Is a business coach worth the investment?
I think a business coach might be valuable to help me stay focused on my goals and accomplish more to move my business forward. However, with limited funds, I could also use that money to hire someone to help with social media and a few other marketing efforts that I am struggling to manage myself. What do you think is the better use of my resources? Thank you for your thoughts.
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Aug 8, 2015
Hi Kate,
As a Certifed Life Coach, I can tell you that the great news is that you've already answered your own question.
What is the objective of hiring and working with a business coach? Clarity of vision and guidance on the best way forward for now! You are already clear on your limiations and what your business is lacking, so I would say hiring marketing people is definitely your top priority now, However; A business caoch at this stage will be benecicial in one way.
S/he will help you clearly visualize you blocking barriers and your blind spots.
S/he will guide you to bring the best solutions to your situation from within you.
To minimize your investment ask for a free or discounted session to see if you are comfortable with the person and his methodology.
Aug 8, 2015
It all depends on which one you feel you need the most. Weigh your circumstances, your needs and your budget. I'm a marketing/social media consultant, but I don't want to be biased.
Aug 8, 2015
Business coach is a third party person between you and clients, provide credible things both you and your clients. Budgeting is depends on your sales forecasting and ROI. We have to find best balance or ratio between breakthrough by coaches and sales & ROI.
Aug 8, 2015
I can tell the future...so, yes.
But, if you're already smart & savvy, and only a tad slow on getting engaged in your own "thing" - get an accountability partner.
Aug 8, 2015
Hey Kate...fast answer, Yes, a business coach is worth the invested ONLY if you implement your new learnings. Pretty simple.
Limited funds? As a small business owner (like you and likely everyone on this thread) welcome to the reality of small business and entrepreneurship. You're going to have to make the best call you can make with the money you have. If it's the right call, great. If it's the wrong call, you might have lost a few dollars but don't lose the lesson. Make a new decision and get back at it.
Options:
One - Invest money into your marketing efforts and that just may help you increase revenues. Use those profits to reinvest into your business.
Another One - Invest money into YOU, and you'll become a better person over all, and you just may earn more revenue because of it.
Another One - ________________________________ (there's always another option)
There is no right or wrong answer, Kate. You just have to make a decision and move forward :)
Pick up a copy of this months issue of Success Magazine, they have a great article on the Coaching industry. There's a piece on what questions to ask a coach before hiring one.
The coaching industry is unregulated...and although I think that's a good thing, it's also a challenge ...anybody can call themselves a coach, and too many are exploiting unwary buyers. Beware of "too good to be true" offers.
I hope that helps Kate. Don't be shy to read my profile if you have any followup questions. Good luck with your jewelry business.
Aug 13, 2015
I totally agree with Vince on this one. Implementing the learning is the key to being successful with a coach. you do have to choose what is right for you - but the key is to implement the learning whatever the decision.
Aug 8, 2015
Even the CEO of Google, Eric Schmidt, had a coach. Our job is to help you grow your firm, offer advice and suggestions and hold you accountable.
Aug 8, 2015
Good question: you, for sure, could test the business coach. Work out a plan. Do a full session and see if he or her can be available by phone. Seems like you could use their expertise or at least test. Social media is a skill. Just like you need finance, an attorney or an advertising agency.
My first word was going to be "test." But I need an introduction to help you. Hope this helps. You are juggling a few balls. Just keep them in the air. Good luck.
Aug 8, 2015
You can't really test a coach. There's a lot of pre-work on the part of the coach and the client. The coach shouldn't be trying to sell the client with a try-before-you-buy model. This is a serious investment of time, energy, and money. The coach should be qualifying the client for readiness as much as the client is qualifying the coach for expertise and their ability to move them forward. I use a compressive online assessment that requires the potential client to do an analysis of current state and desired state on 6 major areas in their business. If they can't articulate that, they aren't ready.
Aug 12, 2015
Marissa, you could have a talk on the phone or a lunch. I understand that you'd put a lot of work into it. Same for an attorney or any service person. Both sides of any client relationship. Not all relationships work out. I was commenting to do due diligence.
Aug 19, 2015
You can and should 'test' a coach or anyone else you engage in. If a coach is looking to put you into a big investment without you evaluating them - in whatever way you need to, then that is your test (and they failed).
How can you 'test' a coach, apart from above:
- during their initial interaction with them - did they ask the right questions, listen more than talk, understand your challenges, offer great feedback and even free tips and advice in that initial discussion to validate their value, measure the compatability or chemistry between you two, even trust.
- you can hire them for a specific timeframe or number of sessions... or even for a project (i.e. Marissa's online assessment - but recognize, that is you giving them info about you - when you need them to give you information and proof about them).....
There are a number of ways to test (and fail fast) to find the right person to work with.
Aug 8, 2015
Kate, the question you may want to ask and answer for yourself first is -
- what is the financial, personal and business impact should you not achieve the goals you are working towards (due to lack of focus, productivity, prioritization, etc.)...as that qualitative and quantitative answer will tell you if hiring anyone, including a coach, will provide you an ROI - as that is the value of an investment, is achieving a return.
- though hiring someone to do work you don't want to, aren't skilled to, or shouldn't be doing, is always smart...(so you work on the business not in it)...however, that will not address your own focus, productivity or prioritization challenges you have, as something else will pop up to create havoc. A coach can support you in that area.
- suggestions below in regards to bartering with a coach in exchange for your services is a viable approach - but be sure there is 'immediate need' for both parties, and be sure to negotiate and contract it like anything else - as I have seen a lot of those arrangements favor one and not both parties.
