Running a successful small business is by no means an easy process. You might find yourself merely trying to keep your company afloat and not making any profit out of it, which calls for coaching services. But how much does a small business coach cost?
The price varies depending on many variables, and we'll tell you all about them, plus how hiring a business coach will affect your business. So, without further ado, let's jump in!
Generally, hiring a professional coach for a small business will cost you around $1000 per month. But if you don't want coaching services for that long, an hour with a coach will cost you anywhere from $40 to $300.
Compared to life coaches and executive coaches, business coaches charge reasonable amounts of money for their services. For example, most life coaches stick to $70 to $200 per hour, while executive coaches might charge you up to $400.
That's all about the costs of a small business coach. However, business coaching has many factors that can affect that price, like the number of sessions given, location of your business, time of coaching sessions, and type of coaching. Here's a brief roundup about them, how they'll affect the costs and how much does a small business coach cost.
Business coaching is a flexible process; not all people require the same number of sessions to reach their goals. Before hiring a business coach, you should tell them about your plan, and they'll estimate the number of sessions you'll need. Of course, the more sessions you want, the more you'll have to pay.
The price of business coaching services depends hugely on the coaches' experience. So, naturally, beginners cost less than experts. The average cost of hiring a beginner business coach ranges from $40 to $75 per hour, whereas hiring an average coach costs about $95 to $125.
Finally, professional business coaches with a long experience may cost you up to $300 per hour, but they aren't necessary for small businesses.
Generally, before you hire a business coach, you should ensure that they've worked with your business type before and have experience in the goals you want to achieve.
Some people need business coaching to get their small businesses going, while some find executive coaching services more beneficial. Generally, business coaches focus on improving your work's strategy, while executive coaches focus on you as an individual. An executive coach will probably charge you more than a business coach per hour.
Business coaches often charge you depending on how much time they spend with you in one-on-one training sessions. So naturally, if you want your meeting to be longer than one hour, you'll have to pay more.
However, this might not be the case if you take group coaching sessions. But these are often generic for all small businesses, so they aren't suitable for everyone.
Small business coaches offer many services, but coaching requirements differ from one person to another. For example, some people need business coaches to give them an entire plan of how they should run their business. Meanwhile, some people merely need advice on one issue, not more than that.
The business coach will charge you depending on your requirements. Typically, the more work you need, the more you might need to pay.
As a rule of thumb, business coaches in busy cities like Los Angeles and New York cost more than ones in less busy cities. So, for example, your business coach might charge you $70 to $100 if you live in one of the latter. But if you're in New York, you might have to pay up to $300 per hour. But why?
Living costs differ from one city to another, so if a business coach pays more to live in a specific place, they'll need to charge more to cover their living expenses. More so, coaches living in busy cities often have more experience than others because of the wide availability of businesses.
Generally, you don't have to worry about finding a business coach where you live. According to the 2020 Global Coaching Study by the International Coach Federation, there are 71,100 professional coaches worldwide, with nearly half of them present in America. Not to mention, the number increases each year significantly.
Due to the advancements in technology and the ongoing pandemic, many services are now available online, including business coaching. Online coaching programs are a good choice for people who have online businesses, and they save the time and effort of going out to meet your coach. But how much does a business coaching online session cost?
While business coaching rates differ from online to onsite, the difference isn't that significant. For example, an hour long online business coaching session might cost you anywhere from $100 to $300, which is similar to hiring an average business coach, as we've mentioned before.
Online meetings are more time-efficient, and some coaches offer half-hour sessions, which are typically less expensive.
Now that you've got the answer to "how much does a small business coach cost?" It's time to answer another equally important one. Many people aren't convinced that business coaches can improve their profitability, productivity, etc. But we're here to prove them wrong!
Business coaching can change your perspective about many aspects of work, just like hiring a life coach can make you perceive life through entirely different glasses. Here are four different ways how hiring a business coach will affect your business.
Having a business coach revise all your plans and give you advice on how you can improve them will lessen your stress and give you more time to focus on other urgent matters. Generally, you'll have a clearer mind and a less busy schedule. As a result, your productivity will increase, and you'll be able to run your company more efficiently.
Studies show that business coaching can give you up to a 500% return on your investments. While this number will significantly differ according to the size of your business, it's proof that coaching can increase your profitability.
There are multiple ways by which your business coach can increase your profitability. For example, they might do so by improving your marketing strategies, refining your business model, or helping you set clear goals and achieve them.
A business coach can help you improve your leadership skills, which, in turn, will increase your confidence. Although this point might not seem so important to some people, being confident about your skills makes you a better entrepreneur. And don't get us wrong!
We don't mean that being confident will make you manage your business perfectly without making mistakes. Instead, it'll make you better at accepting failure and getting over it healthily.
It's worth mentioning that hiring a business mentor will help you more at this point, as mentors often have more personal relationships with their clients than coaches.
A business coach can help you build a successful business model from scratch. And if you already have one, they'll revise it and point out flaws so you can improve it.
This is why hiring a business coach with experience in your type of business is essential. Their expertise will come in handy in situations like this one.
A business coach will cost you about $1000 to $3000 per month, or $100 to $300 per hour. Business coaching rates also differ depending on your business size, requirements, and location.
If you're struggling to keep your business afloat, it certainly is. Hiring the right business coach will increase your productivity, improve your leadership skills, and increase the profitability of your business. Accordingly, your profits will outweigh the coach's fees.
The average cost of life coaches ranges from $250 to $1000 per month, while business coaching services cost about $1000 to $4000. However, if you're looking for an executive coach, you might pay much more since the average range of executive coaches starts from about $3000 a month.
A small business coach will help you set realistic goals and know which goals to prioritize. They'll also review your business model, refine it, recommend different working strategies, and help you become an overall better leader.
If you've been asking yourself, how much does a small business coach cost? We'll answer your question in a nutshell!
A small business coach will charge you $40 to $300 per hour or $1000 per month. The costs might differ if you apply for online coaching programs or depending on some variables, but the average range is the same.
Now that you know all about the costs of a small business coach and how hiring a business coach will affect your business, you can decide whether you need one!
Ronald Osborne is an experienced business coach. With over ten years of experience, an MBA specializing in Finance, and several multimillion-dollar contracts. Ronald has been able to help large telecommunication companies, law firms, trade businesses, and everyday business owners improve their business and take it to the next level.
