It’s not about the cost but the ROI
One of the first questions business owners ask themselves when they consider hiring a business coach to help them move their business forward and get out of a rut is, “What will it cost?”
However, cost is not the best criterion for measuring the effectiveness of a business coach. In fact, the most important question to ask yourself is, “What will the return on my investment be by hiring a business coach?”.
In this blog, I will explain why other questions should be at the forefront of your mind before price and why you should prioritise them when choosing a business coach to ensure you get the best return on your investment.
To start with, business coaches up and down the UK offer a range of prices for a whole spectrum of services that vary from coaching to mentoring to business advice resulting in a wide range of outcomes for their clients.
In my opinion, my fees are commensurate with the return of investment you can expect from working with me. Here’s a link to my prices so you can see what I charge my clients: pricing
What to consider if the cost is significantly below the market rate
A business coach who offers coaching for a considerably lower fee than other business coaches is not necessarily a good thing. There could be many reasons they are offering a low-cost solution, such as a lack of experience in coaching, they have never run their own business, quality issues or a poor track record when it comes to achieving results.
Whatever the reason, it’s worth being cautious. If something seems too good to be true, let’s face it, it usually is.
The most concerning thing would be a lack of confidence to charge, not a quality you want your business coach to possess.
What to consider if the cost is significantly above the market rate
You should also be wary of a business coach with a very high-cost offering. Are they making unrealistic promises?
A business coach should help you improve your performance. This is achieved by bringing clarity and suggesting a different approach, presenting you with an alternative viewpoint taken from the position of someone looking at your business from the outside in. This is something a business owner is often unable to do.
Do they offer different packages?
Like all businesses, all business owners are unique and have their own challenges to face and different budgets available to them. A business coach worth hiring will understand this and offer a range of packages to suit these various needs.
Such packages may include a short-term ‘MOT’ style approach that tackles where you are now, helps you overcome your current challenges and establishes an action plan to help you move forward with realistic and achievable goals.
A good business coach will also offer the option to work on longer-term goals over 6 or 12 months to really make a difference to your business.
How do I find the right business coach?
Having dispelled the myth that you should start by asking, “What does a business coach cost?” let’s now look at what questions you should consider when looking for a business coach.
The following six questions are key to finding the RIGHT business coach for your needs:
- Does the coach provide a bespoke or a templated solution?
- Does the coach have good, non-judgmental listening skills?
- Is the coach able to provide clear, achievable solutions?
- Does the client have a stock of positive client testimonials?
- How much experience does the business coach have of running their own business?
- Is the coach making money from their coaching practice?
What qualities should you look for in a business coach?
A business coach needs to be able to understand all types of businesses and people to be able to effect change. They also need to offer inspiring, radical suggestions that will take you out of your comfort zone but are necessary to grow your business or make it run more efficiently.
When looking for a business coach, it is far more important to research the coach’s professional experience, qualifications, competence, approach, effectiveness, listening skills and coaching style. One of the best ways to do this is by reading about their services and their professional background on their website. You will need to read their testimonials or Google reviews to get an insight into what you can expect to achieve from working with them.
It is also essential to have a discovery call with the business coach to see if you are both a good fit for each other. Hiring a business coach is a significant investment, and just like any investment, you need to do your research first.
What do you want to achieve by hiring a business coach?
It is essential that you are clear in your mind about what you want to achieve by working with a business coach; this will help you choose the right coach for you and your business. For example:
- Do you have a particular obstacle you want to overcome?
- Do you want to grow your business but aren’t sure where to start?
- Are you still employed, want to start your own business and need advice on how to go about it?
When your objective is clear in your mind, you can look for a business coach that can help you achieve your goals.
Can this person help you achieve your goals?
This question is best answered by reading about the experience other business owners have had with the business coach. Reading about someone with a similar problem to yours who was able to resolve it with the help and guidance of the business coach will be a good indicator of their ability to help you.
In my experience, what my clients appreciate most about working with me is my tailor-made approach, excellent listening skills and ability to help them find the answers within themselves by helping them change how they view their business.
A business coach should ultimately be self-funding by increasing the business’s profitability. This objective is best achieved over the long term and cannot happen overnight. Remember, it’s not about cost but the value a business coach can add to your business and you personally as a business owner.
About the author
Jason Cornes has nearly 40 years of experience running businesses and has never had a ‘proper’ job due to his business acumen and many successful ventures. However, he has experienced the ups and downs of being a business owner in various economic contexts and shares his successes and failures with his clients. His business qualifications are a Diploma in Managements Studies (DMS) and Masters in Business Administration (MBA) Jason also trained in counselling and psychotherapy for five years, which helped him finely tune his listening skills.
Jason knows what it’s like to feel stuck and need help finding a way to move forward. Having overcome many business challenges places him in an excellent position to help other business owners surmount obstacles holding them back and grow their businesses. Jason’s specialism is the single decision maker small business in any sector. This may be a self-employed person offering professional services or a Director of a Ltd Co with or without employees. He works with a wide range of clients including Architects, Accountants and Tax Advisors, Web Designers, Solicitors, Doctors, IT Professionals, Teachers, Trainers and Consultants. He has been providing one to one business and executive coaching and mentoring services since 2017.
“I consider it to be a great investment. Time is money. Don’t waste your time with doubts, just contact Jason and all your questions will be answered.”
Andrew Durling, Small Business Owner.
Read what Jason’s clients say about working with him here: testimonials