How much does Business Coaching cost?

Business coach cost guide from actual business coaches?

If you are looking into how much business coaching costs and you want to know if you can afford it, here’s some information for you.

Like many services, the cost of business coaching varies depending on what you want from the service, it can also vary based on your location, whether you’re looking for business coaching in Melbourne or Adelaide for example. In this article we’ll talk about the different types of business coaching and mentoring services and give you a guide on the typical costs.

There are different types of business coaching such as strategy sessions, group coaching, advisory boards and customised one on one coaching. The type of coaching that will suit you best will depend on the stage of your business and what you want to achieve. And of course, the cash flow you have available to invest in business coaching.

What is the right type of coaching for your business?

Group coaching is the most basic form of business coaching. It can be a good introduction to the basics of running a business. Typically it uses a lot of generic templates and business blueprints. These help owners get a handle on the fundamentals of their business. Business coaching can be applied to individuals or groups within the business, at Tenfold, we provide a range of business coaching programs.

Coaching within a group tends to be the lowest cost of the business coaching options. It’s usually the starting point for start-up businesses and solopreneurs. In Australia, the cost of group coaching is around $12,000 per year (or around $1000 per month.)

The pros are that it’s cheap and is good for the ground level of business. The cons are that it’s generic – there might be a whole session on managing staff, even if you don’t have any.

Also be aware that you’ll be in a group with whichever businesses have signed up for at the same time. They could be your competitors or they could be in a completely industry.

At the other end of the spectrum is dedicated one on one coaching with a business mentor. This type of coaching is tailored specifically to your business. You’ll usually have regular meetings with your coach (typically weekly or fortnightly), either in person or via video.

Having a dedicated business coach requires higher investment. As you’d expect, an experienced coach with a good track record can charge more. In Australia, the price for one on one business coaching ranges from around $28,000 to $40,000 per year. The actual price will depend on the size of your business, how big your team is and the goals you want to achieve. For example, if you want to double your business in 1-2 years, you’ll be looking at a more involved coaching engagement.

What do you get for the cost of business coaching?

You should get what you pay for. If you’re paying top dollar, all the strategies and plans you get from your dedicated coach should be designed specifically for your business to achieve your goals. When you engage a dedicated business coach you can expect to have access to your mentor outside your scheduled coaching session. For example, you can call any time them for advice for unexpected issues like a sudden resignation of a senior team member, or a dispute with a client.

The cost of coaching will be one of your key considerations but it shouldn’t be the only one. While a dedicated coach is a greater outlay, the extra attention and experience can deliver better results, faster.

If you’re looking at the low-cost option of group coaching, you probably won’t get much one on one time, if any, with your coach. Without that extra level of support and tailored coaching, it can take longer for you to achieve your goals.

How do I choose a business coach?

The recommended approach when considering a business coaching program is to choose one that will deliver the outcomes you want for your business. You are investing your time as well as your money so consider what both of those are worth to you. If you’re aiming to grow your profit by $100,000, you should be prepared to invest about a third of that amount to achieve your target.

It’s always worthwhile to speak with a few different business coaches to understand what you’ll get for your money. Some coaches and coaching firms offer both group coaching and individual coaching. Tenfold Business Coaching specialises in tailored one on one coaching. We can recommend alternative coaches if you’re looking for a lesser option.

Different businesses and individuals require different coaching strategies; for example, a woman-owned business may be looking for a women’s business mentor, a local tradie business such as plumbing and electrical services may be looking for one on one tradie business coaching to get an upper hand in a highly competitive local market.

Good business coaching multiplies the benefit to your business; the improvements to your business (and yourself as a leader) will continue to deliver value over the short and long term.

Choosing the right business coach

Choosing the right business coach is a significant step for any business owner committed to driving their company’s growth. At Tenfold Coaching, a leading business coaching firm in Australia, we’ve seen firsthand the transformative power of matching the right business coach with a business owner. Here’s how you can ensure you make the best choice for your business:

• Evaluate their experience: The best business coaches bring a wealth of experience from the business coaching industry. They have a deep understanding of the challenges and opportunities unique to business growth. For instance, a business coach at Tenfold Coaching likely has a background that spans various sectors, providing them with the insight to guide businesses through both turbulent and prosperous times.
• Assess the fit with your business goals: The effectiveness of business coaching programs hinges on their alignment with your specific goals. Whether it’s scaling up operations, enhancing productivity, or navigating market changes, the right business coaching program will be tailored to your objectives. Our business coaches work closely with you to understand your vision and devise a strategic plan to achieve it.
• Consider the investment: Business coach costs can vary, but it’s important to consider the value they bring to your business. Investing in a business coach is not just a financial decision but a step towards realising your business potential. At Tenfold Coaching, we ensure that the business coach costs are transparent and reflect the quality and bespoke nature of our coaching services, it is stated above that if you’re aiming to grow your annual revenue overall, and grow your profit by $100,000, you should be prepared to invest about a third of that amount to achieve your target, this is a good guide for anyone who is looking to build a successful business and assessing a business coach cost.

Incorporating these considerations will help you in choosing a business coach who is not just a service provider but a strategic partner in your business’s journey towards growth. Our clients at Tenfold Coaching have experienced firsthand how the right guidance, from coaching sessions to comprehensive business coaching programs, can catalyse significant business achievements. Remember, the goal is to find a business coach who not only understands where your business is now but also has the vision and expertise to take it where you want to go.

How do business coaches charge fees?

Business coaches offer invaluable expert advice and guidance that can steer a business towards substantial growth and improvement; payment structures and fees can vary depending on many factors, and different coaches charge different fees. Understanding how business coaches charge for their services is essential for any business owner considering this investment. The structure of business coaching fees can vary widely, reflecting the diversity of coaching services and the bespoke nature of each coaching program. Here’s an overview of the common payment structures you might encounter:

• Hourly Rates and Monthly Retainers: Some coaches prefer to charge an hourly rate, offering flexibility for businesses that may need targeted advice or guidance on specific issues. This can be an effective approach for those seeking occasional coaching sessions without committing to a long-term program. On the other hand, a monthly retainer is common among coaches who work more closely with a business, offering a set number of coaching sessions per month along with ongoing support. This arrangement ensures that the business coach is available to provide consistent guidance and can help keep the focus on achieving long-term business growth.
• Coaching Packages and Programs: Many coaches offer coaching packages or enroll clients in a coaching program that spans several months or even a year. These packages often include a mix of one-on-one coaching sessions, group sessions, and access to exclusive resources. Business coach rates for these packages are usually fixed, offering a comprehensive approach to address various aspects of business development and strategy. This can be particularly beneficial for businesses looking for a structured path to improvement with clear milestones and outcomes.
• Customised fees based on scope: In some cases, business coaching fees are customised based on the scope of the engagement, the size of the business, and the specific goals of the coaching program. This approach allows for a highly personalised service, with costs reflecting the depth and breadth of the coaching services provided.

When considering the investment in a business coach, it’s important to weigh the cost against the potential return. Whether through hourly rates, a monthly retainer, or a structured coaching package, the right business coach can offer the strategies and support needed to navigate challenges and capitalise on opportunities for growth. Remember, the value of a business coach goes beyond the immediate business coaching rates, contributing to long-term success and achievement of your business objectives.

To find out what value business coaching can deliver for you, call us on 03 9813 8777 or email below.