Who Needs a Business Coach?

If you hold a business management degree or have prior experience running a profitable small to medium sized business, you have a unique talent.  Many Americans would love to run their own business, but most do not know how.  You can teach them how.  Running a business coaching service is not only an exciting opportunity, but it has the potential to bring in large profits.

If interested in starting a business coaching service, you will wonder about your profits and clients.  How you will get clients?  By marketing and targeting the individuals who can benefit from your services.  Who are they?

New business owners.  Most new business owners take time to create their empire.  They brainstorm and develop a plan, secure financing, and get to work.  This is how small businesses should get started, but many do not take this route.  Some individuals get an idea in their head to start a business and make money; they run with it.  Action is key, but so is careful planning.  Acting without first thinking of a solid plan is one of the reasons why many new small to medium sized businesses fail.  You, as a business coach, can stop that from happening.

Not all new business owners realize the importance of proper training and education.  Some mistakenly believe they can do anything themselves.  These individuals may need a little push.  Lead them to your website or deliver free promotional material highlighting your services.  Also, show how they can translate into profits.  For example, stress the importance of marketing.  Both online and storefront businesses need a solid marketing plan.  No one will buy products or pay for services if they don’t know they exist.  If speaking directly with a new business owner, ask about their marketing plan.  If they do not have one or have a poor thought out plan, stress the dangers and risks of heading down the wrong path.

Business owners not seeing profits.  As previously stated, some new small to medium sized business owners do not understand the importance of seeking help.  Most believe they can handle all responsibilities on their own.  You can use persuasion and proof to change their minds, but still some will not budge.  That is why you should not only target new business owners, but businesses in distress.  Start with your local community.  Have you heard ramblings that a small mom and pop store is about to go under due to increased competition and poor sales?  Make your move!

Business owners who aren’t seeing profits, already have a business plan in place.  That may be a good plan that just needs a little bit of tweaking.  Since the business is already established, you should focus on sales, marketing, and lowering operating costs.  When soliciting business from struggling companies, have a set plan in place.  Have a step-by-step guide available to show potential clients why you can help and how you will.

Stay-at-home parents looking for a way to increase income.  Perform a standard internet search with the phrases “working from home,” “work-at-home moms,” or “work-at-home parents.”  You will find online message boards where parents are looking for information on how to make money from home.  Some of these individuals just want a job that allows them to work from home, but others are interested in starting their own business.  This is another group that is considered your targeted market.

When working with stay-at-home parents, it is important to focus on the business aspect.  The internet is filled with online job scams.  Most parents can benefit from starting their own business, as opposed to working for someone else.  It also provides parents with more freedom and flexibility.  Not only can you provide setup, marketing, and sales help to these individuals, but you can feed them ideas.  Essentially, you aren’t just a business coach, but a moneymaking coach.  Does a stay-at-home dad express his interest in woodworking?  Suggest profiting from that passion by creating natural wood decor or toys to sell.  If they like the idea, help them turn it into a reality.

Anyone with the dream of starting their own business.  As previously stated, you can do more than just help small to medium sized business owners increase their profits.  You can also encourage people to follow their passion and profit from it.  This does involve more work, as you help someone get their small business off the ground, but it expands your reach.  Not only do you have experience coaching small to medium sized business owners, but you now have experience with business setup.

What Is a Business Coach and How to Profit From It

When many of us think of coaches, sports automatically come to mind.  Yes, sports coaches are the most popular and widely thought of.  They teach athletes to play and work together as a team, but the phrase coaching encompasses a world of opportunity.  For example, there is business coaching.  Do you know what a business coach is?  If not, you should take the time to familiarize yourself.  Why?  It is a great opportunity and one that can translate into profits.

