New York has long been a business hub for the East Coast. In 2011, New Yorkers contributed $230 billion to US retail sales (United States Census). In 2010, New York’s total GDP was $1,136.4 billion, which places it 3rd in highest GDP per US State (US Government Revenue). To put that in perspective, New York’s GDP is larger than some small countries, including Antigua, Somalia and Seychelles.
This is all great news for the go-getting executive coach who’s target market will be hard at work making these figures climb in the years to come.
These figures on their own do not tell the whole story, lets take a closer look at New York’s business world:
New York is USA’s largest metro area, and the amount of businesses reflect this. New York has almost a million small businesses! This is fantastic news for executive coaches. Do not be fooled, even small businesses have executives, many of whom are just as smart, energized and passonate about their work as those who run large multinations, some may even say more so.
New York also has a staggering total of 9,696 medium sized businesses (Biz Journals). Medium sized businesses (less than 500 employees) are prime candidates for executive coaching. To generalize, those who work in medium size company usually, have a more varied working environment, higher profile within the business and, gain responsibility faster than in a large business (University College London). This all equates to someone who will be highly motivated to succeed. It is likely a good proportion of these individuals, or teams, will benefit from executive coaching.
At the top end of the scale, New York also hosts 17 of the world’s Fortune 500 companies (see table).These multinational giants may be slightly more difficult for executive coaches to get their foot in the door, however it is far from impossible. Executives working at firms such as these are likely to be under tremendous pressure in many aspects of their lives and find coaching an ideal way to help deal with their multitude of responsibilities.
We know that business is booming in the Big Apple, but what about the actual people?
The information below from the NYC Department of City Planning and US Census Bureau indicates that New Yorkers are increasing in number, becoming more qualified, and earning higher incomes. More money is being invested in education at the school level to counter not only the rising demand in number of students but to ensure the continued high standard of students exiting the system and entering into higher education.
Combining this information with statistics from Coaching: A Global Study of Success Practices, a whitepaper commissioned by the American Management Association, makes for a promising future for executive coaching in New York. The whitepaper, which will be available for download from Erickson soon, finds that coaching is used in 52% of North American companies and continues to gain popularity. According to this information, that means almost 500,000 small to medium sized businesses utilize coaching in one form or another in New York.
If you are interested in taking advantage of this growing market, maybe it is time that you explore the options of becoming a certified executive coach. Erickson’s flagship product, The Art & Science of Coaching offers fast and flexible ways of achieving certification in New York (9th September) and Online. Click here for more information.