Business coaching is a rapidly growing industry that has been gaining popularity in recent years. It’s a process of working with a trained professional to help business leaders achieve their goals and improve their performance. But, did you know that the origins of business coaching can be traced back to ancient Greece?
Today, business coaching is a vital tool for success in today’s fast-paced and ever-changing business world. It can help improve an individual’s performance and productivity and help them develop the skills needed to navigate the business landscape, make better decisions, and achieve long-term success. Furthermore, studies have shown that business executives that invest in coaching see a massive return on their investment.
We know finding facts and figures about business coaching can be time-consuming and frustrating, so we put together this list of the top 101 facts, notes, and statistics so you can easily reference them and refer back to them any time in the future. This space is constantly changing, so if you see a fact that is not up-to-date, feel free to let us know. And if you know a stat that we should add, let us know that too!
1. A professional coach assists a businessperson in pursuing their professional objectives through the practice of business coaching.
A business coach may assist their client in improving their attitude, developing business strategy, or developing leadership abilities. Everything relies on the goals the client who hires the coach has for the partnership. Growth is the most crucial aspect of business coaching.
2. Working with a business coach may be likened to partnering with someone in business or developing a reliable connection.
They offer assistance in setting realistic goals and developing strategies for achieving them. Business coaching also offers invaluable guidance during times of challenge or change, providing clarity and direction when needed.
A qualified coach may actually hasten growth if a new business owner has little prior experience through feedback. A coach may assist in creating a strategy if business executives need help enhancing their executive presence while growing income.
3. Excellent business coaches are very knowledgeable in their respective fields and businesses.
They have an extensive understanding of the key principles and fundamentals of successful business practices, as well as deep expertise in their chosen industries.
4. Business coaches frequently have first-hand knowledge from being business owners and executives.
Many business coaches have experience as company executives in addition to being trained as coaching professionals. They are therefore a special leadership partner who may act as a mirror for CEOs developing their talents.
5. Business coaches are aware of the latest trends and facts, allowing them to provide an up-to-date perspective to their clients.
6. They also have a good grasp of technology and its implications on businesses, so they can help their clients leverage technology for success.
7. Business coaching is becoming increasingly popular due to its measurable results, making it a viable option for any business wanting to become more successful.
8. The hard and soft skills that leaders need to succeed may be taught and shown by seasoned business coaches.
9. Over 70% of coaching users, according to The Institute of Coaching, a division of Harvard Medical School, report significant improvements in their interpersonal interactions, communication, and professional performance.
Business coaching is a powerful tool for achieving success in the workplace. Not only does it help to improve communication and relationships between coworkers, but it also has been proven to increase overall performance, productivity, and efficiency.
10. According to one research, executive coaching may provide the organizations examined with a return on investment of up to 788%.
11. According to a Fortune 1000 research, the average executive coaching return on investment was roughly six times what clients initially paid for the services.
12. The two major goals of business coaches for leaders are to increase revenue and market share.
Business coaches are capable of navigating the complexity of a financial spreadsheet as well as working with executives to identify and get rid of limiting beliefs. A direct influence on the bottom line and exponential growth are possible outcomes of the combination.
13. Numerous resilience-enhancing techniques, including positive psychology and questioning preconceived notions, are taught by business coaches.
The capacity to recover from even the most serious failures is one of the most important qualities of a competent CEO or business owner. Business coaches are beneficial in this area and others.
14. Coaches promote self-awareness during regular one-on-one sessions and break down their clients’ goals and intended behavioral results into manageable steps in order to find and offer advice for a change in approach to achieving their goals.
The scaffolding required for successful behavioral change is created by coaches.
15. Business coaching is not therapy or consulting.
Business coaches offer perspective, resources, comments, guidance, and assistance in setting direction. They also operate as a source of responsibility, which is what we’ve found is what most business owners want in order to maintain their focus on their objectives.
16. An excellent coach possesses both boldness and curiosity in equal measure.
They employ their curiosity to examine every nook and cranny of your company in an effort to identify the underlying reason why things are stuck or stagnant. Great coaches have the skills and experience necessary to ask the correct questions at the appropriate times.
17. Your goal in working with a business coach is to intentionally create a successful business.
You must follow a well-organized program to do it. You run the risk of leaving some significant system gaps in your company if your coach doesn’t provide a strategy for how to construct each of the systems and strategies you and your organization need—along with the sequence in which you should develop them. An excellent coach has a tried-and-true strategy that they are willing to put into action.
