As we begin another year, many people are reflecting on their goals and aspirations for the coming months. For some, this may involve seeking personal or professional development through coaching. However, the question remains: is getting coaching worth it in 2023? With so many options available and varying costs associated with coaching, it can be difficult to know where to begin. In this article, we will explore the benefits of coaching and help you determine if it is a worthwhile investment for your personal or professional growth.
Is a Business Coach Worth it?
As the popularity of business coaching continues to surge, many individuals may question whether investing time and money in a business coach or life coach is truly worth it. In my opinion, the answer is a resounding yes. A personal development coach can be incredibly beneficial in providing focus and guidance, helping to identify what you want to achieve and why, and then determining the steps necessary to achieve those goals.
By working with an experienced coach, you can gain clarity and potentially uncover new options that may not have been apparent before. With many coaches offering virtual sessions, the options for finding the right coach are virtually endless and without additional costs.
However, it’s important to establish clear expectations and agreements regarding the return on investment and how it will be measured, especially if you have limited resources. Many coaches offer a free introductory consultation, allowing you to determine whether coaching is the right path for you. With just a few sessions, you may be surprised at the progress and growth you can achieve with the help of a skilled development coach.
Business Coach, Life Coach, Executive Coach
Why Do People Look For A Coach?
People seek the guidance of a coach for various reasons. At times, they feel stuck in their personal or professional lives and need assistance to move forward. Others may have exhausted all their ideas and can’t figure out the next steps to take. They may not have anyone to confide in and need a confidential conversation to express their deep-seated worries and concerns.
Some people believe that changing one thing about themselves can have a significant impact on their lives or businesses. They may be ready for something different but aren’t sure what that “something” is. On the other hand, some individuals have specific goals they want to achieve, and they require guidance to get there.
Business coaches, executive coaches, and life coaches are experts in helping individuals reach their desired outcomes. Each type of coach has a unique focus and approach to coaching. In the following sections, we’ll explore the differences between these coaches, what they do, and how they can help you.
Business, Executive, and Life Coaches focus on helping individuals go from where they are, to where they want themselves to go.
In the next few sections, I will cover the differences between Business, Executive, and Life Coaches. The basics of who they are, what they do, and why they can help.
Business Coach (Business Coaching)
What is a Business Coach?
A Business Coach is a professional who provides guidance and support to small business owners in developing and growing their businesses. They work with entrepreneurs to create strategies and systems that help take the business from its current state to where the owner wants it to be. Business Coaches help in developing a clear vision and mission for the business, setting goals and objectives, and implementing plans to achieve those goals. They also offer support in decision-making, problem-solving, and identifying areas for improvement. The ultimate goal of a Business Coach is to help the business owner achieve success and growth in their business.
What Areas Does A Business Coach Work In?
Depending on your coach, typically they choose to work in one or more of the following areas:
- General Strategic Planning – In this area, a coach work with you on stabilizing and developing your strategic planning, marketing, and promotional planning, financial management and planning, and general administration and personnel issues.
- Marketing and Promotional Planning – In this area, a coach specializes in helping you develop and implement your marketing action plan, advertising strategy, general public relations, and reputation management.
- Financial Planning — This Business Coach specializes in helping you understand financial statements, cash flow management, pricing strategies, and associate compensation plans; however a business coach specializing in financial planning is NOT a Tax Adviser.
Executive Coach (Executive Coaching)
What is an Executive Coach?
An Executive Coach is a professional who works with individuals in leadership positions to enhance their performance and achieve their goals. These coaches typically focus on developing the individual’s leadership skills, emotional intelligence, communication abilities, and decision-making capabilities. They work with executives to identify their strengths and weaknesses, set goals, and develop strategies to improve their effectiveness. An executive coach can also help individuals navigate challenging situations, such as managing difficult employees or leading through organizational change. The ultimate goal of executive coaching is to help individuals become more successful leaders and achieve greater success for their organizations.
