This Is the Real Cost of Business Coaching
How do you justify the cost of anything? Say, a new car, a college degree, a life insurance plan, an electric toothbrush?
The cost is substantiated if what you stand to gain from the investment far outweighs the cost.
Business Coaching can be looked at as an investment that, much like a college degree (which will give you access to better-paying positions) or an electric toothbrush (which will ward off future dental attention), will generate a return of the initial cost and inflate your financial and tangible gains in the long run.
How Much Does a Business Coach Cost?
It’s difficult to talk about pricing for business coaching programs because the way different business coaches structure their sessions and price tags varies across the board. Although the International Coach Federation did a global study on average business coaching rates, the prices depend on the business coaches' annual income.
Pricing is not necessarily reflected in a coach’s years of experience or the cost of living where they conduct business. And, it’s like apples and oranges when comparing individual coaching to group coaching or career coaching to technical coaching.
This makes it difficult for even the International Coach Federation to talk about average business coaching rates and numbers of coaching sessions because so many factors play into how business coaches go about pricing.
And so, to be able to appraise the price of a business coach, we have to assess what you stand to gain from a business coach and what it will cost you if you decide to pass on the opportunity.
Business Coaching in My Alternate Reality
I’ve talked a lot about my story with business coaching, or rather, my lack of it, throughout my career.
Long story short, when looking back at my life, there have been countless moments and where I can pinpoint where a business coach would have helped me completely change my trajectory and propel me faster and further to success.
It’s like that movie, Sliding Doors, where there are two realities where a person’s life plays out differently because of one decision. And trust me, the reality where you decide to choose business coaching always works out better.
Overwhelmed Young Professional
I think back to being 24, completely overwhelmed with a new promotion, sinking into a deep hole of responsibilities I had no idea how to get a handle on.
The help from a business coach would have saved me a lot of emotional and physical stress. It might have helped me get an even higher promotion had I been able to navigate company policies efficiently and address and act on my weaknesses.
Untrained Leader
Years later, I landed a job as a director. On top of my regular job responsibilities, I had to learn a whole new set of skills to lead a large team. I did fine - I figured it out. But, I often think about how I could have done better!
It’s no coincidence half of CEOs are fired instead of stepping down consensually. Regardless, what could have turned the tables - from failure to success? Most new leaders need help and guidance with their new responsibilities—that's what executive coaches are for.
An executive coach would have cut my time becoming “role ready” in half and could have prevented all of the rookie mistakes I made that cost me and the company money.
An Uncharted Road
The most lonely, confusing, and troubling time in my job was when I spoke out against an injustice at work and suffered retaliation from the higher-ups.
Things didn’t work out the way I planned, and my professional path was clouded by self-doubt and fear. I don’t regret my actions, but I needed help working through the “where do I go from here” questions. I wish I would have spoken up and asked for the help of a business coach to help me chart the right course for the next steps of my career.
Of course, the failures, mistakes, and hurdles I’ve had to overcome have all shaped me and have helped me get to where I am today. But if given the choice to fall less times, make fewer wrong calls, and have personal and professional support—wouldn’t you consider it?
Everyone Can Profit From Business Coaching
Because you don't know what you don't know—isn’t that a scary thought?
This is where, in our careers, we make our biggest mistakes. We can’t see our blind spots; we want to improve, but most of the time, we don’t even know what it is that needs improving, and we don’t get the support and guidance to fill in these blanks.
I’ve heard countless stories with these underlying problems from clients and friends who have had to pay the brutal price of going down the wrong road before finally hiring a business coach.
The Modern Plight of the Small Business Owner
It’s safe to say that small businesses have felt the worst impact during the pandemic. It became a sink or swim situation; if a small business didn’t adapt to the changes brought on by the pandemic, it didn’t have a chance at weathering the storm.
I know a handful of business owners that had to close down shop for good because they did not know how to efficiently transfer their business online and had no way of conducting contactless services cost-effectively. And without an efficient marketing strategy to keep business going, they basically sank with the ship.
Most coaches everywhere are restructuring their services to accommodate the incoming flow of small business owners who don’t want to make the mistakes they made during the pandemic and want to reap the benefits of a re-surging economy and improve their business outcomes with the correct guidance.
The Newly Unemployed
Unemployment rates saw record highs last year and have yet to drop down to normal. I can’t tell you how many unemployed people of all ages have talked to me about struggling to find their way back into the workforce, whether they want to dive back into their previous industry or reinvent themselves.
Their self-esteem took a hit and now, without a confident and effective game plan, they have no idea where to start.
An investment like business coaching sounds unfathomable but can be the deciding factor in determining whether the individual will be able to get back into the workforce, stronger than ever, or if they will settle for a job way under their qualifications and take ten steps backward in their financial and professional growth.
Up-and-Coming Young Professionals
You don’t have to be at rock bottom to benefit from the guidance of a business coach.
The young professionals who drop their guard while they’re at the top run the risk of remaining static within their growth, while those who are serious about outperforming their goals will put in the extra work and ask for help.
A business coach will ask clients key questions, provide a clear picture of your strategies progress, hold you accountable, and make sure you produce results that are aligned with your goals.
There will be countless missed opportunities, lost promotions, unrealized potential, and forfeited dreams without the experience and support that a business coach will offer you.
Can Anyone Afford to Invest in Business Coaching Services?
If you have to ask, “how much does a business coach cost?” it’s probably because you are part of the 90% of the population who doesn’t have thousands of dollars a month to throw at a problem.
Most people looking to improve their professional lives, increase their earnings, and have a better chance at success need affordable options.
The good news is that coaching platforms like CoCaptain are making it their mission to offer coaching services to accommodate every budget out there.
CoCaptain is moving the coaching industry toward greater inclusivity and broadening the horizon to make coaching accessible for everyone.
Every one of CoCaptain's coaches charges differently for their services, and each has a skill set that addresses specific needs from a wide range of clients.
The team at CoCaptain is committed to offering coaching services at various price points and offers 24/7 support to work with your budget and availability to connect you with the best coach for your needs.
Bottom Line
Once you understand the power that business coaches have to boost your chances of success, the initial cost becomes obsolete—a no-brainer.
There is so much to lose when it comes to your career and livelihood—so why not get the proper help from a skilled professional that cares about your success as much as you do and will work tirelessly to push you further.
Do you agree that investing in business coaching sessions is the right choice at any point in your career? Why or why not? Join the discussion below:
