The money you spend on a business coach is an investment in yourself and your company.
Every dollar that you pay a business coach should earn a return in professional development and ultimately, in your company's bottom line.
But the problem is that sometimes it's difficult to know what kind of returns to expect. There are a significant number of self-described business coaches lurking around the small business landscape and finding one who is actually worth the cost is tricky.
As a cost-conscious entrepreneur you don't have a dollar to waste. So you'd better make sure that the money you invest in your coach results in a net gain for your company. The place to begin your analysis is by answering questions like, "How much does a business coach cost?", and "What will I receive for my investment?".
There is a wide variation in the fees that are charged by business coaches. Typical hourly rates run from $50-$300 per hour, with most business coaches charging somewhere in the $75-$200 per hour range. The difference in cost can be attributed to a variety of factors, all of which you need to consider when you're on the hunt for business coaching.
- Most business coaches offer a complementary introductory session. This is an opportunity for them to talk about the coaching process and for you to learn about the coach's personality and coaching style. After that, you can expect to meet with your business coach weekly, monthly, or even bi-monthly in sessions lasting between 30 and 90 minutes. Some coaches also offer more periodic e-mail contact, phone calls, or other resources. The more services you receive, the more you should expect to pay.
- Like anything else, you're going to have to pay more for an experienced business coach. But unlike a consultant or business counselor, you're not necessarily looking for executive-level business experience. What you're looking for are individuals who have significant coaching experience and can demonstrate a proven track record of success with entrepreneurs who own similarly-sized companies.
At the end of the day, the business coaching industry is subject to the same economic rules as every other industry. Business coaches that are in the highest demand also command the highest fees. If you're looking for value, don't settle for an ineffective coach. Instead, look for a rising star on the business coaching scene.