The cost of business coaching

To understand the cost of business coaching, it is best to start with some background about coaching. Business coaching is a form of assistance that provides guidance and support to help individuals and businesses of all sizes to grow and achieve their goals. Coaching can help with a variety of challenges, from creating and maintaining a successful business, developing a marketing strategy, improving operations, increasing sales, and reducing costs to developing better communication skills. Business coaches can help businesses to make more informed decisions, deal with challenges more effectively, and develop better strategies. Typical services offered include problem-solving, goal setting, and leadership development.

Coaching can be general or specific to a certain industry or business segment. In general, coaching provides an opportunity for people to share ideas, learn and generate insights together.

What is the real cost of business coaching?

The cost of business coaching is unfortunately not a straightforward answer. Coaching rates may range from as little as R500 to over R5000 per hour. The costs depend on a variety of factors since some coaches may charge hourly, weekly, monthly or offer package deals. It is also possible for coaches to determine the needs of their clients, and how much they can afford to pay and charge accordingly. In the case of corporate clients, they may charge their top fee, but in the case of small businesses with a smaller turnover, they may lower their fees.

Coaches may charge by the session which will allow clients the freedom to determine the frequency and number of sessions.  They can offer package deals which include a set number of sessions that can be spread over a period of time. Package deals can be monthly for a specified number of sessions or longer periods like a 6-month package. Package deals usually include a number of sessions, online content and additional value-add like group sessions.

It is important to decide whether you need individual or group sessions when considering your options. Group sessions are where you are being coached together with other individuals or businesses. The benefits of group sessions stem from shared learning and experiences of the group, but they may lack the individual attention, focus and confidentiality you may want.

As a coaching client, it is worthwhile to understand the pricing structures before making your choice of your coach.

When opting for individual sessions, you will have the benefit to structure the frequency and number of sessions according to your budget and timeframes. The negative of this option is that sessions may be too spread-out, resulting in not gaining enough traction and losing interest. Coaching clients need to know that there is a hidden cost of business coaching; it is not always easy going, coaching will stretch you and expect you to take action and make changes. Many clients stop coaching prematurely because they are not prepared to make the behavioural changes needed to move themselves and their businesses forward.

Opting for a monthly or package deal will commit you to take a specified number of sessions per month, which will assist you to focus and work on your goals. You may be expected to sign a contract for the full amount but it shows you are serious and willing to make the commitment and investment in your individual and business growth.

What do you get for your investment?

Coaching outcomes are dependent on the goals you set for your business and for yourself. It may result in increased productivity, better decision-making, improved communication, and a greater understanding of the business. In addition, coaching also has the potential to improve teamwork, employee morale and retention.

Coaching is a holistic approach built on a collaborative partnership with a structured series of discussions facilitated by your coach. Business coaching can be tailored to meet the needs of your individual business.

Your coach is your thinking and accountability partner that will stimulate your creativity and resourcefulness by provoking your thoughts in order to develop alternative perspectives and insights to help achieve your goals. A coach will be devoted to helping you achieve your goals and they will provide clear and concise feedback. 

The rewards and growth you may potentially reap from the coaching experience normally overshadow the costs of business coaching by far.

Who should consider business coaching?

There are a lot of reasons why someone might want to consider incurring the costs of business coaching. Maybe they’re struggling with specific aspects of their business, or they feel like they’re not making as much progress as they’d like or they are looking to grow. In any case, if you’re looking for help with your business, coaching is an option worth considering. Coaching can be a helpful tool for businesses and individuals looking to improve their skills and reach their business goals.

Typical coaching clients range from new business owners seeking assistance to gain the necessary traction quickly, to businesses experiencing rapid growth, and needing to improve or adapt to the changing circumstances. Coaching can also assist struggling businesses to develop options, gain new insights and making the changes needed to overcome the challenges.

There are a few things to keep in mind when considering whether or not coaching is right for you. First, make sure you have the will, time and resources to commit. Second, be sure you are willing to be challenged, stretched and kept accountable to make the necessary changes in order to reach your goals. 

Business coaching is not an outsourcing exercise where the business coach will make the proposals and changes like with a business consultant. A business coach will assist you to take the necessary action since it is the only way for the changes to be effective and sustainable. Your coach will assist you to identify and work through the obstacles in order to consider alternatives, gain insights, to plan and take the necessary actions to make it happen.

How can you find the right business coach for you?

Finding the right business coach for you is important. There are many different types of business coaches out there and it can be hard to know which one is right for you. To help you find the best coach for your needs, do your research.

You may want to consider the following before making your choice:

• Ask your friends, family, colleagues or other business owners who may have experience with a particular business coach and can recommend him or her.
• Search online – Look for a coach who has experience and expertise that will help you.
• When coaches are members of professional bodies like Comensa, you know that subscribe to their values and ethics.
• Contact identified coaches and ask for an introduction session, it is important to meet your coach in person to ensure you will be able to trust and work with them.

Know that coaches will not take it personally if you opt to rather work with a colleague. Remember coaching is not about the coach, it is about you, your business and you reaching your goals.

What to expect when working with a business coach.

To conclude working with a business coach can be extremely rewarding and beneficial for both you and your business. Coaching will help you to identify and address challenges, develop and implement strategies, and achieve desired results. Coaching is about taking action and achieving results, which means considering a business coach may be a good investment and worth your while.

If you would like to know how coaching can help your business to grow you can connect with me for a free 30 min Zoom consultation. Click this link to make a booking!

All the best with your search and be sure you make the best choice to grow your business and yourself. 

For more details about our full range of offerings please visit Esterhuizen Coaching and Consulting or our dedicated business coaching website.