Over the past few years, business coaching has become an increasingly well-liked career. The need for knowledgeable and experienced business coaches has increased as more and more business owners and executives look for advice and assistance in expanding their enterprises. But how much money can a business coach really make?
This question has a wide range of answers based on the coach’s level of expertise, their location, and the particular skills and services they provide. However, a recent study by the International Coach Federation found that a business coach makes an average of about $61,900 per year.
This is, of course, just the average; many business trainers make substantially more or less. While some coaches bill their clients on a more modest, package-based basis, others charge hundreds of dollars per hour for their services.
Many business coaches use a popular coaching methodology known as “tgrow.” The GROW coaching framework, which stands for Goal, Reality, Options, and Way Forward, is the foundation of this model. The “t” in tgrow stands for “topic,” which denotes the particular problem or difficulty the customer wants to solve through coaching. Business coaches can assist their clients in setting clear goals, evaluating their current situation, exploring possibilities and solutions, and developing a plan of action for the future by using this framework.
The “fuel” paradigm, which stands for Focus, Understand, Explore, and Lift, is another well-liked coaching framework. The goal of this strategy is to assist clients in developing a clear sense of their objectives and priorities while also analyzing and removing any potential barriers or underlying issues that may be getting in the way.
Many business coaches also employ a co-active coaching strategy in addition to these coaching methods. Co-active coaching is a client-centered, collaborative method that emphasizes empowering clients to use their own inner resources and wisdom as opposed to exclusively depending on the coach for direction and assistance.
Overall, the job of business coaching is one that is exciting, gratifying, and provides a variety of ways to make money. There is always room to develop and broaden your coaching practice, no matter how much or little experience you have. You can have a successful and rewarding career as a business coach by staying current on the most recent coaching models and approaches, developing a strong network of clients and colleagues, and consistently honing your abilities and services.