- as far as equity or share of the business idea posed below - be sure to consider:
- you need to have a rock solid business plan in place, revenue stream or growth, and key players already engaged in the business for this to pay off for the person you would be engaging (the coach)...yet, to ensure you have skin in the game (meaning you are investing in your coaching)..it would need to be a substantial amount of equity or revenue share for it to be worth it for both of you - note, you get what you pay for (meaning quality of coach).
- I would go back to the first point above - work to quantify the results and growth you could be achieving should you have someone to support your business plan / leadership style, etc.. and recognize that it is an Investment - not an expense, to bring on a coach.
You could be in a very different place in 12 months working with a coach, then without one. Believe me...not only am I a coach, but I have been working with my own coach since 2009...we meet on a weekly basis for 30 minutes, and she has allowed me to achieve things I never imagined I could.
Lastly - qualify, qualify, and qualify the coach you hire - do not hire one because they are free or barter with you. If they can show how you will achieve your goals, go for it, but interview multiple coaches before engaging one.
Aug 8, 2015
A business coach/ consultant only has value if his or her suggestions be acted upon. If you are paying some-one for advice it is important that you listen to that advice and act upon what makes sense to you and your business model. A coach/consultant that cares about your business will also assist in implementing the ideas
Before hiring a coach it is advisable to have a conversation with them at no charge to see if there is a good fit and allow them to better understand your business
Aug 8, 2015
Kate: first, congrats to you for reaching out. Our growth and transformation always begins with #1: Self-awareness, and #2: The courage to reach out. The only time we commit to growth and change is when we reach "tipping points" in which the pain of staying the same becomes greater than the pain of change. Growth & change are incredibly difficult, whether it's business or personal. We often say we want to make a change, but are we truly ready? For you to recognize a Return on Investment with coaching, you must be ready to take ownership for where you are now, AND where you want to be. The ROI will only come through the hard work you are willing to do. I've led my first multi million dollar firm - which I bootstrapped from nothing - through 7 massive market shifts over 20 years. Without pushing through tremendous difficulty, we wouldn't have survived. The best coach can give you tools and scheduled sessions but ultimately it's up to you. Are you ready to do the work? That means examining those closest to you, reevaluating your goals, analyzing how you allocate your time, energy, and resources, etc. Are you truly ready for the shifts? If so, then you will achieve an ROI. I recommend going with a coach who has already achieved what you want to achieve. Are you looking to scale a business? Make hires? Then select a coach who will not only help you find your own answers but has the expertise and credibility to guide you down the right paths and away from the wrong paths. This is why my clients have selected me, and why most have doubled and tripled their revenues. Our collective success is a combination of their mindset (how they perceive their own value), their commitment to doing the work, and my personal experience. I hope I have given you much to think about. I wish you the best!!
Aug 8, 2015
Why not? As a business coach very useful to investors. Without this they hard to earn money from any investment site. So, it is powerful and credible. Maximum the business coach is wanted to MLM business referral members. You can understand this from http://www.armmlm.com/mlm_features/
Aug 8, 2015
Unless they have more success than you in your field I'll say not really a wise investment. Otherwise sure, why not learn whatever you can?
Aug 7, 2015
Hello Kate, it all depends on how you are placed with respect to your business experience. If you are starting out fresh with no background whatsoever, and you have your business goals and achievable time-frames clearly outlined, it would be well worth to invest in a good business coach - provided you have tangible,measurable goals and expectations set for him or her. If you have some business background and understand the basics of the approach of your business, you can always go on to hire a staff member to work on your plan. Remember, a coach will generally tell you how to do things (seldom will he do them for you), while a staff member will expect that you direct him. There is, however, a mid-way to all this: you can hire a specialist for a specific area (e.g social marketing, business development etc) and ask him to work out a plan for you and execute it at the same time. So, in summary, if know very little, go for a coach, if you know some, hire a specialist for areas you are not aware of, and if you know well, hire a staff and give him a plan to execute. Happy to help further!
Aug 7, 2015
Mr. Drozda has presented an offer that should not be refused.
But, have you considered a local mentor from www.score.org?
We deal with this topic daily.
Good Luck!
Doug
Aug 7, 2015
A business coach. More focus will help you be more productive, accountable and should help you develop marketing strategies that will fit your budget.
Aug 7, 2015
As a business coach I would suggest this- let's have a one hour, no cost, no obligation conversation. This will provide us both the opportunity to learn more about each other and enable you to 1) experience interaction with a business coach, 2) benefit from the services of a business coach (I treat my consults like a session) and 3) answer your original question. Feel free to reach out privately if you like.
Aug 7, 2015
Hi Kate, you ask a good question.
A few years ago I was introduced to a business leadership coach and what we wound up doing is I did some website analysis work for him and he gave me a few sessions. For me it was a great experience. There was no way I could ever afford what he charges individual clients and corporations.
It always good to get an outsiders opinion but it can be expensive.
From what you are saying it, sounds like you are trying to do everything and you are aware that you losing focus on your goals. I would say it is time to go and hire some staff to taken on the social media and marketing responsibilities. That way you can focus on your goals. Do not be afraid to delegate as long as you hire the right people.
Aug 7, 2015
How about finding a business coach who works for "free" in exchange for either a revenue share of the incremental value they bring to your business or for an equity share in your business?
Aug 10, 2015
Any good business coach should offer to meet with you the first time free of charge so that you can really understand the dynamic, what you need and how they will help. Beyond that, yes, some coaches (myself included) will consider alternative arrangements as Jeff suggests, so don't be afraid to explore options. Plus any coach should be able to give you references of other clients who can talk you through their personal experience of working with that coach so you can judge the value add for you.
You have received a great amount of information and advice already, so i won't chime in other than to say "Choose Wisely." Because I am a coach, use a coach and know many, Like Bernadette Boas (whom you could not possibly go wrong with) you need to find someone that will tell you like it is. Warm fuzzies won't cut it. Great fortune be yours.