A business coach is an individual who provides business owners support and encouragement.  This support and encouragement gives them that extra push they need to see success.  The most common users of business coaches are new small to medium sized business owners.  These individuals usually have a passion and they want to profit from it.  For example, a stay-at-home mother may enjoy making handmade quilts for her children.  One day, it dawns on her that she can make custom order quilts to sell both locally and online for a profit.  She has a good idea and a good product, but does not know where to start.  This is where a business coach, which could be you, would provide assistance.

What do business coaches teach their clients?  Anything and everything related to business.  If the above mentioned mom wants to open a local quilt shop, you can show her the importance of location.  A high-trafficked and easily seen storefront will automatically translate into more customers and sales.  If she has yet to pick a location, help her make the right choice.  As for an online shop, if she has yet to set that up, help her choose an affordable web hosting package, a good domain name, and encourage her to hire the services of a professional web designer.

Some clients seek the advice and expertise of a business coach right from the start, but others wait until their new business shows signs of trouble.  In these instances, business coaches educate their clients on marketing and sales.  A stay-at-home mom selling her handmade quilts online is nice, but handmade products are widely available online.  Just because she has a well-designed website, it does not mean that people will find it.  Business coaches need to stress the importance of online and local marketing, as well as highlight a few examples for their clients.

In keeping with the example of a stay-at-home mom who wants to profit from her talent, most of these individuals want to be self-employed.  They want to work for themselves and have no hired help.  This does lower costs and increase profits, but many new small business owners make costly mistakes.  One of those mistakes is taking on too much, too quick.  Business coaches should also stress the importance of time management and show proper techniques.  For example, the above mentioned quilt selling mom should have a waiting list and inform customers of a long wait, not stay up all night making quilts.

One question that those interested in running a coaching business ask is about profits.  Most clients are new business owners or business owners who aren’t seeing profits.  How can these individuals pay for a business coach?  Honestly, some cannot, but many can.  Business owners need to look at it from the standpoint of a wise investment and you must do the same.  For a small to medium sized business that is barely staying afloat, a professional business coach may be its last hope.  For that reason, you will always find clients willing to pay for your service.  With that said, fair rates and flexible payment plans cannot hurt.

In short, coaching involves more than just teaching an athlete to beat the competition; it encompasses many things.  If you have a business management degree or prior experience running a small to medium sized business, take your degree and experience and turn it into a profitable career.  Become a business coach.

How to Market Your Business Coaching Services

An important part of business coaching is teaching clients to manage and market a business.  For that reason, marketing is vital to your own success.  Clients need to find business coaches and easily.  After all, that is your specialty.  If it takes potential clients hours to find your business online, they may question your ability to assist with their own marketing.  How do you prevent this from happening?  You familiarize yourself with ways to market your coaching service.  So, what are your options?

The phonebook.  When people need a service, most head to their local phone book.  When looking to market a business or service, you should do the same.  It will cost more money, but opt for a listing in the yellow pages or business directory section.  Look at your phone book and find the best category for your service.  It should be the “business services,” section or another related field.

When looking into phonebook listings, remember that not all individuals are familiar with business coaching.  Invest money for a larger ad.  It does not need to be full size, but have enough room to highlight the services offered.  For example, state you can help businesses improve their profits with team-building, time management, and successful marketing tactics.  If you live in or operate your business out of a small town, expand your listings to phonebooks for larger nearby communities too.

Business directories.  Although many turn to their local phone book to find a business or service, many more turn to the internet.  To capitalize on its popularity, use it.  To get started, turn to online business directories.  You can find them with a standard internet search and most search engines, like Yahoo, have built in directories.  They allow internet users to search for a business, like yours, by city and state.

To add your listing to a business directory, contact the owner of the website.  You may find an “Add a Business,” or “Contact Us,” link towards the bottom of the page.  When creating your listing, provide as much detail as possible.  Ideal keywords or tags to describe your services including, business coaching, business coaches, business services, and business help.  Provide your name or the name of your business, address, phone number, email address, and website URL.

