you want to get into a business coaching franchise, you're looking at a financial outlay of $50,000 - $200,000! That's $50,000-$200,000 for, realistically, one or two of the elements you need to be successful.
With the proliferation of internet technology and social media, another, better way has evolved.
Business coaching membership systems provide you with all three elements you need to be successful at a fraction of the cost. Not only do the systems, mentorship, and community tend to be superior...perhaps most importantly, you hang onto the war chest of revenue you need to get your practice started -- revenue you can spend on MARKETING and closing deals!
In short, I believe that business coaching franchises are a basically obsolete way of becoming a business coach. Be sure to examine ALL your options before you commit!
In the next few weeks, we'll be releasing our revised and updated second edition of The Business Coaching Franchise Buyers' Guide! Learn more or download the current edition here!