Are you hoping to start your own business coaching firm or want to know how much a business coaching franchise cost?
When making any business decision, you need to consider all the costs involved as well as what you’ll get back. Buying into a business coaching franchise may not be for everyone, but it certainly has many benefits. Compared to starting a business from scratch, a franchise opportunity yields much quicker returns with a lot more job security. That’s not to say it’s without its costs, however.
We’re going to walk you through the costs of becoming an ActionCOACH franchise partner, and what you can expect to receive in return. It’s important to remember the costs aren’t always monetary, so you’ll also need to evaluate how much your time is worth, to determine whether a business coaching franchise is for you.
If you are looking for a business that also allows you to spend more time with your loved ones, makes a difference in your community or earns you a high salary month on month, a business coaching franchise with ActionCOACH could be the right fit.
What is the initial cost of buying a franchise?
No matter which franchise you look at there will be a ‘buying in’ cost. This varies between different franchises, but you can expect to pay anywhere between £10K-£100K for the opportunity. While this may seem like a hefty price tag, there are varying returns that you will get, and this should help you determine the price point you are willing to pay.
The initial investment price point for an ActionCOACH business coaching franchise in the UK is £69k. This secures you a ‘territory’ made up of 10,000 businesses you can work with. As you will only work with the businesses in your territory, there is no internal competition for work, and this helps to foster an incredibly supportive community. Find out which territories are available near you.
What are the ongoing costs of owning a business coaching franchise?
1. Office rent & furniture including phones
As with any business set up, you will need somewhere to work from and a way to contact your prospects and clients. While this could be done in a home office, we strongly recommend renting an office space in order to develop a great work-life balance as well as having a more professional setting to conduct meetings in.
Having an office will also help you to scale up your team as and when you need it, without having to worry about the onboarding process or suddenly having to find a space when you do need another team member.
Additionally, having a separate phone line for work will help you switch off when you go home and avoids confusion with contact numbers.
As with any business, you will need to invest in marketing in order to secure greater income. We recommend a marketing budget of up to £2000 per client. Many people consider marketing a cost to their business, but it is much more effective to think of it as an investment. When done properly, your marketing should give you a great return on investment which allows you to continue investing in marketing while building up other areas of your business.
It’s important to note that when buying into any business coaching franchise, you will be required to publish marketing materials that coincide with the brand regulations. It is therefore likely that you will receive support from the franchisor for your marketing efforts.
Business coaches with ActionCOACH will not only have access to marketing materials but also support from the central marketing team to further the success of the coach.
Following on from thinking about growing the size of your team, WHO you hire is much more important than HOW MANY people you hire. The key piece of advice we give all business owners and Action Coaches, is to hire someone better than you.
If there are certain areas of business that you feel aren’t your strong points, make sure the people you are hiring are better than you at those areas. Essentially, fill your skill and knowledge gaps. For example, if managing your time becomes an issue then you should hire a PA, or if marketing isn’t your strong point then hire someone to do the marketing for you.
The main thing to remember when hiring great people for your team is that great people do not come cheap. Ensuring you have the right salary bracket for the skills and experience you are looking for is key, because if you low-ball this then you will end up with people that don’t fit your criteria.
Investing your time in your business and yourself
Time may be money, but it is still an investment you need to consider before committing to buying a business coaching franchise. Without it, your business will not take off and you may not see a return on your investment.
Investing in yourself is also essential, as continual professional development and growth will ensure that you provide the best possible support to your business owner clients. This can come in the form of books, webinars and conferences, but should continually push you further ahead in your career as a business coach.
The perks of owning a business coaching franchise
When you commit to large investments, you should expect even larger returns and while we cannot speak in-depth about the returns other business coaching franchises can give, there are certain guarantees you’ll get when signing up to the ActionCOACH franchise. These include:
- A business worth millions.
- Guaranteed earning of £10k a month within your first 6 months.
- Continued training and support.
- Access to a constantly growing and abundant community of coaches.
- The opportunity to make a real difference in your community.
- Have a recession and pandemic proof business model.
- Security in not having to go it alone or set up your own business.
- 10k businesses available to you.
- A well-established brand to back you publicly.
With all these things guaranteed you can be sure that, if you put the work in, you will make a return on your initial £69k investment within a year.
You’re not the only one who will be investing in yourself during this period. ActionCOACH will also invest in your business by assigning you your own Action Coach to help with pushing you past the £10k a month figure. That’s why we’re the only franchise to be rated both 5-star for franchisee satisfaction and the Elite Franchise UK Top 10 every year since the accolades began.
There are many things you should consider before making the decision to buy into a business coaching franchise, but the most important one is what YOU will get out of it, compared to what you need to put in. Ultimately, you have to decide if being part of a business coaching franchise is the right fit for you and if you’re prepared to take that leap. To help make the decision easier, have a look at our business coaching franchise opportunity page to see if ActionCOACH is the right step for you. What does it take to be a great coach? Take the quick and easy business coach quiz and see if business coaching is the right fit for you.