Create a website.  Speaking of a website URL, you need to have one.  Business directories enable you to reach a wide audience, but that audience is usually local.  Remember, they enable internet users to search based on city and state.  If you can offer services over-the-internet or over-the-phone or through travel, a website enables to you expand your reach.

When creating a website, realize the importance of a professional and easy-to-navigate website.  If you need assistance, hire a professional web designer.  As for website content, state what you do.  Do not just list your title as a business coach; explain the process.  Highlight who can benefit from your services, such as small to medium sized business owners.  Go into detail explaining the services you offer, such as time management, marketing, and sales help.  Explain how each of these services, when implemented, translate into increased sales.

Word of mouth.  Small to medium sized business owners tend to turn to each other for help and advice.  The internet makes it easy for these individual to connect by social networking websites and message boards.  A small business owner who saw their profits increased due to your help is likely to spread the word.  This will happen naturally, but why not provide an extra push?  You can do so by offering a referral discount.  Offer to refund a small percentage of the money a client paid, like 5% or 10% for each new paying client they refer.

Solicitation.  With solicitation, it is important to proceed with caution.  Some states and local governments have rules pertaining to door-to-door solicitation.  If not an issue, head to those who need your services.  Why wait for them to come to you?

With solicitation, you have many options.  You can visit a small to medium sized business, speak with the owner or manager and explain your services.  Leave behind literature explaining your business, such as your rates and the services offered.  You can also mail these items to businesses in or around your area.  To avoid outright solicitation, include a free product, such as a magnet bearing your company logo or a discount card for new clients.

Do You Need Certification to Work as a Business Coach

If you have prior experience running a small to medium sized business, you may believe you have what it takes to be a successful business coach.  After all, you have been there and done it.  You know what it takes to run a profitable business.  So, you think you have found another moneymaking opportunity, that is until you turn to the internet.  Perform a standard internet search with the phrase “business coaching,” and you will see many training classes and certification programs.  Do you need these?  No.

In the United States, you do not need special licensing to offer services as a business coach.  You are running a business, so you should adhere to all local and state laws.  These typically just cover insurance, signage restrictions, and taxes.  Although you do not need to legally be certified as a business coach, it does have its benefits.

Familiarization.  If you operated a business, are you still doing so now?  Did you retire or hand over the reigns to someone else?  If it has been years since you were last at the helm, know that things have changed, particularly with the internet.  More business owners are utilizing the internet to sell and market business.  If you are unfamiliar with these new and improved tactics, a business coaching certification program can allow you to get familiar.  Not only can you learn new techniques, but you can brush up on the old too.

Worldwide Association of Business Coaches (WABC).  Also, when performing that above mentioned internet search, you will come across the WABC and other similar organizations.  Membership is not required, but it does have benefits.  For an affordable fee, you can be listed in their business coaches directory, get job leads, use the association’s logo, and much more.  In addition to paying a small fee, you must apply.  Their website states that most members have a degree and years of business experience.  Without a degree, certification can improve your chances.

Certificate of completion.  After taking and passing a certification training program, you should receive an official certificate.  Although these is not the same thing as a full fledge degree, it can do wonders for your business.  You can frame and hang your certificate on your office wall, scan it for website use, and so forth.  Some of your clients will not see this certificate as anything more than just a piece of paper, but others will see it as trust that they are hiring a professional.

As you can see, there are many pros to taking a business coaching certification class, but there are cons too.

The costs.  Unfortunately, business certification programs are not free.  You will need to pay and out-of-pocket.  The cost of training depends on a number of factors such as the teacher or training center, location, needed class materials, and class length or number of sessions.  Since certification is not legally required, it is up to you if you want to spend the money.  Some look at it as a wise business investment.  The cost of your course may easily pay for itself with paying clients in less than one year or even a couple of months!

The time.  If you are still running your small to medium sized business, you may not have time to take a long training course.  Since it does have many benefits, consider your options.  You can give an employee at your company more responsibility or opt for an online course.  If your goal is to work full-time as a business coach, you will need to lessen your responsibility at the office anyways, so consider getting it a head start.

