7 Tips to know when buying a business coaching franchise
Advice for choosing the best business coaching franchise for you
There is a big demand for business coaching. In fact, it is one of the fastest growing industries in the world. If you are already a coach or considering becoming one, buying into a franchise should give you structure, tried and tested methodologies, and the support of a community to make a success out of your coaching business.
But, not all business coaching franchises are equal. As with any franchise, the frameworks, tools and level of support provided by coaching franchises will differ. You must do your homework to avoid investing in a coaching franchise that isn’t right for you.
First things first…
Be clear about why you want to get into coaching. This line of work is for people who want to help other people grow. It is about helping other people make a success out of their businesses. In turn, your business will be successful. It also requires patience, empathy, diligence and work. What you put in, is what you get out. The greatest reward however is seeing your clients realise and achieve their dreams.
Choose a coaching franchise that’s right for you…
Do your research
As we have said, not all franchises are created equal. Research the different coaching franchises to learn about their models and values. You might find some too rigid and others to lax in their approaches. The best way to find out what a franchise is really about is to talk to people. Use your contacts, online forums and even Facebook to find out what others’ experiences have been with the coaching franchises you are considering. Understand the services they provide and make sure that these fit with the types of services you want to offer. Brand and reputation are crucial. You want franchise that has credibility in the market. It will make marketing your business and attracting clients so much easier.
- Does the franchise have a brand presence, credibility and a good reputation?
- Does its approach align with my values and the approach I would like to take?
- Do I like what other franchisees and the general public are saying about the franchise?
- Can I work within this model?
Investigate franchise support
Evaluate the level of support and mentorship as well as the administrative tools you will get. When you invest in a franchise, you can expect support with marketing, sales and admin. One of the highlights of being part of a franchise is the opportunity to be part of a support community. Your franchisor and fellow franchisees will be an invaluable source of support. Choose a franchise that is a community. Becoming part of the ActionCOACH family for instance connects you to a global community of professionally certified experts from day one.
- Is there a support network?
- What help will I get in terms of marketing and admin?
Evaluate the costs
Look at the cost of investing in the franchise, ongoing costs such as what you will pay to the franchisor per client or per year, as well as the running costs such as office space, internet and telecommunications, utilities etc. You may be governed by set pricing structures so go through the details of your contract with the franchisor in detail. You must be comfortable before you sign anything.
- What is the capital outlay to buy into the franchise?
- What are the ongoing costs to keep your license?
- Is this franchise affordable?
Check out the systems and toolbox
One of the greatest benefits of buying into a franchise is the set structure, systems and tools you will get to help you run your business. Assess different franchises to determine what exactly you will be getting for your investment.
- What’s in the toolbox?
- Will these tools actually help me to market and facilitate my business?
- Are the tools user friendly?
- Are the systems and processes tried and tested?
Determine the earning potential
Don’t be blindsided by promises. Carefully evaluate the earning potential of the coaching franchise against the costs of investing into it. You might be bound by rigid pricing structures that could limit your earning potential. Do the math and be realistic about what you could earn. Speak to other franchisees to find out if they are earning what they imagined they would or could it be better.
- Is there earning potential?
- Is this realistic?
- Am I comfortable with what I will earn?
Make sure you get training
As with running any business, you will have to get to know your market, understand your potential customers, be knowledgeable about the services you offer, know how to use the toolbox, and know your way around the IT systems. To be up and running as quickly as possible, you need training. The franchise should offer orientation and training on all of these aspects. Certification also adds to your credibility with clients. ActionCOACH’s training is unparalleled and the ongoing support is unmatched in the industry.
- Will training be provided?
- What aspects will be covered in training?
- How long does training take?
- What certification will I receive?
Becoming a business coach is an extremely lucrative and rewarding career that is centered around motivating, mentoring and supporting people on their paths to business success. Having a range of different service offerings provides you with the opportunity leverage your time, help more people and make more money.
By joining a business coaching franchise like ActionCOACH you get access to our product ladder with all the proven tools, systems and methodologies designed to create success for both you and your clients.
Want to find out more? Contact Us Below.