When digital marketing speakers, consultants and agency owners first call me, one of the first questions they want to know is, “How much does business coaching with you cost?”
Although determining how much it costs to hire a business coach can be a very difficult question to answer, I will try my best here to explain some general pricing guidelines.
First of all, I believe hiring a business coach is not an expense, it’s an investment. It’s very similar to any other major investments that you make; buying a home, investing in the market for retirement or going to college. As with investing in a home, retirement or college education, you are making an upfront investment with the anticipation that it will pay off in the future.
With so many different levels of business coaches out there, the price range can vary drastically. So what’s the best way to estimate a fair price to spend on a business coach?
I suggest you look at other similar investments, like retirement planning, as a guide. Personal finance expert, Dave Ramsey, suggests investing at least 10-20% of your monthly income for retirement, depending on what your current financial state is.
I believe that using a similar range (10-20% of monthly income) is a good guideline to follow when hiring a business coach as well.
Here’s an example. If you make $5,000 per month, you should expect to pay $500-$1000 per month for a business coach (10-20% of your monthly income).
Here’s another example. If you make $10,000 per month, you should expect to pay $1,000-$2,000 per month (10-20% of your monthly income) for a business coach.
Check out the table below to estimate what you should expect to pay for a business coach.
Monthly Income Price Range For A Business Coach
$2,500 per month $250-$500 per month
$5,000 per month $500-$1000 per month
$7,500 per month $750-$1500 per month
$10,000 per month $1000-$2000 per month
$20,000 per month $2000-$4000 per month
$100,000 per month $10,000-$20,000 per month
When hiring a business coach, you tend to get what you pay for. The higher the price the coach charges, the higher level of business coaching you’ll get (in most cases).
Here are the Top Factors That Determine How Much A Business Coach Charges…
- Results that they help their clients get, especially financial results
- Reputation (authority like reviews, Google Ranking, reputation in the industry)
- Level of clients they work with
- Experience as a coach
If you want to work with a higher-level coach than your budget allows, one way you can this is to find a higher-level coach who offers a group coaching program, not just 1-on-1 coaching.
Here are the 4 benefits of being in a group coaching program with a higher-level coach.
#1 A Better Coach: the first benefit is obviously working with a better business coach.
#2 Price: when you work with a business coach in a group, you’re essentially sharing the cost of the coach with other individuals, so the price will be more affordable compared to a 1-on-1 session. Group programs may be 15-35% of 1-on-1 prices.
#3 Connections: in a group, you can tap into the networks of more people than just your business coach. This is especially helpful when prospecting, hiring staff or collaborating on a client project.
#4 Greater Accountability: In a group environment, you not only have upward accountability from the business coach, but you’ll also have peer accountability from the members of the group. The greater the accountability, the higher the likelihood of meeting your goals.
Chris Rudolph is a husband, father of 3, and a Freedom Business Coach for Digital Marketers. He specializes in working with those who are underpaid, hustling around the clock or missing out on valuable family time build their own Freedom Agency. He helps them grow their income, scale with a team and enjoy more time with their family.