Many small businesses need a little bit of help, both during the initial set-up stages and once they’re up and running. Small business coaches can offer this help, but what exactly do they do?
What does a small business coach do?
In short, a small business coach helps business owners boost revenue, highlight potential issues and improve the overall efficiency of a company. Although they work within the professional sphere, they can be compared to life coaches, mentors and even psychologists, as they guide the business owner through difficult periods.
Small business coaches can be enlisted at any point in a company’s life. Prospective entrepreneurs might seek help with the initial, conceptual stages, when ideas are being suggested and business plans drafted. While seasoned business owners might need support with refining operational practices, increasing turnover or diagnosing problems. Coaches can even offer advice on managing stress and improving workplace relationships.
On top of this, small business coaches can also:
- Teach skills in key areas, such as marketing
- Help increase the customer or client pool
- Suggest ways to boost staff morale and motivation
- Implement time management measures
- Act impartially when approached with ideas
- Analyse objectives and help formulate a plan of action
- Create financial projections
How do small business coaches do this?
Contrary to popular belief, business coaches don’t do all the hard work for you. They offer specialist knowledge and vital insight, keep you focused on your goals and provide you with the tools to achieve them. Many offer set plans that you work through together, but they can be tailored to a business’ requirements.
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However, it’s important that you can identify your problem areas and select a small business coach that can provide the services you need. Some coaches have different areas of expertise and offer different levels of support, so you’ll be wasting your money if you enlist the help of a coach that isn’t quite right for you.
How much does it cost to use a small business coach?
Because of the invaluable expertise they bring to the table, business coaches can charge high prices for the use of their services. As a result, business owners could end up paying between £1,000 and £3,000 per month to improve the performance of their company.
This is unaffordable for some, and many entrepreneurs prefer to carry out marketing activities, which can cost much less, and enjoy an immediate boost in revenue. Other alternatives to business coaching sessions include third-party consultants, specialised computer software and informative textbooks, all of which can be utilised to better a company.
Small Business Marketing Coach
As we’ve mentioned, many small business coaches offer a variety of services, while others choose to specialise in one aspect of business management. A small business marketing coach does the latter, helping business owners launch and maintain fruitful marketing campaigns.
These types of coaches can teach marketing skills and suggest ways to implement lucrative strategies into the business’ existing model. In the modern world, technology is a key part of business management. Companies that aren’t taking advantage of the leads that can be created by a modern website, mobile app and social media presence are missing out.
Marketing coaches can go over vital tools such as these and offer insight into the relative effectiveness of other types of marketing, such as newspaper, radio and television adverts. The underlying objective is, of course, to increase the business’ brand awareness and customer pool.
Is it worth it?
Many businesses have seen a higher level of success thanks to small business coaches, but there are sceptics that don’t value their contribution. Some people believe that the high prices charged by coaches don’t reflect the services they offer. For example, Forbes writer, Clay Clarke states:
“Rather than focusing on developing, marketing and selling products and services that people actually want to buy, many business coaching programs have essentially become quasi-psychologists for many lone-ranger entrepreneurs in search of somebody who will finally understand them”
Ultimately, it comes down to the needs of the individual business and its owner. If your issues can be resolved with the help of a one-to-one mentoring service, there’s no reason not to invest in small business coaching, especially if you’ve already explored other, cheaper avenues to little avail.
How to become a small business coach
It goes without saying that you’ll need a lot of experience to be a business coach. If others are to use your services, they will need to believe that you can offer them expertise that they don’t already have. You’ll need more than just a degree in business management and a few years of work experience. To succeed as a business coach, you will need to have been a successful business owner yourself over a significant period of time. Ideally, you should also aim to offer your services to businesses in the sector in which you worked yourself. By doing this, you can offer specialist advice based on real experiences.
Alternatively, become a coach with a training franchise…
If going starting your own coaching business from scratch just isn’t for you, you could consider joining a training franchise as a business coach. Sandler Training offers you the chance to do just that, in return for an investment of £55,000. In return for this, you’ll get the security of a business model that has been tried and tested over 50 years in the industry. In fact, it’s been recognised as the best training franchise by Entrepreneur Magazine 13 times.
You will also be trained and get access to over 1,500 hours of training material for your pupils, which will enable you to provide educational sessions in key business skills. You’ll be joining a franchise that delivers more than 475,000 hours of training across the globe every year.
Alice Tuffery, Point Franchise ©