How to Become a Business Coach in 2024

Did you know 80% of business executives, entrepreneurs, business owners, investors and founders have a behind-the-scenes guy who helps with business projects, business challenges and strategic decisions? This behind-the-scenes guy is called a business coach.

Everyone at some stage has needed one form of guidance or another. Students have teachers; athletes need a coach; writers need mentors; even growing kids need adults around them.

It is not enough to go on YouTube and watch videos on how to get your business rolling; you need someone out there, outside the internet, sharpening your skills, someone you can have heartfelt conversations with concerning your business.

Key insights

  1. Business coaching involves experienced professionals helping business owners achieve their goals through personal expertise and mentorship.
  2. A business coach does many things, including clarifying vision, strategic advice and being an accountability partner for growth.
  3. Business coaching can be very profitable, with potential earnings ranging from $10,000 to $30,000 per month for successful coaches.
  4. To be a successful business coach you need to find a niche, continually improve skills, set up a framework and market yourself.

What is Business Coaching?

Business coaching refers to a process whereby a professional business coach guides a business owner in the pursuit of their business objectives. It involves being mentored by someone who is an expert in the business world and whose main goal is to grow successful businesses.

Who is a Business Coach?

A business coach is an experienced entrepreneur or business consultant who has launched new businesses, scaled them and grown them. The work of a business coach is to work alongside the business owner to achieve the owner’s goals and objectives.

Every business owner has a business team of finance experts, content strategists, social media managers, operations managers, human resource teams, product developers, and so many others. However, a power-packed team like this is incomplete without a business coach.

What Does a Business Coach Do?

1. Offer Tailored Coaching and Expertise

A business coach is equipped with two armours; experience and knowledge. A business coach is someone who has real-life experience of what it takes to run a business, the dos and don’ts, the challenges and how to overcome them. Secondly, a business coach should have an executive certification to prove his expertise and offer business advice and insights that will grow the business.

2. Professional Growth

A business coach helps craft strategic plans to boost company sales and ultimately set the company on a path for growth.

Business coach

3. Help Clarify Business Visions and Goals

Nobody starts a business without having a goal and a vision at the back of their mind. However, the possibility of achieving that goal and making sure the goal and vision align is made clear by the business coach. A business coach maps out a plan that will help the business owner achieve what they set out to achieve with the business.

4. Acts as a Mentor

A business coach offers business advice, directions, support, encouragement, and feedback on projects. A business coach helps the business owner achieve realistic goals, helps with problem-solving, listens actively to the business owner and acts as an accountability partner.

Is Business Coaching Profitable?

Yes, business coaching is profitable. Whether as a side hustle or a full-time job, business coaching is highly profitable. In an article by Forbes, Jeff Rose, the author, features BJ O’Neal who helps wannabe coaches. BJ O’Neal sets a target range for how much a business coach can earn to be between $10,000 and $30,000 per month.

How Much Does a Business Coach Earn?

According to Glassdoor, the estimated total pay for a business coach is $183,950 per year, with an average salary of $96,873 per year. These numbers represent the median, which is the midpoint of the ranges from Glassdoor’s proprietary Total Pay Estimate model and is based on salaries collected from their users.

The estimated additional pay is $87,077 per year. Additional pay could include cash bonuses, commissions, tips and profit sharing. The pay also depends on the company. Below are the top-paying companies.

  1. Amazon – $176k-310k
  2. Fortune Builders – $88k-160k
  3. Buffing & Company – $80k-147k
  4. Edward Jones – $96k-174k
  5. EMyth – $79k-147k
  6. Jimmy Jones -$58k-109k

With the above data, it is safe to say that an experienced business coach with the right expertise will earn the right amount of money.

Challenges Faced By a Business Coach

Regardless of the financial benefits that come with being a business coach, the profession does not come without its challenges. We have identified a few challenges a business coach faces and how to overcome them.

1. Finding Clients

Finding the right client can be synonymous with getting customers for a business. You are not the only person offering this kind of service, and you might also not be the best in the field. The industry is saturated, and this can get overwhelming for a business coach.

How do you find the right client?

Market yourself! You can do this on your social media accounts: let people see that you have the ability to solve their business problems; create content that reflects your interests and your personality. This will help to create trust between you and your target clients.

2. Juggling Multiple Responsibilities

A business coach serves as a guide for every business strategy that goes out of the company, including the creation of ideas, product promotion, and most often, the budget. Imagine doing all of the above for more than one client while at the same time working hard to build your brand. You are most likely to experience burnout, leading to low productivity. 

