One of the most common questions that I get as a coach for A Better Place is, “How much is business coaching going to cost?” This a very logical and important question for anyone looking at investing in the advice and guidance of an expert, but it’s rarely answered directly. Because transparency is one of our core values here at ABP, we decided we wanted to answer it. Plus, you deserve to know. So without further ado, here are what we consider the most important cost and value considerations to think about before investing in a coach.
What is the average cost of a business coach?
Based on our professional experience inside the coaching industry (and the data-centered research conducted in 2019 by Noomii and Small Business Cost Helper), business coaches can range from an hourly rate of $50 to upwards of $350 per hour.
Exactly what do I get for my investment?
This is a great clarifying question and one you should definitely ask before signing on. Some coaches include resources, worksheets, access to online programs, or texts and emails between sessions in their regular rates. Some do not. An experienced, quality coach should easily be able to outline what is included in their offerings.
Should I expect a free consultation?
Most coaches offer prospective clients a chance to speak with them directly before investing in an ongoing relationship. We highly recommend taking advantage of this option. Coaches are a big investment, and the type of relationship you feel with your coach will directly impact your business. Strong, trust-based relationships will help you move forward the most, so you should feel 100% confident in the coach you choose before you hand over any money.
Does it matter if a coach works in-person or virtually?
This question is about personal comfort and preference. Do you find yourself easily distracted while participating in online conference calls or trainings? If so, an in-person arrangement might suit you better. If you don’t mind conversations that take place by phone or video chat, or if you live in a rural area or travel a lot, an online or remote option may be better for you.
There are coaches who only see clients in person and require their clients to travel to them, which can come at a premium, but typically, we’ve found the price points for online or remote coaching to be about on par with live, in-person coaching services. That said, we have found though that coaches who can travel to you at least once and see your business first-hand, particularly if you have a physical location, may have a better understanding of what you do, how you do it, and where your sticking points are when working together.
Is a Life Coach the same as a Business Coach?
Absolutely not. That said, though, both are valuable. Working with a life coach that helps you grow personally will absolutely impact your company growth, too. But a coach who is trained and specializes in business coaching is very different from one who supports personal development. Very few individuals have mastered both areas of expertise.
Our best recommendation is to consider your coaching needs first, and then look for a coach who specializes in delivering the outcomes you are seeking. If you want to shift your mindset, overcome personal fears, or grow your confidence, find a life coach who talks about these kinds of personal achievements. If you want to focus on certain areas within your business such as marketing, team building, or revenue generation, look for a coach who can speak to the area(s) you want to improve. It is always better to find an expert focused on creating your desired outcome than any broad or generic solution. Those who claim to solve every problem rarely solve any.
Should I look for packages or hourly coaching rates? Should I pay monthly, or all at once?
There is no one right answer to this question. If you see value in making a long-term investment in yourself, your company, and like the idea of saving a little money along the way, a package might be better for you. But if you aren’t sure how effective your work together will be, or you question whether you want short-term or long-term support, then working with someone on an hourly basis may give you more flexibility.
In terms of making payments, my preference (as a business owner who has used coaches for decades) is that you make as few payments as possible. That way, you are not thinking about the dollars you are shelling out each and every time you meet. Instead, you can focus on the outcome and the benefit.
Think about it: If you just had a really great breakthrough with your coach, and then your coach asks, “Okay, check or credit card today?” it completely shifts the energy, somehow equating the breakthrough to the dollar amount you now owe – even if the breakthrough has the power to completely change your business. This kind of shift is disruptive to overall progress, so my professional and personal preference is to limit these kinds of interactions as much as possible. That way, I can focus on being all in for the experience and transformation, rather than continuing to think about making payments.
Is there a coaching guarantee?
You might find some coaches out there who will offer a guarantee on their services. However, it is important to remember that coaching is less about what your coach does… and more about what you do. In other words, in every coaching situation, you get out of it what you put into it. If someone promises you a magic pill or tells you how they are going to save your business for you, beware. Most experienced coaches do not guarantee specific results.
Remember, sometimes your coach’s job is simply to give you the time and space you need to reach your own conclusions. I have had coaching sessions where I discovered the perfect solution to a problem simply by speaking my obstacles out loud. My coach literally said nothing – and the breakthrough was no less powerful because of it.
In the end, coaching of any kind should always be a trust-based, accountability relationship that gives you the kind of support you need and want to move towards your goals.
Have more questions about coaching that I did not address here? Reach out to me by email, visit the contact page on ABP’s website, or schedule a time to chat with me directly. My consultations are at no cost to you, and I’ll never try to sell you coaching you don’t need. I am here to help.
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