4 Reasons Why Executive Coaching is Important
- Clearly Define How You See Yourself – Many of us have a false sense of who we are and fail to see critically analyze ourselves. Being self-aware is directly correlated with personal and business effectiveness and bottom-line profits. An executive coach will gather input from all areas of your business life generating a profile clarifying perceptions of you, your key strengths, and growth opportunities.
- See Others for Who They Are and Their Value (See More Clearly) – At times during our careers, we all have been guilty of failing to understand the forest from the trees. This is similar to settling on inaccurate assessments of those around us. This causes us to lose valuable associates/employees because we failed to recognize and support their capabilities. An Executive Coach will often take a neutral stance when critiquing and analyzing key personnel of those around you
- New Ways to Respond to People Around You – The definition of insanity is doing the exact same thing and expecting a different result… and that is exactly what many people do on a day-to-day basis. A book I would recommend is ‘What Got You Here Won’t Get You There’ by Marshall Goldsmith. A great read as it clearly shows that the same skillset and responses that did well as a mid-level associate will no longer help us as senior leaders. An executive coach can point out areas of improvement from greater synchrony in the workplace, encouraging workers to speak, and a general shift in thinking allowing for greater productivity and effectiveness.
- Leverage Your Strengths, Knowledge, and Experience – A slight twist to number 2 on this list, is the ability to see our own strengths and value which we bring to the business environment. Too many times we fail to recognize the impact of our skillsets when doing something day to day. A great marketer with a great vision may simply assume ‘Everyone does that’ and minimize their value and worth. An executive coach will help you see the uniqueness and value of your skills, and to learn how to lean them toward being used more effectively for the benefit of your team and organization.
Life Coach (Life Coaching)
What is a Life Coach?
A Life Coach is a professional who works with individuals to help them unlock their full potential and achieve their personal and professional goals. Life coaches use various techniques to help clients gain clarity, identify their strengths and weaknesses, and create actionable plans to move forward in their lives. While the term “life coach” may suggest that they only work with individuals on personal issues, life coaches also work with clients on career and business goals. The aim of a life coach is to help clients improve their overall quality of life, find greater fulfillment, and reach their full potential.
Common Questions and Areas to Explore With a Life Coach
A Life Coach will focus on your overall business, personal, and life goals from a personal point of view (virtually any aspect of your life). It is the view of a Life Coach that many of our life hurdles come from personal limitations and unconscious/subconscious sabotage. This allows life mentors to guide you toward being the most you can be in roles at work, in relationships, and with life challenges. Here are a few areas/questions that you can explore with a Life Coach:
- Do you enjoy what you do on a daily basis? Does anything need to change?
- Are you moving in the direction of your life goals and dreams?
- What change do you desire that would make the biggest difference in your life?
- What do you want more of in your life?
- What do you want to be remembered for at the end of your life?
- What does success mean to you?
- What would you do if you had no fear?
- Goal Setting – Where do you want to be…
- A year from now?
- Five years from now?
- Ten years from now?
What Should I Expect From A Life Coach?
When working with a life coach, you should expect to receive personalized guidance and support to help you achieve your personal and professional goals. A life coach should be someone who is trained to listen and understand your needs, challenges, and aspirations, and to help you develop strategies to overcome obstacles and move forward.
During your coaching sessions, you can expect to engage in open and honest conversations with your coach, where you will be encouraged to reflect on your current situation and identify areas of your life that you would like to improve. Your coach will help you set realistic and achievable goals and will work with you to develop a plan of action to help you reach those goals.
Your life coach should provide you with a safe and non-judgmental space to explore your thoughts and feelings and should offer you honest and constructive feedback to help you stay on track. They should also help you stay accountable to your goals, and offer support and motivation when you need it.
It’s important to note that the relationship between a life coach and a client is a collaborative one. Your coach is there to support you, but ultimately, the work is up to you. You should expect to put in the effort and take action outside of your coaching sessions to see progress and achieve your goals.
Overall, working with a life coach should be a positive and transformative experience, helping you to gain clarity, confidence, and direction in your life.
Sample Sessions to Be Explored
Developmental Coaching: In this session, the focus is to identify and prioritize developmental needs. Usually done in conjunction with the immediate supervisor, department head, or Human Resources.
