A Business Coaching Franchise is a license that allows you to operate under the name of an established company. Usually, as part of a franchise, you are also given access to marketing material, templates, tools, and strategies. These have been tried and tested by the company. Many business people opt to become part of a franchise as a way to establish themselves, especially if they aren’t secure in the industry.
What do you receive as part of a business coaching franchise?
Often, trying to start a business from scratch results in a lot of trial and error. Rather than trying to figure out your own set of frameworks, a franchise will give you all of theirs. This can include coaching methods, how to find clients, and how to conduct coaching sessions. The framework can however be very rigid and does not offer much freedom or individuality.
Set Of Tools
As part of a franchise package, you will also be provided with a set of tools. These can be computer applications, manuals or video training. These tools will help automate your systems.
Recognised Brand In The Marketplace
The biggest advantage of being part of a franchise is that you get to operate under their name. You don’t have to spend any time trying to build up your brand and can instead start coaching right away. This does however mean you will be associated with the brand under all circumstances, good or bad. If the brand is doing well that’s great for you, but if another coach gets involved in a scandal, or if the business does something wrong, you will also be associated with that.
Business Mentoring And Coaching
If you are new to the coaching industry, being part of a franchise gives you instant access to a whole network of other more experienced coaches. Speaking to other people in the industry is a great way to gain valuable knowledge and insight, and ensure you avoid making the same mistakes they did.
Help With Marketing – Leads And More Business
Often marketing is the bane of any business person’s workday. To have a successful marketing strategy you need to put consistent work in. This can often feel like it is interfering with the time you could be spending coaching or recruiting clients. If you are part of a franchise you can just tap into their marketing resources, and piggyback on the marketing done for the brand. Again this can also limit you, and if you don’t like the marketing material produced there is not much you can do about that.
When buying a franchise, always make sure the franchisor gives you support with marketing, sales, structure, and administration. If they are not ready to do so, then make sure they communicate what you need to do on your own from the start so that there are no false expectations.
Usually, franchises will offer a few weeks of initial training. This allows coaches to become familiar with the frameworks and systems used in the business. The training will also show coaches how to implement the tools and resources given to them in their coaching practices.
The initial fee to become part of a franchise can be quite steep. Often part of your earning will also go towards the marketing fund of the business coaching franchise. Usually, you will be given the option of paying a yearly fee or buying a membership.
Some Franchises will also take part of your revenue as part of the franchise agreement. This is usually calculated according to a sliding scale, the more income you earn the more revenue you will pay.
Business Coaching Territories
Most business coaching franchises work by marking territory. The reason for this is to make it fair to all their franchisees. Territories make sure there are not coaches from the same brand competing for clients. Although this does minimise competition between franchise members, it does not prohibit coaches from different franchises, or those who are self-employed, from competing with you in that territory. The territory will also limit the area in which you are able to operate in.
How to choose a franchise
When looking to join a franchise it is important to first have a clear understanding of what you want. You need to make sure that the company you are buying from is set up correctly with all their systems in place. This is important to ensure payments are made on time, resources are available and your training is easy to access.
Knowing what your franchisor is like, who you will be working with, what the expectations are, and what the general public thinks of them, are all vital aspects that you need to research. Analyse their success before you join them. A good way to do this is to speak to other franchisees and ask them what their experience has been like.
Before spending money on joining a franchise you want to have the peace of mind that they are going to deliver everything that they have promised. If you would like to view a list of some of the franchises on the market, we have written a comprehensive overview of Business Coaching Franchises currently available.