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How To Become a Transaction Coach?
Becoming a transaction coach is not as difficult as it is rewarding. Helping people figure out and achieve their goals is an experience in itself, and the career choice can prove extremely enjoyable. A transaction coach is different than a transformation coach in a few ways, and both have their pros and cons.
- How To Become a Transaction Coach?
- What Is Transaction Coaching?
- What Does a Transaction Coach Do?
- What Are the Benefits of Hiring a Transaction Coach?
- How To Become A Transaction Coach?
- What Qualifications Are Needed to Become A Transaction Coach?
- What Skills Are Required to Be Successful as A Transaction Coach?
- What Are the Certifications to Become A Transaction Coach?
- How Much Does a Transaction Coach Earn?
- What Are Transaction Coaching Methods?
- Tips For Becoming a Transaction Coach
- What Is the Difference Between A Transactional And A Transformational Coach?
- Frequently asked questions
What Is Transaction Coaching?
As the name represents, we can define transaction coaching as a non-tangible exchange between a coach and an athlete or client. The coach tells the client, “I will do this for you if you do this for me.” The client/athlete’s end of the bargain involves coming up with short-term goals and targets that they want to achieve.
In exchange, the coach assists them in devising a strategy as to how said goals can be achieved and targets met. Transaction coaching is all about performance, and it is most commonly used in organizational settings where performance measurement is a crucial factor. This style of coaching focuses solely on actions. The only reward for transaction coaching is the achievement received at the end of the process.
What Does a Transaction Coach Do?
A transaction coach thinks about the present. They want to see immediate results. A transaction coach works with their client and identifies self-set goals. Once they set and identify the goals, a transaction coach ensures the client achieves them. Transaction coaches motivate athletes and push them to the best of their ability to increase focus and performance. In contrast with a transformational coach, a transaction coach directs their client’s entire focus on achieving short-term goals and does not worry about the future.
What Are the Benefits of Hiring a Transaction Coach?
There are many moments in life when one feels lost, with no sense of purpose. You lose motivation, and it feels like you are stuck in reverse. Hiring a transaction coach at such a point in our lives can make all the difference. A transaction coach has many benefits like:
1. Achieve Short Term Goals Faster
We have all heard the phrase, “one step at a time,” at least once in our lives, or we have said it to other struggling people around us. Transaction coaching is the literal translation of this. Thinking about long-term goals and how much work they require becomes overwhelming, and we get stuck in a downward spiral. On the other hand, setting short-term goals and meeting them timely gives us a sense of achievement that improves motivation.
2. Easier To Spot the Symptom Than the Cause
Another significant benefit of transaction coaching is that it is a quick remedy. It cures the symptoms, not the cause. While many may argue that curing a symptom is ineffective without figuring out the cause, spotting a symptom is more straightforward than the cure, and results can be seen almost immediately.
3. Simple Guidance and Feedback Go A Long Way.
Transaction coaching involves the coach helping their client develop clearer thinking, set their targets, and create a strategy to meet them. It does not include long, frequent coaching sessions, nor does it require extensive exercises or techniques. Transaction coaching is a mere negotiation between the coach and the client to offer guidance and feedback in return for the effort.
4. Long Term Coaching Is Not Necessary
The primary aim of transaction coaching is to help clients understand their thought processes and maintain focus on a particular target. This is a skill that we can learn over a short time. Therefore, you don’t need to invest much time or money in regular coaching sessions. Just a few of them will bring about results.
5. Easy To Gauge Progress
As is valid with all short-term goals, the clarity that comes with them makes it easier to measure and evaluate performance. Short-term goals are fully defined, and any progress made towards achieving them can be calculated, measured, and analyzed.
How To Become A Transaction Coach?
- Get A Certification
You cannot become a coach without certification. After completing a bachelor’s degree, you can enroll in an accredited training program to gain the certification required to become a transaction coach.
- Select A Niche
Once you have your certification, you need to think about an untapped niche in the market. This will help you attract a larger pool of clients who are not getting their needs met with the existing number of transactional coaches in the market. You can target a client base more effectively, and they will also be more comfortable coming to you as a specialist.
