How much does a small business coach or online business coach cost in Australia?
How are the fees structured for business coaching? What is the average price range for common business coaching services and how affordable is coaching for a small business in Australia?
There are two pricing strategies for business coaching fees:
- Hourly with discounts on block booking
- Monthly retainer
In general, you pay for quality. Less than $300 per hour and you are probably not paying for the experience and knowledge that you expect. Remember that just one comment can easily increase the PROFIT line by more than $300.
As always, the challenge is determining whether the coach can deliver what they say they can. I would suggest start by writing down the 20 things you want to get from a business coach (quantity) and then refining down to the 3 key things and use these to measure what potential coaches can offer. If you don't know want you want, ask a number of coaches about the impact they've had.
I would always get an understanding of whether the coach has ever run their own business (other than a coaching business). If they've been a CEO of a business with over 20 people, they will have an understanding and ability to connect with you 10x better than those who've read about it. And that means an impact x10 greater too...
Great question. The short answer and not being flippant is, how can they afford not to!
Anything that you get better at, increase a skill, achieve a higher level of success comes from some form of 'training/practice and coaching'. Sport, hobby, business - there is no difference.
I totally agree with Brian @ Meteorical, there are a plethora of options out there, ranging from the outrageously expensive right through to the 'coach/consultant' who is actually in-between jobs!
Yes, you need to know what it is you want a coach to help you achieve.
Grow your business? Not good enough, what does that actually mean?
A good business coach will help you firstly identify exactly what it is you want to achieve and then work with you to reverse engineer a plan to achieve that.
DOME - Define it, make it observable, measure it, evaluate it.
I can absolutley say from experience that what will be uncovered first is not so much as a 'skill or knowledge' defiency but a mindset one.
For me I see little value in the 'cookie cutter' programs.
8 weeks to 6 figure sales a month.
Transform your business with our blah blah.
Sure there is nothing wrong with having a coach with a program as long as it can be flexible enough for what you need and more importantly has the content you need!
If someone is delivering all of that for you, giving you the result you need and want in your business and can demonstrate how they can leverage that even further...what would you pay?
Increases gross revenue by $100k, what would you pay?
Raises net profitability by 3%, what would you pay?
Provides you with a skill set to achieve all of that and more?
Yes it has to be relative to your position but look at it from the point of view of where you want to be, not where you aware.
Do your due diligence or it will be something you can't afford in more ways than one!
So it really depends. It depends on the expertise, experience and qualifications of the coach and it depends on how much you want to spend and what value you expect to receive from it. I agree with both responses below. It's important to set up a few free sessions with different coaches to get a good feel for their style and that is really the only way you will know if you could potentially work together. I offer an hour of my time free before presenting my pricing and packages. My cheapest offering is $2,500 for 3 months' but this is a very basic package and I usually would encourage people to commit to spending double that as they will get so much more value. As with most things you purchase, it's always a value proposition. The only way I hire a business coach is to accurately assess whether or not they have achieved what I want to achieve. I have 26 years' experience in my field so clearly I'm not going to hire someone who has only been doing it for 2 years' with no runs on the board. But it's different for everyone. Happy researching!
Is cost relevant or ROI?
All entrepreneurs think this way...
1. What is being offered
2. What value does that bring to my business in profit
3. Is that substatiated
4. What is the investment.
A business coach who costs $100 that provides no value is extremely expensive.
A business coach who is $30,000 but takes your business growth in net profit up by $300,000 is an outstanding investment.
Which one do you prefer?
In real terms, having been in the industry since 1997 before the stampede began, I've met many business coaches and the average business coaching fees in Australia range from $1,500 per month up to $4,000 per month.
If you're inexperienced in business then the lower end is probably where to aim. If you've had a couple of business coaches and haven't got the results you want, seen in bottom-line net profit increase in months, not years then higher up fees are what I recommend you consider.
All true entrepreneurs consider ROI because the cost isn't so relevant. I recommend thinking like an entrepreneur.
A good business coach can identify what you're not doing, see the potential for improvement and give some indication of what the improvement financially in your business can be. It takes many years of experience with hundreds of businesses to be able to do that and keep in mind you are a huge variable that directly influences the growth potential. Its not all about the coach.
Business coaching fees range from $5 per day (for an online group coaching session) to $375 per hour for one-on-one coaching sessions.
Face to face is as above plus travel costs and travel time at the same rate.
You can check out our Fundamentals of Business online coaching at www.tony.7coloreddoors.club
Or feel free to call me direct on 61449741377
21 yrs of business coaching.