You won’t succeed as a business coach unless you are fascinated by business (or rather, people in business) and obtain some kind of psychological payoff from helping others.
Assuming you pass those two tests you still need to make a living and it is essential that you have a realistic idea of how much you are likely to earn before you commit to business coaching as a career – and make no mistake, success takes commitment.
Google returns various research studies dating back to 2012 that indicate the number of coaches and the market value (either worldwide or in the US). These show that the average coach is earning around $50k. Glassdoor has some salary figures but as they consist of samples of one, each posted by franchisors, they need to be taken with a pinch of salt – the highest when I looked was just north of £100k.
It is not clear whether these are gross or net figures (that is, after marketing, admin and other expenses).
Finally we have the ads on Facebook and other platforms, screaming at us that we can earn “six-figure salaries” as business coaches even if we know nothing about coaching (or indeed, business). I will leave you to make up your own mind about their claims.
My personal view is that a capable business coach working full-time will earn (gross) about the same as a mid-to-senior manager in a corporate once their business is up to speed. However, there is no doubt that driven, talented individuals can earn far more.
Unfortunately, another part of my personal view based on the business coaches I have seen come and go is that most people who start out as business coaches fail, and they fail for the same reasons other small businesses fail:
• Insufficient starting cash and an over-optimistic business plan;
• No clear strategy;
• An undifferentiated proposition and no marketing plan;
• An unwillingness to do the tedious things that drive sales
If you want to avoid these errors and increase your chances of becoming a successful business coach then why not take a look at this coaching system?