Tips to avoid burnout 

  • Do not take on more jobs than you can handle.
  • Schedule your tasks.
  • Take breaks when needed.

Business coach

3. Lack of a Structured Framework

A structured framework for a business coach could include working tools, how coaching sessions will be conducted, how progress will be measured, a rate card, and the duration of service for each client. A structured framework will serve as a guide for the business coach; without it, the coach will experience inconsistencies leading to inefficiency in carrying out tasks and then unsatisfied clients.

To avoid this, it is advised that the business coach adopt an efficient working system and have the necessary tools for recording their interactions with clients.

4. Lack of Innovation

As a business coach, you are expected to always have fresh strategies and solutions for your clients. This is an effective method of client retention. If you do not move along with the changes in the industry, you will become outdated, and your clients will look elsewhere.

Tips to stay on your game

  • Embrace continuous learning.
  • Leverage technology.
  • Network and collaborate with other business coaches.
  • Seek feedback from clients.
  • Invest in research and development.

5. Defensive Leadership

When a business owner has to take advice and instructions from someone else regarding a business he or she set up by themselves, it can trigger defensiveness, which will create an uncomfortable atmosphere for the business coach.

As a business coach, do not get offended or threaten to quit; understand that the business owner is human and is allowed to express these emotions. Try to work together and make them understand that your feedback is for the good of the company; it is an opportunity for growth and not threats or condescending remarks.

Steps to Becoming a Business Coach

1. Identify Your Niche and Audience

As a business coach, it is not possible to work for every business organisation in different industries. There has to be a particular niche you are known for. Various niches you can be an expert in include:

  • Startups
  • Small businesses
  • E-commerce businesses
  • Young entrepreneurs
  • Senior entrepreneurs
  • Family businesses
  • Service businesses
  • Non-profit businesses
  • Influencer businesses
  • Blogging businesses

After carving out your niche, the next step is to identify your audience—the ideal client you would love to work with. This can include their gender; would you prefer male or female clients? It can also include their age range: 20–25, 25–40, or 30–50.

Business coach

2. Work on Your Skills

After creating your audience demographics, the next step is to ask yourself what value you will be offering. The industry is saturated, and business coaches are entering the market daily. What will make you stand out?

Aside from your years of experience in the business world, it is of utmost importance that you are innovative and constantly learning to stay at the top of your industry. Take classes, read books, and attend webinars to get better at what you do.

3. Set up a Framework

This involves setting up a work strategy. Will you be a full-time or part-time coach? How frequent will your coaching sessions be? Do you prefer virtual or physical meetings? Will there be one-on-one coaching or group coaching? What is your industry specialisation, and what connection channels do you work with?

4. Pricing Strategy

This is a very sensitive aspect. Below are some tips on how to create your pricing strategy, according to Forbes.

  • Look at both sides of the equation; consider the impact your work will have on your client’s business and how much money power will bring that desired impact.
  • Examine the client’s context, outcomes, and time frames. How long will the coaching session take?
  • Take into consideration your credentials and years of business experience.
  • Invest in building your credibility to justify your rates.
  • Offer tiered packages.
  • Tie your fee to specific results.
  • Create a separate piece for advice and the implementation of action.
  • Charge for availability and accessibility.
  • Avoid per-hour services.
  • Develop pricing models based on your niche market.

Business coach

5. Build Your Brand and Market Yourself

An easy way to get clients is through your positioning out there as a business coach, especially on social media. How people perceive you matters. A personal brand will not only give people the impression that you are a business coach but also develop trust and grow your network. To achieve this, be authentic in your social media content, give out value, and let people see that you have what it takes to solve their problems, and you will become their go-to person.

6. Gather Feedbacks

After a coaching service is rendered to a client, it is advised to ask for feedback. Request testimonials and reviews from your clients. This will help you stay on the right track.

7. Improve and Get Better

Not all the feedback you receive from your clients will be positive; some will be negative. Negative feedback is also needed to help you improve. When you get negative feedback from a client, do not dwell on it; accept it and look for ways to make changes, then incorporate the changes with your next client.

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Conclusion

Business coaching is a great profession that adds huge value to entrepreneurs and business owners. As the business world changes, the role of a good business coach becomes more and more important. Whether you’re thinking of becoming a business coach or looking for one for your business, remember success in this field comes from a combination of experience, continuous learning and being able to adapt to clients’ needs.

 

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