If you hold a business management degree or have prior experience running a profitable small to medium sized business, you have a unique talent. Many Americans would love to run their own business, but most do not know how. You can teach them how. Running a business coaching service is not only an exciting opportunity, but it has the potential to bring in large profits.
If interested in starting a business coaching service, you will wonder about your profits and clients. How you will get clients? By marketing and targeting the individuals who can benefit from your services. Who are they?
New business owners. Most new business owners take time to create their empire. They brainstorm and develop a plan, secure financing, and get to work. This is how small businesses should get started, but many do not take this route. Some individuals get an idea in their head to start a business and make money; they run with it. Action is key, but so is careful planning. Acting without first thinking of a solid plan is one of the reasons why many new small to medium sized businesses fail. You, as a business coach, can stop that from happening.
Not all new business owners realize the importance of proper training and education. Some mistakenly believe they can do anything themselves. These individuals may need a little push. Lead them to your website or deliver free promotional material highlighting your services. Also, show how they can translate into profits. For example, stress the importance of marketing. Both online and storefront businesses need a solid marketing plan. No one will buy products or pay for services if they don’t know they exist. If speaking directly with a new business owner, ask about their marketing plan. If they do not have one or have a poor thought out plan, stress the dangers and risks of heading down the wrong path.
Business owners not seeing profits. As previously stated, some new small to medium sized business owners do not understand the importance of seeking help. Most believe they can handle all responsibilities on their own. You can use persuasion and proof to change their minds, but still some will not budge. That is why you should not only target new business owners, but businesses in distress. Start with your local community. Have you heard ramblings that a small mom and pop store is about to go under due to increased competition and poor sales? Make your move!
Business owners who aren’t seeing profits, already have a business plan in place. That may be a good plan that just needs a little bit of tweaking. Since the business is already established, you should focus on sales, marketing, and lowering operating costs. When soliciting business from struggling companies, have a set plan in place. Have a step-by-step guide available to show potential clients why you can help and how you will.
Stay-at-home parents looking for a way to increase income. Perform a standard internet search with the phrases “working from home,” “work-at-home moms,” or “work-at-home parents.” You will find online message boards where parents are looking for information on how to make money from home. Some of these individuals just want a job that allows them to work from home, but others are interested in starting their own business. This is another group that is considered your targeted market.
When working with stay-at-home parents, it is important to focus on the business aspect. The internet is filled with online job scams. Most parents can benefit from starting their own business, as opposed to working for someone else. It also provides parents with more freedom and flexibility. Not only can you provide setup, marketing, and sales help to these individuals, but you can feed them ideas. Essentially, you aren’t just a business coach, but a moneymaking coach. Does a stay-at-home dad express his interest in woodworking? Suggest profiting from that passion by creating natural wood decor or toys to sell. If they like the idea, help them turn it into a reality.
Anyone with the dream of starting their own business. As previously stated, you can do more than just help small to medium sized business owners increase their profits. You can also encourage people to follow their passion and profit from it. This does involve more work, as you help someone get their small business off the ground, but it expands your reach. Not only do you have experience coaching small to medium sized business owners, but you now have experience with business setup.