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.
What is 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.
What’s the difference between a business coach, a mentor and a consultant?
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.
How much does a business coach charge?
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.
Is a business coach worth it?
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:
- What can I reasonably afford for a business coach?
- What will the return on that investment be for me and my business? Some aspects could be hard to quantify. For example, a business coach may help you become more decisive. Still, try to quantify the value the business coach will deliver.
- Does this business coach know my industry or me? A business coach who is an expert in your industry will likely perform better than a generalist. Similarly, a business coach who shares your background or interests may also connect.
- Does this business coach have excellent references? Referrals and happy customers are vital to businesses that sell services like business coaching. Check on the references provided and aim to find others who have used this business coach.
