If you’ve ever thought about using your professional expertise to guide others toward success, you might have considered business coaching. But what does a business coach do, and how can you tell if this career is the right fit for you?
In this article, we’ll cover the ins and outs of having a business-coaching business, including what it takes to succeed, who is best suited for this career, and whether there’s still room for new talent in the field. We’ll also explore the pros and cons of building a coaching enterprise.
Let’s dig into the world of business and coaching and see if this dynamic and impactful career could be your next big move.
What is a business coach? What do business coaches do?
At its core, business coaching is about helping professionals and entrepreneurs achieve their goals, overcome challenges, and grow their businesses. Coaches act as sounding boards, strategists, and accountability partners, offering guidance tailored to their clients’ specific needs.
“The role of a business coach is, through the power of asking meaningful questions, to probe the leader to explore what possibilities and choices are available to make the next best decision,” says Leigh Ann Errico, who has been a business coach for 18 years.
Business coaching goes beyond generic advice. It’s a highly personalized process that often involves:
- Setting clear goals: Helping clients identify what success looks like for them
- Strategic planning: Creating actionable roadmaps to achieve those goals
- Accountability: Encouraging clients to follow through and stay on track
- Skill development: Building leadership, communication, and decision-making skills
- Problem-solving: Offering fresh perspectives on challenges and opportunities
Business coaches can specialize in various niches, such as leadership coaching, diversity and inclusion consulting, or startup mentorship. The key is to bring your singular expertise to the table.
Who is suitable for a career in business coaching?
Business coaching is a great fit for seasoned professionals who have accumulated years of industry knowledge and leadership experience. However, the field is not limited to those with decades in the workforce.
Here’s a closer look at who might thrive in this industry:
- Experienced professionals: Leaders with deep industry expertise can provide valuable insights to clients.
- Gen Z innovators: Younger professionals can bring fresh perspectives, particularly in areas like tech startups, social media strategy, or diversity consulting.
- Specialists: Those with expertise in niche fields, such as sustainability or workplace culture, can carve out unique coaching opportunities.
If you’re passionate about helping others, enjoy problem-solving, and have a knack for communication, business coaching could be a rewarding career path.
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Is there room for more business coaches?
The short answer? Absolutely. If you have something meaningful to add to the conversation, there's definitely a place for you in this industry.
While the coaching industry has grown significantly in recent years, there’s always room for fresh perspectives and specialized expertise. According to a 2023 report by the International Coaching Federation, the number of registered business coaches increased by 54% between 2019 and 2022.
“It's a very crowded field,” Errico says. “Figuring out your value proposition and what makes you unique will be very important to be able to articulate to prospective clients.”
Today’s clients are looking for coaches who understand their unique challenges and can offer tailored solutions. Think about which specific area of coaching you want to enter. What type of business owners do you want to serve? Do you have a gender or industry preference? Are you prepared to take online clients or only in-person clients?
Pros and cons of a career in business coaching
While business coaching can be a deeply rewarding profession, like any career, it has its ups and downs.
Pros of business coaching
- Flexibility: You can set your own schedule and work from anywhere.
- Impact: Helping clients achieve their goals can be incredibly rewarding.
- Variety: No two clients are the same, so the work stays interesting and dynamic.
- Earning potential: Experienced coaches can command high fees, especially in niche markets.
Cons of business coaching
- Competition: The coaching industry is growing, so standing out requires effort and specialization.
- Income fluctuations: Especially in the beginning, income can be inconsistent.
- Self-promotion: “As a business coach, you must find some clients, first and foremost,” Errico reminds us. Building a successful business coaching business requires marketing yourself and networking.
- Emotional investment: Coaching can be intense, as you’re deeply invested in your clients’ success.
How to start your business-coaching business
If you’re ready to take the leap and start your business-coaching business, here are some steps for a successful beginning:
- Define your niche. Decide what type of coaching you want to offer and who your target clients are.
- Get certified. While not always required, certifications from organizations like the International Coaching Federation (ICF) can boost your credibility.
- Build your brand. Create a website, establish a presence on LinkedIn, and network within your target market.
- Develop your methodology. Have a clear framework or process that you use with clients.
- Be aware of the legal matters. You’ll need to handle the legal process and contracting phase with each new client. “One document covers what work is expected, at what price, with what goals in mind, and for what duration,” Errico says. “This is where things like confidentiality also get discussed.”
- Start small. Offer selected free or discounted sessions to gain experience and testimonials.
- Continue learning. “Stay apprised of the industry and the research and trends that are essential to be the best coach that you can be to your client,” Errico advises. “You are never finished learning coaching skills.”
Insider tips from a business coach
Lastly, we asked the seasoned business coach to share insider tips for folks who are looking to become a business coach. Errico, who has been in the game for almost two decades, offers her best pro tips.
- Business coaches should have business coaches. “Get a coach mentor/supervisor who can advise you on your coaching craft, because it takes a long time to get comfortable being in the coaching chair,” Errico says. “Someone to have as a sounding board and safe place to guide you in challenging situations is key.”
- Really listen. “Make sure you hone your listening skills in a very deliberate way and then notice everything about the shifts your client makes,” she says. “Imagine that you are holding up a mirror for the client to see clearly as you listen intently to every word or vibe your client gives to you.”
- Truly connect with your clients. “Your relationship with your client is a sacred one—confidential and special,” Errico says. “Make sure you set the intention to hold that space for your client in a way that feels sacred and authentic.”
Ready to make an impact?
Business coaching can be a great opportunity to share your unique expertise and help others achieve their dreams. Whether you’re an experienced professional or someone with a fresh perspective to offer, there’s room for your voice in this ever-evolving industry. While it comes with challenges like competition and income fluctuations, the rewards of making a meaningful impact and building a fulfilling career can outweigh them.
So, if you’re passionate about guiding others to success and ready to put in the work, business coaching might just be your calling. The question is: Are you ready to coach your way to success?