The question in the minds of most service providers and consultants today is whether they should add business coaching to their existing consultancy business or not.
Business coaching is a part of the service industry. Anybody and everybody can, and does, feel like a coach of some sort. There are a number of coaching programs available today and self-styled coaches offer these courses. The coach is expected to assure the client that the reason behind the coaching requirement and the motivation behind the coaching initiative are based on sound business needs. You need to assure them that, as the coach, you follow processes that are not only very reliable, but also have a measurable and quantifiable outcome. You need to communicate that you as a coach actually do know what you are doing and thoroughly understand the business requirements.
Most people benefit from working with and being coached by a professional coach and there is always a coach available for all kinds of coaching requirements. Anyone wanting to be a coach, to work with executives and business leaders must first understand how the business environment works. The existing service provider and the consultant are in a perfect position to be able to provide specialized and targeted coaching services to a business marketplace, a place that they are already a part of.
A specialist service provider and a business consultant have limited market reach. As one of them, you are limited to the clients who are within your area of specialized expertise and it limits your income and client base. Diversifying into coaching can open up a new and much wider market and can provide you with many more marketing opportunities. Coaching can also increase the profitability of your business manifold and is a highly rewarding field of work.
As a service provider, you can carve out a niche for yourself by specializing in specific and well-chosen areas of coaching. Specialization is good for everyone because not only does it enable you to increase your rates and by extension, your overall income, it also enables you to focus on your skills and attention for the good of the client. As service provider who is also a coach, you can use your intimate knowledge of the client business to help him set particular relevant business goals. You can show them the best way to achieve those goals and you can work out, in conjunction with the clients, how to best evaluate and then adjust their progress.
In addition, chances are that as a service provider you already possess the necessary soft skills like communication, listening, teaching and advising, along with your service strengths. However, keep in mind that you will need to enhance existing skills. It is also recommended that you learn the best coaching methods, techniques and communication tools from a reputable institution.
Business coaching has become a great means for service providers to augment their income and secure their future. Business coaching is the ideal a way to combine financial know how, management skills and general business knowledge and use it to branch out into new advisory business.