When thinking about getting help, most people have three burning questions –
- I have done ok so far, why would I need any help?
- How much will it cost?
- How long will it take?
This article is mainly focussed on Q2; How much will it cost to hire a business coach?
If you are thinking of working with a business coach or mentor, your main question is probably “How much” and quite rightly for most, a major concern.
You will want to know what you get for the price, whether they charge by the hour or have a fixed fee, a choice of fixed programmes and of course, whether they offer any guarantee of success.
As you may have already seen, there are many different pricing options out there, and they vary widely depending on who you use. So let’s have a look at some of these options and which one best fits what YOU want and need.
Next time you go to the supermarket to buy bread, see how many options there are. You can buy a brand or a style. You can buy on size and the number of slices, you can buy fresh and slice yourself, and you can buy on longevity and sustainability. This list goes on.
Most of the time, you probably buy what you like. So do remember that working with someone you like and respect may be more valuable than simply cost.
Franchised vs Independent
There are a number of coaching franchises available, eg. ActionCoach, Entrepreneurs Operating System, Business Doctors and The Entrepreneurs Circle to name a few. There are more of course, and all bring value. It’s not my place to give an opinion, I will simply state that a franchised coach will have to pay franchise fees which inevitably means that all are likely to have a higher starting price than independent coaches who work for themselves and manage their own fees.
A franchise coach will often work with programmes (see point 2) and may use tried and tested systems to help you grow your business. Their prices typically range from £500 to £2000 per month over a fixed term or contract.
Whilst there may be a minimum level or experience required to take on a coaching franchise, there is nothing to stop almost anyone buying a franchise or going on a course, and setting themselves up as a business coach.
Independent coaches will be more flexible in their approach and their pricing.
They will have built their business or businesses themselves and should have the work/life balance that you aspire to. Prices can vary immensely, typically from £100 on a session by session basis, through to £1000+. Most will be somewhere in the middle.
Business coaching and mentoring is an unregulated industry so you will often find coaches talking about their qualifications, achievements and accolades but are they truly getting the results their clients want. It is therefore very important that you understand what you want, and any good coach should help you with that right from the start. Think about the kind of results that you want, and how much that would be worth to you. We all understand that we get what we pay for so please don’t expect a 5 star service from a 3 star investment.
Programmes vs Tailored
The next question to consider is whether you want to follow a structured programme that often repeats, or whether you want a more bespoke experience that focusses on what YOU want all the time rather than just some of the time.
With a structured programme, you should know what to expect as you go through the programme, and you will know how long it takes. This may be just what you are looking for, but it can mean that you are directed towards a path that you might not always want to follow, so check that the programme covers exactly what you want and need.
Programmes typically start from 3 months. It’s not often you find a programme that takes longer than a year, although you can of course repeat the programme.
Tailored sessions mean that you get to decide what you want to work on, and for how long. This is more flexible and totally geared towards your business. Think of it like a ‘pick n mix’ or ‘all you can eat’ buffet.
Regular vs On Demand Sessions
If you have a specific challenge or area you want to work on, you might want to have just one or two on-demand sessions. Generally, the more regular your contact with your coach or mentor, the quicker your results will come. Most coaches will offer weekly, fortnightly or monthly sessions. Franchised coaches might not offer on-demand sessions, but most independent coaches will.
Whoever you are thinking about working with, the first step has to be an ‘alignment’ session, which should be a free, to check if there is a good fit between you both and whether they have a solution that matches your requirements. This is a great way to find out what they are like, how they work and of course how much they charge (if you can’t find it on their website). So make sure you always make use of that before you commit to working with a particular coach. Please also be mindful of those who are quick to offer and promise a solution without fully understanding your aims and objectives.
Fixed price vs Commission
Some coaches will work on a commission basis, where you pay a modest monthly retainer, and then on top of that you will pay a percentage of the additional profit you make after you start working with them. This will need to be very carefully considered and properly fixed in a contract, as you can imagine.
Do business coaches offer a guarantee?
It is unusual for a business coach to offer a guarantee as results often depend on the actions you, the client, take. You can of course ask them for results that previous clients have achieved and a good place to start would be their testimonials and recommendations which you can research independently.
You may also find it useful to look at their LinkedIn profile for posts, articles and especially comments on those articles as they can give you a real insight into what others think.
You will find the most common guarantee is ‘money back or free coaching’ from those with a proven track record and a body of work and/or experience to back it up. Be mindful of those who are unwilling to commit to a guarantee since it is possible to have one without too much research. A strong opening question you can ask in your alignment session.
A word on priorities
Whatever your position, role, age or size of your business, whether solo or as a leader in a growing team, your aims and objectives should always take precedent. Our job as coaches and mentors is to make what we do fit with what you want, not to make you fit or conform to a system – that’s my belief.
The person or organisation you ultimately choose to work with must help you discover what you want and then take you on a journey that reveals your aims and objectives at a pace that solidifies your results.
Work with me:
I help owners, founders and leaders create a scalable business that works without them, build a world-class team, and 10x profitability. Book a call with me here to see if we could work together.
Remember, there are only three types of people – those who make things happen, those who wait for things to happen, and those who talk about why things don’t happen for them. Which one are you?
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