Although you don't need formal training or a professional
license to become a coach, a number of training centers continue to
open nationwide. More than 1,000 would-be business coaches have
graduated from Coach University, which offers its courses over the
telephone.
Coach U's 36 core TeleClasses (each is four weeks long; you
can take up to four classes per month) cover everything from the
language of business coaching to tips for counseling clients about
specific situations such as job transitions and starting a new
business. For about $3,000, most students can earn their coaching
certificate in one to two years.
"There's a lot of innate ability involved in coaching,
but a formal training program can really help you hone that
listening process of letting people brainstorm for themselves
before giving any advice," says 25-year-old Chris Hamilton,
who recently graduated from Coach U and began coaching part time.
Becoming a coach was a natural move for Hamilton, a bank services
officer at Wells Fargo Bank in Palmdale, California. "I find
myself using coaching skills every day in my job supervising bank
tellers--listening to people without judgment and helping them
resolve personal and professional conflicts," he says.
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Daimler, too, found that her previous jobs led naturally to a
career in business coaching. In addition to working as Coach
University's national enrollment manager for a year, she had
worked in several companies' training and development
divisions. "All the jobs I did before coaching were
essentially 'coaching,'" she recalls. "However,
they weren't called that at the time."
In addition to a training program, should you choose that route,
you'll need about $500 to buy office supplies, a good
organizational system and an answering machine for your phone. A PC
with word-processing and accounting software programs is also
helpful; that should set you back another $2,000 to $2,500. Most
coaches secure clients by word-of-mouth, so investing in
advertising and marketing may not even be necessary.
Cashing In
Most coaches working with individuals charge between $200 and
$500 per month for one half-hour phone call or meeting each week
(some throw in counseling via e-mail as well). Hamilton, for
example, charges individual clients $250 per month for four weekly
coaching calls and unlimited e-mails and faxes. Business coaches
hired by a corporation to coach individuals or executive teams
usually charge more because more time is involved; some corporate
clients work with a coach for as long as an hour or two a week.
Companies such as IBM and AT&T contract with coaches to work
with their employees for fees that can run anywhere from $1,000 to
$10,000 per month. According to Coach University statistics, after
two years the average full-time coach earns between $50,000 and
$100,000 annually.
As in any worthwhile business, money isn't the only reward.
"I help people find the fun that's missing in their jobs,
and learn how to use fun as a strategic weapon to achieve results
in all areas of their lives," says Terrill Fischer, 36, CHO
(chief humor officer) of Humor University, an Austin, Texas,
coaching company. "People take themselves way too seriously,
and I help them see the truth about themselves--and laugh at it.
That relieves a lot of pressure and stress, and helps them to see
more clearly what to do next."
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