– As you can imagine, one of the most common questions that I get asked is how much does business coaching expense?[ upbeat music] So I’m going to try and give you an honest and objective judgment about how much business tutors charge and the reasons why they charge in the way that they do. Imagine that with anything, make automobiles for example, you can get cheapest cheap cars that expenditure 10 K You can get super expensive Bugatti Veyrons that costs various million pounds to buy. And it’s exactly the same with coaches. Instructing and knowledge comes in several different formats, business coaches represent one of those.
And that business knowledge can be in the form of free YouTube videos right the lane up to super expensive, million dollar a year coaches who work with a limited select number of buyers. So I’m gonna work through all of the different sort of the pricing bandwidth as I call it for instructs and explain the reasons five different ways that coaches indictment for their occasion, their expertise and their insight. So as with any service you’re investing in, especially when it comes to your business, a business coach is no different.
And I have a very firm ideology that if you buy cheap, you buy twice. And I’m gonna explain why.
I would also have shown that if you’re looking at investing in a business coach as a cost to your business, you’re looking at it wrong. A business tutor is here to offer you a plan in order to speed up the process of flourishing your business, to become more and more consumers preparing your business ranged more efficiently and eventually seeing more coin. And so it shouldn’t be seen as a cost. There are sunk payments in your business, things like overheads, rent, paying for your mobile phone bill for example. Those are kind of fragments of fund that you’re gonna give away to service providers that you’re not going to see back.
A business coach is different. A business manager is here to help you thrive your business, proportion it, increase your turnover and eventually draw your business most profitable. I.e fabrication more fund. So when you’re listening to the pricing bandwidth sit, I’m gonna explain the reasons now, and the different types, the action business coaching is delivered.
I crave you to bear that in thought, a good business coach-and-four will be solidly focused on getting you a return on investment, and ROI for your business in the shortest time which means they have skin in the game. It means that you have skin in video games and in working together you ripen your business faster than you were able to do on your own.
I’m gonna render another alternative path to be addressed investing in a business coach compared to other assets you could impel. So other investments such as investing in property or investing in stocks and shares or Bitcoin or commodities like golden, silver, and cultivates and various things like that. All of those different investments will ultimately be held in terms of their money by external circumstances that are going on, very much outside of your control.
When you spend money in your business, it’s very much in your govern and you have to weigh up. When I spend that coin on a service provider within my business, how is it gonna start me more coin back in return? And actually in your business, you are eligible to invest 10 K in a business and turn it into 100,000 pound a year turnover business, further down the line.
So the ROI you can get on investing in a business is significantly higher than you could get on any of the other traditional ways of investing your coin. Now, I mentioned about pricing bandwidth, especially when it comes to business coaches and how they charge.
So I miss you to imagine that a lot of parties hear coach-and-fours or service providers as a binary decision, that it’s expensive or it’s not expensive. I can render it, or I can’t. It’s a yes or a no. But actually when it is necessary to all of the different business tutors on the spectrum, there’s five or six different ways that those business coaches cost and I’m gonna work through each one of those spaces. If you’re looking for a business coach you can make a very well-educated decision about who it is that you’re going to invest in and why.
Now I’m not going to lie. You can get some really great business coaching advice online and altogether free of charge. There’s a tonne of YouTube videos out there, which you can go and consume, but you’ve clearly got to know what it is that you’re searching for and what causes you want to get out of watching those videos. Too, you’ve got to implement whatever you learn from those videos on your own. And that is something where a business coach, a physical business coach comes into their own because a business coach isn’t about exactly giving you information.
A good business coach will prop you to account in order to make sure that you are implementing everything which you discussed during your coaching hearings. But eventually if you wanna get good business admonition you can buy a good book or you can go and find it on a platform like YouTube.
There’s also million tonnes enormous routes out there. A brand-new to me that potentially you could get for free, which will start to lay the foundations for germinating your business peculiarly when you’re starting up. And a lot of business owners when they’re starting up, they don’t have a lot of money.
So when a business coach comes along and says, it’s gonna cost you various thousand pounds to work with me, and you’ve not made any money hitherto, relatively, that feels like a big chunk of change. But again, I miss you to think about it from the perspective of what investment you’re making in your business whether it’s time or money. With a lot of the YouTube videos, you’re probably gonna have to invest a lot more of your time filtering out all of the draws and the rubbish on YouTube in order to find the videos and follow the right sorts of people who are gonna give you racket opinion that is easy to implement that’s gonna get you good results.
