If you’ve been in business long enough to establish proof of concept, you’re feeling energized by the possibilities of where this journey can lead you. However, growing a business on your own is possible but not the easiest road to choose. It’s sort of like driving down the interstate on a tricycle. Dangerous, arduous, exhausting. But when you’re just starting out, how can you pay for professional guidance?
How Can I Afford to Hire a Coach or Consultant?
Luckily, there are many choices awaiting you. Take the time to research and consider which are right for you, your situation, your needs, and your
budget. If your business is important to you, your family, and your future, it’s critical that you avail yourself of as many business development initiatives as your time and budget allow.
Overall, they range in price depending on whether the structure is
- one-to-one vs. one-to-many.
- funded by an organization vs. private pay.
- DIY vs. led by a professional.
- geared toward micro, small, medium or large companies.
Read the program descriptions carefully to be clear on the cost, who the target audience is, and how much attention you’ll receive.
Which Form of Business Coaching Is Right for Me?
Free
Funded. If funds are non-existent or super tight, search through SCORE or the SBDC and other government funded or sponsored programs that offer free mentoring. Regardless of the age of your company, mentors are eager to help and share their knowledge at no cost. Get a free counselor PLUS whatever other program you choose.
DIY. Also potentially free are peer groups run by business owners who get together to brainstorm challenges. No one is a professional coach or facilitator, just a collection of like-minded business owners who meet regularly to check in on each other. This is helpful to gain more than one perspective, and no-cost because of its “casual friends” format. However, since no one’s getting paid to organize and lead it, this format typically is not sustainable.
Paid
A Private Business Coach is an investment, as it should be. Interview several coaches to see who is the closest personality fit plus whether they have experience in your industry. The advantage is that you’ll have your coach’s full attention, there are consistent meetings scheduled in advance, and you’ll establish a great long-term business relationship.
Group Coaching is dynamic and effective. One professional coach serves several clients together, so the caution here is to find the right coach, and to be aware of the amount of help you’ll receive within a group dynamic. The bigger the group the less opportunity to spotlight your challenges. It can be an open group, meaning some people leave and some people enter, changing the dynamics as time goes on.
A Mastermind Group (a.k.a. Peer Advisory Board) is also run by a professional. Preferably it’s a business coach with experience running Masterminds, which is a specific format. Here, you’re receiving direction from the facilitator but the focus is on the group becoming your board of advisors, providing guidance and support from their experience and insight. The facilitator/coach also offers guidance.
Typically a Mastermind Group is a closed, small group of non-competing individuals. This becomes your team, your tribe, who gives you all the attention you need in strict confidence.
Should I Choose Private Coaching or a Group Coaching or a Mastermind Format?
Some business owners invest in both a private coach and a group format. Invest in the most guidance and support you can!
If you have to pick one over the other, determine whether a private professional relationship is more desirable for your time, energy and personality, rather than deriving benefits from group interaction. Everyone is different and even introverts thrive in a group environment as long as the structure is small and confidential.
What Determines the Cost of a Private or Group Coach?
You can expect a group to cost higher or lower depending on
- number of meetings
- length of each meeting
- total length of the contracted engagement
- the specialization of your industry
- the size companies they serve
- ability to interact in between meetings
- live versus recorded materials
- amount of business development resources and materials
- number of people involved
Research and interview each prospective business development professional or organization carefully before you sign a contract.
How Can I Help You?
If you need help and are reaching decision exhaustion and entrepreneurial loneliness, it may be time for you to enter a supportive group environment. The Clear Path Collaborative provides you with access to the tools, a business strategist and professional Mastermind Facilitator, and fellow entrepreneurs who experience what you do and are ready to help each other on a steady path of growth. Running all aspects of a business alone is madness. Even when you have a team working with your clients, the buck stops with you and it’s lonely at the top. A peer advisory board has helped millions of business owners. Here’s how you can benefit as well.