- Practice Communication Skills
As mentioned earlier, communication is vital for a successful client-coach relationship. There are plenty of exercises and programs available online that you can participate in on your own time to practice effective communication. The slightest effort you make will go a long way.
- Develop A Vision for Your Business And Set It Up
Every business needs a vision. Think about where you want to see your practice in a year and put it down in words. Advertise your expertise and begin to serve clients.
What Qualifications Are Needed to Become A Transaction Coach?
The PCGCC is a mandatory qualification for all coaching careers in the industry. You can enroll in the program after completing a basic bachelor’s degree.
What Skills Are Required to Be Successful as A Transaction Coach?
1. Practical Knowledge
It is often said that a transaction coach aims to guide and help their clients beyond their years. They impart the knowledge and experience they gain throughout their lives and careers. Because transactional coaching involves short-term practical goals, it requires practical knowledge to guide clients.
2. Analytical Skills
There are times when someone fails to accomplish their goals or does not meet the targets to the best of their abilities. In such cases, a transaction coach is required to analyze their progress, identify key problem areas and help them figure out how they improve. Analytical skills are crucial to becoming an excellent transactional coach because you have to oversee progress. You should be able to redirect it if it is missing your client’s pre-set targets.
3. Result- Oriented
Being result-oriented is not just a skill; it’s a personality trait. People who are results-oriented work to achieve their goals. Once the targets have been set, they devote their time and effort to finding ways to meet those targets in the best possible way to bring about the most outstanding results. Being result-oriented as a transaction coach is especially important because you need to be able to instill these qualities in your clients. The “transaction” will not be complete until you see the results.
4. Keen Observation
Much similar to how analytical skills are necessary for a transaction coach, the need for keen observation is also critical. People come to coaches when they need help identifying problems, they cannot see themselves. People lack self-reflection. A transaction coach who is a keen observer will be able to pinpoint certain qualities, characteristics, or habits through mere conversation. Identification is the first step to improvement.
5. Communication Skills
A crucial skill for all coaching careers, effective communication skills are absolutely vital when it comes to transaction coaching. Clearly defining your expectations as a coach and then being able to communicate them so that the client understands is an invaluable skill without which you can never develop an understanding with your client. Communication skills are practiced over time, and there is no such thing as perfect communication skills. There is always room for improvement, and you learn through experience.
As simple as it may sound, providing guidance is not everyone’s cup of tea. A guide needs to be someone you look up to, someone who can share their experience with you in a way that inspires you. There is a fine line between taking guidance and following your coach. A good transaction coach will always provide advice and then give you the freedom to choose what you want to do.
What Are the Certifications to Become A Transaction Coach?
In order to become a certified coach, you need to qualify for the Professional Goal-Centric Certified Coach program (PGCC). The PGCC is a purpose-designed program that combines theory with practical learning modules that provide a holistic qualification to aspiring coaches. You can acquire the skills and perspectives you need to develop to be successful in a coaching career through this program, and it also provides you with early experience to improve your practice.
How Much Does a Transaction Coach Earn?
A qualified and reputable coach can earn anywhere between US$150 to US$350. The exact amount is dependent on the demand of the area you are operating in, the services you are providing, and the amount of experience and popularity you have. Coaching, overall, is a well-paying career and the rewards are more than just monetary.
What Are Transaction Coaching Methods?
Transaction coaching, as a broad umbrella term, sounds daunting. How do I indulge in a trade with my clients? They are already paying me; why should I ask them to do more for me? These are common questions that cross every new transaction coach’s mind. However, the work of a transaction coach is made easier using these methods:
- Contingent Rewards
Coaches do this by tying rewards to goals directly. Clients can only be rewarded if they make progress towards a specific goal.
- Active Management
As the term suggests, using an active management method, the coach takes an active role in the client’s progress. They monitor progress closely and are constantly working on identifying potential problems. As soon as they anticipate one, they intervene and correct it.
- Passive Management
In contrast, passive management involves coaches sitting “outside” and observing silently. They let the client have control over their decisions and even fail if they have to in order to learn. The only time they do intervene is when expectations are not being met.