18. While some business coaches offer monthly programs for $50, others charge between $100 and $1,000 an hour.
19. Face-to-face coaching decreased sharply by 74% after COVID-19.
20. Online coaching has become wildly popular, as it’s increased by 57%.
21. The online coaching industry is worth over 11 billion dollars.
22. 99% of individuals and companies who hire a coach are “satisfied or very satisfied” and 96% say they would repeat the process.
23. 68% of individuals who hired coaches were able to make back their investment.
Those who make a financial gain on their coaching can on average expect 3.44 times the amount spent.
24. 86% of companies that could calculate their return on investment said that they at least made back their initial investment.
19% indicated an ROI of 50x the investment. 28% saw an ROI of 10-49x the investment. The median ROI is 7x the investment.
25. 51% of companies with a strong coaching culture report higher revenue than their industry peer group.
26. 46% of clients find their coaches through referrals and word of mouth.
27. 73% of coaching programs last one year or less.
28. In the US, the average annual income from coaching is $62,500.
That depends on the coach, and many coaches have 6- and triple 6-figure coaching enterprises.
29. The average salary of a coach with 10-15 years of coaching experience is $122,000.
30. The average salary of a coach with 15 years of coaching experience is $160,000.
31. 14% of clients who receive coaching report doing so in order to sharpen their managerial abilities.
32. 61% of coaching clients claim that coaching helped them develop their company management abilities.
33. According to a survey of 100 executives, the average executive coaching ROI was nearly 6 times higher than the coaching fee.
34. A reliable ROI for executive coaching has been reported as 500%-700%.
35. Women who receive coaching tend to perform better, feel happier, and have better overall health.
A case study on women leaders who participated in coaching shows that leadership coaching can improve: self-awareness, self-confidence, self-leadership, leadership style, as well as their relationship to power, conflict, and personal life.
36. 75% of respondents claim that the value of coaching outweighs the time and financial commitment by a significant margin.
37. Bill Campbell, Google and Apple’s business coach, is largely responsible for their trillion-dollar valuations, claims Eric Schmidt.
38. A business coach or support network has been used by one-third of successful business owners.
39. To be a great business coach, you need to have a combination of strong communication skills, business acumen, and coaching experience.
This can usually be achieved by gaining relevant work experience in a business or management role or completing a specialized training program for business coaching.
40. Aspiring coaches can go through an accredited coach training program offered through organizations like the International Coaching Federation (ICF) to become certified business coaches.
41. Top achievers make up 33% of founders who receive coaching from successful businesspeople.
42. When they first launch their enterprises, just 22% of entrepreneurs have business coaches.
43. 92% of small company owners say business coaches have a direct influence on their growth and the prospects for their firms to survive.
44. 89% of entrepreneurs who don’t use a business coach say they wish they did.
45. For 30% of business owners, reporting growth required just one coaching session.
46. The top three concerns that company owners approach their business coach for advice on are start-up support (53%), growth/business expansion (59%), and human resource challenges (61%).
47. The importance of having a business coach is cited by 88% of business owners who use one.
48. 70% of business owners who receive coaching remain for five years or more.
49. Career possibilities are the top justification for hiring a coach, according to 15% of coaching clients.
50. 62% of coaching clients claim that coaching increased their professional chances.
51. The inability to quantify the impact of coaching (42%), a lack of funding for coaching activities (38%), and a lack of senior leadership support (50%) are the three main barriers to establishing a strong coaching culture inside a business.
52. Business coaching will help with personal and business branding.
Strong personal and corporate brands have become quite popular in 2022. This is a critical element in creating a social media presence. The success of your company depends on you creating your own brand and point of view.
53. In 2023, business coaching that helps customers avoid burnout and recover from it will become more popular.
54. Coaching is a huge industry worth over $15 billion.
Tens of thousands of organizations and people make up this enormous ecosystem, which aids customers in achieving their objectives.
55. Worldwide, there are more than 70,000 qualified coaches.
56. The overall number of business coaches is probably much greater because many work without formal credentials.
For the keyword “coach,” LinkedIn alone displays nearly 4 million results.
57. By 2028, the market for online coaching platforms will be worth $4.5 billion.
58. According to estimates, the coaching market will reach $20 billion this year, representing a 6.7% annual growth rate.
59. Outside of North America, the majority of coaches are members of Gen X, meaning people born between 1965 and 1980.
The Baby Boomers (1946–1964) are the group that is most prevalent in North America, accounting for 54% of all coaches.
