Your Company is ready to Scale & Grow, so how much will a Business Coach cost to help?
You’ve seen some success over the last few years.
Your skill as an employee led you to start a Business, that Business grew into a Company & now your Company has an Office, a Leadership Team, Employees & even coffee for the team 😉
And the reality has set in, it is time to see how you can truly take your Business to the next level.
You have decided it may be time to hire a Business Coach who can help you reach the next peak in your journey.
You have read a couple books, listened to a few podcasts, gotten a few referrals, you may even have an idea of a ‘system’ you’d like to implement.
But who do you hire? And more importantly, how much does it cost?
And here is the answer that you didn’t expect. NOTHING.
The reality is…
Hiring a Business Coach shouldn’t cost you anything.
With the right coach, you will get ROI in a number of areas:
- Life (yes, life)!
So a Business Coach (the right Business Coach) doesn’t cost you anything, because it is an investment into the ROI of your Revenue, Profit, Cash, Valuation & Life.
Here comes the but…
But I understand that may be hard for you to wrap your head around today, so let’s go through the process of ‘what does a Business Coach cost’?
The answer. It depends.
Well, that’s what we are going to go over in this article.
At Culture to Cash, we meet with numerous clients just like you every week and help answer questions just like these. We understand this can be confusing, so in this article we will explain:
- The 3 Most Common Fee Structures for Business Coaching
- What, if any, costs should you anticipate outside the standard fees
- The major factors to consider when hiring a Business Coach
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Business Coach Fee Structures
The 3 fee structures we are going to review today are not the ONLY options out there, and we recommend you always discuss options with your Coach that benefit you. The three we are going to review are your most common.
- Per Session Fee: This fee arrangement is based on a coach charging a set fee for each session they deliver. Typically, coaches who charge per session will require payment at the end of each session or in advance. This fee structure may be a good option for clients who only need occasional coaching or have a specific issue they want to address in a short-term engagement. This type of fee structure can range anywhere between $3500 – $7500 per session.
- Monthly Fee: The monthly fee arrangement is an ongoing payment made to a coach for their services. The coach may offer a set number of coaching sessions per month, and the client pays a fixed fee for these sessions. This fee structure may be a good option for clients who want ongoing coaching and support over an extended period of time. This type of fee structure can range anywhere between $5,000 – $15,000 per month.
- Revenue Share Fee: A revenue share fee is a fee arrangement where the coach receives a percentage of the revenue generated by the client’s business. This fee structure is less common among coaches, but it may be an option for clients who are willing to share a portion of their business profits with their coach. This fee structure aligns the coach’s incentives with the client’s business success, as the coach’s payment is directly tied to the business’s revenue. This type of fee structure can range anywhere between $2500 – $5000 per month + 2-5% of Revenue Share.
It’s important to note that there are pros and cons to each of these fee structures, and what works best for one client may not work for another. Ultimately, the fee structure should be based on the needs and goals of the client, as well as the coach’s expertise and experience.
Besides the Coaching Fees, are there any other costs that are associated with hiring a Business Coach?
- Assessment Fees: Some business coaches may charge an additional fee for conducting assessments or evaluations of your business. These assessments may include a review of your current business practices, identifying strengths and weaknesses, or analyzing financial data. Assessment fees can vary depending on the coach and the scope of the assessment.
- Travel Costs: If your business coach is not local and needs to travel to meet with you in person, you may be responsible for travel expenses such as airfare, hotel accommodations, and transportation. These fees can add up quickly, especially for long-distance travel, so it’s important to discuss any potential travel fees with your coach upfront.
- Materials Fees: Business coaches may recommend books, online courses, or other materials to supplement their coaching services. These materials may be available for purchase through the coach or recommended for purchase elsewhere. Depending on the materials and the coach’s recommendations, there may be additional fees for purchasing these resources.
It’s important to discuss any potential fees with your business coach upfront to avoid surprises and ensure clear expectations. Ultimately, the fees you incur will depend on the specific coaching services and additional resources that you require to achieve your business goals.
How to determine which Business Coach to hire, outside of costs decisions?
There are dozens upon dozens of criteria that should/can be considered when hiring a Business Coach, and in the spirit of this article, we will go over 3 of the most critical ones to review:
- Experience and Expertise: One of the most important factors to consider when hiring a business coach is their experience and expertise in your specific industry or area of focus. Look for a coach who has a proven track record of helping businesses like yours succeed, and who has relevant experience in your field. A coach with a deep understanding of your industry can provide valuable insights, strategies, and advice that will be most effective in helping you achieve your goals.
- Communication and Collaboration: Effective communication and collaboration are crucial when working with a business coach. Look for a coach who is willing to listen to your needs, challenges, and goals, and who can communicate effectively with you throughout the coaching engagement. The coach should also be able to work collaboratively with you, your team, and any other stakeholders involved in your business to achieve the best possible outcomes.
- Coaching Approach and Philosophy: Different coaches have different coaching approaches and philosophies. Some may be more hands-on and prescriptive, while others may be more supportive and empowering. It’s important to find a coach whose approach aligns with your own needs and preferences. For example, if you prefer a coach who takes a more collaborative, team-based approach, look for a coach who emphasizes these values in their coaching philosophy.
By considering these factors in addition to cost, you can find a business coach who is a good fit for your needs and can provide the guidance and support necessary to help you achieve your business goals.
So, the bottom line is that your costs to hire a Business Coach are going to be based on the type of Coach you hire, the size of your team/project & scope of what you would like to accomplish in your Business. Don’t let this scare you off, however, as a successful Business Coach is going to earn you more in speed of Growth, Scale & Revenue than they cost.
The Culture to Cash Team has years of experience and is ready to help guide you through the next phase of your Business. If you have any questions about this or any of the other Culture to Cash offers, book your free discovery call today.