Australia's Latest Growth Industry: Personal Service Coaching
As life becomes increasingly complicated in a world with tough economic conditions most people experience an increased amount of stress in some form.
People who want to perform better at their jobs and improve their quality of life are employing personal lifestyle and business coaches.
Personal service coaches establish a dynamic and highly interactive relationship with their clients to work toward solving the broad range of life and work-related issues that might impede the client's success.
Recession ProofWhen coaching first gained a foothold in the early 2000s, analysts questioned whether the concept would remain viable in the long-term, or if it was just a vanity service that people would view as expendable in periods of economic contraction.
This question was answered during the 2008 Global Economic Crisis when people and businesses not only chose to continuing working with their coaches, but business leaders and other individuals who had not previously used coaches also opted to try this service to improve their productivity and competitive edge in both life and business. As a result, personal service coaching not only remained stable during the economic downturn, but also grew as an industry as more forward thinking individuals and businesses used these services to gain a competitive edge.
Coaching TodayToday, personal service coaching in Australia is the second fasted growing industry after the Information Technology sector.
Lifestyle and business coaching generate roughly $ 2 billion in revenue on an annual basis.
The outlook for this high growth industry remains strong, as both individuals and business find that they receive as much as a 50:1 return on their investment. (ie. $50 return for every $1 spent on coaches / mentors)
Individuals find they are able to find new career opportunities more quickly than they were able to before they worked with a coach. Additionally, they find that they are happier, less stressed, make better decisions, and have more fulfilling personal and business relationships than they did before they hired a personal service coach.
Business leaders, entrepreneurs, and small business owners find that they are able to recruit better talent, have less employee turnover, and are able to develop and execute more effective and innovative strategic plans when they work with a business coach.
Lifestyle and Business CoachingAccording to the International Coaching Federation, professional lifestyle and business coaches offer a unique service that focuses on working with a client to establish goals, creating desired outcomes, and implementing strategies to manage and enhance the personal change the person has achieved.
According to the Worldwide Association of Business Coaches, the process of lifestyle and business coaching entails the following steps:
1. Initial Meetings
During this first meeting, the coach will meet with the client to determine the client's goals, to determine what obstacles prevent the client from achieving these aspuirations, to define the roles of the coach and client, andto make clear the responsibilities of each person in this dynamic relationship. During these first two initial meetings, the coach works to establish trust and an atmosphere of safety and both coach and client make a mutual commitment to honesty. These sessions also involve the coach offering support as well as high value feedback. Additionally, the coach might start to challenge the client about negative habits and patterns of thinking that can impede the client's progress toward desired goals.
At the end of this step, a formal contract is presented to the client that defines the coaching process, the role of the coach and the client, and the responsibilities of each party. Additionally, the client and coach will also sign a separate confidentiality agreement.
2. Compiling Information and Debriefing
People live in a variety of complex systems. Together, the coach and client will work to assess and define each system in which the client operates on a regular basis. For lifestyle coaches, this might entail exploring the client's relationships with a significant other, family, friends, and colleagues, as well as how the client handles his or her career and personal finances. For business coaches, this might entail reviewing the structure, vision, and mission of the business in which the client is involved, the client's personnel file, as well as other documentation that can provide insight into the person's business environment and the manner in which the client functions in this climate.
With the permission of the client, the coach might gather information from people with whom the client interacts. The coach will directly observe the client in a variety of contexts. This will provide the coach with insight into the manner in which the client handles a number of situations so that the coach can develop strategies.
Additionally, the coach might employ a variety of assessment tools to provide further insight into the person's thoughts and behaviours that affect their daily performance.
The coach will provide their client with the coach's impressions about the way in which the client performed in each situation the coach observed.
4. Planning and Coaching
Based upon the client's baseline level of functioning, the coach and client can develop goals and benchmarks along with strategies to help the client can use to overcome the challenges they face in achieving these goals. The interventions and strategies are experiential actions that take place in real world situations.
At a time specified in the coaching agreement, the client and coach will revisit the initial assessment to evaluate the progress that has been made during the months of active coaching. Based upon this assessment, the client and coach can determine what goals the client has achieved, the need for additional goals and benchmarks, and means to reinforce the positive changes that the client has made.
6. Final Assessment
At the end of the coaching services, the coach and client will meet to evaluate the progress that has been made by the client. The coach will point of how the behavioural change the client has made has improved his quality of life or his or her performance in the business world. Prior to this meeting, with the permission of the client, the coach might re-interview the people whom he or she initially interviewed to determine the impressions of significant others in the client life about the changes the client has made. The coach and client will develop a plan that the client can use for continued change and growth.
Since personal service coaching is involves intensive individualised investment of a considerable amount of time, it is easy to how both individuals and businesses can spend thousands of dollars on personal service coaching. Fortunately, this coaching service is tax deductible so that those who invest in coaching haveanother source of investment deduction.
Those who opt to use lifestyle and business coaches tend to be people who have already achieved a certain degree of success in their life and business ventures and who want to achieve the next level of achievement. They tend to be self-motivated professionals in their 30s to 50s who are in the upper middle class to upper class socio-economic groups. Some examples of people who opt for lifestyle and business personal serving coaching include Chief Executive Officers and directors of major corporations, entrepreneurs, and those who achieved a high level of success in their business life who want to find the same level of fulfillment in other areas of their lives. According to the Chartered Institute for Personnel and Development, large corporations have started to employ business coaches for their front line employees in order to increase productivity and decrease turnover.
The Benefits of Lifestyle and Business CoachingSome of the benefits of lifestyle and business include the following
* Help establish and implement strategies to overcome barriers in both personal and business situation
* Rejuvenate both personal and business growth
* Build interpersonal confidence and competencies
* Learn new skills and refine old ones
The Future of Lifestyle and Business CoachingJust as personal athletic trainers started as independent contractors who then found that in order to meet demand, they needed to join forces and open gyms that later turned into franchises, the future of personal service coaching appears to be moving in the same direction. Think of how Gold' Gym in the United States that started as a small neighbourhood gym for weight builders transformed into a national franchise of gyms that cater to the fitness needs of casual fitness enthusiasts as well as those who are training for competition.
Currently, the lifestyle and fitness coaching industry is highly fragmented as most coaches offer their services as independent contractors. In order to meet demand, personal lifestyle coaches will start to join forces and those who are most effective will begin to start franchises. As these initial start-ups gain a foothold, the industry is forecasted to evolve into multi-service franchise organisations offering personal service coaching services under a single corporation. As corporations become established and the lifestyle franchises gain brand recognition with the public, it will be much more difficult for independent lifestyle coaches and small groups of coaches to remain viable or to transform their business into a franchise. The reason for this difficulty is it will be much more difficult for new franchises to gain the brand recognition and clientele, as they will be competing against a known established brand.
For venture capitalists and investors, lifestyle coaching franchises offer the opportunity to get in on the ground floor of a new industry with solid long-term growth potential
Meet The Aurthor
Antonio Santolo is the founder and CEO of My Property Coach, a professional real estate coaching company that provides honest and reliable property investment advice. He has more than 20 years of experience in all areas of the real estate market, and provides expert property coaching advice to clients interested in property investment. Santolo specializes in both residential and commercial property, and helps his clients invest properly in real estate to maximize their investment potential. His years of experience in both investment strategies and real estate have provided him with the leadership skills and knowledge necessary to coach others on how to realize their own financial freedom through strategic property investments. Santolo also shares his real estate expertise as a freelance property author, and has experience in property case conflict, arbitration and resolution