60. Coaches from North America bring in 45.5% of the annual worldwide income.
61. Western Europe spends 1.4 times more per person on coaching than North America does while having lower overall revenues.
62. The Middle East and Africa contributed just 2.8% of the worldwide share, or $80 million.
63. Since the pandemic, platforms for audio-video coaching have increased by 83%.
As anticipated, the preferred method of service delivery for in-person coaching significantly declined by 82%.
64. Virtual coaching is expected to remain popular, according to 87% of practicing coaches.
Now that there are so many platforms available, like Zoom and Teams, coaches may conduct excellent sessions remotely.
65. While the use of audiovisual platforms climbed by 74% and the use of telephones increased by 27%, in-person coaching suffered a devastating 80% decline.
66. Numerous companies and coaches reported closing (4%), being without work (7%), and changing careers (8%) as a result of the pandemic.
67. The coaching economy will return to pre-pandemic normalcy.
In order to return to pre-pandemic normalcy, it is necessary for business coaches to evaluate their strategies and adjust them based on current market conditions. Coaches must also be able to address the psychological component of the current situation; they must help businesses use stress management techniques and emotional regulation exercises in order to adjust their businesses accordingly. Additionally, coaches need to emphasize effective communication, both internally and externally, as well as holding teams accountable and motivated during these difficult times.
68. According to the International Coaching Federation, Asia, Eastern Europe, the Middle East, Africa, and Oceania were the regions most adversely impacted by the pandemic in terms of lost income.
50% of the coaches in these regions saw their pay decrease. The COVID crisis has forced many companies in these regions to make difficult decisions in order to stay afloat. These decisions could include downsizing staff or reducing salaries. Those who are able to remain employed or continue running their business, often turn to business coaching as a way of navigating through this turbulence and achieving success despite the challenging circumstances.
69. During the pandemic, 42% of coaches in Western Europe and North America reported lower income.
70. The coaches based in Latin America and the Caribbean had the least impact on their salaries (28%).
71. Business coaching was affected more than other verticals, with 47% of respondents reporting reduced revenue, compared to just 40% of non-business coaches.
72. With 42% of business coaches reporting a drop in active customers as a result of the pandemic, coaching suffered.
The recent global pandemic has had a massive impact on businesses all over the world, and business coaches have not been exempt from this. According to a survey of business coaching firms by McKinsey & Company, 80% of them reported a drop in active customers since the start of the year due to the pandemic. This is due to multiple factors, such as cuts in spending from companies or individuals, concerns about possible economic losses or income insecurity, or restrictions that may have made it difficult for coaches to provide their services.
73. Consulting and training were the most prevalent alternative services provided by business coaches, with 60% of coaches doing so.
Consulting and training services are the most commonly used alternatives when it comes to business coaching as they allow entrepreneurs to gain the insight and knowledge they need to make informed decisions.
74. 61% of managers and executives who use coaching services are members of the Gen X generation. The remaining 39% is evenly divided between Baby Boomers and Millennials.
75. The business coaching market is expected to reach $14 billion by 2022, up more than $3 billion from 2012.
76. Over 60,000 businesses in the US that specialize in business coaching employ over 111,000 individuals in total.
77. Business coaches account for 65% of all coaches.
This is due in large part to the immense benefit that can be gained from having an experienced and qualified coach provide guidance to business owners and professionals. Working with a business coach can help leaders develop fresh ideas and make smarter decisions, as well as improve their team’s performance and boost overall morale. It can also help individuals better manage their own time and resources in order to maximize their potential within the organization.
78. Businesses with a structured coaching process meet 91.2% of their overall quota, compared to 84.7% for organizations using an unstructured coaching approach.
79. Despite the fact that 70% of the executives surveyed believed business coaching was useful, more than 42% of the company organizations do not use one.
The first reason is the cost associated with hiring and retaining a coach. Business coaching requires a substantial financial investment and many companies just don’t have the resources available to make it happen. It can also be difficult to quantify the results of investing in a coach and that can limit ROI expectations. On top of that, many business owners simply don’t understand the value they would get out of a coach or realize how much they could benefit from one-on-one guidance from an expert in their specific industry.
80. In over 77% of the cases, research participants who received business coaching said that it had a substantial influence on at least one of nine company metrics.
81. 66% of people are “very” or “somewhat aware” of the field of professional coaching
82. People or organizations who use coaching services anticipate their coaches to hold appropriate certifications or credentials.
