How to Become A Business Coach? A Definitive Guide
Table of Content
- Introduction
- History of Business Coaching
- What Does a Business Coach Do?
- Benefits of a Business Coach
- How to Become a Business Coach?
- Online Practices for a Business Coach?
- Conclusion
Today, to become a business coach is a popular trend, however, for many, the understanding of what business coaches do may require some clarity. A common misconception in the market is that you would only hire a business coach to analyze and listen to your concerns as a business owner. Now, although analysis is a critical part of what a business coach does, it is not all that a business coach does.
This definitive guide on how to become a business coach will take you through the history, process, and successful methods. So, let’s dive right into it.
A Brief Modern-History of Business Coaching
The history of coaching goes way back to the times of Ancient Greece; however, we will look into the modern history of business coaching. In the 1970s, Timothy Galleway, an American tennis player published a series called The Inner Game of Tennis. Although, the series intended to focus on Skiing, Tennis, Music, and Stress, soon readers began to use the methods in other areas of life, including business. And eventually, Sir John Whitmore introduced Timothy Galleway’s methods to the business world, and since, we have noticed a boom of coaching in business.
By the 1990s, business coaching became an essential part of corporate businesses. Companies including Procter & Gamble, IBM, and Coca-Cola were all opting for business coaching.
Fast-forward to 2020, business coaching is a common practice, not only for the large corporations but over the years mid and small business coaches have also seen an increase in demand.
What Does a Business Coach Do?
There are a lot of misconceptions about what business coaches do. One common misconception as we mentioned above is that business coaches are hired primarily to analyze a business. However, that is only a part of the process.
So, if that is not all that a business coach does, what else do business coaches do? Let’s take a look step by step.
To say that business coaches are trainers and mentors for business owners is a simple yet thorough definition. Business coaches help business owners find the lapses in their businesses, create a clear roadmap, and assist in executing strategies to become a thriving business.
1. Learn About Business
One of the first steps a business coach takes is to learn about the business. When a business coach comes on board, they need to find out the vision and mission the business owner has. Does the business owner want to become a million-dollar company or sustain a family business?
Over a few scheduled coaching sessions, the business coach will be able to understand the business better, and hence move on the crafting a tailored strategy to help the business improve.
2. Analyze Lapses
After an in-depth understanding of the business’ vision and mission, the business coach will analyze all the areas where the business may be lacking behind. From the current goals, team, and other areas that will impact the business in achieving the vision which they have set. These lapses allow business coaches to set priorities for their tasks.
3. Set Attainable Goals
Upon understanding and analyzing the business, the business coach will set attainable goals throughout a specific period. For example, if the business would like to generate $10 million in revenue by the end of the year, the business coach will break down monthly goals and make changes to the business operations accordingly.
4. Achieve Goals
Once the goals are set, a business coach will assist the business owner in achieving those goals. A business coach helps you set strategies and aides in following the plans set.
Benefits of a Business Coach
Whether you are a small business or a large corporation, at some point as a business owner, you will feel the need to hire a business coach to address specific issues within your business. But you may be held back by whether you need one or not.
An experienced business coach comes on board with a specific set of benefits, highlighted below.
1. Detailed Attention to Specifics
As a business owner, you may have more on your plate than you can handle, especially, if you are a small or mid-sized business. When you hire a business coach, you have an experienced professional to highlight and fix certain areas of your business which you may not focus on otherwise. For example, as a business owner, you can have multiple roles, but at times your team may feel ignored because you are often busy. A business coach under these circumstances is likely to suggest you to hire a dedicated HR professional to keep your team uplifted and heard.
2. Learning How to Transform Ideas
As a business owner, you may have a lot of ideas to transform your business but not enough capacity to execute your plans. A business coach helps transform those ideas into a visible achievement. In the process, you become self-sufficient and learn the art of transforming ideas into a model.
A business coach is not only there to fix the business processes they are also there to enable you to improve and transform as a business owner.