In short, there is no legal need for business coaching certification.  If you still want to take the course anyways, look for online classes, those that are affordable, and those that come highly rated and recommended.  If worried about costs, get your business up and running. If clients are disappointed that you aren’t certified or trained, consider backtracking and getting your certification.

Business Coaching Services: Are They Worth It?

If you work as a business coach, it is your job to train and education business owners, operating managers, and all remaining employees.  Running a successful and profitable business starts at the top and works its way down. 

Your responsibilities, as a business coach, include getting your client to understand the important aspects of running a business, such as sales, marketing, communication, organization, and conflict resolution.  This is an important job and you know this.  But, there are some business owners who wonder if using the services of a business coach are worth it.  It is also your job to convince them that it is.

You need to convince potential clients that your service is great and more than worth the money.  This is nice to know, but how?  Continue reading on for a few sample ideas.

You can do so with promotional brochures and free promotional items.  Sending a pamphlet outlining your services and how they can increase sales is a great idea, but these brochures often just get thrown in the trash.  Include more!  Add a free magnet or pen with your company name, address, and phone number.  People love and will use free stuff, so your name will get seen.  The struggling business owner may literally be stressing about their future and glance over to see your logo in their office.

You can do so by offering discounts.  Many of the business owners who use the services of a business coach are struggling.  Some are barely staying afloat financially.  They need to use their money wisely.  Make it seem like they are getting a good deal.  Offer a small, but meaningful discount on your services.  Also, include extra bonuses in your package.  Most business coaches hold training seminars.  Include, as a bonus, free printed guides for each employee.  These guides allow for later reference, long after your training session has ended.

You can do so by offering free consultations and assessments.  As previously stated, most business owner who uses coaches are struggling.  Unfortunately, some wait until they are in the red to seek help.  Offer free consultations and assessments.  Show the business owner or operating manager that they are heading down a dangerous path.  Use their records to show what they can expect the next year if swift action is not taken.  Then, go into great deal about how you can turn their business around.  For example, you will teach that business owner the importance of local and internet marketing, and share unique marketing tactics with them.

You can do so by being a real person.  Your job, as a business coach, is a professional one.  It is important to stay professional, but business coaches work side-by-side their clients.  You need to show these people that you are a real person, more than just a suit.  Some struggling business owners fear seeking help because they are afraid that their ideas and actions will be dissected and criticized.  Yes, this is your job, but always put a positive spin on things.  When soliciting business, never blame a business owner.  Comment that they did many great things, but a few simple improvements can do wonders.

In short, business coaching is a valuable service for all small, medium, and large companies.  Unfortunately, not everyone sees it that way.  For that reason, market yourself, get the word out, and encourage those in trouble to save their business and with your help.

Business Coaching: Pros and Cons of Fun Exercises

As a business coach, it is your job to teach small to medium sized business owners and their employees how to run successful and profitable businesses.  There are many ways you can do this.  You can lecture, handout reading materials, or do fun training exercises.  All are great, but fun exercises are sure to catch your eye.  Do know however, that they have pros and cons.

The Pros of Fun Training Exercises

They can easily hold the attention of group members.  People love fun.  What people dislike is listing to lectures and reading training materials.  These are very boring.  No one wants to spend their day stuck in an office chair.  By developing fun and interactive exercises, you get the attention of group members.  They are listing to what you say and watching what happens.  They aren’t staring off into space.

They allow you to accomplish two goals.  That is the task at hand, such as improving office organization, and teamwork.  Most activities involve thinking and working together as a team.  Consider it a two for one deal.  You work on improving and show the importance of office teamwork, while also focusing on other important components of running a business, such as sales, marketing, and workplace communication.