According to a survey by ICF Global, most people surveyed (43%) believed that the most important factor when selecting a coach was whether they possessed proper qualifications. Other factors such as experience level (26%) and reputation of the coach (15%) were also considered important. In addition, nearly 75% of respondents reported that having a professional designation or certification made them feel confident that their coach was knowledgeable and had an ethical approach to their practice.
83. Business coaches provide a wide range of services.
A skilled business coach will be able to help whether you want to turn around a failing firm or make an existing successful business even more profitable, whether you operate a small, local business or a multinational corporation.
84. Building a new business from the ground up can be assisted by business coaches.
Providing guidance to executives and business owners as they set up their company, establish its mission and goals, and implement both long- and short-term business plans.
85. A small business coach is one of the many names that business coaches may use to identify their offerings.
Small firms may have different obstacles and objectives than big corporations.
86. A significant portion of a business coach’s responsibility is to get to know each client firm and owner as well as possible in order to create a plan that is specifically tailored to each circumstance.
A business coach will work with a client to identify areas where improvement is needed in order to meet the desired objectives. In order to do this effectively, it is essential for the business coach to get to know each client firm, and owner as much as possible. A deep understanding of the situation allows the coach to create a plan that is specifically designed for that individual’s needs.
87. The most significant businesses in the business coaching sector and related sectors either have a substantial market share or are creating novel business strategies and techniques that have the potential to upend the status quo.
88. In 2020, the federal government spent a total of $3,037,290,784 on Business Coaching. It has awarded 3603 contracts to 1454 companies, with an average value of $2,088,921 per company.
89. There are 64,438 Business Coaching businesses in the US as of 2023, an increase of 1.6% from 2022.
90. The number of businesses in the Business Coaching industry in the US has grown 1.6% per year on average over the five years between 2018 – 2023.
91. California (7,486 businesses), Texas (5,034 businesses), and Florida (4,591 businesses) are the States with the most number of Business Coaching businesses in the US.
These three states have large populations with diverse needs when it comes to business-related services. California has been at the forefront of business innovation for years while Texas offers an abundance of resources to help budding entrepreneurs launch their own businesses. Meanwhile, Florida boasts favorable tax laws that make it attractive for businesses looking to save money and maximize profits. As a result, many established business coaches as well as new ones have found success in these three states when compared to other parts of the country.
92. The Business Coaching industry in the US is labor intensive which means businesses are more reliant on labor than capital.
93. The Business Coaching industry in the US has a low market share concentration and the largest business is Interpublic.
As of 2020, the largest business in this sector is Interpublic, while smaller businesses such as Peak Performance Solutions and Mergis Group also have a presence.
94. The online coaching industry is worth over 11 billion dollars.
This incredible growth speaks volumes about the power of business coaching and its ability to connect businesses and individuals to the resources they need in order to achieve success.
95. Business coaching increased by 2.4% in 2022.
96. The most common metric used to measure the ROI of business coaching is individual self-assessments.
This type of assessment provides valuable insight into the effectiveness of business coaching as it allows individuals to objectively evaluate their own performance across various areas such as their problem-solving skills, communication skills, and team collaboration.
97. Other reasons why coaching isn’t implemented in companies are that it’s difficult to measure ROI (41%) and organizational culture does not support leadership coaching (41%).
Without evidence of tangible benefits, business leaders are reluctant to invest in such an intangible service.
98. In addition to helping their clients set and pursue their career goals, business coaches also provide them with the tools and methods they need to be more effective managers and leaders.
This might range from increasing time management abilities and putting efficient business plans into practice to building leadership skills and communication tactics to aid in enhancing team performance. Business coaches assist their customers in becoming more successful professionals who may have higher job success by giving them the necessary information and abilities.
99. CEOs, CFOs, and CMOs frequently have a variety of duties and must deal with a variety of difficult situations that call for extensive knowledge and expertise.
An executive business coach can provide valuable guidance on everything from strategic planning to leadership development and more.
100. Depending on the requirements and objectives of each client, there are several options for business coaching.
In order to create customized coaching programs that target their particular goals and objectives, a business coach will collaborate with clients to discover their special strengths and obstacles.
101. Identifying blind spots, challenging justifications and poor behaviors, and pushing clients to expand beyond their comfort zones will all be major objectives of business coaches.
Business coaches can help identify blind spots in clients’ thinking, challenge justifications and poor behaviors that may be contributing to a lack of success, and push them out of their comfort zone to explore new opportunities. Through this process, clients become more self-aware and gain the tools needed for maximum performance.