Business
Coaching

What is Business Coaching?

The purpose of this page is to provide a comprehensive insight into understanding business coaching. It is for business owners who are looking to hire a business coach, or just curious to learn about what business coaches do and how they help. It is also for people who are thinking about becoming a business coach and want to learn more about it. On this page you will learn about the benefits of hiring a business coach, the difference between a coach and consultant, how to find the right coach for your business, how much you should spend and how to become a business coach. To begin with, let’s define what business coaching is.

Essentially, business coaching is a collaborative relationship between a business owner, or a business’ employees, and a professional coach with the goal of strategically developing a successful business. A business coach can be many things, but essentially at the crux of it, a business coach’s role is to take a business from where it is, to where you want it to be. Importantly, a business coach isn’t the same thing as a business consultant. A business coach doesn’t do the hard work – the client does. A business coach is an educator, a confidante and someone who will help keep you accountable in all aspects of your business. Business coaches can also help with developing the skills necessary for success such as sales, marketing, management, finance, team building and more.

Now, what’s the difference between a good business coach and a mediocre business coach? Well, a good business coach doesn’t just tell you what to do or listen to what you have you say without offering any feedback. A good business coach is a trusted advisor, they are experienced and knowledgeable, and can provide solutions to your problems. A business coach provides directions, helps keep you accountable, and acts as a guide along your business journey so that you achieve your business goals.

What Are the Benefits of Business Coaching?

There are countless benefits to hiring a business coach. There are the personal benefits, like being held accountable, and staying on track with your goals. And then there are the business benefits, such as growing your business, achieving the desired results, and ultimately helping your business run more efficiently. Let’s take a look at the benefits of business coaching in more detail.

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Achieve your goals faster

If you have been trying to grow your business for a while now and have been unable to reach your goals, well, perhaps it’s time to onboard a business coach. A business coach will run a fine-tooth comb through your business, looking at your current activities and habits, and will offer tips on how you can improve the effectiveness and efficiency of your business. Also, a business coach will work with you to set realistic goals, keep you accountable and on track to ensure you achieve your goals.

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Help you get out of your comfort zone

Achieving your goals often requires you to do things that are out of your comfort zone. However, when growing a business this is exactly what you need to do to achieve your goals. A good business coach will know your personality, strengths and weaknesses and will know how to encourage you every step of the way. Or, if necessary, provide the relevant resources to ensure you know what you need to do, and how to do it.

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Assist with business growing pains

A good business coach will be able to assist you through your business growing pains. When you start achieving your goals as you continue to find ways to expand yourself, your business will ultimately start to grow alongside you. A business coach will help keep you accountable and motivated in order to make this happen. When you have a business coach supervising all of your outputs and results, this eventually starts to increase your successes in business in every possible tangible way.

Business Coaching vs Business Consultant

There is often confusion between the difference between a business coach and a business consultant. The reality is many modern businesses work with both consultants and business coaches, so what’s the difference? A business coach focuses on bringing out the best in you and your company, focusing on the big picture and helping you achieve your business goals. In many ways, a business coach is like a sports coach. They will support and encourage you, while also helping to determine the areas that might not be working as well as they could be, and how to fix that. Business coaches can work with you on a variety of issues, including:

  • Planning
  • Marketing
  • Processes
  • Sales
  • Talent
  • Operations
  • Training and development
  • Reporting

Ultimately, a business coach will work with you to strategise and develop a plan for building a profitable business.

On the other hand, a business consultant will generally specialise in a particular area such as: marketing, strategic planning, finance or leadership. A business consultant will generally focus on their area of expertise and implement a solution that may be project-based for example, a leadership consultant may come in for a day or two and offer in house leadership training to your senior managers. Or an IT consultant may work on a long term project to change your technology which requires not only the planning but also the implementation to get everything set up and training, so it maybe a mix of working on and off site for several months.

Finding the Right Business Coach for You

When it comes to finding the right business coach for you and your needs, there’s no denying it can be challenging. There are countless business coaches out there, but that doesn’t mean every single one of them will be the right match. Here are some things to consider when it comes to finding the right business coach for you.

Experience

The business coach you’re considering needs to have experience. There are no official certifications or qualifications you need to have to become a business coach, which makes it easy for anybody to call themselves a business coach. For this reason it is important to understand what does qualify them to be a business coach. Have they done any of the coaching courses? Have they been working in key areas like: marketing or finance? Or maybe they have been a business owner themselves and know exactly what it takes to build a profitable business and now they want to help others do the same. If you’re in business and looking for a business coach, you need to find someone who has the right experience to meet your needs. Whether they have experience building their own business or have been trained to help others grow a business, a good business coach needs to understand how a business grows, and how they can coach you to help you grow.

Business Model

Another important factor when it comes to finding the right business coach is identifying if they are working alone or part of a bigger team or franchise. The reason you want to know this is because if a coach is part of a bigger company, this actually comes with added benefits to you. They will have access to other people who have different ideas and skills, they may also have access to more training and resources. So, in turn you have access to more than just one person and aren’t limited by their knowledge, expertise and resources.