Now likewise, it’s gonna take you longer. If you’re doing it yourself, it’s gonna take you a great deal longer in order to get the desired outcome and causes for your business.
And there’s nothing wrong with that. If you’re cozy and you crave it, and you’re happy for it to take a bit longer and you’ve got the time maybe you’ve got some money stockpiles saved up, by all means make the DIY approach, watch some YouTube videos, buy a couple of works and away you go. From free on YouTube, we then move up to the next height on the pricing bandwidth for business instructing and business admonition. And that is for routes. And these courses are typically priced anywhere from say $50 up to 250 or even $500.
The idea again though, is that this is taking the YouTube model but now we’re building out some structured material in a linear format so that you can follow that instructional suggestion in an organised style. However, the downside to it, and it’s great because it’s inexpensive business advice.
And when you’re bootstrapped and you’re starting out, it’s a great target to start. Nonetheless, the downside to that is a lot of these DIY courses don’t come with any practical, tactical coaching advice in areas of like being able to help you implement, in terms of being able to hold you to account. That’s just something to bear in mind.
It’s better than free YouTube videos because now the content is more organised and it feels a bit more like there’s a blueprint. Maybe you’ll get a workbook with it but you don’t actually get the rocket, which you need in order to really implement and push forward with this. And you still got to have a lot of the horrors, kind of kicking around about is this gonna work or you’ll try it and you don’t know at which point to stop trying because that thing doesn’t work for you. So when do you rotate and try new idea? And again, that’s the benefit of having a physical business instruct involved is that they can help you walk through those key decisions about when to pivot, when to try something different and when to move on to the next opportunity.
Typically for a lot of those courses, you’ve got access to it for as long as you need it. And it’s there so that whenever you feel that you want to, you can dive in and devour that material and relook at that suggestion whenever you crave. Sometimes like compared to YouTube, it’s like you watch a YouTube video and then it disappears. You struggle to find it again.
Whereas the course you’ll have a login.
You can go login and watch those videos when you are like. And then you can have a disappear implementing it. Level three on the pricing bandwidth pose when it comes to how much business coach-and-fours charge is time for money. So it’s what I call the value level at level three. So this is where you take over a coach and they typically charge you x number of pounds per hour or per session.
You will typically set up a monthly direct debit or standing order with them. And you exactly carry on coaching at infinitum.
So this is the point where you’ve got one-to-one interaction with a person now instead of time being out to consume content on a trend. You’ll be able to rebound meanings backward and forward between you and the instruct. They will too challenge you on some of your belief systems.
They will propagandize you further than maybe you might’ve gone in terms of trying to implement some of the things which they’re schooling you. The challenge though, around era for fund and I’ve actually done another video which I’ll plummet a tie-in in to this one around why blaming duration for coin is essentially unethical. But the challenge around a tutor who is charging an hourly proportion, they typically will be charging somewhere between maybe 50 pounds an hour up to 250 pounds an hour or maybe even more. But actually a manager who is charging time for money, it’s within their interest to keep on selling you more hours in order to pay their mortgage, in order to better articulated menu on their table.
Because when you stop coaching with them, they stop earning money.
And so I don’t feel that it’s a very good relationship between coach and client when it’s on a per hour basis. And too you get what you pay for, a 50 pound an hour tutor is gonna be something very substantially different to a tutor who is charging 10 K for a programme designed, for example. So I crave you to bear that in thought, when you’re give a coach-and-four by the hour, it’s within their interest to sell you as many hours as they perhaps can. And if you’re interested to know more about various kinds of that value exchange and why hourly rates, daytime charges are essentially unethical, I have done another video about that so I sag a link to it below. So do go and check that out, but just think about this.
Great, if you get one coaching session and you get the desired outcome that you want and bang we’re done. I don’t think the tutor would be seriously happy about that’ cause it’s just one session.
But imagine this situation where it takes you much much longer to implement whatever advice is which they’re giving you. And maybe if they’re not that experienced a tutor, maybe the advice isn’t that good. And now all of a sudden it’s taking you several months or maybe even years to get your business to the point of where you wanted to get it too.
