Business Coaching Franchise Tips
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A franchise helps you to benefit from a proven business experience of a larger organization. You have to pay a franchise fee to the franchiser to access the right to run their business.
There are distinct advantages in buying a franchise than starting your own business. You need to have a business plan that establishes the resources and capital you would require. The challenge is to find credible and reliable information.
The following are some of the places you can consider:
Business coaching franchise There are many existing coaching franchises that resell their franchises. The coaching franchise industry is quite valuable to the people who plan to sell it. If you are considering purchasing a franchise, the franchiser will provide you with the data on the initial costs. Crosscheck the figures that the franchiser gives you by contacting the existing franchises after referring to the phone book. Question them about how close the figures are and see if the franchiser projections match the actual income.
Existing independent business coaches, besides than business coaching franchise holders – Contact the people who are already in the business, same as the one you intend to start. You will get a great deal of information by contacting them. You can even contact business owners in other geographic areas.
Suppliers: A good resource of information – Another good resource for all kind of information is to contact the suppliers, such as developers and suppliers of coaching technology, coach training schools and tools and techniques. Ask suppliers for the start up coaching service kit, information about client coaching courses, other coaching inventory packages and the support options.
Contact Professional Trade Associations- They might be able to authenticate names of the recognized coaching businesses and their suppliers and owners in the industry. They will also verify the market research data and other useful information.
Refer to the various books for gaining business and marketing tips. One such reference book is The complete guide to coaching at work.
Business coaching articles – Always refer to the articles coming from credible sources. You will get information on variety of issues that need sorting out.
Mentor – A senior coach who is well settled in the business can present excellent guidelines about initial issues involving costs and might even be ready to do some research work for you. He can help you to improve your business and marketing plans through the decisive first year.
A thorough research can tell you:
. Whether you can become a business coach.
. Where to look for the knowledge, resources and the support you require.
. Ways in which you can augment your chances of success in the business.
Before you jump in:
1) Take professional advice from a lawyer before signing any agreement.
2) Check viability of business by consulting an accountant.
3) Carry out market research to see if the franchise is right as business coach.
4) Steel yourself for hard work – running a business requires commitment.