Personality Test Coaching: In this session, a coach will gather personal data via a questionnaire usually trying to get a 360-degree view of the situation and of you. This process should include a diagnostic assessment such as Meyers-Briggs, ColorCode, Personalysis, and Truity. Upon completion, the coach should spend time focusing on results creating a game plan and working on strategic issues for both personal and organizational issues.
Meyer-Briggs Personality Types
INTJ, INFJ, INTP, INFP, ENTJ, ENTP, ENFJ, ENFP
ISTJ, ISTP, ISFJ, ISFP, ESFJ, ESFP, ESTJ, ESTP
Explaining Types: I vs E vs S vs J vs P
Top 10 Ways a Coach Helps
- Listens to the problems you are facing, helps you set goals and develop a plan, and requires you to carry out and implement your plans.
- Assists you in balancing your personal with your business life.
- Encourages and motivates you, building your sense of self-worth and confidence.
- Guides you in enhancing your business skills and intellectual development.
- It helps you identify life opportunities.
- It helps you look at the big picture of your business and life.
- It helps you through the transitional periods in starting and growing a small enterprise.
- Helps eliminate unconscious and subconscious limitations (self-sabotage)
- Links you with professionals and organizations that can assist you in solving problems.
- Provides candid feedback to you about your strengths and weaknesses.
Coaching Rates and Packages
While there are many factors that influence a Coach’s pricing structure, there are usually 3 Main Ways Coaches typically charge for their services:
- Initial Consultation – 1 hour (Typically Free)
- By the Session or by the Hour (i.e. $150 p/h)
- By the Month (i.e. $500 p/m)
- By the Package (i.e., 6 month package for $3,000)
These rates will vary greatly depending on their experience, In-Office – Phone – or Skype Sessions, 1-hour or 2-hour sessions, their expertise, one on one sessions, or group coaching. Here are some typical coaching fees to examine:
- Life Coach – Monthly Average Fee $500 to $1000
- Business Coach – Monthly Average Fee $750 to $2,500
- Executive Coach – Monthly Average Fee $1,000 to $5,000
Sample Coaching Packages
Initial Consultation (Free)
The initial consultation is a typical 45 minutes to a 1-hour session which is your formal interview. It is basically seeing if coaching is right for you; seeing what is possible, and are you both a good fit. Should you decide to initiate coaching, then this session should lead to the Discovery session.
Discovery Session (2 hours – $300)
In the discovery session, you will be asked to create a powerful vision of where you want to go. Key concepts to be covered are:
- What do you hope to get out of coaching?
- What values do you hold precious and the extent to which you are living them?
- Strategies and the next steps towards living your values more fully?
- Long and short-term goals and intentions related to career, relationships, and physical health and well-being?
The Everything Package ($1,650)
This is specifically designed to provide immediate and long-term support so you can understand and stabilize the current chaos and integrate new beliefs and behaviors. You get the support you need to change your life from the inside out. Package includes:
- A 2-hour Discovery Session
- Four 1-hour sessions in ‘Month One
- Three 1-hour sessions in ‘Month Two’
- Two 1-hour sessions in ’ Month Three’
- Unlimited Email Support
- Short calls (5-10 minutes) up to 2 times a day
- Plus three additional 1-hour sessions (1 per month) finishing your 6-month package.
- Open availability to pick up the Pick 6 Package
Getting Your Feet Wet Package ($1,200)
This package is designed to provide much-needed support at a steady pace. You have decisions to make and changes to initiate, but you are not in chaos. You simply need time and a place to work things out.
- A 2-hour Discovery Session
- Two 1-hour sessions in ‘Month One
- Two 1-hour sessions in ‘Month Two’
- Two 1-hour sessions in ’ Month Three’
- Unlimited Email Support
- Short calls (5-10 minutes) up to 1 time a day
- Open availability to pick up the Pick 6 Package
Pick 6 Package – Follow-ups ($900)
6 additional sessions are to be used however you see fit. Specifically designed for ongoing work or to increase additional packages.
Pay As You Go Sessions ($150 p/h)
This pay-as-you-go is a way to test the water with your coach.