And now the only person who is really benefiting from that is the coach because they’re just selling you hour after hour after hour of instructing. And that’s not really very good for the relationship. It gets to a extent whereby anger starts to build up between instruct and purchaser. And I’ve seen this on a number of motives because what tends to happen is instructing clients who’ve had a bad experience on hourly frequency and not got the results that they missed, they tend to come to me. Good for me because I get enormous is submitted in accordance with my clients, but I’m just alert you to be very careful about when you’re buying a coach at an hourly rate, who’s actually earning out of this relationship?
So do go and check out that video about hourly proportions being unethical.
That being said, there is still some excellent coach-and-fours out there who do accuse by the hour, and you can get some phenomenal advice. But do your search, do make sure that you’ve checked out their consumer success, their commendations, their contingency studies, its consideration of the report. Do they have a good number of positive Google discuss on there? Do they have various video tributes that you can go and check out?
And just ascertain whether they’re a good coach and what sort of results to expect through working with them? The fourth degree is my favourite. And this is where you get into that, what I announce professional space. And this is where you have a coach who has a blueprint, who has resources behind them. They have a structure to that programme and they know that they get consistent results by making each and every client follow exactly the same structure with that programme.
They have a very specific niche which they operate in and they likewise center down , not only on grocery needs, but likewise the commodity niche. So perhaps they work on just two or three or four very specific areas of a business where they know they obligate the most amount of influence. So these instructs know their value eventually and they also know that because they have a placed channel of making, that their results are repeatable each and every time that they producing a purchaser into their programme, that’s it’s gonna present the same causes for each and every client. Generally speaking, expert instructs will deliver that coaching curriculum over a chosen portion of hour for a tied reward and you will know exactly what you’re getting off the back end of it. And one of the great things about that as a possible patient of that tutor, you’ve seen all of the largest upshots they get through their client studies and reviews and things like that.
You know exactly the structure of the programme and what you’re gonna get.
You know that you’ve also got some skin in video games. They’re more expensive. You’re going to want to protect that financing because this investment is gonna be significantly more than a experience for coin manager and saw. And I’ll explain why I said that in a second.
You’re gonna want to protect that financing. It’s gonna be a lot of coin, and you’re gonna wanna make sure that you get the results which you and the coach-and-four agreed that you were gonna get, which means you’re gonna implement.
And you’re gonna push really hard in order to get the most out of that coaching programme. Now I have only just mislead to the expert coach versus the hourly pace instruct and why actually an hourly proportion coach could ultimately end up being more expensive. Imagine a scenario where you’re spend say 3K on a coaching programme with an expert coach.
That’s a determined price over a clearly defined period of time. You know what outcomes you’re gonna expect.
An hourly pace coach, let’s say for example, you’re expend 500 pounds a few months with them, for example, for a two-hour session once a few months. So 250 pound an hour, for example, but 500 pound a month. That’s what you’re in for.
Now, they may first sell you a six-month coaching programme. So all of a sudden the hourly rate manager is now the same price as the expert coach, but you get to the end of the six months and you haven’t got the desired makes. Well now all of a sudden, that hourly frequency coach-and-four is gonna start selling you more months value of coaching. And so ultimately when you when you buy that supposed cheaper, hourly-rate coach it could ultimately end up costing you more than compensating a specified cost for a organized programme that an expert coach is gonna deliver with you. If you’re looking for a business coach I would thoroughly recommend you do go and shop around and perhaps speak to two or three different business coach-and-fours so that you can get a feel for what it is that they furnish, how they accuse, what the structure of that programme is gonna be.
And too the coach-and-four buyer rapport is quite a personal one. You’ve got to make sure that you’re gonna get along with that coach over a long period. And if you feel that they’re gonna challenge you and you’re not going to like that then that’s gonna portray a little of friction in that coach-client relationship. The other thing as well is don’t be afraid to ask a coach what their guarantees are. Now let’s is equitable , nothing in life is guaranteed but an expert coach which has a structure to their programme, that’s had several hundreds of consumers “re coming” that the programs and they get repeatable results.
Is gonna be more lowered supposed to say to you appear, listen, if you go and do all of the succeed that we agree that you’re gonna do, and you don’t get the results, I’ll give you your fund back. That’s really should be music to your ears. It’s exactly what I do. And it’d be 100% translucent at this station. We have a accomplish 100% coin back guarantee on our concoction, because if somebody comes into the programme and it eventually isn’t a good fit, I haven’t done my homework properly.
