Is it worth paying for a business coach?
Business coaching is a relatively new industry. Although business coaches have operated for 30 years or more, it’s only in more recent years that coaching has become as popular as it is today. Because it’s a new industry and less understood than others, a really common question that people ask is “Is it worth paying for a business coach?”
With that in mind here’s our honest view on when it is and when it isn’t worth paying for a coach.
When IS it worth paying for a coach?
The first thing to be clear on about whether a coach is worth paying for or not doesn’t even have anything to do with the coach. It’s all about you.
I know what you are thinking, “what the hell is that supposed to mean?”
Well, here’s the deal. If you are the kind of person that doesn’t like change and doesn’t take well to advice or education, then coaching probably isn’t for you. The same is true if you are not interested in growing your business. However, if you are really keen on growing your business, and you’re a personal development junkie that just loves to learn and grow, then coaching could be right up your street.
Generally speaking, coaching works really well with people that are open-minded, goal-orientated, and motivated. If that’s you, then coaching is likely to be worth paying for. You can learn more about who usually uses a business coach by clicking here.
When else is coaching truly worth paying for?
As long as you are the kind of person that wants to grow and learn then it can be worth looking at getting a coach under a few different circumstances. It can be worth paying for a coach for example when you are starting a new business. A coach can provide guidance and advice on how to start and grow your business if you’re a new business owner. Some coaches have programmes that are specifically aimed at new businesses. At Action Coach we have a membership called our “Growth Membership” that can be perfect for new businesses.
Another instance that it can be worth paying for a coach is when you want to achieve goals. A coach can help you create a plan to achieve your goals and hold you accountable for reaching them. Some people know that they want more but they don’t know exactly what that is.
A coach can help you get clear on 2 different types of goals. The first kind of goal that you can set is your personal goal. For some, that could be the dream house or car. Whilst for others it’s more purpose-driven and centered around serving others. Once you are clear on your personal goal, it’s time to set business goals. They should enable your personal goals. So for example, if your personal goal is to have a luxury car, your business goal should enable you to have it. Maybe it would be to hit a certain amount of profit so that you can afford the car you really want.
What about if there’s a skill that you want to learn?
Another area that can make it worth paying for a coach is if you really want to develop or learn a new skill. For some, they might want to learn and understand finance so that they can make more profit. Others might want to develop their skills in the marketing arena. A coach can really help you learn and develop new skills in business, after all, most business owners go into business without any “business skills”.
But will having a coach actually make me any money?
Ultimately by working with a business coach, and by having a focus on growth, your revenue and profits should increase. Business coaches in particular (more so than life coaches) should make you a positive return on investment.
So having a coach can certainly help you make money, but it depends on the specific goals and objectives of your coaching relationship. A business coach can help you identify new revenue streams, improve your sales and marketing strategies, and increase your overall efficiency and productivity. Additionally, a coach can help you develop the skills and knowledge necessary to grow and scale your business.
A big part that a coach plays in helping you make more money is simply giving you the education that you need and then holding you accountable to act on that education.
It’s also important to note that a coach is not a magic solution, you might need to invest some time and money to implement the strategies and plans that the coach suggests. But if you are willing to put in the work and follow through on the coach’s advice, it can be a valuable investment that can help you increase your revenue and grow your business over time.
It’s important to make that point and for you to note that. A coach can only guide you and give you advice, you are the one who must take the action and make the decision. It’s also important to find a coach that has experience in your industry and aligns with your business goals.
When ISN’T it worth paying for a coach?
Paying for a business coach can be a valuable investment for your business, but it may not be necessary for everyone. For example when you are not ready to take action. A coach can help you create a plan and hold you accountable for reaching your goals, but ultimately the success is a result of your own hard work and determination. If you are not ready to take action, a coach may not be able to help you achieve your goals.
Also when you don’t have the cash, time or resources. Coaching can be an investment of time and money, so if you don’t have the resources to implement the coach’s advice, it may not be worth it. Ultimately there are some coaching programmes that are incredibly cheap and even free but if you aren’t able or willing to take the time to work on the business then coaching might not be worth paying for.
The final example of when a business coach isn’t worth paying for is when you are not willing to take feedback. A coach can provide valuable feedback on how to improve your business, but if you are not willing to take feedback or make changes to your business, it may not be worth it. A business coach will work best when the person being coached is open-minded and hungry to learn and grow.
For a more detailed look at how you could lose money on business coaching click here.
You might also want to do some research and check out places like Forbes to get a better understanding of what a coach does.
How do I know which coach is right for me?
The easiest way to get clear on whether a specific coach is right for you is by getting to know them. The best way to get to know a business coach is to schedule a call or book a meeting with them. This will give you the opportunity to discuss your goals, ask any questions you may have, and see if the coach is a good fit for you. Additionally, you can also watch their videos, check their website and reviews, and look for testimonials from past clients.
It’s important to remember that a coach is a personal and collaborative relationship, so finding a coach that you feel comfortable with and trust is essential for success. It’s also a good idea to have a clear idea of your goals and expectations before you begin working with a coach so that you can evaluate if they are able to help you achieve them.
If you have any questions about business coaching then you can click here and ask or just email us at manchester@actioncoach.com
Is it worth paying for a business coach?
