What is the Average Cost of a Business Coach?
Business coaching is available in a variety of forms like advisory boards, coaching programs, and one-on-one business coaching programs. The coaching program best suited for an entrepreneur’s particular needs will depend on how large their enterprise is, along with other things like budget. The cost of business coaching can greatly vary, depending on an individual’s needs and the specific coach they choose.
Nevertheless, this piece will discuss important points to help experienced and aspiring entrepreneurs determine coaching costs and other important considerations when choosing a coach.
What is the Average Cost of a Business Coach?
Business coaches usually charge around $1,000 to $5,000 per month. However, these costs are not definitive, and some coaches may charge a lower or higher amount. Other factors also influence the amount a business coach could charge. This includes the type of coaching option you are looking for, the duration you hire the business coach for, etc.
What is a Fair Price for Business Coaching?
As mentioned abundantly, the business coaching costs can vary significantly. It would be fair to compare it to walking in a supermarket to buy ingredients for a fruit salad but not knowing which option you should choose. Business coaching and the costs associated with it are more or less the same. On average, a business coach may charge you around $100 to $400 for a one-hour session.
Of course, the charges are niche and industry-specific, and you can’t learn about their rates until they specifically tell you about them. The experience of the coach also makes a difference in the amount they charge their clients. If a coach is experienced, $250 to $350 per hour would be a fair price. (Here is more insight on pricing.)
It is worth keeping in mind that high coaching fees don’t always equate to high quality. Many coaches tend to over-inflate their prices, and it's important to look out for them and compare prices before you finally acquire a coach’s services. In some cases, business coaches tend to hide their costs until you are ready to commit. They usually do this, so you cannot object to their rates later on.
It would be best to avoid paying big bucks to a coach who cannot do what they say. This is why it’s important to choose someone who has a reputation, especially in your particular industry. You would be surprised to learn that there are plenty of exceptional business coaches out there who are great at their job and charge half the amount of coaches who aren’t. If you are seeking a great business coach with reasonable pricing, we charge $250 for the kickoff session. If interested, schedule a consultation with us today!
Entrepreneurs must also consider that a good business coach could help them make massive sums of money in the long run. So, if you think a coach is worth their services and can help take your enterprise to new heights, paying a higher fee may not be a bad idea.
How long should you have a Business Coach?
The amount of time you should have a business coach depends on your particular goals and needs. If your entrepreneurial journey has just started, it would be best to get business coaching for five to six months. In some cases, business owners even take regular coaching for more than a year.
However, if you have been in the business landscape for a long time and just need a refresher course, it would be best to hire a business coach for two to three months. Once again, the length of time you want a professional to coach will depend on your requirements, skills, entrepreneurial needs, etc.
The Recent Rise of Female Entrepreneurs
Almost 50 years ago, the mere idea of female business owners seemed incredibly ambitious and, to some people, downright impossible. Now, however, things have changed greatly as more and more women are becoming leading entrepreneurs.
You would be surprised to learn that female entrepreneurs are heavily involved in redefining different industries like media, healthcare, marketing, etc. It would be fair to say that they are climbing, if not smashing through the glass ceiling that was once thought to be impenetrable or unreachable. So, if you are a woman and want to become a successful entrepreneur, now is the best time to consider getting a business coach to help guide you.
Pitfalls to avoid and what to look for in a Business Coach
While there is no shortage of business coaches available these days, choosing one can be a challenge, especially if you are doing it for the first time. Mentioned below are a few tips and pitfalls people must avoid to make sure they choose the right coach.
High Costs Don’t Necessarily Mean a Good Coach
While most of the experienced coaches out there charge relatively high sums, it is not a determinant of whether a coach is good. You would be surprised to learn that there are plenty of excellent coaches that offer their services for incredibly reasonable rates. If possible, consider asking coaches for a few demo classes to get an idea of how good they are.
More often than not, if a coach believes in their abilities, they will be more than willing to give you a brief showcase of their skills and expertise.
Choosing a Coach That Doesn’t Have Experience in Your Niche
People often make the mistake of choosing a coach that doesn’t have experience in the particular industry or niche they are involved in. For instance, if you run a clothing brand, the last thing you should do is hire a business coach who doesn’t have any experience or exposure in the clothing industry. Sure, some coaches might be able to convince you that they can set your business up for success, but they may not be able to follow through.
Hire Someone Who Pays Attention to Detail
The main task of a business coach is to help entrepreneurs improve their managerial skills and ensure they can make their business successful. This is why it is important to hire a consultant who has excellent judgment, analytical skills, and attention to detail. Coaches must also be able to monitor how their clients do things and offer suggestions to ensure they can make the right adjustments.
Now that you are equipped with the average pricing and a few pointers on what to look for in a business coach, it's time to seek out one that best suits your business. If you're seeking a business coach, schedule a consultation today so we can propel your business to the next level!