This is quite often one of the first questions any business owner asks when researching their business coaching options.
We’ve answered this question hundreds of times over the years, and these days, many prospective business coachees will ask us for an estimate price in the first few minutes of our conversations.
We get it.
Price matters (it’s not the only consideration, but it is important).
Price often dictates what type of coaching program and educational options, you might get. As participant in our coaching program you certainly need to consider an initial budget and plan for long term education of yourself and your team and that’s true for any business coaching program, of any level, configuration, or size.
It’s tough to answer this question right off the bat, because business coaching has many variables and options and it’s difficult to know the price until you’ve figured out exactly what you want. A discussion with your certified coach will clarify what you need and how to accommodate specific developmental objectives and team requirements.
If you are wondering how much business coaching costs, you’re in the right place.
At ActionCoach Inspire, we strive to educate every prospective executive and business owner, even if that leads you towards a different type of coaching. I’ll do my level best to offer some realistic price ranges, based on real-world programme costs right now (in 2021).
Please keep in mind that all prices, are only estimates based on the average coaching engagement this year (2021). Prices will vary based on the product(s) you choose, where you live, the coaching company you chose, and many other factors.
In this article, we’ll explore not only how much does a coach cost, but also how much you should be willing to pay.
How much does a business coaching program cost?
Most coaches and coaching companies offer various tiers of coaching at different price ranges, and that’s what we’ll explore now
Most business coaching programmes will cost between R 3 900 and R 6 500 per month for group based business coaching and between R 9 950 to R 16 000 per month for 1-2-1 based business coaching in 2021 — this price includes the templates and systems required to systemize your business and covers the “6 steps to massive results” of our coaching program.
Bespoke coaching programme options are normally also available which could include the options such as business alignment, team assessment and alignment and additional team members enrolled on the 1-2-1 coaching program.
As with any major business improvement project, this price range can increase as you add more options such as team assessments, 2-day strategic planning workshops, etc.
For a quick overview of the 6 steps of our business coaching model, please watch the video below. If you need a more precise estimates please contact us directly at email@example.com
Group Based Business Coaching
This program provides a range of coaching products and services to business owners and clients with the objective of:
- Ensuring that business owners have mastered the basic areas of mastery, including Vision, Financial, Time and Delivery Mastery
- Testing and Measuring important indicators in their businesses including number of leads, conversion rates, number of transactions, average transaction size and profit margins.
- Developing financial skills and understanding that are practical for business owners.
- Ensuring that the businesses have been systemized in all the important areas.
- Improving team leadership.
- Developing practical actionable 90-day business plans to accelerate growth and build wealth
1-2-1 based business coaching
These program options are designed to empower the business owner to build a better business.
Its designed for those business owners who really are committed to get their business ahead. The type of business that most benefits from this program is a business whose owner really wants their business to implement the identified strategies for improvement as quickly and effectively as possible.
The Program includes:
- Up to a 1-hour strategy implementation and goal setting session virtual or face-to-face each week; (2 to 4 sessions per month)
- It typically includes time to critiquing your marketing, systems, logistics or team building pieces.
- Monthly Self Study Resources
- The 90-day business planning events and
- Personality and motivators assessments.
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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 is business coaching?
|A Business Coach is Paid by the Program|
|Is Accountability partner and builds confidence|
|Acts as sounding board and asks questions|
|IA a Teacher and Mentor|
|Helping Business Owners and executives become more confident and strong leaders;|
|Generalist – knows a lot about business|
|Is Focused on Knowledge Transfer|
|The Coachee does the work – like in sport|
|Life-long Learning by client|
|Plan is driven by Client’s / business needs|
|Helps clarify vision and mission and 90 Day Action Plan|
|Uses Client’s team – listens|
|Guides Self-maintainable systems|
|Compassionate yet Unreasonable Friend|
|Client does Homework; constantly involved|
|Little or no Industry Knowledge Required|
|Solutions come from client|
The more of these services are offered by a business coach, the more they are likely to charge
Let me also mention that there are many generic life coaches marketing themselves as ‘business coaches’ despite having no prior experience running a successful business or having been trained in a business coaching system.
This might be just what you are looking for, depending on your budget and the services you are looking for. As a result, you can expect to pay less if this is all you’re after. In fact, you may decide to hire a life coach.
It should be noted on the supply side that business coaching services that are offered by successful entrepreneurs, is much lower whilst the demand for coaching programs offered by these individuals is much higher and that exactly why they can charge more…
Questions to ask your business coach
Does business size matter?
The framework for building a large or small business is the same in many ways,
Therefore it is important to not only hire a business coach with experience running a business but to also ensure that there is a coaching system that guides the coaching process and covers all areas in business.
The supply of business coaches who have launched multi-million Rand businesses is much smaller than another types of business coach. The revenue increases from improvements in these types of businesses will be much higher and the perceived value of these coaches is much higher. Yes, that’s why some of the most experienced individuals charge executive coach fees of up to R 1 000 000 per year.
Are you looking for an experienced entrepreneur that will stand in your corner and who will guide you along the way? As a result business coaching is needed.
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Yes, you need to find the balance between what you are willing to pay, and the return on investment you’re hoping for.
Here are some more questions to ask your business coach candidates:
- What does your ideal coaching client look like?
- Have you helped clients in my industry before?
- What have you helped these clients achieve?
- Which services would you recommend for me?
- Define success?
Hopefully, their answers will help you feel more confident in their suitability for your specific needs.
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Your relationship with a business coach
The cost of your business coaching and the credentials of your business coach are but 2 of the factors you need to consider in appointing the right coach for you. Therefor, you should also consider:
- How does it feel when speaking with your coach?
- Does the coach inspire you?
- Does it feel like they deeply connect and care about your success?
- Do you enjoy communicating with them?
If the answer to all these questions is yes, you’re far more likely to make the most of their coaching services and get the ROI on the coaching investment.
Do you need some extra help?
As you can see, the question of “how much do coaches cost” is almost the same as how long a piece of string is. It isn’t a simple one to answer but it is certainly worth it.
Connect with me for a no strings attached discussion about your specific needs.