 Introduction
A successful
coach or group of coaches sometimes create a coaching company. The company may
specialize in personal coaching and/or corporate coaching. Other coaches are hired
to coach the clients the company procures. The coach and company both receive
a percentage of the monthly coaching fee or project fee. The company is usually
responsible for marketing, matching clients to coaches, bookkeeping etc.
 A consulting firm is similar
but differs in that advice may be given to the client on a specific area of expertise.
Coaching may be part of the follow-up plan to make sure the action steps received
during the consultation are implemented.
Real World Example
Teresia LaRocque
www.tlcsuccess.com | teresia@tlcsuccess.com
My
name is Teresia LaRocque of Teresia LaRocque Coaching & Associates. Seven years
ago when I started my coaching business I focused on creating a full practice
of 30 to 35 one-to-one clients per month. Within one year I achieved this goal
and began looking at other ways to increase my income and leverage my time. I
realized I was attracting coaches because they wanted to learn how to build their
practices as quickly as I had. Therefore I co-created 'The Abundant Practice Program:
A Program for Coaches' (TM) to support coaches to turn their passion into a viable
business.
 By
facilitating the Abundant Practice Program and mentoring coaches I had the opportunity
to really get to know coaches. Consequently, with the abundance of business that
our company was attracting, it was a natural next step to invite some of these
coaches to become associates.
How
do I choose my associate coaches? Even though it is important for the associate
coach to have formal coach training and to be certified, or working towards certification,
other factors play a bigger role when I am choosing associates. It's important
for me to have coaches on my team whom I have come to know on many different levels
as their coach. I have to have confidence in their talents and expertise. I want
coaches who specialized in areas that will serve our clients' needs: for example,
career coaching and mentor coaching for other coaches. Our coaches need to be
living a life of high integrity. From the associate coach's perspective, the opportunity
to be a coach with TLC needs to not only excite them but also to fit their own
long term vision.
Going
from a sole proprietorship to a coaching company has been effortless and fun.
Here is what is working for me:
-
Having established policies for the working relationship between TLC and the Associates
before taking on our first coach.
- Creating
a system for handling inquiries and delegating them to the associate coach.
- Creating
a system and professional standards for the ongoing coaching relationship between
the associate coach and the TLC client.
- Having
my assistant play a leadership role in managing the associates and the systems.
- Having
team meetings quarterly where the first hour is spent co-coaching and supporting
each other with various client situations and the second hour is spent revisiting
and improving systems and policies.
- Choosing
coaches who fit my ideal vision of great team members.
There
are many different ways to set up your business agreement with your associates.
How we work here at TLC is: -
We do the marketing and supply the associate with potential clients who wish to
partake in a complimentary coaching session.
- When
we attract opportunities for our coaches to participate in marketing events (such
as trade shows or speaking engagements) we offer coaching support, administration,
and cover expenses.
- We
look after bookkeeping and ongoing administrative duties for TLC & Associate clients.
There
are many ways to set up the financial agreement with coaches. What has been working
for us is that we pay the coaches 50% of the clients' monthly fee in exchange
for the services mentioned above.
If
you are considering building a coaching company I've found that it is important
that you have an entrepreneurial mindset because you will be spending most of
your time working 'on the business' rather than 'in the business' as a coach.
If
coaching is your greatest love, and you like the idea of having very little to
do with marketing, administration and bookkeeping and you value being part of
a team, then being an associate coach can be a great fit for you.
Susan Sexton
smssms1999@aol.com
My
name is Susan Sexton and I am a Professional Development Trainer and Executive
Coach with my own firm.
 I began coaching executives
in communication skills, 18 years ago and expanding my business to include small
business owners and independent contractors. I call this coaching approach Mining
for Gold. Inside everyone are all the answers they need for a successful business
and an even more successful life. As I guide my clients to the wisdom inside,
I provide proven skills and techniques.
My business is totally client
driven. Many clients come desiring a more profitable business and then desire
guidance in every area of their lives. Some prefer spiritual coaching as an approach.
Besides, living my own dream, I know that my clients are attracted to the inspirational
motivational environment, that I provide.
I believe that there is always
a solution. I bring many years experience and several areas of expertise to my
coaching and also design and deliver my own workshops. Most importantly, I live
the way I coach and so my clients know that I am "walking the walk." I have a
coach and challenge myself continually with personal development.
I will be expanding my firm
with other trainers and coaches who share my philosophy and are willing to continually
grow and change.
Suggestions related to Starting a Coaching or Consulting Company
Determine the market for your company.
Determine
if you want to partner with other coaches to create the company.
Related resources
Tips
for Creating a Licensable Client Program:
http://www.coachville.com/passiverevenue/pr26tenpoints.html
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