Connection

This might sound obvious but if you don’t have a good connection with your business coach, it’s unlikely the relationship will be fruitful. We’re not saying you need to be best friends – in fact, quite the opposite. You don’t want your coach to become someone you’re really good friends with because it’s likely you’ll start becoming less accountable. The idea of a Business Coach is to hold you more accountable, not let you get away with things. Friends may do that, but your coach will not. However, you still need to get along with your coach and enjoy meeting with them.

How Much Does a Business Coach Cost?

The cost of hiring a business coach can significantly vary from person to person. Business coaching comes in many different formats from Group Coaching Programs, advisory boards and tailored one on one business coaching programs. The best business coaching program for you will mostly depend on the size of your business and your cash flow.

As a very general guide, however, business coaching can cost anywhere between $12,000 to $40,000 per year. At the lower end, you’ll get access to a small amount of one-on-one business coaching, with a possible monthly business coaching strategy session. At the higher end of the scale, you are more likely to have a weekly business coaching session with your own business coach. For an experienced business coach, you can expect to pay upwards of $40,000 a year, but again, this depends on the size of your business and your goals.

It’s important to not let the cost of business coaching determine the program you choose. For example, a group business coaching program might be cheaper, yet often working in a group means the program isn’t tailored to your specific needs, meaning it will take longer for you to achieve a decent return on investment. It’s best to choose a business coaching program based on your needs, rather than the cost. For example, if you’re hoping that hiring a business coach will increase your annual revenue by at least $50,000 per year, you should be willing and comfortable to invest at least half of that to make it happen.

How to Become a Business Coach

If you’re looking to take your career to the next level and become a business coach, here are some of the ways you can do it. The best avenue will depend on you, your current skills, how you like to work and what you’d like to get out of it.

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Join a network or go at it alone

When starting a business coaching business, you can simply go at it alone. This would involve creating your own program, figuring out marketing strategies, systems to keep clients accountable and so on. Or, you can join an organisation that has a program set up and is ready to go.

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Find your own coach

To become a successful business coach, you need your own business coach. Do your research, meet with a range of different coaches, and find the right fit. If you are starting your own coaching business, it will be up to you to find the right coach. If you join a network, however, most franchises will have someone to work with you to help you succeed as a business coach.

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Be consistent

As a business coach, you need to be consistent. When you first start out, you might try a range of techniques to find clients, yet you might not succeed with some of these strategies. The important thing is to be consistent – jumping from one thing to another will not help you succeed as you won’t know what works for you. If you’re building a coaching business from scratch, consistency and patience is key.

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Keep improving

It is essential you are continuously improving yourself if you want to be a successful business coach. You need to spend time each and every day of the week educating yourself and learning. You can do this by reading, listening to podcasts or watching videos. However, it cannot be denied that if you’re going to be improving the people you’re working with, you need to continually improve yourse

What to Expect in Your Business Coaching Program?

When onboarding a business coach for the first time, you might be wondering what to expect. Depending on who you hire and the type of business coaching program you choose, you can expect a range of different things. At Max My Profit, our Business Excelerator® business coaching program offers specialised help to businesses by helping them find clarity, define business purpose, address and conquer fears, define business structure, identify the best financial strategy for your business and much more. At Max My Profit, we coined the word Business Excelerator® because we are more than just coaches. When you join one of our programs, we help you build the business you imagined by giving you the tools, resources, and unlimited support. Not all business coaching programs are the same, however.

Typically, business coaching programs offer one-on-one and/or group coaching to help business leaders achieve their goals with expert guidance, identify personal strengths and weaknesses, gain better awareness of individual, group and organisational behaviour to better respond to challenges, and understand their personal goals and career goals.

A good coaching program should offer a safe, supportive, non-judgmental environment to allow participants to reach a deep understanding of themselves to truly explore their behaviour in business and how to continue to improve and grow. The best business coaching programs will ensure participants continue to receive ongoing support even after the program has ended.

Investing in a Business Coaching Franchise

If you’re keen to start your own coaching business but aren’t sure if you want to do it alone or invest in a business coaching franchise, here are some things to consider. Generally speaking, starting your own coaching business is time-consuming, overwhelming and involves a lot of trial and effort. The benefits of investing in a business coaching franchise are innumerable.

Firstly, you already have a successful business coaching framework in place to work off. When investing in a franchise, one of the biggest benefits is you already have a set approach and methodology in place to run your business. These methods have been tried and tested and proven to work. This means you don’t have to spend all of your time trying to develop your own methods and best practices. You’ll also get marketing and sales assistance to help build your business.

Secondly, you’ll be joining and working with a brand people are already familiar with. This can go a long way in gaining the trust of clients a lot quicker than when building a clientele base from your own coaching business. It’s important to find a franchise that is reputable and has positive brand association, so make sure you do your research before committing.

And finally, you will become part of a community and have a wide support network at your fingertips. Not only will you receive support from the franchise company, but you will be surrounded with other franchisees who will be able to offer their support and guidance throughout your business coaching journey.

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