Many people assume that the more expensive the business coach is, the better they will be. However, this is not always the case. In fact, most people’s first business coach is actually the wrong one for them or their business. Do you know what a business coach should cost?
It can be hard to trust yourself while making these types of decisions for your business. As entrepreneurs, we make multiple decisions a day. We know the pain of second, third, and quadruple guessing ourselves. But, as a business owner, you know that just because someone is expensive doesn’t mean they are the best choice.
Decisions surrounding your choice of business coach run the gamut from how much experience they have in general to how much experience they have with your particular business. Necessary skills will vary from business to business, but some general skills include but are not limited to:
- An ability to observe and audit systems and processes
- Excellent communication skills
- Skilled in the creation, clarification, and refinement of your marketing message
- An understanding of sales and how to work with sales teams
- Proficient in the reading and understanding of balance sheets and profit and loss statements
Here is some information that will help you find the right business coach for you.
WHAT DOES A BUSINESS COACH DO?
First and foremost, business coaching is a process that helps business owners identify and achieve their goals. You need a roadmap to know where you currently are and which direction you want to take.
Here’s an article with a list of 17 Things a business coach can help you accomplish.
A business coach works with clients to create a custom plan and then holds them accountable for following through on their commitments. A business coach also sees any blind spots a client may have and will know how to fix company issues. Sometimes the owner is the source of the bottleneck and a quality business coach should instinctively know how to work with each owner to address these issues.
But remember this… As a business owner, it is imperative that you remain coachable.
Have you seen MSNBC’s show called The Profit? While I shouldn’t be, I’m still surprised at the number of business owners who are committed to all the ways that have failed them as opposed to learning and applying new methods to run their businesses. Don’t be that guy!
While some business coaches have an online course, framework, or book they help you implement, not all business coaches use these tools. The most important thing a business coach can do is help you achieve your goals and improve your business.
If you’re thinking of hiring a business coach, be sure to ask them about their process and what they believe are the most important elements of business coaching. When you interview them, ask about their experience with your type of business and how they would work with you and your business, just like with anything else you want to set yourself up for success by setting proper expectations from the start.
Read this one if you’re curious about business coaching, marketing consultants, and project managers.
Let’s talk about money…
HOW MUCH DOES A BUSINESS COACH COST?
Generally, the cost of a business coach depends on their level of experience, how often you meet, and what type of coaching you need. While some coaches charge by the hour, others charge a monthly or yearly fee.
The average cost of a business coach is $250-$500 per hour, but some coaches charge as much as $10,000 for a one-time meeting. Big difference… we know! Again, what are your expectations and what are they promising as far as results are concerned? This will all help you determine the appropriate and final cost.
The price of a business coach also varies depending on the type of coaching you need. For example, if you need help with branding or marketing, you may pay more than someone who just needs help with goal setting or time management. Ultimately, the best way to find a business coach that fits your budget is to shop around and compare prices.
Break out that blank pro versus cons spreadsheet and get to work comparing and contrasting. Like all things in life, if you’re willing to take the time necessary to do the research, you’ll find that sweet spot meant for you!
HOW MUCH DOES A BUSINESS COACH COST PER MONTH?
When it comes to business coaching, there is no one-size-fits-all answer to the question of how much it will cost per month. As mentioned above, the general cost of a business coach can vary depending on factors such as experience, reputation, and the length of the coaching contract. In general, however, if you’re paying monthly for a business coach, expect to be charged anywhere from $500 to $2500 per month.
While this may seem like a lot of money, keep in mind that a business coach can provide invaluable guidance and support that can help you grow your business. With the right coach, you can see a significant return on your investment. In addition, it’s as if you’re adding a member to your team that will help keep you accountable and on track.
According to the Institute of Coaching, improved work performance, relationships, and communication were reported by 70%.
That’s an impressive percentage and one worth considering.
IS IT WORTH IT TO GET A BUSINESS COACH?
There are a lot of business owners out there who are trying to go it alone. They think that they don’t need anyone’s help and that they can figure things out on their own. But the truth is, a business coach can be a huge asset.
A business coach will help you increase your profit and revenue. They’ll give you the tools and resources you need to take your business to the next level. If you’re not seeing results, then find someone new. But if you’re willing to invest in a business coach, it will definitely pay off in the long run.
Another thing to remember is that anything you try will take time. You didn’t build your business overnight and you won’t see results as fast as you’d like to see them. Make calculated and informed decisions and trust the process.
One thing I always recommend is to ask any coach you hire to establish goals with a reasonable timeline so that you can do as much as possible to achieve them and you’re also able to track progress accurately. If they can help you to reach those goals and you see tangible results then you’ll be much more likely to be successful. In addition to experiencing said success, you’ll feel fulfilled as you look back.
It’s nice to find someone who can work well with you and your business. Finding a complimentary business coach will be a win for you and your clients!
WHAT KIND OF BUSINESS COACH DO WE RECOMMEND?
We’re so happy you asked this question because we have the perfect solution for you. Have you heard of — Business Made Simple —? Simply put, Business Made Simple is an online platform with business lessons and resources for entrepreneurs. You can also hire a business coach that works with Business Made Simple.
Business Made Simple coaching can be done one-on-one or as group coaching. This decision will come down to cost and what your particular needs are for your business.
We’re all about business coaching and making business simple. Business doesn’t have to be painful. It is possible to build a thriving business without sacrificing your sanity. We’ve done it and we can help you do it too! Our favorite and proven Business Made Simple coaching program has what you need!
In general, a business coach will be able to help you with a plethora of business matters. A quality coach will be skilled at creating, refining, and clarifying your marketing strategy, marketing message, mission statement, and guiding principles. They will be proficient in their communication abilities in addition to being able to coach you through your improvement of the same skills.
Coaches will conduct audits for systems and processes and they’ll be able to streamline things for maximum efficiency with regard to time and cost.
An effective coach will be adept at installing a marketing sales funnel, developing a sales pipeline, and creating compensation plans for your sales team that incentivize growth and ultimate profitability.
Here’s at least one thing to consider that we’ve found to be helpful in calming your business owner’s anxiety surrounding this decision. You want your business coach to meet you where you are. You want someone that is able to come in and understand you and where your business currently stands.
We want to avoid bringing someone into your business who will try to implement strategies that your business is not prepared to handle. We’re trying to save both cost and nerves here, right?
So, if you’re feeling lost and uncertain of where to turn for help in growing your business, know that you are not alone. It can be hard to find the right coach, but it is worth taking the time to do your research and find someone who understands your unique situation and can help guide you on a path to success.
Schedule A Call today for more information about how we can help you find the best business coach for you – someone who will support and encourage you every step of the way!