Having been in the coaching industry since 2001, making millions in revenue, I can safely say that you can make money in the business coaching industry.
If you have decided to start business coaching just to make money, then this may not be for you. You need to be passionate about helping business owners build better businesses. The main source of revenue for you as a business coach would be working one on one with your clients, coaching them through their challenges. This could involve developing a coaching programme where you engage with the business owner, help them create a strategic and operational plan for growing their business, and then coaching them through implementation. Typically, that is how most business coaches would create revenue and make money in this industry.
There are also other ways a business coach can make money, and these are called leveraged programs. Group coaching would be a great example of such a leveraged program.
You can also develop an online training platform or a hub full or tools and resources that your clients can download and use to grow their business.
Either way, there is definitely a way to make money in the business coaching industry.
If you're planning on becoming a business coach just to make money, this may not work. The business coaches that I can see in this industry that are struggling, it's not because they're not great at coaching, and it's not even because they don't have products or services that they could offer their clients.
Typically, it's because they're not great at every aspect of running their business. This is where joining something like Max My Profit, which is a franchise, could be greatly helpful to you if you're looking for some assistant in gaining and keeping your clients.
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About the Author
Ben Fewtrell is a sought-after Business Coach, Keynote Speaker and trainer who has featured in Virgin’s Inflight Magazine and Entertainment Portal, SKY Business and "Secrets of Top Business Builders Exposed". He is also the host of the popular Business Brain Food Podcast where he interviews leading experts on anything and everything business.