Manage episode 293232784 series 1281830
How Much Do Executive Coaches Charge? Business | Executive Coach
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This is difficult to answer. It's like weddings. Like you can buy a generic "You're Invited" card for a low price. But a wedding invitation will have the price be expensive.
How much do executive coaches charge? The price scale is infinite. You can go from the free groups on different social media platforms. Where you're 1 of 40,000. Maybe someone intelligent answers your question? You might get other people to tell you what they think and feel. Everyone has an opinion. But not everyone is relevant. Or knows what they're doing. How can you be sure it's good advice?
What are you paying for? You have to be clear. Sometimes, people have terrible service and a high price. I can't give you a specific answer. Some charge nothing to thousands per hour. Some want equity. Or a percentage of what you make.
It depends. Coming from your point of view, You want to begin with: What can you afford? And what is the cost of having the problem you are trying to solve? The burden of the disease? How much is it costing you?
In terms of: Lost Income? Lost Time? Wasted Energy? Missed Opportunities?
For example: If I was earning $50,000 dollars a month. Right now. Then I have a problem with scaling my service. Solving the problem is the difference between $50,000/month and $500,000/month.
If I have a market-ready. I know I have buyers ready. But I don't have the proper resources to handle more sales. Then the problem is costing me $100,000 or more/month. It's how much I am losing. I am not making as much as I could because I don't have the problem fixed. Or it can be apparent. You can see, you are bleeding money.
Once you know the cost of the problem, You have to come up with a budget. Figure out what you can afford to pay for a coach. Then shop around for different options.
Check out www.bestbusinesscoach.ca. I have answered similar questions on this topic.
In terms of how much? People will take anything and everything you are willing to pay. You have to be careful, it's not a commodity. It's not like you're buying gasoline or corn - with a fixed price. The price differs. The price is not constant. But the price is not an indicator of quality.
For me, if I work with a coach, I like to figure out a way to start slow. In a progressive manner. Start small. Grow a relationship. I want to play long-term games with long-term people. I would want them to have an incentive to commit. For us to get phenomenal results. Equity is okay. And/or commission on increased sales. I want them to commit to helping solve problems.
I think the B2B space is a wild west. I don't mean: people are uncaring. But some people get paid regardless of results. And people hide it. Some people are new. Don't know what they're doing. Don't mean harm but do it. Or even clients can be selfish. Human dynamics at play. But the good news is, It's more transparent than it used to be. Big thanks to the internet. I think those are just some potholes or obstacles and challenges you face. I wanted to tell you in advance.
How much do they charge? Anything & everything. From $1000 an hour to free. Maybe it's equity, or pay for performance. You need to figure out the budget you are comfortable with. Anything you are uncomfortable with is bad. If you are paying so much, it keeps you up all night. It's not worth it.
We also have to remember:
Money is not the point of everything. Depending on your role, in a company, it's a way of keeping a score. At the same time if you do invest more money. If you're comfortable with it, and you play at the top level.
Do you care about more having this money in your bank account? Or do you want to play your game the best you can?
In a personal experience, money is a funny thing. Kanye West in his song says: "Having money is not everything but not having it, is." It's powerful. When you don't have the money for your bills. It is everything. Once you have bills covered, It is a nice thing to have. Money itself is meaningless.
Every day I trade money for things. I'd trade money for a better quality team, or tools. Or more comfortable working conditions. Or a clearer focus on things I'm passionate about.
There are a lot of things worth more than money. Real or imaginary. You could be sitting on a huge stockpile of money. Then you hit a problem, and in one snap it will disappear. It can happen out of nowhere.
If you have more questions go check out bestbusinesscoach.ca.