Business coaching is one of the most important, yet most underrated sectors to be working in. As a business coaching franchise, you’ll be one of the most heavily in-demand businesses, so if you’re looking to start your own business coaching enterprise, here are a few key tips for keeping your business successful.
There are countless benefits to running a franchise business. You’ll have plenty of support, excellent training, advantageous business relationships, and a stronger overall market position. If you’re a new or experienced business coach, running a business coaching franchise could be the perfect opportunity for you.
Why become a franchisee in the business coaching industry?
Many large businesses operate in intensely competitive sectors where every advantage can make the difference. As a business coach, your role will be to advise, encourage and suggest new ways of working to businesses looking for inspiration.
On a daily basis, you could be doing anything from giving lectures to leading workshops to one-on-one meetings. This is a varied but highly rewarding role. And, this is a business that is increasingly in-demand.
Statistics have shown that while 42% of businesses still don’t use a business coach, these coaches can boost business profits by an average of 46%. Individual employees have also reported some incredible personal statistics. Thanks to dedicated business coaches, almost half of surveyed coaching clients reported an improvement in their standard of life, while over half reported improved stress levels, better work-life balance, more self-confidence and smarter goal-setting [streetdirectory].
How to run a successful business coaching franchise
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1. Decide what services you want to focus on
Business coaches can pick from a vast array of coaching methods and techniques to help get results for their clients. Some franchises may want you to focus on one kind of coaching or another, but it’s important to be sure where your strongest skills are and to pick the right franchise for you from that skillset.
Make a note of your background, skills and what services you feel you excel best at. Maybe it’s motivational speaking or leading seminars, but whatever your strengths are, it’s a good day to try to focus on your strengths as much as possible.
Above all, know what kinds of businesses you will be tailored towards. Not all businesses want the same one-size-fits-all coaching and you’ll need to make sure that whatever, or however, you choose to provide your services, they fit the needs and feel of the businesses you’re working with.
Factors to consider when tailoring your services to your clients are:
- What sector is the business in? Do they have specific needs to be taken into account?
- What kind of budget does the business have? Do they have a sizable budget? Are they a market leader?
- What kinds of demographics does the business tailor itself towards? Are there special considerations to be made if the business is heavily focused on younger or older demographics?
- Does the business pride itself on a more or less formal style of presentation?
Some of these questions may change the way you choose to coach business, and some may not. But the key point is to tailor the specific services you are offering to the clients you are working with.
2. Know the market
It’s vitally important you know where your market is. What are some of the best practices, new ways of working, and biggest competitors in the market? Carrying out comprehensive market research will allow you to, above everything else, to understand your market and the demand that exists.
Carrying out market research will also allow you to:
- Strengthen, tailor and improve the coaching you offer
- Spot potential future trends
- Analyse how new developments could threaten or boost your business
- Highlights the strengths and weaknesses of your business, as well as your competitors’
- Critically evaluate your own business model and performance
Knowing your market isn’t just for the early stages of your business either. No market ever stands completely still so this is something you should try and stay on top of, even long after you’ve opened your doors for the first time.
3. Take advantage of the support
As a newcomer to the business coaching sector, starting your new coaching franchise might seem a daunting prospect. Certainly in the early stages of your new coaching business, there can be a lot to do in a short space of time. However, as a franchisee you’ll have a number of benefits working in your favour.
In a nutshell, your franchisor will be able to help you with everything from premises enquiries, pricing, growth, equipment and training. Your franchisor will likely have been operating in the business coaching sector for several years already and as a result will have a fair amount of expertise to share. You will be able to benefit from this expertise.
On top of that, you’re just one part of a vast network of franchisees. You’ll be able to call on your fellow franchisees for support, guidance and advice should you need it.
>> Read more:
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- The Ultimate Guide to Franchising Success
3. Prioritise good customer relations
Good customer service matters. It’s what keeps existing customers coming back and endears your business to new and potential customers. Prioritising good relationships can be as external as it is internal.
Looking after your employees and team members keeps your staff feeling wanted. In return, they’ll prioritise good relationships. This all means that the way your business communicates with customers will be positive, meaning your relationships will be stronger.
Good customer service is one of the most essential things any business can prioritise, but it can create a positive feedback loop whereby important customers will want to come back to you.
Become a franchisee with a business coaching franchise and reap the rewards of this important industry
If you love the idea of being a business coach and you want to give franchising a try, you can see a list of potential coaching franchises on the Point Franchise website. You can also see a complete list of other opportunities on the UK franchise directory.
Elliott Fudge, Point Franchise ©