Many of us dream of being successful small business owners and realising business growth. Perhaps you see an opportunity to transform your talent into a profitable business in your neighbourhood.
Unfortunately, starting a small business in Australia is not always so easy, especially in recent years. According to a recent report, the four-year survival rate of Australian companies is now only 60%.
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Hiring a business coach is one way to improve your company’s survival rate. A business coach will collaborate with you to analyse your obstacles and help overcome them so that your business can realise success
Needless to say, a business coach will not give you free advice and guidance. So, in this post, we are going to dive deep into how much does a business coach cost in Australia and despite the investment why it may be a beneficial route to take for your business. For clarity we do not get into executive coaches or life coaches and how they charge.
Which Is Ideal: Hourly or Monthly Charge?
A business coach in Australia will generally charge their clients in two ways: hourly and monthly. It can be challenging to find out the average cost of a business coach because many factors influence how much one might charge you. The 2 most common are hourly and Monthly charging.
Hourly Business Coaching
If you’re just starting out with a new business coach, paying your business coach cost per hour can be a good idea. Paying a business coach by the hour gives you more flexibility while also allowing you to determine whether they are the best fit for you.
For a coach the average cost will be around $200 for a one-hour session. If you look through online business coach directories like ours here for Sydney coaches, you might be able to locate some with lower fees. Always look for a wide range when assessing. Of course, before using their services, you should verify their credibility.
Aside from that, just keep in mind that business coaching costs might vary significantly based on their portfolio and business knowledge. Meaning like any business the more clients they have likely the more they can charge.
Monthly Rate
If you believe your business coach is a good fit for you and your small business, you could decide to work with them on long-term business coaching rates.
This approach will likely be the most effective way if you want to maintain continuous contact with the business coach. It not only saves you money in the long run, but it also allows the coach to gain a deeper understanding of your business.
Unfortunately, it can be hard to define an average monthly rate for a biz coach. This is because a business coach will first want to learn about your business’s size, scope, and complexity before giving you a monthly rate – and these will vary more significantly than the hourly approach.
Other Business Coaching Alternatives?
So we have just covered the 2 main types of business coaching methods that are commonly charged. If you are looking for a more cost-effective solution, you could also consider group business coaching.
One obvious concern with taking a group business coaching option, is that the coach won’t be able to devote their full attention to your business. In other words, you may feel that the advice they provide will be too general for your specific circumstances – not like a dedicated business coach.
That said group business coaching is still worth a go. The best approach is to team up with a group of like minded local business owners, ideally who are non competitive with yours to select a coach that you all agree on. You can collectively agree on the content you want the coach to cover before you engage them. A typical charge will be around $500 for a group session but depending on the hours and the amount of business owners in your group.
Group business coaching programs can happen physically, but in more recent years for obvious reasons online business coaching in a group setting has really taken off. Despite its limitations, online business mentoring is becoming increasingly popular among business owners. According to the most recent data, online business mentoring has surged by 57% since the COVID epidemic began.
What Factors Affect the Price of Business Coaching
Now that you know more about how much a business coach costs, let’s discuss the factors that can influence the prices of a coaching program. Being aware of what can affect the cost of their services can help you make a more informed decision when hiring a business coach.
Level of Experience
One of the primary factors that can affect how much a business mentor or coach will charge you is their level of experience. Someone who’s new to coaching will charge considerably less than someone who’s been working for years and what you would consider a more experienced coach.
To bring this point to life, while the average cost for a business coach in Australia is somewhere between $150 – $300 per hour, someone who’s less experienced may charge lower than that. However, lower rates don’t mean they can’t meet your coaching needs, similarly higher rates don’t necessarily mean they’re well-suited for your business.
To ensure you can get your money’s worth and the best possible business outcomes from hiring a coach, it’s better if you already know what it is you specific need and decide how experienced a coach you really need.
Want to find the best business coach?
Are you a business owner who is struggling to grow and looking for expert advice? We can help find the best business coaches matched to your specific needs. Click below and fill out the form and we will be in touch!
Location
In Australia, a business coach’s rate can also vary, depending on where you are. For example, Perth has the lowest average for business coach hourly rates, costing around $165 per hour. Meanwhile, a business coach in Sydney has the highest at $250 per hour.
Of course, you also have the option to find a business coach online if you want to cut down on the costs. This can also be a better choice since you’ll have a broader selection of options, increasing your chances of finding the right coach for your business.
Number and Length of Sessions
Another factor that can affect how much a business coach can cost is how long your sessions will take. They might be referred to as business coaching packages. As mentioned earlier, business coaches primarily charge in two ways: hourly and monthly.
For the first few business coaching sessions, you might be charged their hourly rate, and you can opt to make it a monthly arrangement if you need more sessions. However, you should note that the initial coaching sessions might take longer than an hour since you and your coach are still getting to know each other better.
Check out this infographic we created that we felt may be a helpful visual way to summarise the above.
FAQs
Is a business coach worth it?
While hiring a business coach entails a bit of initial investment, doing so can bring numerous benefits for your business as well.
A business coach can provide deeper insights into running your business more effectively. They can also help you recalibrate your business culture to better adapt to the recent changes in the talent market – also called the great resignation. They can help you define an improved business strategy ultimately.
How much does a business coach cost per month?
Monthly business coaching fees in Australia can vary, depending on specific factors. However, on average the price range is around $1000 as a monthly fee for a coach.
How much does a business coach make?
A business coach in Australia earns an average of $84,615 a year. However, this could be substantially higher or possibly lower, depending on certain factors like experience, location, time, how long business has been operating and more.
How do I choose a Business Coaching Program?
Business coaching programs are a great way to assess where you are currently at in your business and set specific goals that will help you move forward. However, it can be difficult to know how to choose the right program for your needs. When selecting a program it’s important to consider what your needs are, rather than looking at cost first. You will also want to make sure that you can see yourself getting a return on investment from working with a coach.
If you project that working with a coach could substantially increase your annual revenue by at least $50,000 per year then investing at least half of that amount would be worthwhile. Especially since business coaching can deliver ongoing results even after the program is completed such as improved confidence and productivity, better management techniques and more comprehensive understanding of finances. Finally, don’t forget that one size does not fit all; you need to find the business coaching program tailored for your individual needs so start researching today!
How Does A Business Coach Help With Leadership?
A business coach can help with leadership by helping you identify your natural strengths and weaknesses, and foster an environment that allows you to develop and grow. Through a combination of feedback, advice, and support, business coaches can teach you how to maximize your potential as a leader. They can help you learn how to motivate your team and create an environment where everyone feels valued and appreciated. Additionally, coaches provide an unbiased perspective on any problems or conflicts within the workplace. They are great resources for developing strategies to resolve issues quickly and efficiently while also helping build team morale. Ultimately, a business coach can help you develop the necessary skills to become an effective leader that drives your business towards success.
How Does A Business Coach Help Improve Profit?
A business coach not only helps with leadership, but they can also help you improve your bottom line. By developing strategies to make your business more efficient and cost-effective, a business coach can help you increase profitability. They will provide guidance on how to make the most of limited resources and maximize efficiency in your operations. Additionally, they can help identify new revenue opportunities that you may have previously overlooked or been unaware of. Finally, a business coach will be there to support you as you navigate through difficult decisions that are necessary for running a successful business.
Conclusion
At the end of the day, having a trustworthy business coach may push your company to new heights. However, determining how much does a business coach cost involves several factors.
Still, the most important thing here is to understand what you need and see if your business coach can provide it with their services.
