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Could Leadership Coaching Be a Rewarding Second Career?
November 8, 2021 | Category: Blog, Business Challenges
For an experienced leader, leadership coaching can be a lucrative and rewarding second career. Becoming a coach gives aging professionals the opportunity to rediscover passions, learn new skills, and better understand themselves.
Leadership coaching as a second career is an attractive option for retired executives or those currently pondering retirement. Executive coaching allows leaders to pass on some of their knowledge and experience to future generations as part of a viable part-time or full-time career.
A second career in leadership coaching fits some retired or current executives like a glove.
A post-retirement career can keep aging executives active and engaged meaningfully. It can help them:
- Rediscover passions they may have sidelined in the past in favor of their corporate careers
- Learn new skills and expand their leadership competencies
- Monetize their talents while helping others improve
- Gain a more thorough understanding of themselves
As I have pointed out in my leadership development books, leadership coaching fills a burning market demand. By harnessing their skills as experienced corporate professionals, leaders and retired leaders can create a range of lucrative revenue streams.
10 Reasons to Take Up Leadership Coaching
The top reasons for leaders to pursue a career in coaching are:
- By virtue of their experience in a leadership position over the years, aging executives already have the basic skills leadership coaching requires. By adding a handful of new competencies to this lineup, they can specialize in a specific niche and be ready to offer attractive, high-value services.
- Leadership coaches who can deliver real value may earn as much as $3,500 per hour, according to Harvard Business Review.
- As a career, executive coaching is flexible. Coaches can opt to practice their trade part-time or turn it into a full-time career.
- Since they already possess the skills leadership coaching requires, retired leaders don’t have to invest much to start their coaching careers.
- With the rising popularity of home office and online work, it is acceptable for leadership development professionals to provide their services through online channels instead of in-person.
- Online marketing offers leadership coaches the chance to find clients all over the world.
- Being an executive coach does not require leaders to quit their current corporate jobs.
- Executive coaches feel no pressure to retire. It is not uncommon for coaches to reach the peak of their careers around the age of 70.
- Leadership coaching relies on many of the skills a C-level corporate job requires. Thus, a corporate career can be a boon for a leadership coaching side-job and vice versa.
- Successful executive coaches are highly respected professionals. And the satisfaction that comes from helping others overcome obstacles and solve problems is priceless.
What Skills Do You Need to Become a Leadership Coach?
Leadership coaching requires the same mix of business and interactive skills spiced up with some niche expertise as a corporate C-suite job.
C-suite professionals are familiar with the skills leadership coaching demands.
The interactive skills a leadership coach needs are:
- Communication skills
- Personal brand building and maintenance
- Relationship and networking expertise
The business skills a coach should possess are:
- Leadership skills, including inner and outer-core competencies, emotional intelligence, and self-awareness
- Basic-to-advanced IT skills
- Business strategy skills
To be an effective coach, a retired leader must learn the importance of asking questions over providing answers. Such coaches may have answers to many of their clients’ problems, but coaching is not about leading someone forward. It is about allowing clients to find their own way and create their future instead of settling for someone else’s idea of what this future should be.
How Can You Earn as an Executive Coach?
A skilled leadership coach can set up many revenue streams. Coaches can earn from:
- One-on-one coaching
- Group coaching and keynote speaking
- In-house training of company personnel
- Online coaching and courses
- Public training
- Business consulting
Leadership coaching is the perfect fit for aging leaders looking to open a new, rewarding, and meaningful chapter in their personal and professional lives. I can help such leaders get started. I can even help them launch their executive and leadership coaching businesses.