There are countless books, articles, and even Facebook groups online on establishing and growing a business. But each business is unique, and generic advice is rarely a proper substitute for personalized coaching. Luckily, entrepreneurs can get the personalized support and guidance that they need to grow a successful enterprise through business coaching services.
Whether you are managing a small business or planning to establish a global company, we can not overemphasize the benefits of hiring a business coach no matter which stage your business is in. For accelerated results and ongoing success, every business owner needs a coach.
From giving a highly-needed ego check to helping extend your network, a business coach will supply you with both the instruments and viewpoints you need to grow from one point to the next.
In this guide, we cover:
11 Benefits of Business Coaching
The Problem with the Business Coaching Industry
Common Business Coaching Models
Business Coaching For Entrepreneurs Vs Business Coaching For SMEs
Business coaching for startups
Six Signs You Need Business Coaching
What To Look For In A Business Coach
How Much Does Business Coaching Cost?
Does Business Coaching Really Work?
Try Out James Schramko For Your Business Coaching Needs
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What Is Business Coaching?
What if you could have someone with experience in your industry help you in running a business? What if they had been there and done that, so that even if your business doesn’t succeed, at least you’ll know what it takes to get there?
By hiring a business coach that’s exactly what you can expect to happen.
In coaching sessions, the coach works with their client to establish goals and polish the business’s vision for a charge. They then design strategies to help the owner reach their next level of success and to overcome challenges in the most efficient way possible.
Having a business coach is like having an extremely experienced companion in your team, and the value they give to small business owners is an investment.
11 Benefits of Business Coaching
1. It can help you find your niche, and improve your products and services.
2. It can provide a fresh perspective on how to grow your business.
3. It’s an investment in developing yourself and your future vision.
4. A coach will be able to help you set goals and create a plan for achieving them.
5. Coaching sessions are private, so you don’t have to worry about what others think of the advice being given.
6. Having someone else there with you as you work through tough decisions makes it easier than trying to do it alone.
7. It’s is a great way to get feedback to help you grow your business.
8. A coach will help you identify and develop competencies that are important for success, such as time management, conflict resolution, sales, marketing, team management, leadership, and more.
9. Coaching can be done in person or remotely, depending on the needs of the client.
10. Coaches can provide accountability by working with you to schedule a regular rhythm for coaching sessions.
11. A coach will push you to take risks that may lead to new opportunities in your life and career.
The Problem with the Business Coaching Industry
You’ve no doubt seen Facebook ads running of some “guru” promising you’ll triple your income in sixty days if you download their freebie, sign up for their free webinar, and then buy their five-thousand-dollar program.
The reality is that in an industry where there’s a low barrier to entry, much like real estate agents and social media, you’ll always have unethical people.
Here’s a couple of red flags that you need to look out for.
- No actual business experience. Has the coach had any real success in running their own business(es)? Have they got any domain expertise that they’ve been able to build an enterprise around successfully? If not, be careful. What qualifies them to be getting paid to coach businesses?
- No case studies featuring real people.Successful coaches talk more about the results their clients have achieved, not about themselves. They also have no issue with putting up a case studies page with links to their client’s websites so that you can reach out to their clients to ask questions.
I always recommend that you don’t rush to hire a coach. It’s better to do your due diligence and research multiple coaches. Talk to their clients, attend their events, consume their content, and get a feel for which coach is right for you.
Common Business Coaching Models
These include group coaching through hybrid programs that mix live calls and lessons, pre-recorded programs, and one-to-one sessions.
It is best for you to identify which one precisely suits your business. If you love working in a group, then you’ll have tremendous success with the mastermind groups. But if you desire a more personalized service, you may want to go for a program with at least an element of one-on-one coaching. Here are some examples of how they work.
1. One-on-one Coaching Session
One-on-one offers the most bespoke type of service. Here, a coach individually helps you with your small business and helps you devise a better process for you to reach your goals.
It’s also one in which the coaching relationship is significant. Essentially, when you’re looking for one-on-one coaches, make sure that they understand what you’re going through and how to help you surmount your problems in meaningful ways.
It’s also worth noting that one-on-one is not scalable, so your coach will likely have limited availability or have sub-coaches.
2. Standard Membership Program
Most coaching models cost above $1000 per person because of the potential return on investment. A membership program under $100 doesn’t allow meaningful private coaching to happen, but you can become part of a coaching community.
