You need to be tough to be a business coach. Like double-glazing salesmen and estate agents, the world has pre-conceptions about us.
Take networking. Do you watch suspects’ eyes as you tell them that you are a business coach? How often do they fill with hope and joy?
What do you think goes through a business owner’s mind when they hear the words “business coach”? Could it be a mixture of “I’ve heard that is really expensive”; “I don’t need any help”; “That doesn’t apply to me - my business is doing well”; “What on earth could you teach me about my business”; “I don’t see how talking to someone could change anything”; “I don’t even know how coaching works – and I’m not going to ask in case they think I’m interested”; ”I don’t have the time to do the basics let alone sitting around navel-gazing”; “I probably know more than them about business anyway”; “I’ve heard these are a con”.
Leaving aside the wisdom of introducing yourself as a business coach at a networking meeting or on a telesales call, you might agree that business coaches often start on the back foot when it comes to sales. That’s why most business coaches are perpetually short of leads.
We need to take our own medicine – what would we tell a client in this situation?
- Identify a niche that needs our help and can afford to pay for it;
- Understand and articulate the pain they need to address;
- Develop a solution uniquely suited to do this;
- Build a marketing engine to bring these things together and generate qualified leads;
- Implement a sales process with a high conversion ratio to turn leads into customers
So… I suggest that if you are a business coach you go ahead and do this if you want to build a thriving coaching business. Two or three years should do it, once you have come up with your differentiated solution.
Alternatively, you could invest in a franchise – £70k would get you a nice one. They mostly all sell the same tired old formulas but you will have the comfort of being part of a herd. Don’t forget the franchisor’s cut for the rest of your coaching life.
There is another way. Why not save yourself a great deal of money, time and effort and just apply this system to your coaching business today?