The purpose of this page is to provide a comprehensive insight into understanding business coaching. It is for business owners who are looking to hire a business coach, or just curious to learn about what business coaches do and how they help. It is also for people who are thinking about becoming a business coach and want to learn more about it. On this page you will learn about the benefits of hiring a business coach, the difference between a coach and consultant, how to find the right coach for your business, how much you should spend and how to become a business coach. To begin with, let’s define what business coaching is.
Essentially, business coaching is a collaborative relationship between a business owner, or a business’ employees, and a professional coach with the goal of strategically developing a successful business. A business coach can be many things, but essentially at the crux of it, a business coach’s role is to take a business from where it is, to where you want it to be. Importantly, a business coach isn’t the same thing as a business consultant. A business coach doesn’t do the hard work – the client does. A business coach is an educator, a confidante and someone who will help keep you accountable in all aspects of your business. Business coaches can also help with developing the skills necessary for success such as sales, marketing, management, finance, team building and more.
Now, what’s the difference between a good business coach and a mediocre business coach? Well, a good business coach doesn’t just tell you what to do or listen to what you have you say without offering any feedback. A good business coach is a trusted advisor, they are experienced and knowledgeable, and can provide solutions to your problems. A business coach provides directions, helps keep you accountable, and acts as a guide along your business journey so that you achieve your business goals.
There are countless benefits to hiring a business coach. There are the personal benefits, like being held accountable, and staying on track with your goals. And then there are the business benefits, such as growing your business, achieving the desired results, and ultimately helping your business run more efficiently. Let’s take a look at the benefits of business coaching in more detail.
Ultimately, a business coach will work with you to strategise and develop a plan for building a profitable business.
When it comes to finding the right business coach for you and your needs, there’s no denying it can be challenging. There are countless business coaches out there, but that doesn’t mean every single one of them will be the right match. Here are some things to consider when it comes to finding the right business coach for you.
Another important factor when it comes to finding the right business coach is identifying if they are working alone or part of a bigger team or franchise. The reason you want to know this is because if a coach is part of a bigger company, this actually comes with added benefits to you. They will have access to other people who have different ideas and skills, they may also have access to more training and resources. So, in turn you have access to more than just one person and aren’t limited by their knowledge, expertise and resources.
This might sound obvious but if you don’t have a good connection with your business coach, it’s unlikely the relationship will be fruitful. We’re not saying you need to be best friends – in fact, quite the opposite. You don’t want your coach to become someone you’re really good friends with because it’s likely you’ll start becoming less accountable. The idea of a Business Coach is to hold you more accountable, not let you get away with things. Friends may do that, but your coach will not. However, you still need to get along with your coach and enjoy meeting with them.
The cost of hiring a business coach can significantly vary from person to person. Business coaching comes in many different formats from Group Coaching Programs, advisory boards and tailored one on one business coaching programs. The best business coaching program for you will mostly depend on the size of your business and your cash flow.
As a very general guide, however, business coaching can cost anywhere between $12,000 to $40,000 per year. At the lower end,
you’ll get access to a small amount of one-on-one business coaching, with a possible monthly business coaching strategy session. At the higher end of the scale, you are more likely to have a weekly business coaching session with your own business coach.
For an experienced business coach, you can expect to pay upwards of $40,000 a year, but again,
this depends on the size of your business and your goals.
It’s important to not let the cost of business coaching determine the program you choose. For example, a group business coaching program might be cheaper, yet often working in a group means the program isn’t tailored to your specific needs, meaning it will take longer for you to achieve a decent return on investment. It’s best to choose a business coaching program based on your needs, rather than the cost. For example, if you’re hoping that hiring a business coach will increase your annual revenue by at least $50,000 per year, you should be willing and comfortable to invest at least half of that to make it happen.
If you’re looking to take your career to the next level and become a business coach, here are some of the ways you can do it. The best avenue will depend on you, your current skills, how you like to work and what you’d like to get out of it.
When onboarding a business coach for the first time, you might be wondering what to expect. Depending on who you hire and the type of business coaching program you choose, you can expect a range of different things. At Max My Profit, our Business Excelerator® business coaching program offers specialised help to businesses by helping them find clarity, define business purpose, address and conquer fears, define business structure, identify the best financial strategy for your business and much more. At Max My Profit, we coined the word Business Excelerator® because we are more than just coaches. When you join one of our programs, we help you build the business you imagined by giving you the tools, resources, and unlimited support. Not all business coaching programs are the same, however.
Typically, business coaching programs offer one-on-one and/or group coaching to help business leaders achieve their goals with expert guidance, identify personal strengths and weaknesses, gain better awareness of individual, group and organisational behaviour to better respond to challenges, and understand their personal goals and career goals.
A good coaching program should offer a safe, supportive, non-judgmental environment to allow participants to reach a deep understanding of themselves to truly explore their behaviour in business and how to continue to improve and grow. The best business coaching programs will ensure participants continue to receive ongoing support even after the program has ended.
If you’re keen to start your own coaching business but aren’t sure if you want to do it alone or invest in a business coaching franchise, here are some things to consider. Generally speaking, starting your own coaching business is time-consuming, overwhelming and involves a lot of trial and effort. The benefits of investing in a business coaching franchise are innumerable.
Firstly, you already have a successful business coaching framework in place to work off. When investing in a franchise, one of the biggest benefits is you already have a set approach and methodology in place to run your business. These methods have been tried and tested and proven to work. This means you don’t have to spend all of your time trying to develop your own methods and best practices. You’ll also get marketing and sales assistance to help build your business.
Secondly, you’ll be joining and working with a brand people are already familiar with. This can go a long way in gaining the trust of clients a lot quicker than when building a clientele base from your own coaching business. It’s important to find a franchise that is reputable and has positive brand association, so make sure you do your research before committing.
And finally, you will become part of a community and have a wide support network at your fingertips. Not only will you receive support from the franchise company, but you will be surrounded with other franchisees who will be able to offer their support and guidance throughout your business coaching journey.