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How the business coaching profession is booming

on Wednesday, 06 November 2019. Posted in Analysis

The concept of business coaching, as it is widely known today, was pioneered in 1993 by the founder of ActionCOACH, Brad Sugars.

How the business coaching profession is booming

The concept of business coaching, as it is widely known today, was pioneered in 1993 by the founder of ActionCOACH, Brad Sugars. When ActionCOACH’s franchise opportunity was launched in the UK in 2001, no one really knew what business coaching was. There were plenty of business consultants who could come into your business, execute a project for you and perhaps leave you with a big list of faults, but there wasn’t anyone who could coach you to a better business and life.

More than two decades later, business coaching is on the increase. Challenges in the global economy mean that forward-thinking business owners are willing to invest in business coaching to ensure the future of their company. According to the latest Global Coaching Study1, the estimated total revenue generated by professional coaching in Western Europe was $898m in 2015 and on a worldwide scale is expected to exceed $12.7billion in 20192.

The proof of the pudding

Of course, a business service like coaching would never have grown in demand without those early adopting business owners sharing proof that it works. “We all need feedback, that’s how we improve,” said Bill Gates. It helps to hear some of the biggest business owners in the world recommending coaches whether that be for sport or business and this year’s independent survey of over 350 business coaching clients in the UK by WorkBuzz gave some interesting reading for those considering a franchise in the business coaching profession.

When you consider the journey someone takes from taking up a sport in their youth to reach a significant level of success, perhaps representing their county or country, their coaching over time shows a cumulative positive impact. Similarly, business coaching shows the same effects for business owners, their teams and company performance. In the WorkBuzz survey, 87% of those coached for less than 12 months considered the investment worthwhile, increasing to 96% for those coached for 1-2 years, and rising to 100% when coached for 3-4 years. Just like sports coaching, the longer the term of investment, the more valuable the returns on that investment.

In the case of business coaching, the returns are not just impacting on profitability but also on wellbeing for the wider team. “We are more organised, powering through and completing tasks we have been putting off for years. We now have skills to breakdown what appears to be overwhelming tasks, thus getting them done, without freaking out,” explained Caroline Haxton from Scotia Cabins Ltd. 

However, as the survey reveals, creating a sustainable business in this challenging economy remains a primary driver for many business coaching clients. “My business has changed and continues to do so with the advice from my Action Coach. I had a smaller team previously who were purely production team members. Now we have a clear structure and the team know what is expected from them. This has allowed the business to grow, free me up and has helped create a more sustainable business,” said Emma Tulloch from Twenty-Seven.

Tapping into years of experience

Business coaching, like many things in life, will only succeed if the business owner puts their share of hard work in. Opening themselves up to the support of a world-class business coach brings an opportunity of freedom from their business they never thought possible before. The same can be said for people contemplating a franchise. By tapping into the expertise of a franchisor and their support team, you can harness a pool of knowledge which would have taken you years to accumulate on your own. You too will need to put the hard work in to make your franchise a success but imagine partnering with a franchisor whose bread and butter is business growth.

According to the latest bfa NatWest Franchise Survey, there are an estimated 48,600 franchised units in the UK, the highest number ever and nearly two times more than 25 years ago, with the number of franchisees reckoned to be around 20,000. What’s more, statistics show around half of all non-franchised start-ups fail within five years whereas less than 1% of franchise units reported commercial failure in this franchise survey.

With the franchising sector allowing people to buy into a tried and tested model - 93 per cent of franchisees reported profitability in 20183 - it’s now easier than ever to get involved in business growth without needing to start from scratch. Whether your passion lays in helping businesses build up their growth muscles, enhance employee engagement or put in place effective planning for their futures, choosing a business coaching franchise can provide the perfect opportunity to help companies achieve success.

ActionCOACH is still the largest business coaching firm in the world. In fact, no franchise in the business coaching category is even 10% of their size in total revenues. From a humble one-man-show operation to a multi-million enterprise, ActionCOACH continues to blaze the trail and serves as the business coaching industry’s most innovative company. When 96% of respondents in the WorkBuzz survey said they would recommend ActionCOACH, the franchise now boasts a client satisfaction rating higher than Apple for three consecutive years.

If business coaching has piqued your interest, you’d like to build a stable future and you’re the kind of person who:

A) loves learning and developing yourself;

B) has enjoyed success in your career or sport; and

C) is willing to invest if they see substantial returns can be made…

Then find out more by watching the overview video at actioncoach.co.uk/overview

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1 Commissioned by the International Coach Federation (ICF) and carried out by PwC
2 BISWorld Report 2019
3 bfa NatWest Franchise Survey 2018

This article comes courtesy of ActionCOACH. ActionCOACH helps 1,000s of business owners across the UK increase their profits, build a better team and have a better work:life balance through 200+ franchises.

Strategic Media Partners