Are you looking to transition from your current profession into a business coach? The good news is that your timing couldn’t be better. The business of business coaching is booming. A report conducted in 2017 by the market research firm, IBISWorld, shows that business coaching is a $1 billion industry in the U.S. alone.
However, while many years in your industry have made you somewhat of a master of your trade, taking the numerous skills you’ve learnt over the last few decades and teaching them to a new generation of professionals is a new skill in and of itself. And we understand that making a transition from an industry you know well or from the safety of a secure job to running your coaching business can be both exciting and overwhelming. That is why we have put together these helpful hints to help you get through this initial period of change. With these tips, you’ll be on your way to becoming a successful business coach in no time.
Create a business model
You know the adage – “if you fail to plan, you plan to fail”. So make sure you take the time to plan out your business model and how you will run, and grow your business. If you decide to join an existing franchise, like ActionCOACH the frame work for your business model is already in place. All you need to do is personalise it to suit your goals and lifestyle.
Build solid business foundations
We know it’s exciting and you just want to get started this is great, but it’s equally important you build your business with a solid foundation so you have secure footings to build a profitable business. This may mean taking extra time in the early days to document processes, find the right talent to work in your business or create systems to efficiently and effectively deliver your coaching service.
While you are highly skilled in your profession learning how to pass on these skills to others in an effective and successful way takes time. Take the time to learn from others, such as a mentor or from others who have walked the path you’re about to take.
Create a schedule
When working as a business coach, you are your own boss and you can create your own schedule to suit your lifestyle and business goals. However, while you have this flexibility, it is important to create a schedule for yourself – and stick to it.
Find a support network
As you transition into your coaching business, it’s important you have a support network to help you succeed in your new career. Family and friends are a great place to start but if they don’t support you on this new career you may need to look at joining the local Chamber of Commerce or Mastermind group on LinkedIn to help you stay motivated and on the right path.
It won’t all be smooth sailing, but in the end, it’s worth it
The best things in life never come easy, and transitioning to your new life as a business coach is no different. There will be challenges along the way: perhaps you will find it hard to secure and retain clients, or maybe the money won’t be as good as what you left behind. Or, perhaps you won’t have any difficulty transitioning at all!
No matter what, if you have the passion and the drive to succeed and if you put in the work, there’s no limit to what you can achieve. And by following these above tips, it’ll make the transitioning into your new life as a successful business coach that much easier.