It’s interesting, one of the questions we get asked a lot is, “What does it cost to do business coaching?” Now I don’t want to offend anybody, but I think that’s a really dumb question… If you’re thinking about investing in anybody helping you grow your business I wouldn't be thinking about “What’s this is going to cost me.” Because that’s coming from the wrong angle and coming more from a scarcity mentality. Business coaching, in essence, shouldn't cost you anything.
Seeing a return on investment:
I know it’s sort of cliché and people go, “Oh that’s not going to cost you anything it’s free.” It’s not free, and sure you’re going to invest some money to have a business coach work with you, but your mentality should be “How much can we make doing this? What can I make out of doing business coaching?” I can tell you now that there’s no way on God’s green earth that you’re going to do anything unless you see a return on investment. Nobody does, it’s not how we work as human beings. If you’re going to invest your money in working with a business coach then you want to make sure you’re getting a return on investment.
The questions you should be asking
A better question to ask your business coach would be, “What can you help me make? What can you help me solve? What sort of progress can we make together? What achievements are we going to achieve?” Rather than, “What is business coaching going to cost me?” Because if that’s your mentality, if that’s what your radar is set on when you’re doing business coaching, then it’s not going to last for a long time.
Yes, you are going to invest what could be a thousand dollars a month or it could be five thousand dollars a month it could be ten thousand dollars a month, who knows? I've heard of really high level business coaches getting paid twenty thousand dollars just for a day and of course you wouldn't do that unless you knew you were going to get a return on your investment.
My question to you
So I ask you this question… If you knew that you could pay somebody an amount of money and it would be paid back ten times what you invested, so for example say you knew you that could pay a business coach two thousand dollars a month and they would make you an extra twenty thousand dollars a month in profit. Would that be a good investment? Well the answer is yes, of course it’s yes. So I guess it’s that uncertainty or that, not being sure of whether or not the person that you’re looking at working with is actually going to be able to give you that return. So rather than saying, “What is business coaching going to cost me,” start to invest, okay, “What can this person help me make? What sort of experience do they have? What sort of guarantees do they have?”
The questions you should ask a business coach
1. Tell me about your organisation
A few questions you could ask a business coach before engaging them is “Tell me a bit about your organization. Are you a one-man-band that works out of your own bedroom or are you part of a bigger team of coaches that can provide a huge amount of value?” Because what happens if you’ve got one coach from a spare bedroom that gets sick or goes away on holidays? Well you’re left high and dry. So maybe you want to work with someone in a bigger team that’s got a bunch of different resources to pull on along with coaches with different experience from different areas. That’d be one question I’d be asking.
2. What do you guarantee?
Another great question would to ask a potential business coach is “Do you guarantee what you do? Can you guarantee me that if I don’t get results that my money’s safe?” And the answer should be “yes.” A business coach that won’t guarantee what they do is a business coach you don’t want to work with. It’s that simple. Not “What’s this going to cost me,” “Will you guarantee that I'll get a return?” That’s a better question.
What you actually get from a business coach?
It’s not about time. A lot of people think that when you're making a payment to a business coach that you’re actually buying their time. You’re not. You’re not buying their time. It’s not about how many hours they spend working with you, it’s about what return on investment do they give you? They may need to work a little bit harder to get that. It may be about what they help you achieve, what they help you do in your business. So for example, if they have helped get all of the templates in place to help you grow your business quicker, well then that’s worthwhile paying a little bit more for that, isn't it?
Business Coaching should make you money!
Hopefully if that’s the question that you've Googled, and I know I've been asked it many times. But if that’s how you've landed at this video or webpage from trying to find the answer to “How much does business coaching cost,” I'm here to tell you that it should cost you nothing.
As cliché as that is, it should make you money. You don’t think about an investment property, you don’t call it a “cost” property. Anything like training or investing in a system is something that helps you better optimise your business. You might buy a computer system for example, like a CRM. In fact in my business for example, my team use a CRM which is a contact relationship management program and it cost me about twenty thousand dollars a year. But it’s not a cost, it’s an investment because by spending that twenty thousand a year my team are more efficient, they deal with my client base much more efficiently and we make more money. So it’s actually an investment.
What am I prepared to invest?
You have got to look at business coaching in the same way and go, “Well what am I prepared to invest?” And that’s probably the question you should ask, “What can I afford to invest in my business growth?” That’s a much better question. “What return on investment do I need to get for my investment?” Because it’s no good agreeing to something that you can’t afford. It’s like going into the Ferrari dealership and trying to buy a Ferrari when you can’t afford the repayments. So if business coaching is unaffordable then maybe don’t do it. Now it’s a bit different to a Ferrari. A Ferrari’s going to make you feel good and look good but it might not make you any money as where a business coaching should make you a return on investment.
Once again, you need to put the effort in with your coach to make sure you’re getting a return on investment. So, on the affordability scale I say, “Can you afford not to have a coach?” That’s my response when people say to me “Can I afford it,” I say, “Can you afford not to?” Because the reality is, if you want to grow your business and you want to make your business more profitable, the reality is if you work with somebody who builds businesses everyday as their main purpose or their main role in life as their job, then you’re probably going to get there a little bit faster. But that’s up to you to decide…
So, does business coaching cost you anything? It shouldn't. It should be an investment that you get a high return on. Hopefully that’s helped you answer the question. If you would like to speak with us and find out exactly how much a business coach will cost you and your business, we would like to offer you your very own free 90 minute coaching session.
About the Author
Ben Fewtrell is a sought-after Business Coach, Keynote Speaker and trainer who has featured in Virgin’s Inflight Magazine and Entertainment Portal, SKY Business and “Secrets of Top Business Builders Exposed”. He is also the host of the popular Business Brain Food Podcast where he interviews leading experts on anything and everything business.