Understanding what it takes to be a business coach

The World Needs More Business Coaches. Are You Up to the Task?

There is a huge need for business coaches. The business coaching industry is worth $15 billion, Growing at 2.9% annually. According to the Harvard Business Review Executive coaching alone in the US Market is over 1 Billion Annually and growing. Why are so many people looking for business coaches? There are two primary reasons for this surging demand. One, it is hard to find a business mentor.

When people used to stay at one company for their entire careers, there were more opportunities to connect with mentors. But, our fractured and mobile workforce has led to a decline in mentorship. Many people are now outsourcing their business mentorship to business coaches.

The second reason for the high demand for business coaching services is that they work. The right business coach can help you unlock your full potential. In a business setting, that means helping you, and your company as an owner, earn more. Who wouldn’t pay for coaching if it helped them make more money? Business coaching is one of the few services that pays for itself.

What Does a Business Coach Do?

A business coach isn’t a cheerleader or a therapist. But, a great coach has some of those same skill sets. A business coach is like a professional basketball coach. They bring an outside perspective and can spot flaws in a client’s, (individually or the business as a whole), skills or development.

A business coach also helps you to formulate a strategy to help a client achieve a specific goal.

While every coach has their own approach, most business coaching is done with face-to-face meetings, either in person or over the internet. In between coaching sessions, clients are expected to do the homework the coach assigns.

Coaches review the homework with clients and discuss their progress.

Coaches ask deep meaningful questions and have an expectation of reaching the root cause of any mental head trash that is affecting your performance thus affecting the performance of your business.

Coaches will teach you to fish and will avoid fishing for you.

What It Takes to be a Great Business Coach

The best business coaches come from all walks of life. Some are seasoned professionals with significant sales and marketing experience, some are stay at home moms returning to the work force, others are former professional athletes and or sport coaches, some are recent graduates from University. You see because of the extensive framework of intellectual property coaches draw from within a defined coaching organization 80-90% of what they deliver can come from a system. The skill is then in the individual and in the heart of them.

Coaching is a servant’s business open to all who have a desire to see others achieve more for themselves, their business, their families, and their grater community as a whole. Many of the best business coaches have seen their careers stall as they reached middle age. They hit a professional ceiling, but they are still ambitious.

Great coaches love to help people. They are eager to share their knowledge and experience. The best coaches are empathetic. They understand the mental blocks and challenges their clients are facing.

The most successful business coaches are also observant. They notice things that the clients themselves may not be aware of. They can read between the lines and spot patterns.

Who Needs a Business Coach?

Three groups that make up the majority of business coaching clients:

1.     Executives, Boards, and Ownership looking to improve their individual and businesses performance

2.     Every business needs a coach!

3.     Small to medium enterprises and all businesses looking tog o from Good to Great

Why would some of the most talented and driven people want a business coach? For the same reason professional athletes use coaches. You need a Coach to obtain even more success and skill. The ability to recognize you need outside help to be even better is a skill of high achievers.

Professional athletes are more skilled at their sports than most of us will ever be at anything. Yet, even the most elite athletes still hire personal coaches to help them with specific skills. Professional golfers hire swing coaches and putting coaches. NFL quarterbacks hire personal quarterback coaches to help them improve in the offseason.

NBA stars hire their own shot coaches to help them move from good to great and from great to legendary.

The business coaching industry is not going to be slowing down any time soon. With Millennials beginning to hit their peak earning years and moving into middle and upper management, Ownership, and startup ventures, there will be even more demand for skilled business coaches.

You may be the Coach that some young business owner or executive needs to help him or her achieve their full potential. Are you up to the task?

By: Robert Addie Mid-South CEO ActionCOACH To schedule a time with me, click here