April 02, 2008 // Franchising.com // - Employment projections released by the Bureau of Labor Statistics in December of 2007 provide a view into the future that individuals can use when making career decisions that will have a long-term, financial impact on their lives. Economic indicators projecting into the year 2016 include a slow-down in the labor force, a trend toward leaner companies and an increase in service sector jobs. Cumulatively, these trend all point to the need for individuals to seek a career based on self-sufficiency versus counting on the traditional financial benefits of being an employee working for a company.
"These statistics are truly insightful to consider when making decisions to ensure a career that provides income, lifestyle, wealth and equity," says Terry Powell, CEO and founders of The Entrepreneur's Source (www.EsourceCoach.com). "As companies hire less and outsource more, it presents opportunities in the Business Coaching services sector," he added.
With the growth of small businesses on the rise, businesses are turning more and more to outside consultants for expertise. This increase in demand has put the profession of Business Consulting/Coaching on the top list of hot franchise trends for 2007, according to Entrepreneur Magazine.
Trends point to peripheral services such as accounting, telephone and Internet services, legal representation and human resources slowly being contracted out to business-to-business companies. Rather than hire, many companies are opting to send this work to B2B agencies. On the Forbes annual "America's Best Big Companies" list, 23 of the 400 firms profiled specialize in business services and supplies.
"Business Coaching is becoming an excellent career alternative when economic times are tough and business savvy people are seeking other options for self-sufficiency," says Terry Powell. "And owning a Business Coaching franchise gives aspiring business owners a built-in formula for success while parlaying their business skills into financial gain," he added.
Approximately 75,000 corporate employees are laid off every month, according to outplacement firm Challenger, Gray and Christmas. That's 30,000 more per month than just six years ago, according to a 2007 study. Corporately-trained people and those having been entrepreneurs can bring business proficiency to the profession of Business Coaching and benefit financially by helping other take their businesses to the next level.
Business Coaches are often called upon to work with business owners on the business dangers that keep most them up at night: financial management, human resource (retention and staffing), business/market planning, communications/leadership and sales management.
The Business Coaching and consulting industry is a multi-billion dollar market and growing at an annual rate of 40 percent. According to a Business Industry report dated November 2006, business coaching companies Business Advisers International (BAI) (www.AdviCoach.com), along with The Entrepreneur's Source (TES) (www.EsourceCoach.com) dominate the market with a 33% share.
"When business owners lose sight of their goals, it is often because they don't have the ability or are unwilling to see beyond their blind spots and take immediate action," says Terry Powell. "Working with a Coach can help a business owner remove the blinders, see their company more objectively, and make fact-based decisions in an effort to increase performance," Powell added.
The Entrepreneur's Source (TES) is North America's leading career and business coaching company with more than 250 offices in the United States and Canada. With its unique E-Source Coach Advantage, TES offers a full range of services to individuals seeking alternate career options and to small-to-medium size companies looking to increase performance.