Pros and Cons of Hiring a Small Business Coach
In this post, we’ll discuss the advantages and disadvantages of hiring a coach for your small business. Business coaches often come with unique perspectives – but you shouldn’t just hire the first person you find. You’ll need to recruit a qualified coach who can help you with the specific issues that you struggle with, such as marketing, financial management, motivating employees, and growing your business, just to name a few examples. Also, many business owners hire a coach when they start their company to set company goals and ensure that they are beginning their entrepreneurial journey correctly.
To determine if hiring a small business coach is right for you, keep reading to find out what the most notable pros and cons are.
What Are the Pros and Cons of Hiring a Coach for Your Small Business?
Pro: Get Advice on Starting a Business
Starting a business can be a lot of work for one person. If you’re going to open a company independently, you might want to bring on a business coach to help you get started. A business coach will have experience in navigating the headaches involved with getting new companies off the ground and can take some of the workload off the owner’s hands. With a business coach at your side, you’ll be able to better understand your company’s market, create a budget, and learn how to scale your business properly once sales take off.
Con: You’ll Have to Pay for The Coach’s Services
Several factors go into determining the price of a small business coaching session, such as the type of products and services they provide, if they’ll meet with you in-person or online, and if they’ll provide additional resources. Some coaches offer over-the-phone or video chat training, but an in-person coaching program are usually more effective.
The average hourly fee for business or life coaching can range from $75 to $200, but some coaches may offer package deals. Altogether, you can expect to spend a couple thousand dollars on a full coaching regimen, which might not be affordable (especially if you’re just starting out and have a limited budget).
Pro: It Could Lead to Increased Productivity
A quality, strategic coach will have numerous techniques for making the company more productive and efficient. Coaches work with both employees and management to build confidence in a cooperative atmosphere.
For example, a Michigan-based tech company recently studied the effects of coaching on their sales teams and found that business coaches had increased sales productivity by $2 million. Over 75 percent of workers in the study claimed to have better relationships with co-workers and clients after being coached.
Con: Candidates May Have Unclear Qualifications
Business coaching can be a vague term. Like “career coaches,” business coaches can puff up their credentials with unknown certifications and promises of guaranteed revenue increases. These same coaches could then underdeliver on service and leave you stuck will a hefty bill. When hiring a coach, always request an interview where you can ask detailed questions about their business experience, training, and customer success stories.
Pro: Employee Turnover Might Be Minimized
One of the biggest costs for new business owners is hiring and training new employees. High worker turnover can hurt bottom line, so consider a business coach if you’re trying to find new employees.
Business coaches can teach employees skills and techniques to increase retention and give constructive criticism on inadequate training procedures. They can also help minimize office politics by getting everyone focused on the same goal.
Con: It Can Be Challenging to Implement Proper Strategies
Not everyone is going to agree with a coach’s recommendations, or even want to be coached to begin with. This is where fit is critical because even the most well-intentioned ideas can meet resistance if there’s a personality clash. Managers and employees must be open to critique for coaching to achieve business success, but the coach also must be adept at explaining the reasoning behind their proposed action plan.
Conclusion: Determine if a Small Business Coach is Right for You
Hiring a business coach can be a great way to get your company off the ground, or out of a rut. The skills and training provided by these coaches is beneficial to workers and managers alike, although it’s important to consider the fit and costs before hiring one.
Have you worked with a small business coach? Tell us about how it helped you run a business in the comment section below.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.