Frequently Asked Questions by Coaches on PrepLounge
- Conducting Coachings
- 1. How do I set up my profile?
- 2. How do I schedule meetings with candidates on PrepLounge?
- 3. How do I get to the meeting room?
- 4. Can I invite candidates directly to a meeting?
- 5. How do I conclude the meeting?
- The Payment Procedure
- 1. Can I choose how much I want to earn per meeting?
- 2. Why is VAT being charged for my meetings?
- 3. What is the minimum price for a meeting?
- 4. Is it possible to grant discounts to selected users?
- 5. How and when do I receive my compensation?
- Session Guidelines
- 1. What can I do to attract my first customers?
- 2. How do I keep candidates as recurring customers?
- 3. Do I have to use PrepLounge cases?
- 4. What information should I ask the candidate?
- 5. How can I become a part of CoachingPlus?
- Cautionary Advice
- 1. Can I conduct meetings outside of PrepLounge?
- 2. Am I allowed to be a coach on PrepLounge while still being employed?
- 3. What information can I share with my coachees?
1. How do I set up my profile?
After you’ve signed up as a coach on PrepLounge, i.e. created a coach account, uploaded a current CV and signed the Terms and Conditions for coaches, we will reach out to you to inform you whether we can accept you as a coach on our platform. In case of a positive decision, your profile will be made available to the candidates in the PrepLounge community. Please make sure that you fill in all relevant profile information (your meeting price, spoken languages, education, professional experience, etc.) and upload a photo.
2. How do I schedule meetings with candidates on PrepLounge?
As a coach on PrepLounge, you can be booked by our users via the coach listing. Interested users will send you messages or invitations that you will receive once logged in on PrepLounge (and also as notification via email). All you have to do is accept a meeting that fits into your schedule. However, we kindly ask you to answer all user requests, even if you won’t be available at the requested time, so that our users will have enough time to look for alternative coaches or schedule an alternative meeting with you.
Once you confirm an invitation, you just have to wait for the payment to go through. You will receive a notification and can wait for the meeting to start. DO NOT CONDUCT A MEETING UNLESS THE PAYMENT HAS BEEN CONFIRMED. Do not conduct a meeting that has been cancelled or when a no-show has been reported, as your payment will be lost.
3. How do I get to the meeting room?
Once a meeting has been confirmed all you have to do is login to PrepLounge on the scheduled time (Please note: the time displayed is always your local time as per your user settings) and go to the meeting room, where you will conduct the meeting over Skype or phone. There you can also find a feedback form which shall help you provide your coachee with detailed and valuable feedback on his or her case performance.
4. Can I invite candidates directly to a meeting?
Yes, you can directly invite candidates via the candidate listing. In this case you have to wait until the candidate has accepted your meeting invitation. You also have the possibility to invite a candidate to a free coaching session with you. To do so just tick the respective checkbox in the meeting pop-up window before sending the invitation.
5. How do I conclude the meeting?
Please be sure to click on the "Finish Meeting" button so that we can register your meetings and make sure your reviews get saved.
6. How does the calendar/the availabilities on my profile work and how can I edit it?
Use your calendar to let your talents know your preferred times for coaching sessions. The calendar allows you to set general availabilities. To edit your availabilities just click on the tab “Availability” in your profile settings. There you can also indicate vacations or other periods of absence. PrepLounge will inform your talents about your absence once they try to contact you but they will still be able to send you meeting invitations, so you can contact them later on.
The Payment Procedure
1. Can I choose how much I want to earn per meeting?
Yes. You decide the price candidates have to pay for a meeting with you in your profile settings. Please bear in mind that PrepLounge takes a commission of 33% on the net value of this price e.g. after VAT is deducted.
2. Why is VAT being charged for my meetings?
The applicable VAT rate depends on the candidate’s location.
If your coachee lives in Germany and your meeting price is €299, you’ll be paid [=€299.00 / (100 + 19.00%) / 100 * 67.00]= €168.34
If your coachee lives in the US and your meeting price is $199, you’ll be paid $199*0,67= $133,33
3. What is the minimum price for a meeting?
We set the limit at 139 USD / meeting for all coaches. Feel free to increase your price based on your seniority in consulting and case interview coaching experience. You can always go back and adjust it using the price slider function in your profile settings.
4. Is it possible to grant discounts to selected users?
Yes. You can use the Coupon Manager on your expert dashboard to generate discount coupons for selected users. You can generate up to 10 discount coupons per month. Each coupon code can only be used once and will be valid for 7 days. The discount will be deducted from the gross price.
If your coachee lives in the US, your meeting price is $199 and you grant a 50% discount, you’ll be paid (0,5 * $199)*0,67= $66,67
5. How and when do I receive my compensation?
Please note that you will have to issue an invoice each month so that we can process the payment. The earliest possible date you can issue an invoice is on the first day of the following month and the latest possible date is March 31st of the following calendar year. The invoice can be issued in the Invoices section, once you have entered your account details (bank account or PayPal) and billing address in your profile settings. We will transfer the amount minus commission to your account within two weeks of the issue date.
1. What can I do to attract my first customers?
Please have a thorough look through the guide we have sent you upon approval on “How to promote yourself as a coach on PrepLounge”. You can also find this guide on your expert dashboard, in the tab “Coaching Guides & FAQs”.
You need to actively participate in the community in order to sell your first meetings and thus to gain the first reviews. A great way to get in touch with potential coachees is PrepLounge’s Consulting Q&A. Answering user questions in the forum increases your visibility in the community and at the same time strengthens your expert positioning.
As a new expert on PrepLounge, you also have the possibility to do up to 3 free coaching sessions with users via PrepLounge. To do so you just have to activate the respective checkbox when you send an invitation to a PrepLounge user.
2. How do I keep candidates as recurring customers?
Most importantly, you should try to satisfy the needs of your coachee. Please discuss with the candidate what he/she expects from a coaching session prior to the meeting. Some candidates want a full mock interview whereas others just want to focus on cases or personal fit.
Regarding the case, it helps to start off with a difficult case. Not only does the candidate realize that there is room for improvement but it also helps you pin point weaknesses that can be worked on in the following sessions.
3. Do I have to use PrepLounge cases?
No. Experts usually have their own set of cases that they use for coaching sessions.
4. What information should I ask the candidate?
It’s good to be aware of what interviews the candidate has and what firms he/she is applying to. Please note that it is forbidden to pass on the candidate’s personal information without the express consent of PrepLounge.
5. How can I become a part of CoachingPlus?
Coaches who have conducted less than 20 meetings on PrepLounge are eligible to join CoachingPlus. You can find further information on the package in the guide "How to promot yourself as a coach on PrepLounge". If you are interested in becoming a CoachingPlus expert, feel free to reach out to our team and we will add you to the waiting list.