Becoming a business coach is a great way to help business owners run their companies and achieve their business goals. In this article, we discuss what a business coach does, how they help their clients, what’s required to become one, and provide answers to frequently asked questions.
What is a business coach?
A business coach is a professional mentor who supports, educates, and motivates business owners. They provide recommendations for a company’s vision, growth, and goals. Effective business coaches provide motivation but also implement and prioritize strategies to help businesses grow.
What does a business coach do?
Business coaches may be tasked with a variety of responsibilities. Some of a business coach’s duties include:
- Providing clients with advice on new plans and strategies
- Keeping clients accountable and motivated
- Communicating with clients to better understand their vision and goals
- Assisting clients with their company growth, goals and plan development
- Assessing a client’s strengths and weaknesses and guide development
- Helping clients grow their business from inception
- Assisting clients in using their personal skills for the betterment of their business
- Guiding clients in the completion of strategic business growth tasks
- Monitoring business growth and establish methods for improvement
- Analyzing strategic plans that have contributed to the company’s successes and/or failures
FAQs for hiring one
Here are some frequently asked questions about hiring and working with a business coach:
Why should I hire a business coach?
As a business owner, you may find extra support is needed to take your business to the next level. As an objective third party, a business coach offers many benefits, including:
- Offering unbiased viewpoint
- Providing constructive criticism
- Removing mental roadblocks
- Recommending new methods or plans
- Providing new networking opportunities
What aspects of business benefit from coaching?
While a business coach can help with a variety of aspects of a client’s company, the main focus is generally on your company’s overall growth. The more growth a company sees, the more successful and profitable it will be. Since all business owners want their company to be successful, business coaches work alongside them to make it happen.
Other aspects may include financial planning, marketing strategies, or general planning. A business coach can also help you with:
- Setting up your business
- Creating a business plan, company mission statement and values
- Marketing and promoting strategies
- Developing or specific financial strategies
- Troubleshooting business problems or inefficiencies
What should I expect from a business coach?
A business coach should be able to help you increase business revenue, promote overall growth, and meet specific goals. Effective business coaches often devise fixed schedules, actions, and measurable goals.
What should your business coach expect from you?
Your coach will want your full attention and disclosure. The goal is to work on your business rather than in it. Despite a busy schedule, you should be able to make time to answer the coach’s questions honestly and listen to their advice and recommendations if you want to meet your goals.
How much do they charge?
How much a business coach charges depends on several factors, including location, experience, subject matter, and your personal needs. Some charge anywhere from $100 to $1,000 an hour while others offer monthly programs for $50. Some coaches may also take a percentage of the revenue.
Keep in mind that higher prices don’t always mean higher quality. Look for coaches that are upfront about their rates, what they can deliver and how results you can expect.
What’s the difference between a business coach and a business consultant?
While both a business coach and a consultant strive to help solve problems in your business, their approaches are quite different. A business coach focuses on you as an owner and leader. A business consultant focuses on the business and how it operates.
FAQs on becoming one
Here are some frequently asked questions about becoming a business coach:
What are the qualifications?
If you’re considering a job in this profession, it’s important to meet certain criteria, including:
- Getting a degree in a business or related field
- Becoming experienced in your area of business
- Enrolling in programs that offer business coaching certification like the International Coaching Federation
- Building a solid network and reputation
- Creating a client base depending on your field of expertise.
What are the skills required ?
As a business coach, it’s important to have a good combination of both hard and soft skills. Both will help you become a more effective business coach overall. Here are some general skills you should have when considering this profession:
- Computer software skills: It’s important to understand basic computer skills as a business coach. You will use those skills for research, goal measurement, strategy creation and financial budgets.
- Communication skills: Business coaches often work directly and closely with their clients, so you must be able to effectively communicate with them.
- Interpersonal skills: As a business coach, you’ll need to motivate, lead and be patient with your clients. It’s also important to have active listening skills
- Organisational skills: As a business coach, you’ll need to be highly organised to help plan, implement and measure strategies.