You can interact with fellow group members for the standard membership price, attend virtual events, access training programs, and go to group coaching sessions. It’s really valuable to have a peer support group that can help you become successful.
3. Advanced Membership Program
Some business coaches will offer an advanced program similar to the standard offering but with personalized coaching and other benefits.
4. Mastermind Groups
If you’re looking forward to long-term expert coaching mixed with an element of networking, this model is for you. It is among the highest-paid models. These programs hold a premium ticket fee, somewhere from $5,000 to $100,000 per person annually.
Mastermind groups constitute one of the most challenging models to operate. By this model, the business coach must pre-qualify all candidates and be extremely careful regarding who they permit into the group.
Mastermind groups’ point is to feed off the energy, connections, and innovation with other group members. The coach has to possess tremendous facilitation skills.
Business Coaching For Entrepreneurs Versus Business Coaching For Small And Medium-Sized Enterprises
Coaching for entrepreneurs
Coaching for entrepreneurs can be beneficial in a variety of ways. A coach can provide an outside perspective, helping the entrepreneur to identify blind spots and challenge limiting beliefs. They can also help the entrepreneur to set and achieve specific goals, develop effective strategies, and stay accountable for their progress.
Additionally, a coach can provide support and guidance through the many challenges that entrepreneurs face, such as managing stress, building a team, and raising funding. Overall, a coach can be a valuable resource for entrepreneurs who are looking to achieve success and reach their full potential.
Often, the goals and challenges of small businesses are different from those of big companies. For instance, we wouldn’t expect a local restaurant struggling to attract local clients to have the same set of struggles as a company specialized in shipping products worldwide.
In reality, most coaches have worked with small businesses. The vital part of a business coach’s job is to learn as much as they can about your business, including uncovering whatever’s blocking you from achieving your desired outcomes. They’ll then work closely with you to design a uniquely suited strategy for reaching your goals.
From giving a highly-needed ego check to helping extend your network, a business coach will supply you with both the instruments and viewpoints you need to grow from one point to the next.
Business coaching for startups
While there exists no absolute answer as to when to hire a business coach, an excellent benchmark for discerning is when you’re telling yourself, “I don’t know what next to do.” Or you have the urge to tweak your business.
Startup founders are increasingly turning to business coaches for everything, from hurling advice to providing the framework of stressing better.
Coaching and mentoring for startups, just like for leaders of large corporations, is crucial. Even though a business coach can come in at any stage of your business, it is even more essential to hire one for startups.
These coaches give you directives to avoid common mistakes based on their long-term experiences. They’ll ensure that you’re more productive in your business, that you do your job, and run your business much more effectively.
Whether your business is struggling and you want to restore it or bring your brand to the next level, hiring a professional business coach is the most efficient alternative you have available.
Every business needs advice and collaboration to thrive, so it would help a business owner to employ coaching for their business as early as possible.
Business Coaching For Women
Although coaching offers both genders an advantage in business, Pamela L. Perrewe and Debra L. Nelson recommend coaching for ambitious women for the following reasons:
- Their leadership journey is not direct. Women encounter many impediments, and sudden turns along the way. Their careers do not always advance logically one step up at a time, and so, they must continually recalculate and reappraise their next step. It takes understanding and strategy to do so.
- Women frequently need to negotiate round barriers due to subtle gender bias, politics, internal obstacles, fears, and self-doubt.
A business coach can help entrepreneurs address these challenges. Here’s what two Superfast Business members shared about their experiences:
DR. MICHELLE GORDON
Founder of The Menopause Movement
Six Signs You Need Business Coaching
- Your business is growing too fast, and you can’t keep up
- You are struggling to identify clear workflows in your business
- You lack Accountability
- You lack strategies to improve performance of employees
- You need time to develop new skills as a leader
- You’re working more than you’re enjoying living
- Go for a coach with opposing strengths.
- Ensure that the person has goodwill towards you and your business.
- Look for someone who can teach by example.
- Get the person with whom you share mindset and chemistry.
- Get the coach who will hold you accountable.
- Request for a necessary dose of honesty.
- Go for someone who owns up to their failures.
- Ensure that they are objective and trustworthy.
- Seek someone who can successfully bring out your best thinking.
