Business Coaching Franchises:
Pioneers Blazing a Hot Trail
by Patricia Schaefer
Business coaching is a relatively new profession and yet there are
currently already a number of business coaching franchises that have
emerged successful and healthily growing their franchise units.
In recent years business coaching has struck a chord with an
increasing number of business owners -- large and small. It is, in
fact, one of the fastest growing professional services today.
According to a September 2007 report from the International Coach
Federation, approximate annual worldwide revenue produced by
coaching was $1.5 billion dollars in 2006. Return on investment is
often cited in studies as five to six times the cost of coaching.
There are still though many business owners across the nation who
aren't really sure what business coaching means. It is sometimes
confused with business consulting, mentoring or even counseling --
none being true business "coaching."
Internationally certified business coach and author Brenda Page
explains a business coach in part as "seeing the client as creative,
capable, intelligent, and having answers within themselves or the
resources to find them. Coaches act on the premise that the
definitive expert regarding your life and work is you. It is about
getting you from where you are now to a future that you want. And it
is a partnering of two equals which focuses on the unique and
intrinsic qualities already within the client that may not be
recognized or appreciated. The coach helps the client affirm and
embrace their own true self."
Two franchises that are riding the wave of business coaching
popularity are The Growth Coach and ActionCOACH. Here's what they
had to say:
The Growth Coach
Dan Murphy, President and founder of The Growth Coach, says what
sets their franchise apart from other coaching franchises is that
they are 100% business coaches, not consultants. Rather than telling
business owners what do to and how to do it, they "ask the client
the right questions to draw out the best answers from them and for
them."
The Growth Coach is currently in over 140 markets throughout
North America, and has sold 173 franchises. Murphy says they are now
the second largest coaching company in the world, with plans to
increase their system to 400 locations within the next five years.
Their business model is "based on affordable fees for our clients
and high-volume business for our franchise owners."
A variety of coaching services are offered including their
specialty, group coaching (about $3,000 to $4,000 per year), face-to
face coaching (from $150 to $250 per hour), and the Coaching Club,
where coaching is delivered via phone and email (typically a flat
fee of around $200 to $300 per month) and clients can call in or
email questions on a weekly basis.
Murphy feels the reason why business coaching has become so
popular and why it's here to stay is that "it flat out works." "A
dedicated coach can help entrepreneurs to slow down, face reality,
think, decide on strategic changes, and put together a focused
action plan. Then, a coach provides accountability so the client
makes continual adjustments and stays on track."
And what type of individual is The Growth Coach looking for as a
prospective franchise, as a business coach? "We are looking for men
and women who have been in the business world for at least five
years and now want to live a life of passion and purpose. We want
positive people looking to make a difference in the lives of others
while enriching their own lives with greater financial success,
freedom, flexibility and fulfillment."
Mary Beth Quinn of Stowe, Vermont is one such Growth Coach
franchisee. Quinn says she knew for awhile that she wanted to be a
business coach, particularly because she felt most satisfied when
she was helping others. With 30 years of experience as a successful
business owner, she researched her options, and chose The Growth
Coach. Only in her first year, Quinn is frank that she is very happy
with her earnings: "Do what you love and the money will follow."
She cautions prospective franchisees to be honest with themselves
as to why they want to be a business coach: "You'll be a success if
your motivation is pure and you love what you do. It's a people
business -- it's very important that you like people. You have to be
a good listener and ask good questions, rather than thinking you
know what they need (learned this at training)."
Business coaching franchisees, franchise systems, and
independents alike mostly agree that without marketing skills, even
a good coach would have a difficult time getting clients. Franchisee
Quinn says proper marketing is "110% important to being a successful
business coach." The Growth Coach president Murphy says they teach
their franchise owners how to think and act like owners, marketers
and coaches: "We remind them that they are in a marketing business
first and foremost -- the same for all companies."
And what else does The Growth Coach have to offer prospective
franchisees? Says Murphy, "Like all effective businesses, we are
based on proven systems, including our Strategic Mindset® coaching
process. Each franchise owner is thoroughly trained and armed with
our coaching process. Everything their clients will need is
contained in the 8-quarter sequential process (exercises,
assessments, readings, metrics, lessons, etc.).
Franchisees can do this part-time or full-time, with employees or
without, from home or a small office. They create the business and
lifestyle they truly want."
ActionCOACH
One of the first business coaching companies in the world was
Action International founded by entrepreneur Brad Sugars. In 1993
Sugars franchised Action International, and after a rebrand in 2006,
is now known as ActionCOACH. Today, ActionCOACH is the leading
international business coaching franchise, with more than 1000
offices in 26 countries.
From the ActionCOACH perspective, coaching is simply helping
another person produce a desired result. They do this for
businesses, says ActionCOACH Director of Marketing Jodie Shaw, by
guiding business owners to success with their tested, proven and
systemized ways to build and improve their businesses.
Their "14 Points of Culture" -- Commitment, Ownership, Integrity,
Excellence, Communication, Success, Education, Team Work, Balance,
Fun, Systems, Consistency, Gratitude, and Abundance -- drive the
decisions and actions of ActionCOACH and the franchisees in their
system.
It was these very tools, systems, and processes that led
franchisee Patrice Lynn of Spokane, WA to the decision of purchasing
an ActionCOACH franchise: "The framework is simple, but the strategy
is in-depth."
Business owners who avail themselves of ActionCOACH services can
expect to pay from $995 to $5000+ monthly based on company size and
the speed in which they wants to achieve their goals. An alternative
to a one-to-one program for owners is a "group coaching" session or
seminar, available as one of their many product offerings. Shaw
maintains that the goal of ActionCOACH is to deliver exponential,
versus incremental, growth and profitability.
And how are revenues and profits for ActionCOACH franchisees? In
her second year as an ActionCOACH franchisee, Lynn asserts, "I'm
satisfied with what I'm earning this year. It takes three to five
years to build a franchise, but I know some ActionCOACH franchisees
who have made $200,000 the first year." Notwithstanding, Lynn
cautions prospective franchisees to have two years of reserve income
to pay personal expenses: "Franchises don't always let you know --
it usually takes longer than you think."
ActionCOACH wants its franchisees to possess a strong business
background. "A management, sales or business background is
important," says Shaw, "because those are the building blocks of
successful businesses, and generally to grow your own business, you
need to be a good salesperson, or at least recognize the need of a
strong sales effort to build the top line."
Prior to becoming an ActionCOACH franchisee, Lynn possessed 20
years of experience in coaching, consulting and training. It is
other factors though that she feels are necessary to being a good
coach: "Experience is not as important as the right strengths and
the right profile; for example, the ability to take charge of a
conversation, a high energy level, and numerical reasoning ability."
Shaw feels that business coaching is here to stay: "Because
business coaching offers business owners a viable alternative to
conventional and traditional business consulting, it is an option
that will be around for a long time."
Currently, Shaw says, a new ActionCOACH joins their company every
business day. Their plans are to double that figure without
sacrificing quality for quantity.
Copyright 2008, Attard Communications Inc.
Patricia Schaefer is a staff writer for
Franchise Trade. She can be reached by email at
pschaefer@businessknowhow.com. |
