Business Coach: Who are they and what do they do? If you’re looking to take your business to the next level, hiring a coach might be the right move. In today’s blog post, we take a closer look at the role, responsibilities, and more.
What is Business Coaching?
Think of it as one on one with a personal trainer but instead of working on your physique, you partner up with a coach and work together on enhancing your business.
There could be a few reasons why you might turn to Business Coaching. Maybe you’re looking for help in defining your business vision. Or perhaps, you’re looking for an expert to help guide the basis of your new business.
Whatever the reason may be, a business coach can offer valuable insight and perspective allowing you to evolve and adapt while staying competitive. They assist you in ways that allow you to push ahead and move past any hurdles that may be in your way to success.
How are they different from a consultant? The key difference is in their day to day role – they do not do the work for you. Instead, they train you to better handle the ins and outs of managing a business.
Responsibilities of a Business Coach
A business coach is a professionally experienced manager with an intuitive personality and excellent knowledge of human psychology. Their role differs based on the sector of employment.
In large organizations, they support employees or other managers to increase productivity and meet corporate goals. When working with small businesses, they work directly with the owner to help meet the overall vision.
The main focus of their role is to help strengthen the core of a business. They do so by analyzing the existing business model, assessing strengths and weaknesses, and bringing to light any gaps or issues.
They then work on improvement plans and suggestions – helping optimize current business practices while developing new and improved management methods.
Day to day tasks:
- Identifying and developing clear and tangible business goals
- Plan and prioritize goals and strategies for progress
- Monitor commitments and progress made via regular meetings
- Coaching business owners/managers on ideal business practices
- Aiding clients in problem-solving, goal setting and achievement
- Help increase sales and decrease operational costs
Looking to hire a business coach?
Since this role is people-centric, having an easy, dependable personality is a major win. Your ability to connect with people will have a major impact on your relationship as a coach.
As such soft skills are an important aspect to excel at. Furthermore, certain hard skills are also important in order to be a successful in this line of work.
What skills are required?
- Knowledge of business practices and methodologies
- Ability to maintain a clear head and make logical decisions
- Experience in business and willing to show their failures
- Strong analytical and strategic skills
- Excellent communication skills
- Good team player and great leadership skills
How do you become a Business Coach?
As a business coach, you may have an academic background, i.e., a Bachelor’s Degree in Business, HR, Psychology, or Management. Ideally, you would have gathered experience in leadership too.
While there are no specific licensing requirements, gaining appropriate certification will greatly enhance your resume.
Some certification options to consider:
- Business Coaching Certification FECBC Business Fundamentals
- International Certification in Business Coaching
- INSEAD Coaching Certificate
Many business coaches run their own business as freelancers because companies prefer getting external (unbiased) help to coach their employees and managers.
If you are considering offering your services as a business coach, go ahead and create a free profile presenting yourself.
Your starting salary is influenced by various factors. The industry, the employer, the type of products they are promoting, and your degree also have a significant impact on the yearly salary.
The starting salary is around $40,000 gross per year. The average salary is about $70,000 and the top salary can reach up to $104,000 per year
How much does a business coach make?
How much does a freelance business coach charge?
The average freelancer hourly for this role is $108. Extrapolated to an 8-hour day, the daily rate is thus around $864 (freelancermap price index – as of April 2020).