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If you can tell that I am a huge fan of coaching as a profession, then I assume it shouldn’t come as a surprise that I believe anything that enables people to become coaches is a force of good in the world. I wholeheartedly believe this, despite not going forward with a coaching franchise I considered years ago. A coaching franchise is an enormous commitment that has various advantages and setbacks that you need to consider: whether it’s the right avenue for you will depend on several key factors.
In today’s episode, I discuss what franchising is and its prevalence in every industry, including business coaching. I describe my personal experience with franchising and reveal the three reasons I decided against buying into a coaching franchise. I illustrate the disadvantages associated with a coaching franchise, including territorial rights and its financial costs. I also discuss why I chose the Book Yourself Solid licensing & certification and share an anonymous letter from a coach who explained why they needed to make their coaching franchise work.
“A coaching franchise is a fantastic opportunity for the coach who wants to get started. But be aware that it’s not a small commitment, nor should it be.” - Matthew Kimberley
This week on Book Yourself Solid® Marketing For Coaches Podcast:
- The broad umbrella of franchising and their different advantages
- What a franchise is and how to open your own ‘neighborhood McDonald’s’
- Why you should take legal counsel on franchising
- My personal experience with franchising and why I chose Book Yourself Solid
- The importance of looking for opportunities rather than just winging it
- The financial investment and commitment needed to buy a franchise
- Fishing in the same pool and the issue with franchising’s exclusive/non-exclusive territorial rights
- Selling a ‘Whopper’ alongside a ‘Big Mac’ and why a coaching franchise might feel restrictive
- The training and support system that a coaching franchise offers
- An anonymous email from a coach who bought into a coaching franchise
- Why a coaching franchise might be helpful for you if you’re a beginner coach
- The barrier to entry to the business coaching industry and why it’s a good thing
- What makes Book Yourself Solid different from coaching franchises
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