Welcome to this issue of "Dr. T's Timely Tips" by Dr. Tony Alessandra. Please send your feedback to Tinfo@alessandra.com!

The Possibilities, Pitfalls, and Profitability of Personal Coaching

What's all the buzz about personal coaching and becoming a personal coach to others? It's because it has become one of the most effective ways for people to gain access to a professional in their field of interest to improve their performance, accelerate their success and enhance the quality of their lives. People who are serious about self improvement want to seek advice from professionals who will share their personal experiences, become a mentor or personal coach and take personal interest in the outcomes of their students.

There are now thousands of business owners, salespeople, entrepreneurs and people of all interests willing to pay their hard-earned money to obtain knowledge, develop skills, accelerate results, balance their lives and build their competence and confidence. As a result, personal coaches have emerged from having been successful in their own walks of life that others are seeking. In a January 2006 Business Week article, Andrea Redmond and Charles Tribbett, executive headhunters, recommended that ambitious managers seek an executive coach to advise them on career moves and serve as a confidant.

However, it's not all a bed of roses. Although it may seem glamorous to call oneself a coach, it can take a lot of work to find clients and might not be as financially rewarding as their current profession. Some people enjoy coaching as a sideline, while others pursue it professionally and can make a very good living at it.

What is the investment versus financial reward to become a coach? Here are some statistics from some reputable organizations.

The International Coach Federation (www.CoachFederation.org) suggests $10,000 to $15,000 plus living expenses for a year until you can garner 20-25 clients at $350-500 per month each. This would gross you $7,000-12,500 per month in income. About 5% of the 9,500 coaches gross over $100k per year.

The Coaches Training Institute (www.TheCoaches.com) statistics show that the average coach starts out part time and grosses about $18,000 the first year, while full time coaches gross about $40,000 their first year and $40,000 to $60,000 after the second year.

Excellence Quest (www.ExcellenceQuest.com) has sales coaches that gross over $200,000 their first year. It is a more unique kind of coaching business targeted toward businesses with a small sales force and no sales manager. Businesses usually have a higher budget for coaching when it comes to sales since sales it is the heart of their business. As a motivational speaker myself, I know this to be quite common in the speaking profession. Corporations and Associations have always budgeted more for sales training than most other training topics since sales is their lifeblood.

If you would like to take an assessment to see how you would size up as a sales coach (a $39.95 value, but free as a subscriber to my ezine), please click here to go to the Sales Coach Assessment.

Here's to more personal insight,


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