A lot of people often ask me how they can become a business coach. Well, to be truthful, anyone in their own basement and pajamas can become a business coach. But the question I more prefer is ‘How can I become a successful business?’ That question is much more difficult to answer, but if that is what interests you, I have tried to answer it below.
First of all, you need to make sure that this line of work is actually something you want to get in to. Do you want to run your own business? Do you love helping others? Do you enjoy working one-on-one with people? Do you thrive on helping others achieve their dreams? If you answered yes to all of the above questions, then keep reading. Life as a business coach might be for you.
The industry is one of the fast growing in the world. While that is generally good news for us in the business, it also means that competition is fiercer and it’s taking more and more to win clients and produce satisfying results. According to the International Coach Federation, however, roughly 98.5 percent of all clients are satisfied with their coach, so we must be doing something right.
Before you can become a business coach, you need to get yourself some training, some great training. That means doing whatever you can do learn as much as you can about the field. Find yourself a mentor to answer all of your questions. Find a great accrediting school and get yourself certified. Schools approved by the ICF are your best bet, since they’ll set standards about course content, minimum hours of learning, teacher qualifications etc. so you can be sure you’ll be getting your money’s worth.
The learning doesn’t stop there. In order to truly be successful as a coach, you need to learn a lot more than just the practice of coaching. You need to learn about running a business and marketing it. It won’t matter if you’re the best at what you do in terms of coaching, if you don’t have the know how to organize, market, and run your business.
Don’t expect your business to take off immediately. The first few months will be a slow learning process, both for the coaching and the business sides of things. After that, your success will be determined by how much time and effort you put into it.
If you choose to become a business coach full time, the average salary after one year is roughly $4,900. The more successful coaches would earn more, averaging between $7,000 and $12,500 per month. That is based on an estimated 20 client a month practice. Depending on what type of clients you’re serving (i.e. executives versus those just beginning), they will pay between $350 and $500 per month for your services. You might also have the time to do additional activities, such as workshops or speaking engagements that could earn you some extra income.
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