What is coaching? How much should it cost?

Coaching and mentoring are often confused. Both coach and mentor bring their years’ worth of experience and knowledge to the table but, a mentor’s focus is advising whereas, a coach will help in goal planning. A coach will keep you accountable and will guide you in the right direction of success. A business coach provides assistance and guidance to the business owner in running a business. A business coach helps in clarifying the vision of the business and how that vision fits in with the personal goals of the business owner. 

A business coach will build actionable plans for the business owner. They explain to the owners why reaching business growth goals is important and the impact of the goals on their personal lives. The business owner will hold the ultimate decision-making power and he determines the passion and speed with which a specific goal is met. A business coach will have one on one conversation with the owner of the business about where would he like to take his business in the future and where he needs help in business. Once that part is clarified, the business coach will then help in planning and prioritizing goals and developing strategies to meet those goals. With years of experience, business coaches create a road map for the business owners to achieve their goals. 

An important part of business coaching is ‘accountability.’ Just as a football coach will never run laps of the field for his team, the same goes for a business coach. Many people have the idea that a business coach will work for their business and do the work for them. A business coach is not a consultant. A business coach will help you maintain your focus on your goal, hold you accountable when you are slacking or falling behind, and remind you why it is important to achieve those goals. A business coach will motivate you to stay committed to your business. In times of need, a business coach will hold a mirror in front of you to highlight your business and personal blind spots. 

Dave Treadwell, President Vital Signs Ho Ho Kus, NJ, says that,

“My monthly business coaching sessions help me maintain accountability and focus on setting goals and meeting them.”

Many business coaches use the technique of ‘key performance metrics’ often called KPIs by which they track goals and maintain transparency. The business coach is there to track and record the progress that is often overlooked when working on your own. This technique has helped many businesspersons. 

How much does business-coaching cost?

A business coach costs anywhere from $100 to $1000 per one-hour session. This cost depends on the experience of the coach, subject matter, schedule, and demands of the business owner. Some business coaches take a percentage of the business sales that they helped with. Some coaches also offer monthly programs that cost anywhere around $50 to $500. You can find a coach and a program for your business needs easily.

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