Tips For Becoming a Transaction Coach
- Act Promptly
A transaction leader is always quick on their feet. They don’t wait around for others to solve their problems. They identify a problem and immediately start working on fixing them. A transaction coach will act swiftly and get the job done. Quick thinking is precious in times of crisis.
- Communicate Clearly
One thing a transaction coach has to be an expert in is communication. If expectations, standards, and performance goals are ambiguous, progress is likely to be slow and in the wrong direction. Coaches should clearly define all targets for the client in easy, comprehendible language. This avoids confusion and can help achieve more remarkable results.
One of the defining traits of a transaction coach is their love for structure. If you want to become a good transaction coach, you will have to properly structure all your operations and dealings. Transaction coaches must be structured so that they can provide the clarity people come looking for to them. If a coach struggles to organize their thoughts or their lives, the clients are not likely to benefit from the consultation.
What Is the Difference Between A Transactional And A Transformational Coach?
A transactional coach is all about short-term goals and actions taken to achieve those goals. A transaction coach will identify a problem and work to eradicate it in the short run. On the other hand, a transformational coach works to rectify the root cause of the problem. They work with their clients over the long term and use techniques to change behaviors and habits from the grassroots if they are causing a problem.
The main difference between the two approaches is how you see the client. Transactional coaching assumes that the client already knows or will discover what they want to accomplish based on their current state. Transformational coaching starts from a different point of view. As a technique of setting goals, this strategy aims to broaden the client’s focus and view the world more generally.
Transactional coaching is concerned with achieving desired outcomes and improving performance. It primarily entails collaborating with another person to assist them in establishing clear self-defined objectives that are then pursued to completion. Moreover, Transactional coaching is a subset of transformational coaching. Conversely, transformational coaching focuses on personal development or an individual’s psychological progress.
For example, if there is a leak in a water tub, a transactional coach will guide us not to put the water in the tub or use a new one. On the other hand, a transformational coach will work to fix the leak and possibly look for what caused it, and then eradicate that cause.
In conclusion, transactional coaches can be a valuable source of help for people who have lost a sense of direction and are looking for some guidance to gain clarity in their life. Transactional coaches do nothing more than provide clarity to their clients about the ambitions they already have.
In order to become an effective transactional coach, you need to be able to communicate effectively, be organized, and have specific qualifications, including the PGCC. Transactional coaches can earn as much as other coaches depending on the area they are located in, their specialization, and their experience.
Frequently asked questions
What Is Transaction Coaching?
An individual exchange (or transaction) between a coach and a client to improve the client’s immediate performance is the best way to summarize transactional coaching. Transactional coaching is action-oriented. The following lines can best outline this, “You do this for me, and I’ll do that for you.” They focus on the primary goal of winning against targets, goals, and other people. All the practices, exercises, methods, and procedures are to achieve that goal. The means of achieving victory, however necessary, are secondary to victory itself.
What Is the Difference Between Transaction Coaching and Transformational Coaching?
Transactional coaching is based upon actions and focuses on putting on a good show. On the other hand, transformational coaching is based upon the individual and focuses on personal growth.
Individuals who receive transformational coaching take complete ownership of their lives, understand where they are heading, and make adjustments that will have a long-term and holistic impact. On the other hand, transactional coaching focuses on the individual’s day-to-day difficulties and challenges. It may produce less significant and shorter-term outcomes.
What Is the Purpose of Transaction Coaching?
The purpose of transactional coaching is to assist the client in achieving a short-term goal or performance improvement. It is a practical technique to adopt because it focuses on the exterior symptom or problem. Transactional coaching assists the client in arriving at their problem solutions as a result of an external action, which accompanies a shift in behavior.
Do Transactional Coaches Make Good Money?
A transactional coach can earn anywhere between US$150 to US$450 per hour, depending on their location and level of experience.
What to Expect From A Transaction Coach?
Transactional coaches are self-serving. Extrinsic motivation and contingent incentives are essential to them. As a result, they tend to use incentives to motivate people and criticize them when they do poorly. They set clear goals and predefined routines to keep their clients on track. Moreover, strict norms, guidelines, rules, and regulations are also part of their workflows.