The Cost of Business Coaching
What do business coaches charge?
The first question in the mind of most people is how much does a business coach charge?
It’s impossible to have a conversation about the price of a business coach without considering the value that coaching will bring to your business.
So before we get to the cost of a business coach, consider this question...
When you invest in anything for your business, how do you decide whether or not to go ahead?
You compare the price with the value it brings - either the size of the problem it fixes, or the money it will make for you.
In other words, it’s a Return On Investment decision.
The ROI is how you make any investment decision.
And the decision to hire a business coach should be made in the same way.
So what, exactly, do you want to get from your relationship with your business coach?
Make sure you have a clear goal in mind. Some of the annual goals that clients set with their coaches might be…
- Double sales and profits of a smaller business, from £120,000 to £250,000.
- Push a £650k business through to £1m annual sales turnover, without reducing margins.
- Fix a major cash flow problem so a business can eliminate a £40k overdraft and always have money in the bank.
- Develop the marketing to launch a startup into multi-millions within 3 years.
- Stabilise a business after a management buyout and bring it into profit and growth.
- Add £2 million in sales during a recession by installing a sector-leading marketing system.
These examples are goals achieved by clients in the Double Your Business Coaching programme.
They are the size of the goals that any business might reasonably set with a top business coach.
They are big, bold and stretching for you and your business.
They clearly have a huge ROI. Which makes the investment in coaching an easier decision.
So to the question...
What is the Cost of Business Coaching?
The answer, unfortunately, is "it depends".
Who you hire, of course, is the first part. You will need to ask the right questions and be clear that your coach has the skills and the right coaching programme to address your business needs.
You would reasonably expect to pay a premium for somebody with the experience and skill to produce faster results.
And you shouldn’t expect to pay so much for somebody who is fresh to coaching, with no business experience, no case studies and just a persuasive manner.
Some franchise business coaches are trained to sell pretty aggressively and so beware paying a high price for an inexperienced business coach.
The broad range will tend to be in the £800-£2,500 per month range.
Some business coaches will have a retainer charge plus a success fee that varies depending upon the levels of growth or profit achieved.
Ultimately it’s a decision about Return On Investment and your preference of coach.
What is the return you expect to get for investing in a business coach?
And what is a fair reward for the coach to make in return for his/her expertise?
Would You Like To Talk With A Business Coach?
If you are ready to look for help to grow your business, a great place to start is to create a strategy to reach your goals. In a short, free Rapid Growth Session, we look at the gap between your business performance now and the results you really want. Then we create an outline strategy to close the gap. Click here to tell me a little about your business and to book a time in my diary.