Many business owners feel overwhelmed with the day-to-day management of a business. Sometimes, you want help. That’s where a business coach could come in. Let’s go over what factors to consider when hiring a business coach.
A business coach helps a business owner achieve their goals by offering support, accountability and strategic tips. Your specific coach can vary on different offerings, but think of it as a personal trainer for your business. The business coach won’t solve a business problem for you but will work with you to build your ability to solve those problems.
A business coach, mentor and consultant may cover some similar aspects, but there are some key differences.
A business mentor is a trusted advisor that can help you solve specific problems, brainstorm ideas or be a sounding board. You typically don’t pay your mentors, and it’s a long-term engagement. A business coach is paid, is focused on helping you improve your business performance and it can be a relatively short-term engagement.
You generally hire a consultant to resolve a specific business process. These experts can give you a method or playbook on how to solve something on a project-basis. A business coach often works with you to build up the capacity to solve those problems yourself or through your employees. In addition, the relationship usually lasts longer than a relationship with a consultant.
One survey suggests that high-end executive coaching can range from $200-$500 an hour. The price of a business coach will vary by region and industry.
By some estimates, the business coaching industry is a 15-billion dollar market that’s growing. This sizable amount indicates that some customers believe it is worth it.
Use the following questions as a guide as you’re evaluating whether to hire a business coach: