Business Coaching - How to Become a Business Coach From a Standing Start

Ever wondered how to become a business coach using the knowledge, skills and experience you have already amassed?

Just 10 years ago, business coaching was not a very well known field. Many of the few who knew a business coach, or who knew about business coaching did not understand the full range of benefits that could be gained by working with a good business coach in a formal coaching arrangement.

Today business coaching is a well respected method by which business leaders, executives and entrepreneurs build up their personal accountability and achieve their business and even personal goals. The demand for effective business coaching continues to rise in all areas of the business world today.

In their book "Execution: The Discipline of Getting Things Done", former Honeywell CEO Larry Bossidy and Leading Business advisor Ram Charan illustrate in no uncertain terms just how important it is for companies to have coaching as a core competency of their corporate culture if they hope to win their marketplaces.

You might be surprised to know that you can build a profitable coaching practice that adds value to companies and businesses even if you have never taken a formal coaching course or been certified by any organization as a coach. All you have to do is to carefully follow the 10-step plan I outline below:

1. Conduct a S.H.E.L.L. Audit

Set aside an hour to two hours and conduct an audit of your skills, hobbies, experiences, learning, and loves (passions). Be very comprehensive in thinking about these things and in writing them down. Now is not the time to be selective or editorial. Just brainstorm and write.

2. Map out your Wealth Capital Matrix

Your wealth capital matrix is my proprietary term for the collection of intangible assets most individuals have access to that can be bundled or packaged for value in the marketplace. They include spiritual capital, social capital, intellectual capital, and financial capital. Every individual and organization has a wealth capital matrix that can be mapped out for increased value and profit.

3. Identify a Target Customer

Identify a target customer that resonates with you and your personal habits, experience and preferences. If you've never been in a big corporate environment, or if you hate to sell to committees, you may decide to avoid mid-sized or large companies and focus on individual entrepreneurs or small companies.
If you have experience with a particular industry vertical, it may be a very good idea to deal with that industry exclusively (at least at the beginning).

4. Identify their core problems and the "cascading effects"

Spend some time to think about the most serious problems of your target customer. Think in terms of the individual decision maker as well as the organization as a whole. Map out the problems that they are most concerned about and how those problems might be related. Your coaching solutions will have more power when you identify root causes that result in multiple problems.



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