Executive coaching is a booming business in the United States worth an estimated one billion dollars. Goldman Sachs and GE are just a couple of the more than a quarter of the world's Fortune 500 firms that have utilized executive coaching. Further study and planning can help you capitalize on this trend and build your own executive coaching practice.
Become a Certified Coach
Formal training in best coaching practices is the foundation of any successful executive coaching business. Qualifications obtained through masters level executive coaching courses offer the skills and credibility necessary to be successful in this field.
Lewis Universitys online Master of Arts in Organizational Leadership (MAOL) offers a concentration in Professional and Executive Coaching*. Specialized instruction within the program provides students with hands-on experience in face-to-face and phone-based coaching, as well as theoretical information about the latest coaching strategies. This program also teaches students how to establish their own business, allowing them to learn how to strategically plan and create their coaching practice from both independent practitioner and internal perspectives.
Formulate a Clear Strategy
Franklin-Covey business executive Richard I. Winwood once said, "If we do not choose to plan, then we choose to have others plan for us." An executive coach cannot adequately cater to the specific needs of a broad selection of clients. Defining a target audience and marketing to them is the best way for any company director to serve a niche group and control their coaching business' direction.
Considering a target market carefully and researching how to appeal to this audience helps executive coaches create a strong brand identity. This is crucial for success because clients look for experts with a deep understanding of their specific industry.
The communication between an executive coach and a potential client will dictate whether a partnership is formed. People are attracted to passion, so it's not surprising that the most successful executive coaches are enthusiastic when speaking with others. Theyre also honest, helping them gain and maintain trust. They know they work to serve their clients, so they accentuate the word "you" rather than "I" in their business dealings.
Take on Clients and Keep Them
Making time to speak openly with potential clients is vital for discovering if they are a good fit, but eventually a decision about whether to work together must be made. Earning an M.A. in Organizational Leadership at Lewis University can give you the communication strategies for securing clients.
An executive coach cannot become complacent once clients have signed on. A coach should make every effort to keep individuals and organizations as long-term clients, creating a reliable revenue stream. Satisfied patrons are also more likely to refer new clients.
Think Beyond the Practice
When establishing an executive coaching business, it's easy for a beginner to focus on day-to-day operations. This works well to a point, but there's only so much any executive coach can earn from dealing with clients alone.
Thinking beyond the practice helps executive coaches increase their revenue stream and clientele. Some of the most successful executive coaches, such as Mary Beth ONeill and Marshall Goldsmith, have released books and entered the speaking circuit to reach a larger audience of potential clients. Activities like this help executive coaches become recognized as experts in their field. This public exposure also allows them to charge greater fees for their services.
Request more information today to learn how earning a Master of Arts in Organizational Leadership online with Lewis University can put you on the path to creating a successful executive coaching practice.
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*Formerly known as the Organizational and Leadership Coaching Concentration