They get workers to lighten and loosen up.  Most employees dread training sessions.  They think they are boring and there are concerns if supervisors are present.  What if the wrong thing is said?  Fun and interactive exercise allow workers to loose.  They should participate more in discussions at the end of the session.  For example, lecture on the importance of workplace conflict and then ask the audience to share tips.  You will get a few responses.  On the other hand, have two employees act out a conflict.  Then, ask the audience to share what the volunteers did right and wrong.  What the hands fly in the air.

They are easy to plan.  To plan fun and interactive training exercise, use nothing more than your creativity.  You may be surprised how many ideas come to you.  For example, you can create a game based on the show Family Feud.  Divide the room into two groups.  Ask team members questions and they must come up with the best five answers, such as how to avoid workplace conflict or how to peacefully resolve it.

The Cons of Fun Training Exercises

It is easy to get off track.  As for why interactive training exercises work, they are fun.  Unfortunately, fun doesn’t always translate into good.  A group of volunteers role-playing workplace conflict may start to goof off.  This can fill the room with lots of laughter and jokes, but what about the task?  If you find your audience or group getting off track, restate the importance.  In fact, mention they need to take the exercises seriously or you will resort to a lecture style teaching.

Your client, the business owner, may not like the approach.  Most business coaches work one-on-one with a business owner or operating manager before training the entire team.  If you intend to use fun and interactive training exercises, state so before hand.  The last thing you want is to see a disapproving manger in the back.  Explain the benefits of these exercising, including teamwork and attention hold, and then give a few examples.

Business Coaching: Pros and Cons of Choosing a Niche

If you want to make money working as a business coach, you have an important decision to make.  That decision is who you want to help.  It if is one group of individuals, such as small business owners, you have a niche.  It is your specialty.  Do you need to pick one?  No, but it does have its pros and cons.  What are they?

The Pros of Choosing a Business Coaching Niche

You can claim that you have a specialty.  When opting for a niche in business coaching, it is important to choose an area you have familiarity with.  For example, if you want to help those running struggling home based businesses, you should have home based business experience yourself.  You are then able to call yourself a specialist.  What is the importance of that?  Say you want to lose weight, should you turn to a health food expert or someone who just shares easy-to-cook recipes? Your goal is to lose weight, so you opt for the health food expert.  Your clients are thinking the same.

It is easier to stay up-to-date.  When working as a business coach, you need to stay up-to-date and well-informed.  The economy, internet marketing, and the way that consumers shop are all changing.  They change often.  For that reason, you can’t be a business coach and not update your schooling or stop learning new things.  A niche allows you to spend less time and money doing so.  For example, if your niche is home based businesses, stay updated on marketing tactics, laws, and so forth.  You should not avoid, but don’t spend a lot of time or money researching corporate businesses; it isn’t your specialty.

You have a wide range of options.  As previously stated, you should choose a business coaching niche that you have familiarity with.  Luckily, this is easy.  Should you hold a business management degree, you are qualified to help home based, large, small, and medium sized business owners.  Your options are unlimited.  The same is true for management experience.  Do you have experience running a medium sized business?  You are qualified to help the self-employed and those running both small and medium sized companies.  When choosing a niche, pick your hearts desire, as you have many options.

The Cons of Choosing a Business Coaching Niche

You limit your moneymaking potential.  By choosing a business coaching niche, you opt to work with a specific group of individuals.  This is nice, as you are able to focus your attention, but there are cons to this approach too. The biggest is your limitations.  If you focus on helping small business owners, a corporate company with headquarters right down the street could use your services.  Since they aren’t your specialty, they will turn to someone else.  This means you lose a potential client and profits. 

When opting for a business niche, choose a profitable one. For example, right now, a lot of men and women want to work from home and start their own business.  They want to be self-employed.  This is a common dream; therefore, there is a bigger potential to make money.  Choose your passion and a niche that you have experience in, but also go where the money is.

In short, there are many pros and cons to choosing a business niche. Always remember that nothing is set in stone.  You can choose a niche or expand your reach at any point in time.