How much does business coaching cost?
If you type ‘business coaching’ into Google, you will get a bewildering number of entries. Many of them will be espousing the benefits of business coaching, and crucially how you are going to nail ‘6 figures’ in a crazily short and totally unrealistic amount of time.
None of this helps you figure out if, firstly, business coaching is right for you and your business and secondly, if you can afford it.
As someone that has been coaching micro businesses for over 16 years, I know that what you don’t have is a big budget and lots of infrastructure, so you need business coaching that takes those two things into consideration.
Luckily, I have a solution to that.
Costing on ROI
When it comes to hiring a business coach, the first question you need to ask is not necessarily about the cost, but about the ROI (Return On Investment).
Let me explain.
There are many coaching practices out there that will charge you £2K + a month for business coaching. There are also coaches that start at £50 per hour so how on earth do you decide who to work with and indeed whether to work with anyone at all?!
It comes down to ROI. As YOUR business coach, I would advise you to think about the ROI of anything you were spending money on in your business. In other words, are the things you are investing on in your business either:
a. Helping you deliver your products and/or services?
b. Creating opportunities for new business?
This is exactly the same for business coaches.
For example, if you are going to have coaching with me you would pay between £295-£400 (+VAT) a month for a programme, or £100 (+VAT) per hour.
My prices are fair because they are worked out according to an ROI of 3 times the net profit return for whatever you invest with me.
Here’s how it works.
As an associate of ETC, I use their methodology and processes which have been specifically designed with micro business owners in mind. So, all of our programmes come with an actual profit guarantee, meaning that for whatever you spend on a coaching programme, you will see at least 3 times that return on net profit (net just means after tax).
And we have never paid out on that return because we know it works.
“I began working with ETC to try and increase my profits and to achieve some goals that has been in my head for over 15 years. Within the first 3 months of working with ETC I had got a grip on my finances of the business, had moved out of the garage at home and realised my dream of owning my own photography studio in the city centre.”
So now you have thought about the ROI of business coaching for your business, the next thing to consider is the different options available.
Coaching programmes Vs ad hoc
You will see that I gave a price range for the programmes I offer as well as a price for ad hoc 1-hour sessions. That’s because business coaching is not, and shouldn’t be, a ‘one-size-fits-all’ type of deal.
Having been in business for over 27 years, I know that every business, and business owner is completely different. Each has different needs and requirements. A good business coach needs to offer a different range of services to meet those needs.
The programmes I offer range from 3 months to 12 months and beyond because I know that the needs of one business is not the same as another. That each has a different starting point and needs to grow in a slightly different way, depending on what they already have in place.
It’s for this reason that I also have an option to work with me on an ad hoc basis without committing to a programme. Working in this way means that I can work with any business, with any budget and they will all be able to access my services.
I work with £10K and £10 million businesses and everything in between because I have that flexibility built into the way I work.
While there is a framework to the programmes I offer, what happens within those programmes is bespoke to that business owner and takes their own working style into account as well as what their personal goals are and why they do what they do.
How do I find the right business coach?
So now we have dispelled the myth that business coaching is based on price, let’s look at how to find the right business coach for you.
The first thing to think about is that you will be spending some dedicated one-on-one time with your business coach, so you need to find someone that you feel at ease with and get along with. It’s no good being coached by someone you don’t like!
I think of it in terms of values.
Our values are the things that are important to us in life. Another way of putting it is that they are the things we stand for. So, when you meet someone who has similar values to you, you feel at ease, like you are understood and accepted for who you are.
Having a good rapport with your coach is vital to how the work is going to go so ask yourself the following questions:
Do they seem to ‘get’ me and my business?
Do we have similar values? Do we stand for the same things?
Are they a good listener?
Are they asking me questions that encourage me to think differently about things? Do they challenge my assumptions?
Do I feel like I can be myself in their company?
Will they hold me accountable to following through on the things I need to do?
If the answer to these questions is ‘yes’, then you are on your way to finding a good coach to work with. If the answer is ‘no’, then keep looking!
What makes a good business coach?
Lastly, you will want to know that your coach has good business acumen. That they themselves have built a successful business that facilitates their personal goals, and that they have applied all the principles they are sharing with you to their own business.
One of the values I embody in my coaching business is that I will never ask a client to do something that I have not done myself that hasn’t been tested in my business in some way.
Equally I will never:
1. Encourage a client to do something that makes them feel uncomfortable.
2. Help a client create a business that they don’t get excited about running.
3. Encourage or endorse any unethical business practice that compromises people or planet.
I will suggest doing things that may get them out of their comfort zone, and respectfully challenge any assumptions they may have about themselves or their businesses.
I have worked with literally 100’s of businesses over the years across many different industries and sectors, so I have definitely ‘seen it all’ when it comes to business!
So what’s next?
If you are thinking about business coaching for your business, think about the ROI, as well as the bespoke programmes or packages the coach offers. Finally, look at who the coach is as a person and what values they embody in the way they run their own business.
If you want to find out more about me and how business coaching can help your business, I offer a FREE two-hour business review, so we can explore that together.