Yesterday at FranchiseHelp we interviewed The Growth Coach franchise Founder and President Daniel Murphy to talk about running a business services franchise that doesn't require brick and mortar buildings, relying instead on services that the franchisee can provide to their clients. Today we talk to Daniel about creating a coaching business that betters not only your own life but the lives of your business owner clients...
As a business coach how do you show your clients ROI (return on investment) to pay for your service?
First off, we provide an industry-unique, 100% money-back guarantee on all our initial coaching services. We believe in eliminating any financial risk on the part of our clients. Our referral sources love that guarantee as well and are comfortable sending their clients to our coaches. We have a proprietary ROI Calculator each of our small business clients can complete BEFORE engaging us in any of our six coaching services. The client provides all the data to compute their projected and conservative ROI. Typically, clients project a 5-15 times return on their initial investment. In actuality, because our coaching services are so affordable (on average only $3,000 per year), clients often experience and gain an even much higher ROI after year one, year two, and beyond.
Throughout our coaching process, we have our clients assess their qualitative and quantitative coaching benefits and ROI on a quarterly basis. After our two-year coaching program, we expect clients to at least double their personal income, double their time off work, and double their satisfaction level (as they define it). Once we gain the trust and respect of our clients during the initial and very affordable coaching sessions, very often they remain with The Growth Coach for years and even ask us to coach their management team, sales team, provide one-on-one services as well as special coaching projects like strategic retreats, leadership development, and marketing workshops for their company. Our clients are our #1 referral source, followed by CPAs, attorneys, bankers, financial planners, etc. The beauty about coaching is that done right, the coaching value and relationships (and revenue streams to our franchise owners) are on-going and can last for many years.
How much credibility in the business world do you need to become a Growth Coach?
Like any proven and effective franchise system, we provide our prospective franchise owners with a proven business model, a strong brand name, and everything else they need to be successful business owners and in this case, business coaches. Because everything we do leverages a proven coaching process, and everything a small business client needs is contained in our guaranteed coaching process, our franchise owners DO NOT need to have any prior coaching experience. They just need at least five years of business experience, a passion to serve and help others, a confidence in themselves, and a real desire and drive to own their own business...we provide the rest. As such, we are always searching for high-caliber business owners, executives, managers, sales/marketing professionals, consultants (tired of the road), professional advisers, trainers, and even semi-retired or retired professionals, wanting to stay engaged, give back, and make a difference in their communities, to come join our business coaching franchise system.
What does the training consist of at your corporate headquarters in Cincinnati?
75% of our franchise owners take advantage of our unique Jump Start Program, gaining early access to all our training, marketing, coaching and support systems weeks or months BEFORE every coming to training. This allows them to prepare and hit the ground running after training. Each franchise owner attends a mandatory 5-day training session in Cincinnati offered throughout the year. At training, they are certified in our proprietary coaching process, The Strategic Mindset Process�. They are taught how to operate our proven business model, marketing systems, and coaching systems. Again, we expect them to leave our intensive training session thinking like an owner, marketer, and a coach. Our focus and goal is to develop "business owners", not "technicians". Our training gets them to adopt the right business owner and marketing mindsets and exposes them to all the support systems and tools at their disposal to operate, manage and grow their coaching business. Not only will they be trained by our highly experienced Operations Team, but they will also be taught by top-performing franchise owners as well as hear from our actual clients. The 5-day training session is highly interactive, hands-on, but is only the beginning.
Each franchise owner is then assigned a "success coach" from our Operations Team to talk to them weekly to help them successfully launch their business, ensure they are following our marketing system, overcome any limiting beliefs/personal challenges, and keep them accountable to their financial and lifestyle goals. As well, we provide our new franchise owners with access to our top-performing franchise owners at national/regional meetings, mentoring programs, monthly conference calls/webinars, our Sales Help Desk, through a complete library of "best practices" CDs, and membership in our unique monthly "Make More Mastermind Club". Again, coaches and consultants on their own lack any such training and on-going support system.
What's one piece of un-biased advice you have as a Growth Coach for a potential franchisee looking to make an informed decision?
First, make sure you truly want to be a business owner and control your own destiny. You will now be paid based on results (no income ceiling) instead of based on your time and effort (employee model). You will be in charge and ultimately responsible for your own success and happiness...but isn't that true no matter what you do in life. Second, write down specifically what you want from your business. The goal is not to simply have a business but to have A BETTER LIFE. What is your vision for that better life? Is it more flexibility, fulfillment, freedom, financial success, free time to pursue your passions, etc.? After all, a business like The Growth Coach is nothing more than a vehicle for you to have MORE LIFE and reach your lifestyle goals. Hold on dearly to that vision as it will sustain you through the crazy times and any tough times. And third, make sure you have a real passion to be a business coach and want to serve and help others. No matter what you decide to do, you need to follow your heart and do something fulfilling. Don't just go for the money and greater success; go for greater significance...make a real difference in your community and the lives of others. Do something that will feed your soul and bank account. And fourth, follow your gut. If it feels right do it, and if it doesn't feel right, don't do it.
Daniel M. Murphy is the President and Founder of The Growth Coach, a leading North American business coaching franchise system with a presence in over 150 markets.