Ballpark Estimate: $300 to $500 per hour, $1,000 to $1,500 per month
Do you ever wish you had an expert to guide your company and help you achieve your long-term personal and professional goals? If so, you may benefit from the experience of a business coach.
The Need For An Expert
Perhaps you want some advice on helping to helping your company hone its strategy. Or maybe your business is at a crossroad, and you need someone to help you decide which way to go. You might need some expertise on developing a hard-hitting marketing campaign that will get right to the heart of your perspective customers’ pain. A business coach can help you with these challenges to you can maximize your company’s potential and experience greater success.
More Bang For Your Buck
You may be satisfied with the results your company is experiencing, but it is possible that despite your achievements, some opportunities are passing you by. A business coach is a qualified professional who can give you an outside perspective on your business and advise you on what you can do to live up to your full potential. A good business coach can also help you learn some valuable skills, such as prioritizing your responsibilities and finding the perfect balance between work and family.
Many businesses invest a great deal on books, DVDs, CDs and seminars to aid them in becoming more successful. While many of these tools can be helpful, they can’t replace the expertise of a business coach who gives you advice tailored specifically for your company’s situation and needs.
Perhaps you run a small family-owned business and are feeling overstretched. Seeking support and input from a business coach could help you prioritize. Or maybe you lead a multi-million dollar company and value the expertise of others to help ensure your company’s longevity. Regardless of the size of your business and your needs, there’s likely a business coach who will be the perfect fit for your situation.
Every business coach will have a different approach so you’ll want to find one who has a style that works with your goals. Many business coaches will work with you to help you develop an effective business plan or to tweak the one you have to make it more effective.
You also need to be ready, able and willing to hear criticism from your business coach – after all, you are paying them to help you find new and improved ways of handling your business. You also need to be open to change. Otherwise, your company may not live up to its full potential.
Here are some of the other things you can expect to get from a business coach:
- An evaluation of your business strategy to understand your company and your goals.
- A vision of direction for your company’s future.
- Some suggestions for improvement and areas to strengthen.
- Advice for how to navigate challenges.
- A plan for how to optimize the health of your company to reach your overall goals.
What To Look For
One of the most important things to look for in selecting a business coach is someone who has a proven track record. You don’t want someone to learn on the job with your company; you want to benefit from the expertise of business coach who can apply their years of experience to help you succeed at your goals.
You also want to make sure that whoever you contract with to be your business coach or consultant will be the one who will actually be working with you. Some business coaches may sell themselves as a tried and true professional ready to take your business to a new level of success, but once you sign the contract with them, they may have a junior staff person doing the job in their place.
Finally, just because someone is a successful business coach doesn’t mean that they will be the right fit for your company or your preferences. Pay attention to the style that the business coach uses in your initial meetings to see if this is a comfortable match for you. Also find out what types of businesses the business coach has worked with in the past. Ideally, you’ll want to get a business coach who has an understanding of your specific niche and target audience.
However, it’s important to remain flexible, since some business coaches can effectively cross over and apply experience gained in one industry to help you succeed in a different one. In addition, make sure that any business coach you’re considering has actually helped real companies and been effective in this role, rather than just practicing on hypothetical situations in a training session or seminar. This is an important point, since the field is self-regulating, meaning that anyone can call himself or herself a business coach without having to undergo training or having any real experience in business management or strategy.
What To Expect
Each business coach is different and has a unique vision and style. Generally, sessions can range from 30 to 90 minutes, with most falling in the middle at an hour long. The hourly rate will usually include the preparation and follow up, too, but you’ll want to clarify this in advance with your business coach. The sessions can also take place in person, or they may occur over the phone or even via email, depending on how you prefer to conduct business. The amount of time you’ll need to spend with a business coach also depends the complexity of your goals.
How To Find
If you want to find a business coach in your area, you can ask other colleagues for recommendations or do a search online to explore some of the options in your area. There are also a variety of organizations that can help connect you to reputable business coach. For instance, you can visit the Worldwide Association of Business Coaches and browse the directory of members that you can search by location. You can also visit the International Coach Federation’s website to connect with certified business coaches online. Just keep in mind that you should find out what experience and training any business coaches you are considering bring to this role. You should also ask for references.
What It Costs
What business coaches will charge for their expertise depends on the level of experience and success they bring to the job. How much time they will spend with you, and how the interactions will happen (whether via email, phone or in person, or a combination of these approaches) will also impact the bottom line.
Just keep in mind that your goal in hiring a business coach will probably be to increase your company’s productivity and revenues. Therefore, you don’t want to choose a business coach by price alone but rather need to invest in the best person for the job. Some companies that have had success with the help of a highly qualified business coach have found that the money they spent has paid off many times over. On the flip side, an inexpensive business coach who is also equally inexperienced may not offer any benefit and the investment may end up actually being a loss in the end.
The hourly rate for an experienced business coach can cost around $200 to $750 an hour, with most business coaches falling in the $300 to $500 price range. Some business coaches will also agree to a set monthly rate that will cover your sessions, which might include follow-up phone calls and emails. This monthly agreement can cost $1,000 to $1,500 a month.
Most business coaches cost $300 to $500 an hour, or cost between $1,000 and $1,500 a month if you sign an ongoing contract.
Set Realistic Expectations
Keep in mind that a good business coach won’t guarantee your success because no one is able to have that kind of control. All they can do is give you their best advice and let you apply it and see where it goes.