How Much Should I Pay For A Business Coach?
If you’ve stumbled across this page, you’re probably wondering how much you should pay for a business coach.
As a multi-award-winning business coach and bestselling author myself, I’ve invested extensively in coaching for myself and my own business, so I know that the question of just how much to invest in yourself and your business can be a tricky one. I also know how it feels to be on both sides of that decision.
Sometimes, you find a coach who you just love, but their prices feel a little higher than you’re comfortable with. Here’s how to reconcile those things and make a smart decision, both for yourself and your business.
Here’s what we’ll cover in the next few minutes:
So let’s get straight to it.
1) How much should I pay for a business coach?
You should only ever pay as much as you can sensibly afford for a business coach.
Bear in mind that working with a business coach is an investment both in yourself and your business, so that number may not be on a linear scale, either, as your business grows. There will be times when you’ll have to take a bigger leap and invest more than feels comfortable in order to work with *the one* coach who you know will set your business growth on fire.
There are business coaches who specialize in all different kinds of businesses, at different points in their growth. An early-stage business coach may not charge as much as a business coach who works with more established businesses, and coaches who work with large multinational corporations may charge even higher fees.
The amount you pay for a business coach should be reflective of their experience, and of their impact on your business.
You may choose to work with someone who’s just starting out as a business coach, but who has substantial industry experience. You have to make a judgement call on what you expect the outcome to be, and how impactful you expect your work with them to be. This is why it’s so important to ask lots of questions of a coach before you work with them.
The first business coach I ever worked with cost me $800 per month. At the time, that was a huge investment for me.
In more recent times, I’ve worked with business coaches who have charged $25k per year, and I’ve done group programs with business coaches who charge $100k a year for 1:1 coaching..
Investing in coaching is all about making a bet on yourself, knowing that when you invest in yourself, it will always pay off.
2) What are the different types of business coach?
There are as many different types of business coaches as there are different types of businesses. There are coaches who work specifically with high flying corporate leaders; business coaches who work with early-stage startups; those who work with established family businesses; who specialize in franchising, or retail, or ecommerce, or hair styling, or wellbeing, or personal training.
Whatever your niche as a business, there will be a coach out there who is perfect for you.
3) What are the different types of paid coaching programs?
Commonly, there are many different types of coaching programs.
1 to 1 coaching, where there is just you and the coach in the room.
Group coaching, where you and several other people are in the same room with one coach, and you benefit from hearing the challenges and solutions facing other entrepreneurs at a similar level to yourself
There are online self-study courses, which you complete at your own pace. This can be a mixture of written study, video tutorials, and practical training.
And of course, there are packages that are a mixture of all three, making the options available to you endless!
I focus my offerings to only include the ones that give people the best results, because I know it can be overwhelming to have lots of different options, and the last thing I want to do is increase the decision fatigue you’re experiencing!
So here’s what I offer my clients:
I also run several in-person Leadership Retreats throughout the year, just to keep things interesting for myself and my clients. These are mostly by invitation only. If you are interested in joining one in future, you can join my mailing list here..
4) Should I ask for a payment plan?
There is no shame in asking for a payment plan, and a good coach will not be offended if you ask. In fact, they will already have an answer for you.
Whether or not a coach offers a payment plan to work with them is entirely up to their discretion. They do not owe it to you to offer one, and they are not obliged to do so.
If you do sign up to a payment plan, however, always make sure you read the fine print thoroughly so that you fully understand your financial obligations regarding the coaching sessions. You will be bound by these if you decide during your coaching program that you no longer wish to work with a coach.
I recognize that it may not be easy for business owners to pay for a coaching program upfront. It can be a significant investment, so it makes sense to me to offer my clients flexibility with regard to payments. Here’s an example of how my payment plan works:
I collect a retainer fee upfront
I prepare a payment plan that runs for the duration of the package.
Unlike other coaches, I offer clients the option to cancel our contract with a 30-day written notice clause. This practically makes working with me a risk-free investment.
I know how uncomfortable it can feel to be tied into something financially, so I don’t want my clients to feel bound to work with me. Customer service is a part of US culture that I really appreciate, why shouldn’t it extend to coaching arrangements?
5) How much is too much for a business coach?
When you genuinely can’t afford it. When you’re struggling to afford rent, food, and the basics of life, you need to put those first.
I’ve written extensively on when you absolutely shouldn’t work with a business coach in this article.
However, once you can (on a purely practical level and financial level), afford a business coach, the balance between affordability and progress can again be a tricky one to reconcile.
Ambitious entrepreneurs tend to view business coaching as an investment in themselves and in their business, rather than a luxury item or business expense on their balance sheet.
How much to pay to work with a business coach is a complex and deeply personal one. If you really want to springboard your business; if you’re impatient for growth and you want to work with one of the best coaches around, you’ll certainly need to invest more heavily in your own training than you have done previously. And that can feel uncomfortable at the time (hey there, imposter syndrome!).
6) How can I work with you?
As you’ll have learned, I’m a multi-award-winning business coach and entrepreneur based in Boston, MA.
Thanks for stopping by my website and reading this far. If you liked what you read here, here’s how you can get more support from me to become the best entrepreneur you can be:
Accelerate your growth with this free handy download
Read my bestselling book, The Up Level Project
Join my group accountability program: Business Growth Achievers
Work with me: Book a 1:1 consultation with me here
If you’re in Boston yourself, you might also enjoy this: Wanted: Business coach, Boston.