Business Coaching is a very lucrative industry if done right. And after being in this space for a few years I can tell you what you should look for when buying a coaching franchise.
Buying any business can be daunting, especially when the costs begin to add up. For instance, if you plan on buying a fast food franchise, you have to instantly lease a property, hire staff, hire equipment and buy raw materials to make your food. And that is only the beginning. Costs add up and sometimes, they are not sustainable.
Buying into a business coaching franchise has far less overhead costs and is more focused on not only your growth and education but that of other business owners. If you have business acumen and are looking to pass the knowledge on to others, then this is the right direction.
If you are looking to buy a coaching franchise, but don’t have millions to spend, then here are a few things you should consider and look out for.
Systems
It is important to make sure that the company you are buying from is set up correctly. Systems are very important to make sure payments are made on time, resources are available readily and your training is easy to access.
Homework
Google and Facebook make it really easy to do your research on the company before you buy from them. It is very important to know what your franchisor is like, who you will be working with, what the expectations are and what the general public thinks of them. Analyse their success before you join them. Look at their team structure before you join them. Speak to other franchisees and ask them what their experience has been like before you jump into it.
Costs
Buying a business coaching franchise, or any franchise can be very costly. However, even if it is affordable, there may be hidden costs in the contract that you are unaware off. When buying from a franchisor, meet with them and go through every detail of the contract, all the costs that will be involved, including what you have to pay per client, and be absolutely comfortable and 100% sure before you sign up.
Territory
Most business coaching franchises work by marking territory. This makes it fair to all coaches when it comes to marketing and sales. You don’t want another coach in your area if you are looking for clients. Make sure you are aware of your territory, you know the people and the area you are assigned and confident that you can get clients from your territory.
Earning Potential
Coaching is lucrative but competitive. And due to the nature of the beast, it can be limited to earning potential even though it is an extremely rewarding industry to be in. If you buy into a business franchise, it is imperative you do your math and be comfortable with what you can possibly be earning per annum. Speak to other franchisees and get a comprehensive list of everything that they spend on, and then decide if this is for you.
Support
When buying a franchise, always make sure the franchisor gives you support with marketing, sales, structure and administration. If they are not ready to do so, then make sure they communicate what you need to do on your own from the start so that there are no false expectations. Open communication between Franchisor and Franchisee is key!
Buying a franchise is a daunting but great move so it’s best for any budding entrepreneur to get it right. Franchisees should be comfortable when they join another business and become a part of someone else’s model. You need to be fully prepared to work for yourself but under another businesses structure.
To find out more about how you can become a Business Excelerator and work for yourself, click here and someone will be in touch with you to show you the Business Exceleraton Accreditation Franchise Model.
