Running a business coaching franchise can be hugely rewarding and immensely profitable. The industry is vast and growing in 2021, and there’s so much room to discover the right niche. To find an investment that suits you, and a network where you’ll be able to thrive. Read on, and you’ll discover your three most likely routes when it comes to starting your own business coaching franchise.
Franchising is a great way to enter any industry - even one in which you have no experience - because comprehensive franchisor training and onboarding can fill in those knowledge gaps and equip you for a huge amount of success regardless of your background. If you’re a competent public speaker and communicator with business acumen who loves helping others, making a career change with a business coaching franchise might be an ideal next professional step. Here are three avenues you might go down to make this happen...
>> Read more:
- How to Become a Business Coach
- 5 Advantages of Running a Business Coaching Franchise
- How to Make a Career Change With a Business Coaching Franchise
- 4 Tips for Running a Business Coaching Franchise
- How to Start Your Own Business Coaching Franchise
- A Day in the Life: What It Takes to Run Your Own Business Coaching Franchise
1. Investing with a coaching/consulting franchise
A business coaching franchise works with companies to enhance their abilities and improve their outgoings. A quality business coach brings clarity and direction to the table, actively listens, and helps executives to set actionable goals for the future. The subtle difference between a coach and a consultant - though many franchises in this area offer both types of service - is that a coach guides their clients towards the truth and allows them to realise it, while a consultant simply “tells the client what to do” [Forbes], directly expressing the truth.
The essence of coaching and consulting all comes down to the quality of the sessions that you deliver, and this is one of the biggest advantages of starting a business coaching franchise. As a franchisee, you’ll receive access to a network-wide coaching system with a proven track record of success. You’ll essentially be handed the keys to the kingdom, and you’ll be unlikely to fail if you follow those guidelines and add a sprinkling of confidence, charisma and empathy to the mix.
How to choose a business coaching franchise
There are many amazing franchise networks offering UK clients coaching services, consulting services and hybrids of both right now. One strong option is Go M.A.D. Thinking, a business improvement consultancy with its own unique methodology (which is proven to work).
You can become a Go M.A.D. Thinking franchisee for a minimum initial investment of £21,000, with a royalty fee charged at 20% and monthly advertising and royalty fees of £900 each (waived for the first three months). After two years in business, you can expect your revenue as a franchisee to exceed £110,000!
2. Investing with a business brokerage
A business brokerage is advisory and helpful to companies in the same way as a business coaching franchise might be, but while coaches are focused on improving, adjusting and adapting a business, brokers help companies through sales processes. From helping clients get the right price to filing all the paperwork effectively and correctly, business brokers are there in an undeniably stressful time to make things run about 100 times more smoothly than they otherwise would.
Business brokerage can be a very high-stress and high-demand industry, and you’d likely benefit from sales experience, managerial experience or similar to be best suited for this type of franchise investment. If you are, however, you’ll find that there’s no limit to the amount you can earn in this type of role, and you’ll be equal parts free and supported by your position as a franchisee.
Choosing a franchise in the brokerage niche of the business coaching industry/B2B sector
A great example of a thriving brokerage franchise is Business Partnership. Business Partnership supports companies up and down the UK (particularly small to medium enterprises - or SMEs) with sales, valuations, acquisitions and exit plans. You can become a Business Partnership franchisee for a minimum initial investment of £25,000, with monthly operating and advertising fees charged at £600 and £85 respectively. After two years in business as a franchisee, your revenue is expected to sit at around £80,000.
3. Investing with a coaching franchise specifically targeted towards SMEs
When you decide to start your own business coaching franchise you’ll quickly find, in your research, that many of the opportunities you come across actually operate within a certain smaller niche - they’re dedicated primarily to working with SMEs. This profitable specialism has come about and become more common because as you can imagine, smaller businesses tend to need more support - and be more receptive to receiving support - than much larger companies and conglomerates.
Specialise in working with small to medium-sized businesses [...] - from the independent business owner to a business owner with 200 staff thinking about floating on the stock market. These businesses and their people form the backbone of the local economy. You already know them. They run the businesses you pass every day on your high street.
- The Coaching Academy
>> Read more:
Choosing a business coaching business geared towards smaller companies
If helping smaller companies to spread their wings and fly appeals, consider investing with a brand like Chrysalis Partners. The franchise thinks of itself as a “partner in transformation” for SMEs, and provides its in-demand range of coaching and consulting services to many different clients. You can become a Chrysalis Partners franchisee for a minimum initial investment of £19,950, with a total investment cost of £39,950. After two years in business, your expected revenue with Chrysalis Partners stands at an impressive £150,000.
Start a business coaching franchise today and enjoy running your own business tomorrow
If you now have an even stronger sense of where you might fit in the world of B2B services, it’s time to dive into the details and figure out how to run a business coaching franchise once you’ve made that initial investment. To do this, stay on Point Franchise and continue your research. Discover four tips for running a business coaching franchise, and get to grips with a day in the life as the owner of a business coaching franchise.
Lily Sweeney, Point Franchise ©