37 ways to start & Grow a Business Coaching & Advisory practice!
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MAUS has had over 20 years of experience in helping coaches, consultants, accountants and advisors build a successful practice. Below is a highlight of just some of the tips that is included in the Ebook. If you want to receive the entire 64 page Ebook then enter your details at the top right of this page. Hopefully it will prevent you from re-inventing the wheel and provide you with ideas to build a profitable practice
How do you get started in your practice?
Your first task is to think about your positioning and then evolve a business model to maximize your profitability. You need to develop a plan that focuses on the following key areas
STEP 1. How you will win clients
The starting point is to focus on your practice positioning. Is there a market area, industry or niche that you wish to specialize? Backup your positioning with good quality documentation
- The documentation describes you, your practice and your experience
- Develop client focused documentation..ie the programs or services that you will offer.
- Start networking and marketing.
STEP 2. How you will build your business model
After you have decided on your niche and developed your core marketing plan you need to build a business model that will maximize your profitability. The typical drivers of the business model are
- The number of new clients that your practice will acquire per month/week/per annum:
- Your Conversion Rate:
- Your Billing Rate:
- The optimum number of hours you need to work to balance lifestyle with work: The business model must be systemised and leveraged.
STEP 3. You need to also work on a personal self development program
This will help you to :
- Improve your experience level
- Improve your understanding of business and management theory.
- Improve your confidence & networking
Why start a business coaching practice?
Starting a coaching business or adding an advisory arm to your existing practice makes a lot of sense.
1. If you look at your key drivers and configure your practice correctly then you can make hundreds of thousands of dollars out of a very rewarding profession.
2. There is little inventory and investment cost.
3. The market is huge
4. Even in a recession your clients need your services.
5. If you automate your business then the practice can be leveraged so that it can be built as a multiple person practice.
We would like to send to you far more information than what is contained here. Enter your details and we will send to you a detailed 64 page PDF booklet that will give some great idaes and far more detail.
Table of Contents of the Ebook
PLUS WE WILL ALSO SEND TO YOU FREE
the MAUS Mini MBA Program, Free Management templates, Free Software Downloads and Brochures
Fill in the application form and we will send you our “How to start a business coaching & business consultancy guide overnight” as well as the mini-mba profit improvement training program, plus receive access to free software downloads, plus other business tips and resources. We will also send you a brochure on how to join the MAUS network and a full application kit. This will save you years of re-inventing the wheel.
Examples of the type of material you will receive
- List of Mini MBA topics
- One Page Business Plan and scorecard methodology
- How to increase sales
- Sample customer satisfaction survey
- How to improve customer satisfaction
- Find out about the No.1 Coaching network in the world.
- Receive free advice on how to start your coaching practice
All our tools have received rave reviews from business managers, consultants, accountants and CEO’s.
Just enter your details below and we will regularly send you a new strategy diagnostic tool.
MORE FREE RESOURCES FOR COACHES & CONSULTANTS.
If you are interested in becoming a coach or consultant or network member, enter your details and change the option to “Consultant”. We will then send you full details on the network. (Note: you must provide a telephone number so that we know that you are a genuine inquiry.)
What is Coaching
Business Coaching is a fairly new profession that has started to entrench itself in the business sector. Its origins of course come from the sporting arena where coaches have for centuries helped athletes achieve their goals.
Coaching is a slightly different concept to consulting. But in a nutshell, consulting implies that you identify a problem that a client has and you propose a solution. Coaching is more about the facilitation of a process so that the client can self help.
The analogy to sport is a good one and also helps us to understand the difference between consulting and coaching.
Imagine a tennis coach for instance. The coach talks to the athlete, shows the athlete where their skill levels are inadequate and then sets over a period of time a plan for the athlete to improve. The plan would enable the athlete to think for him or herself in pressure situations and determine the correct shot to play. This is called coaching.
If the coach on the other hand instructed the athlete to play a particular shot (rather than having the athlete decide on the best shot) or took the tennis racket and played a few sets for the athlete then this would be an extreme version of consulting.
Business Coaching therefore is about collaboratively seeking a solution and formulating an action plan. It looks probably at a more broader perspective and helps in the development of a process for that business to proceed. Whereas consulting is more defined around problem solving and the suggestion of specific solutions.
So what does this mean?
We should not concern ourselves with trying to define a label as to whether we are performing mentoring, consulting, coaching or facilitation. Our prime goal should be to make the client money.
In reality, the more business and consulting experience you have then the more that you will interplay multiple disciplines in the one assignment. You will both coach and at the same time steer your client toward a solution that from your experience you know is the best option. You may mentor and train.
Our philosophy at MAUS is to ignore the constraints of definitions and concentrate on the one thing that you were employed for….to make your client money. And I don’t think that either you or your client will care whether this is done through coaching, consulting, mentoring or training. At the end of the day it is what makes you and your client comfortable.
Coaching, consulting and profitability?
Some people see themselves as a consultant, others as a coach. There are definitions that separate the two.
Consultants generally deal with identifying problems and then proposing solutions that they actually implement. A coach helps the client find the solutions to the problem themselves by adopting a methodology of questions and in depth exploration that leads to the solution.
In our videos we are concerned more with you making a profit and you helping your clients to make a profit. Clients do not hire a coach, a consultant or a mentor. They hire someone to help them improve their business. They hire someone that btthey feel comfortable with. And in fact many coaches and consultants will often consult and coach in the same assignment.
If we forget about definitions for the moment and look at the processes and profitability, we believe that by adopting a coaching framework you could most likely build a more profitable practice.
Let me explain. As a consultancy, you need to first find a client that understands that they have a problem. They then need to perceive you as an expert and they need to beleive that you can solve their problem. This limits your market size and then when you win the assignment your revenue is limited to solving the problem.
Coaching on the other hand broadens your entire market and offers you a different framework to market your services. In coaching your marketing communication is all about…”Have you achieved what you wanted to achieve in the last year” … and when the answer inevitably comes back as NO, then your response is ” I can help by keeping you focussed on your goals and actions. I can help by offering you simple proceeses to ensure that you achieve these goals and I can be there as a confidant, advisor and sometimes as a mentor to help you to succeed.”
Your methodology then revolves around diagnostics, goal setting and action planning. And from a billing perspective you bill on a monthly regular basis. You provide regular management guidance that covers broader issues and problem solves along the way.
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