I haven’t assessed and modified that prospective patron well enough, and established sure that they are gonna come onto my program for the right concludes and get the desired outcome and the results which they require, and the research results which I’m predicting them.
So I have no problem about paying a patient who doesn’t get the results. Another thing you can do is just ask your coach, have you ever had to refund a buyer? Again for the expert coach, this shouldn’t be a problem because effectively you’re buying a product, you’re buying a package. And so like any good product or container, there is a refund policy like John Lewis do, you can return anything anytime if it doesn’t live up to the expectations.
A hour for coin coach-and-four, nonetheless, if you’re paying them on a monthly basis and you don’t get the results. And then all of a sudden you say to them, six months down the line, can I have a payed? You’re gonna probably have an issue now because six months down the line, the monthly and don’t forget that money has been compensating their mortgage and putting nutrient on their table.
It’s unlikely they’ve got the reservations in place to be able to refund you if you ask for it. There’s an upside and a downside.
Generally the more expensive expert level coaches have got more money in their coffers because they know that might be a very small percentage of people who they have to refund over a period of time. Me, for example, I always hold some money back precisely on the off likelihood that things don’t go to hope. And we have to refund somebody. I’ve only ever had to do that twice at the 150 plus buyers who’ve been through the Fearless Business Accelerator. Less than 2% I think is a great ratio.
That means we’ve got a 99% success rates on our programme and I’m not afraid to roar about those results and too protect those results.
So the final type of coach on this example, which I’m explaining to you about how much coaches blame is what I call the guru status instruct. And these are the chaps who will charge high five chassis, six people or even seven illustrations to work with them. For precedent, so they may have a really strong social media following. So they’ve got a big gathering which means that they can afford to charge lots of money because they’re most in demand.
You will see some of the best coaches out there blaming $100,000 a year even, to work with them. You could even go up to the next statu of initiative beyond that, which is when you look at the likes of somebody like Tony Robbins, it expenditure a million dollars a year if you want to work with Tony Robbins on a one-to-one basis. He only has to work with 10 buyers a year to shape $10 million a year out of his coaching programme. But the guy’s been around for 30 plus years. He’s best known for his effort which he’s done in the NLP space.
He’s built up an incredible following. He’s got some incredible happens and memorizes which he’s put out there. I don’t consequently agree with some of the things which he says or some of his mode of coaching.
However, I’ve got to be very submissive of the sizing and proportion of the business which he set up there as a business coach. He’s really arousing to see what he’s done but apparently like I’ve proposed now, there’s a bandwidth.
So at this end of the bandwidth, we’ve got free, cheap, very small amounts of money. At the other end of the bandwidth, we’ve got a million dollars a year, but only to work with … that’s one guy who indicts that amount of money.
And actually if you think about it, as you follow the chart down through and this red line on the chart, which I’ve got up in front of you at the moment, that is talking about the amount of tournament at each of those five places as you go through the pricing bandwidth model.
Obviously highly competitive in the YouTube space, there is an absolute tonne of content out there which is getting … There’s more and more getting uploaded every day.
Right the action through, if you follow it down to merely one Tony Robbins. And that professional gap, it entails the most expensive the instructs, the less event here i am. And generally, I’ve said to you, I orientation myself kind of in the middle of that bandwidth modeling moving more towards the sort of expert. I wouldn’t categorizes myself as a leader certainly. The managers that importance themselves in the expert space, they know their value and generally speaking, they are very good coaches.
So it’s well value probing a multitude of different types of managers depending on what part “youre in” your business journey.
And I’ll reiterate, don’t see a business coach as a cost on the bottom of your P and L like an overhead in your business. A good coach will be able to deliver a significant return on investment when you start working with them. They should be able to get you clearly defined results which come with some kind of a guarantee. And if you find a coach-and-four who can’t present that, don’t go with them, but do shop around, go and look at lots of different coaches.
Listen, I hope you found that video helpful. By all means throw any questions into the comments below and don’t forget as well, if you enjoyed this video do adhere a thumbs up on there, go and like it and do subscribe to the channel because I’ve got plenty more videos out there to help other instructs, consultants and freelances to premium their concoctions better and confidently accuse more.