Perhaps you’ve never considered yourself as a candidate for coaching. Many believe they can’t afford a good business coach–others wonder how it can possibly help. Well, here’s the gist of it: successful people have coaches and mentors. And, with the right perspective in place, yes, you can afford a business coach.
Below are only a few of the signs indicating that a business coach can help to elevate your personal and professional mindset and help to grow your small business in the most effective, expedient, and profitable way possible. But first, for those who fear they cannot afford a great coach, I want to paint a financial picture for you.
What does business coaching cost?
Really, the question should be, “how much more money can I make if I hire a great coach”. Still, cost is a factor. Business coaches typically range from about $6,000 to $25,000 a year. Don’t make the mistake of believing that you get more for $25,000 than you do for, say, $15,000. Sometimes it’s only the marketing that’s more impressive, and other times you truly are paying for experience and success rates.
Be bold about interviewing three coaches at varying fee scales. A business coach isn’t likely to tell you upfront how much he or she charges (it’s not good business), but most will schedule a no-cost consultation and reveal pricing there. Again, speak with coaches you believe you cannot afford, along with those who are less expensive. I recommend that you consult with three before making your decision.
Return on business coaching investment:
Coaches report clients’ ROI from seven to 49%. To me, ROI is a difficult discussion because it’s subjective. In my opinion (and that of the people I’ve worked with) there’s a significant return on investment that is not directly seen on spreadsheets: the removal of mental barriers that prevent success. With that said, not all business coaches focus on personal growth and mindset, so make that a topic of discussion when you interview your prospective coaches.
All-in-all, I can only speak for myself and the results my clients experience (beyond eliminating the emotional barriers to success). I’ve helped solopreneurs go from two to three thousand in monthly income to $15,000 or more. Those entrepreneurs with scalable models have seen as much as 348% growth within two years (yes, you read that right). One particular client came to me averaging $120,000 a year in revenues, with about $34,000 in profit. Within 6 months she broke the million-dollar mark. Typically, my clients make back they money they’ve invested within 3-4 months. So, when you think about whether or not you can afford a coach, think more about how the investment will pay off. An ethical coach will not take your business if he or she is not reasonably certain they can help you (the client’s level of participation is out of our hands).
Ready to find out if you will profit from business coaching? Contact me to find out!
What are the signs that you’re ready for a business coach? Here are 3 of many:
You feel overwhelmed and, at times, very lonely.
Only you are completely vested in the outcome of your decisions and, ultimately, your business. Even your spouse may not “get it”. Your coach’s success is based on your success; we want you to succeed with every cell of our being. Working with a coach makes decision-making easier. Your problems are not unique to you. Believe me, we coaches have been through it hundreds of times with previous clients (and in our own businesses). Coaches know what works and what does not, so there’s no need to reinvent the wheel. In addition, many coaches will help you get crystal clear on your vision, values, and strategy, which also eases the burden of decision-making and can rapidly increase profits.
Your business model works on paper, but not in reality.
You know it can work, why isn’t your business making enough money? Entrepreneurs get too close to the problems to see the solutions. Your coach will take you outside of your business to a 5000-foot view of it. You will see your business from a fresh perspective and have an experienced person to collaborate with and help create processes and strategies to make your small business work.
Secondly, you’re probably in your own way. Whether it’s conscious or unconscious self-sabotage, your monkey-mind stops you in your tracks. A talented coach will help you break the self-sabotage habit and develop and maintain an empowering mindset.
You want a safe place to process, vent, and brainstorm.
Many prospects with already profitable businesses come to me for support, accountability, and collaboration. They need a place to collect their thoughts, affirm their choices, and bounce around ideas. Successful people understand the power that’s found in a great coach/client relationship. They aren’t necessarily looking to fix anything, but to continue to evolve, grow, and prosper.
Yes, you’re ready.
How about it, are you ready for a business coaching relationship? Typically, it costs you nothing to find out. Ask your peers for their coach’s names, search online, and inquire in social media. You will find many of us out there who want to help you, but you are the only one who can determine which person feels just right for you.