How much does Business Coaching cost?
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. 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 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.
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.
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.
To find out what value business coaching can deliver for you, call us on 03 9813 8777 or email below.