Starting a coaching business is an extremely exciting prospect for many people.
They have the knowledge and ability to share their message, but some struggle to get the business up and running.
In this blog, we’ll explore a few options available for those looking to start a coaching business and share our advice on the best ways to do it, and things to avoid!
Before you start looking into creating your coaching business, there are several important factors to consider to ensure you’re not going to fall at the first hurdle you come across.
Firstly, do you know what it takes to be a successful coach?
You’ll need to have a business plan and a set of high-quality resources to distribute to your clients as a bare minimum.
As well as this, in order to run a successful coaching business, you’ll need to know your target market. Different types of businesses and audiences require different types of coaching services, with different outcomes.
Having clarity on the outcomes of your coaching and who this best benefits, will provide you with a a foundation to build your marketing and messaging from, as well as the tools and models you need to serve them.
Market research will enable you to find your ideal clients and coaching niches for you to offer your coaching services.
Having a timeline in mind for the business is also really important.
Where do you see it going in 5, 10, 15 years? Knowing this will allow you to create a solid plan that can inform your business decisions as you go on.
Depending on how much of this you already have in place, you can take a variety of routes when it comes to establishing the business itself.
Option 1: Go at it alone
If you’re confident in your existing material and plan for the business, one option is to start a coaching business from scratch.
We’d recommend this option for a business coach who has a very specific goal in mind or style of coaching practice you want to offer.
The real main benefit of this option is the fact that you can choose exactly what you want to offer to clients.
On the other hand, it does carry more risk, such as having no support network around you, and no pre-existing material to draw upon. This can lead to more uncertainty, as you’ll have to go out and find your own clients 100% of the time, as well as develop and constantly update your own curriculum alongside coaching your clients.
Option 2: Purchase a franchise
This option is great for those looking to achieve their goals and become a business coach without the extra stress and time-consuming tasks of starting their own business from scratch.
You won’t have to develop your own brand and marketing materials. Additionally, you will have access to many tools and models to use in your coaching.
There is a support network for continually developing yourself and for airing challenges.
This is the option we’d suggest as it gives you a higher likelihood of success, as according to the International Coaching Federation, over 80% of independent business coaches fail within their first two years.
But there are coaching franchises and coaching franchises! There are national and international franchises available, all offering different types of services, varying levels of support and different values/missions.
If you pursue a coaching franchise route, ensure you find one that matches your own aspirations, values and priorities.
For example, some franchises have very fixed models and approaches but others, such as UK Growth Coach, which offer you the opportunity to shape and input into new coaching models.
The other key point is around cost! Coaching franchises such as UK Growth Coach are deliberately priced to be financially accessible, while others are more in the region of £50k.
Joining a franchise like UK Growth Coach offers you a simple, fast and cost-effective solution to achieving your coaching ambitions.
How to start a coaching business: UK Growth Coach
Starting a coaching business with UK Growth Coach is one of the best ways to get into business coaching available right now.
We invest in you and your business by treating every franchisee as a true member of our team.
Our owner started out as a franchisee for another coaching company and has now progressed into owning three separate businesses, so we have experience in growing franchises from the ground up.
From the beginning, our franchises are affordable and accessible for those looking to become a business coach, and we will provide you with industry-leading tools to make you a successful business coach.
We’ll also provide training to ensure you’re ready to become a business coach, and we’ve got years of experience in marketing alongside our sister company Growth by Design, giving you the tools to help promote your business to the world.
If you’re interested in learning more and starting your own coaching business, get in touch today to find out how we can help!