The question in the minds of most service providers and consultants today is whether they should add business coaching to their existing consultancy business and why they should do it.
First of all, business coaching is definitely a part of the service industry. Anybody and everybody can, and does, call themselves a coach of some kind. There seem to be hundreds of kinds of coaching available today, and self-styled coaches offering these courses. The problem is how to assure your coaching client that their reasons for looking for coaching, and the motivation behind their coaching initiatives 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 quantifiable outcome; that this particular coach actually does know what he/she is doing, and has an understanding of their business.
Most people benefit from working with and being coached by a professional coach and there exists a coach with a specialty practice that is centered on the particular needs of pretty much all kinds of people looking for help. Anyone wanting to be a coach, to work with executives and business leaders must be able to 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 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 well as being highly profitable.
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. Not only does it enable you to increase your rates, and by extension your overall income, it also enables you to focus your skills and attention, which is good for the client. As a service provider who is also a coach, you can use your intimate knowledge of the client’s business to help them to set particular and 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. Besides, 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 way to combine financial know-how, management skills, and general business knowledge and use it to branch out into a new advisory business providing the client the best essence of all those skills.