published Dec 10, 2023
Research shows that businesses that pay for coaching see a $5 return for every $1 spent on those services. In a different study, 96% of executives who worked with a business coach said they would do it again if given the chance.
Such positive feedback comes from the amazing results they achieve while working with business coaches. However, finding a good coach these days can be daunting due to the growing number of business coaches worldwide.
A bad coach, or a coach not suited for your business, will not offer you the benefits expected from business coaching. Here are some tips for choosing the right business coach and the factors to consider when choosing a coach.
Tip 1: Do Your Research
In order to choose the right business coach, prepare to do thorough research on your options. You must carefully evaluate their backgrounds, qualifications, and experience. Even if your friend recommends them, you must still research and determine if they align with your business philosophy and goals.
Thankfully, you can find virtually anybody’s information on the internet. A good business coach should have a professional website, email, and social media account. If you’re lucky, you can find their business information on networking platforms like CrunchBase or PitchBook.
In other cases, they’ll share helpful content online via blogs as contributing writers, YouTube (vlogging), or podcasts, which are great ways to learn about their services. Also, you may save yourself the hassle of finding a worthwhile business coach and getting professional coaching and training by using coaching services like what we provide at Foreword Companies.
Whichever platform you use to find the information you need, ensure the coach is authoritative and has up-to-date information.
Tip 2: Define Your Expectations
Setting goals and expectations helps you to make the right choice. The reason is that by setting goals, you define what you want and expect from your business coach. This helps you to tailor your search to the specific service or experience your potential business coach must have.
Also, keep in mind that you’re hiring a business coach to help you achieve your business goals or be your third eye when things seem overwhelming—not to change your narratives overnight. Never forget why you started or are starting your business. Never sideline your business plan because of an “out of the blue” idea from your business coach.
Tip 3: Read Reviews
In many cases, you’ll find reviews from people who have worked with a business coach online. Some places to find these reviews include:
The coach’s website, usually as social proof of their service viability and quality.
Social media, where you can use keywords or hashtags to help you tailor your search.
Google Business Profile (formerly Google My Business, where people who have worked with this coach may leave reviews about them.
Articles or PR information about them.
You may also gain insight from other entrepreneurs or colleagues who have worked with this coach. However, research further to ensure they meet your expectations because your business philosophy, goals, or size may differ from other entrepreneurs.
Tip 4: Consider Cost & Availability
Before embarking on the journey of choosing a business coach, ensure you have the budget and funding for it. Typically, hiring a business coach costs between $300 to $500 per hour. For those who charge monthly flat fees, depending on the nature of the agreement, it could be between $1,500 to $15,000 per month.
Another thing to consider is availability. Sometimes, the availability of a business coach determines their service cost. This is usually true for many professional services. While at the negotiating table, emphasize the coach’s availability to learn if it's worth the premium you’re paying. Document and sign an agreement so both of you know what to expect.
Tip 5: Identify Your Needs
Keep a checklist for how to choose a business coach and the qualities you want so that when you’re asking questions or doing your research, you know what to look out for and expect. Some of the questions to answer in your checklist are:
What business coaching qualification and experience should I prioritize?
What budget or pricing should I emphasize?
Why do I need business coaching?
Who has this business coach served?
How do I find a business coach near me? Will remote coaching serve my interests?
What is my deadline for finding the right business coach?
Make sure you understand what business coaching is, the different types of business coaches available, and the niches they specialize in so you can understand the type of coach you need for your business.
Your industry will determine the type of coach to go for. Generally speaking, a business coach’s primary purpose is to help you grow your business. So, before making a decision, you have to ensure they understand how to run or grow a business within your industry. A good starting point is their work experience and portfolio or past results.
Tip 6: Ask Questions
Don’t be afraid to ask questions about their coaching style and methods. Your business is at stake, and you must ensure the business coach you choose does the job right.
While asking questions, clearly communicate your business objectives, roadmap, and achievements, and carefully pay attention to their feedback. Also, explain your pain points in the language the business coach understands.
See it as though you went to see a doctor. By explaining your problem, the doctor can offer you a possible solution. Also, if you think the doctor doesn’t understand your problem or can’t help you, you can visit another doctor. That’s the purpose of questioning.
What’s the Next Step?
After following this article's guidelines, you must trust your gut. To make this easier for you, make sure you set realistic goals. That way, you’re clear about what you want and expect from a potential coach. This will also give you confidence and make communication effective during onboarding.
Usually, finding the right business coach requires you to invest your time and resources. However, you can save yourself the hassle of hiring a certified business coach by going through Foreword Companies.
Foreword Companies is a multi-faceted business growth company with combined experience of over three decades. We offer business coaching, consulting, improvement, partnership, and investment services that can take your company to the next level.
Our team consists of trained experts in various business areas, and our satisfied customers are proof of our expertise. Schedule a call with us today to learn more about how we make your business better.
Business coaching is the process of providing professional guidance to business owners to help them achieve their business goals or overcome situations that are overwhelming to them.
What Are the Benefits of Business Coaching?
Some of the benefits of business coaching include:
Improving overall employee performance.
Strengthening employee-business relationships.
Enhancing employee and customer retention and engagement.
Helping businesses grow their sales and revenue over time.
What Is the Difference Between Business Coaching and Business Consulting?
Business coaching helps business owners or entrepreneurs solve their business problems or achieve their goals. It also provides professional training and advice to unskilled employees or business owners, who can later become business coaches too.
In contrast, business consulting typically does the job for their clients—from analyzing the situation to implementing the solution. They may offer training services just like business coaches.
Some of the characteristics of a good business coach include:
Strong leadership and communication skills.
Analytic attention to tiny details.
Strategic and rational decision-making skills.
Good understanding of niche industries.