Hiring a Business Coach to Get to the Next Level
by Larry Slusser on February 19th, 2008
Creating a successful business can be hard and stressful. What are the different pitfalls you should avoid when establishing your own business? Do you have the right mix for truly being successful in your business? Do you know what successful means to you? Perhaps it is just how to get started. Hiring a business coach can not only help you in preparing for a business, but they can also help to increase self-confidence and self-awareness, create a better work-life balance, lower stress levels and establish smarter goals.
All these things sound great right? But how do you go about choosing the right business coach for you? First, it is important to understand what the business coach will offer you. For instance, a coach will encourage you to outsource jobs where it is more efficient, establish and launch marketing campaigns, and register trademarks, if you have any. The business coach has experience in establishing businesses, so they are not going to steer you wrong-follow their guidance. It is only you and your business that suffers if you do not follow their guidance.
Another benefit of a business coach is that they possess valuable information, such as references for attorneys and accountants. If you need a resource for a website designer, your coach will have the answer. They are in essence a walking rolodex at your disposal. This will save you time and money in resources looking for the basic needs for your business. Additionally, you will feel more confident because these references come from a reliable source.
However, your coach is not free. A business coach will usually charge by the hour with rates ranging from the mid-$100’s to the high-$300’s per hour. Some may require a specific period of time for services, such as a set number of months versus a fluid business relationship.
A drawback to a coach is that a person can become dependent on the coach for every move and step made during the business development phase. This not only expensive, but you could lose valuable learning experiences if you are completely reliant upon someone else to make the decisions for your business.
An effective coach will teach you along the way, while you feel your own skills building; thus, increasing your confidence. A good coach will also help you to establish the outline for getting things done; but it will be you doing the work, not the coach-they are there to guide you along, not do to the work for you.
When you are ready to make the plunge, there are some key items to consider prior to hiring a business coach. First, what kind of experience do they have? You are looking to hire someone who has been around the block a few times, not someone who has not built a business or worked in corporate management. The minimum years of experience should be around 5 years. You should also look for someone who has experience in your particular industry.
Additionally, any professional business coach will submit a formal proposal; however, ensure that the information in the proposal contains the specific services that will be provided to you, the anticipated amount of hours they are committed to coaching, and the cost, whether it is an hourly, weekly or monthly rate – and ensure you receive the price for all services included. Moreover, find out if there are extra charges that are not outlined in the proposal. This should all be known prior to signing a contract with the business coach.
Hiring a business coach is not only establishing a personal relationship with someone, it is an investment. Ask the potential coach if you could meet with him or her prior to engaging in services, or if they will offer a free session. This will help you both identify if the personal chemistry is conducive for a successful business relationship.