Business Coaching Franchise: How to Choose & What to Expect
Being a business is a great way to use your skills to help others succeed. Often people with experience in one or several aspects of business will transition into a coaching role to further use their expertise, but to work on their own terms. If being a business coach is something you’ve been thinking about, a franchise focused on business coaching might be a good fit for your future.
Types of franchises that focus on business coaching
Business coaching can target different aspects of a business operation. A coaching franchise tends to be very specific about the aspect of business within which they focus their efforts. Here are some examples of areas of expertise you can focus on within a business coaching franchise:
- Sales. This type of franchise focuses on helping the owner and the sales team improve sales performance.
- Leadership. Geared towards the business owner, leadership business coaching can involve entrepreneurial education and personal or professional development.
- Programs. Some franchises have programs that franchisees sell to small and medium-sized business owners that provide a form of professional development.
- Advisory boards. This franchise advises boards of directors on how to take the business to the next level.
- Small business. To differentiate services, some coaching franchises focus on providing services only to small or mid-sized businesses.
- Selling. This franchise type focuses on helping a business owner prepare to sell the business.
- Financial. Coaches can advise entirely on tax services, payroll, bankruptcy, bookkeeping or government compliance coaching.
Benefits of a franchise
In making the decision to become a business coach, you can choose a franchise or set up your own business independently. Here are some things to consider when making that choice:
Building name recognition
In this line of work, you are selling your knowledge. With a franchise, you have a brand name behind you and that adds some weight to your credibility, even if someone hasn’t heard of the franchise before. As an independent, you build the value of your name without established support, which is no easy task. You may be known for the work you did previously, but as a new business coach, that same credibility doesn’t always transfer. When you don’t have to work as hard to build name recognition, you can get to earning an income more quickly.
Managing business operations
Every business coaching franchise comes with an operations model — a system of processes you follow to be successful. When you’re starting from scratch, you need to develop these processes along with the administrative functions of the business.
While this is certainly possible to do, the franchise model saves you the time of having to explore those on your own. You can spend time trying to figure out the best invoicing program, or you can spend time acquiring new clients or building the business. Administrative processes take a lot of time in a business, and the better you can maximize that time, the more profitable you can become.
Establishing a target audience
When you choose a franchise model, your target audience is set. You know the type of business you need to attract and the person in the business who’s going to be your client (i.e., employee, owner, board member, etc.) The tendency of independent coaches is to start broadly – basically, they’re available to anyone. That can make it difficult to market to a specific type of client when you don’t really know where or how you want to put your focus.
Coaching franchises are niche businesses that allow you to build your profile as an expert in a particular area of business. Nobody is an expert in every aspect of a business.
About Expense Reduction Analysts
At Expense Reduction Analysts (ERA), our niche is working with clients to find extra cash flow opportunities in the business. We investigate more than 40 expense categories and evaluate areas where costs can be trimmed to benefit the bottom line.
As an advisor, your income is tied to the savings you bring to your clients, so there’s no cap on your earning potential. When you take on a client, you analyze where they are currently and where they can achieve savings, and then you facilitate the implementation of the savings process. Your fee is a percentage of the savings you create for the client over several year.
The ERA business coach franchise gives you the tools you need to find these savings, and we work with you throughout your research process with dedicated in-field support.
Contact ERA
When you can show businesses how to save money and be more efficient, there is a strong value for your services. If that’s a line of work that’s attractive to you, we invite you to contact us about joining our franchise.