- Go through personal testimonials to see if they’ve successfully coached other businesses.
- Do a detailed online search. Include words like entrepreneur’s coach, business coach, and success coach.
- For private coaching, try not to work with a coach who will not agree to a one-on-one conversation before committing to anything. This is the only way to determine your compatibility. Some business coaches will offer a free consultation. But don’t hesitate to ask if you can pay for a single session before deciding if you’re still uncertain.
- 53% of business owners and executives state that business coaching improves their productivity.
- 61% of business owners report that business coaching boosts job satisfaction.
- 23% of executives hold that business coaching helps them to minimize operational expenses.
- 22% of companies reveal that business coaching enhances profitability.
- 67% of business owners and executives proclaim that business coaching builds teamwork skills in the business.
What To Look For In A Business Coach
You’ll want to look for a business coach with the following qualities.
How To Find A Business Coach
To resolve this, you must first ascertain your needs. Below is a checklist to follow.
Your prospective business coach should be a great listener. Additionally, you need a coach who is willing to determine if you’re a good fit for their experience and skill set (and direct you to somebody else if you’re not a good fit).
To recognize this, the coach should endeavor to ask you questions and try to get to know you. They should further explain their coaching style, tools of their trade and describe their ideal client to you.
To recognize this, the coach should endeavor to ask you questions and try to get to know you. They should further explain their coaching style, tools of their trade and describe their ideal client to you.
How Much Does Business Coaching Cost?
The answer depends on your business goals and objectives and the type of coach you hire. A great coach is worth millions.
JamesSchramko.com offers a range of quality and affordable business coaching services, with pricing ranging from support assistance coaching to coaching SilverCircle Partners programs.
Got a mentoring-specific question?
Does Business Coaching Really Work?
The following statistics shine a floodlight on the real-world benefits of business coaching services.
Manchester Inc. 2001 investigation revealed that businesses who hired a business coach experienced an average ROI of 5.7 times the fee they pay for the coaching services.
The Personal Management Association report holds that executives who received coaching and training services raised their productivity by 86% instead of a 22% boost in productivity by executives who paid for training alone.
A Hay Group inquiry recorded that 40% of Fortune 500 companies employ coaching to instruct and develop their executives.
Research conducted by Metrix Global LLC noted that businesses who hired for coaching noticed a $7.9 return for every $1 paid on those services.
Wondering if James Schramko is worth it?
Check out the following testimonials, which are among the many presented by business owners to attest to Superfast business coaching’s benefits.
“I transitioned out of hourly work and went from making $4,000/month online to $7,000-$10,000/month within 6 months of joining JamesSchramko”
LUKE SMITH
Author of SimplyConverting.com
“My offer converted for 11 people so far! Yay! That’s recurring revenue that I haven’t had till now.”
CAS MCCULLOUGH
CasMcCullough.com
“I upped my prices 2.5X and have started taking steps to hire a team. I work max 30 hrs a week and added 1 hr exercise to every morning. I already passed last years sales (in April) so it’s all coming together nicely.”
TIINA WILEN
TiinaWilen.com
“I’ve managed to double my profit twice. I did this while working less and enjoying my life even more. Getting top level business advice directly from James has made all the difference for me!”
JULIAN MURRELL
WebTiger-Pro.de
“My life and business felt like a tangled mess with my mind moving in a million directions and no real focus. Since working with James, I’ve been able to simplify my approach and finally get results that I can be proud of. Within two months of working together, I’ve been able to go from book idea to #1 Best Seller in just 6 weeks.”
STEVE MASTROIANNI
RockStarMind.com
Try Out JamesSchramko Membership For Your Business Coaching Needs
One thing seventy-three percent of business owners can agree on is that other business owners are the best business coaches.
Essentially, several entrepreneurs pick other business owners as their most patronized advisors, putting them above family members and traditional business coaches. Why? Because regardless of the size, industry, or value, 70% of businesses face the same challenges.
With any level of success, experienced business owners have already overcome most of the challenges entrepreneurs encounter every day. So their first-hand experience is promising to possess the keys to any pressing issues. And they can also relate to your struggles.
Investing in business coaching services is a commitment to a two-way relationship. You need to work with a business coach you feel most comfortable with and trust to keep you accountable for your practical coaching.
At JamesSchramko, we believe that a great coach and a great community will help you lead your business to success.
