If you’re wondering how much business coaching costs, you’re in the right place.
In this article, we’ll explore not only how much does a coach cost, but also how much you should be willing to pay.
Let’s get right into it:
How will this article help you?
There’s a lot of conflicting information and broad price ranges out there, but hopefully I’ll be able to shed some clearer light on the situation.
After all, I have researched and worked with many business coaches, before launching a coaching business of my own.
We’ll dive into the different business coaching services on offer, how this may affect what coaches charge, and what help you may need in your individual situation.
So, let’s get on with it!
How much will a business coach cost?
There are a lot of factors affecting how much a business coach charges (which we’ll explore later).
Yet, for those of you who are looking for a ballpark figure…
Noomii, the web’s largest directory for life coaches and business coaches, suggests:
- Most life coaches charge somewhere between $75 and $200 per hour.
- Business coaches tend to charge between $175 and $250 per hour.
- An executive business coach may charge around $400 per hour.
Alternatives to hourly one-on-one coaching
The average prices listed above are for one-on-one coaching.
You can expect to pay less for group coaching, although this is likely to be more generic.
As with any online service, you can expect to find discounts if you pay a flat rate per month, an annual fee or buy hourly sessions in bulk.
Some coaches will charge less up front, but demand a percentage of your business revenue increase.
Most coaches will offer various tiers of coaching at different price ranges, and that’s what we’ll explore now.
What does a business coach do, and how could this affect their prices?
Firstly, it’s important to mention: there are some generic life coaches marketing themselves as ‘business coaches’ despite having no prior experience running a successful business.
This might be OK for you, depending on the services you are looking for.
However, it’s generally agreed that it’s better to be coached by someone who has actually done what they’re planning to teach you how to do.
What services do business coaches offer?
Here are some of the services that a business coach may offer:
- Helping business leaders to become more confident and strong leaders;
- Acting as a sounding board, who helps you define your vision and goals for the business;
- Serving as an accountability partner, who motivates you to be more productive;
- Listening to your problems and hearing out your ideas;
- Giving tailored advice on the day-to-day management of your business;
- Offering tips on building a business from the ground up;
- Pointing out potential flaws in the structure and administration of your business;
- Delivering ideas to save a failing business or launch a successful company to the next level, based on their own experience.
The more of these services offered by a business coach, the more they are likely to charge.
The supply of coaches who can offer the first few bullets in this list is much higher, as prior business experience isn’t necessarily needed for this.
You can therefore expect to pay less if this is all you’re after. In fact, you may only need to hire a life coach.
The supply of business coaching services offered by successful entrepreneurs is much lower.
What’s more, the demand for coaching programs from these individuals is much higher. This is why they can charge more…
Small business vs large business
The experience of running a small business and a large business is different in many ways.
It’s therefore important to hire a business coach with experience running a business of your scale.
The supply of business coaches who have launched multi-million pound businesses is much smaller than another type of business coach.
What’s more, the revenue increases from improvements in these types of businesses can be monumental, so the perceived value of these coaches is much higher.
That’s why at the top end of the scale, you see the most experienced individuals charging executive coach fees of $50,000 per year or more.
What business coach should you hire?
The first question you should ask yourself is what business coaching services you need.
If you’re just looking for an individual to share your thoughts and ideas with, you may be able to save money by hiring a life coach.
If you’re looking for an experienced entrepreneur to stand in your corner and give you the exact steps to take, business coaching is needed.
Size (and experience) matters…
You’ll need to consider the size of your business – and ideally find an individual who has experience working with a similarly-sized company.
The more qualifications and experience that a coach has, the higher the cost of coaching is likely to be.
At the same time, many people are willing to pay extra for coaching from these individuals, as they believe the return on investment is likely to be higher.
Ultimately, you need to find the balance between how much you’re willing to pay, and how much return on investment you’re hoping for.
Questions to ask a business coach
Just because a coach charges a lot, it doesn’t mean they’re the best person for the job. It’s up to you to investigate their credentials.
Before hiring a business coach, ask them these questions.
- Who is your ideal coaching client?
- What clients have you helped in my niche before?
- What have you helped your previous clients achieve?
- What services will you provide me?
- What is your definition of success?
- Are there any ways to reduce the cost of your services?
Hopefully, their answers will help you feel more confident in their suitability for your specific needs.
Get our free extended pretalk checklist here and save yourself hours of preparation.
Your relationship with a business coach
The cost of your business coaching and the credentials of your coach aren’t the only factors you should consider.
Take a note of how it feels speaking with your coach too.
Do they inspire confidence?
Does it feel like they really care about your success?
Do you enjoy communicating with them?
If the answer to all of these questions is yes, you’re far more likely to make the most of their coaching services.
How much do executive coaches make?
An executive coach typically offers business coaching services to executives working for large national or multinational companies.
The average coach can expect to make $61,900 per year from executive coaching fees, according to the International Coach Federation’s 2016 Global Coaching Survey.
As you can see, the question of “how much do coaches cost” isn’t a simple one to answer, and prices are changing all the time.
Still, I hope you now have a better idea of how much you may have to spend on worthwhile business coaching.
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