I became an Executive Coach five years ago and it seems to me that more and more people are trying to do the same thing. Unfortunately many are destined to fail.
I’d like to think our company is successful because we are very good at what we do. What follows is a personal view of what enables you to be successful in setting up an Executive Coaching business.
Experience as an Executive; so you have credibility with potential and actual clients. They know that you have some understanding and experience of operating in a senior organisational role. This helps you to better understand their situation. Having said this it is fair to say that a good coach doesn’t need years of executive experience. As an Executive Coaching Company we work with business, charity and educational organisations and we don’t have senior experience in all areas. But experience is likely to be important to the client.
Training to be a Coach; I keep meeting people who believe that executive coaching is about dispensing wise advice to others. It’s not – that’s consultancy!! If you want to do that you should join a consultancy firm. Coaching is a specific skill that enables clients to get a fresh perspective on their topics. This allows them to find their own solutions to their issues and challenges.
There are a variety of ways to train as a coach. It is essential you find the right route for you. I decided to do a Masters in Coaching which has been a huge benefit to me.
Network; you need a good network of contacts. Executive Coaches tend to get business based on personal relationships rather than a glossy website or brochure. You will need the ability to go out and build relationships in order to develop your Executive Coaching business. This is where many prospective Executive Coaches go wrong.
Track Record; develop a successful executive coaching track record. This will enable you to get referrals and generate new business as a result of your reputation.
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