3. Revenues Will Improve
Do you sometimes feel like your business could be generating more revenue, but are unsure as to how? A business coach can highlight all these areas for you. Once the business coach highlights all the lapses in your business strategy, they devise a new strategy to help you with improving your business model which in turn generates more revenue.
4. Self-Confidence
It is not uncommon for a business coach to also be a life mentor. Business coaches are exceptionally capable of bringing in the confidence you need as an owner. Working with a coach can help you be a better leader who can sustain a successful business.
Businesses can find themselves in an unpredictable situation but to deal with these unprecedented situations, business owners need to have the confidence of dealing with success and failure.
5. Unbiased Opinions
At times, you would call a friend of yours and ask them for an opinion on your business. However, due to the kind of relationship, you may end up with a biased opinion. This is not the case with a business coach.
When you work with a business coach, they are not there to make you feel good. All business coaches are experienced professionals who are working with you to improve your business strategies, revenues, and models without any bias.
How to Become a Business Coach?
If you are aspiring to become a business coach, you possibly have a lot of questions in terms of where to start. Business coaching has been around for a long time, and the coaching industry has lived through the times witnessing some of the most reputed business coaches going down in the history books.
But, how do you share the same stage with them and become a top coach?
1. Certifications
Although certifications are not a pre-requisite to becoming a successful coach, they are still a step in the right direction. Certified coaches automatically attract credibility as opposed to those without one. If you are interested in getting certified as a coach, consider ICF Business Coaching Certification. The ICF Certification has different levels to start with, and although you do not require the Master Certified Coach path, you can complete the Associate Certified Coach path.
2. Learn Coaching Skills
All business coaches come with different skills that are unique to them. Some may be effective communicators while others may be amazing at sales. If you are starting out, you should look into refining your skills.
Find skills which are unique to you, and market each accordingly.
3. Find a Mentor
If you are not aiming for certifications at the moment, you should seek mentorship from a coach who has been successful over the years. A mentor will teach you about real-life situations and experiences which will help you in utilizing your time more productively.
4. Network with Successful Coaches
Being a part of a network can help you gain access to information and experiences which can prove helpful during your journey of being a business coach. It is often said that you are who you surround yourself with, and if you surround yourself with successful coaches, you are in it, to win it.
5. Research More
Coaching, like any other industry, is becoming more dynamic and changing constantly. Researching the current trends, coaches, and the market will help you keep up to date with your clients.
6. Become a Social Media Star
Social media has become essential for coaches today as it has for professionals from any other industry. In our recent guide on How To Market Your Coaching Business we cover social media marketing for coaches in detail. Social media can help bring the exposure your coaching business is striving for, especially in the early stages.
7. Keep Improving
With all the above, we advise all business coaches to constantly work on improving over time. With every session you take with a client, you would be capable of taking feedback, and improving as you go along. If you continue to build a stronger network of successful coaches, you are likely to find more opportunities to keep improving your coaching business. So, stay persistent.
Online Practices for Business Coaches
The coaching industry has seen a growing trend in moving towards digitization and today, online coaching is a common practice. But if you are starting out, likely, you do not have an online presence as a business coach.
Social media platforms like Instagram and LinkedIn are a great place to start marketing your coaching business. Both these platforms allow you to find potential clients and pave the way for building a brand.
But marketing is not all that you can do online as a coach.
You can find several coaching softwares that help you manage your coaching business, track clients, sessions, and streamline your business model. Further, you can also find online coaching platforms like Koachee, which is a one-stop solution for new and experienced coaches.
At Koachee, you can find new clients, schedule online coaching sessions, and get paid through secured payment methods. Check out how it works for coaches, here.
Conclusion
Whether you are starting out as a business coach or are already experienced, there is always room to improve and become stronger in your area of practice. Business coaching has been part of the coaching industry for decades, and as the trends suggest it intends to maintain its position. Business coaches help transform businesses, and as a coach, if you can help small and mid-sized businesses do that, working for large corporations will be an inevitable step.
