Many women entrepreneurs often struggle with the decision to get a coach. Some are skeptical of its results and others might not have the budget to invest in formal coaching programs or consultations. The most important thing in the process is being clear about what coaching is and what you will get out of it. By eliminating the confusion that is around the business of coaching, women can make better decisions with solid information about what they want and need.
What is Business Coaching?
Business coaching is a process designed to help business owners, entrepreneurs and even working individuals identify areas in need of improvement within their businesses. If you are like many of the women we know, you are trying to be superwoman managing all aspects of your business alone or with the help of a very small team. With limited resources, everything is not going to run as efficiently as possible, and certain areas might lag behind. Coaching allows you to correct just that and includes learning processes to generate profits, manage your business and maximize your time, resources and investments. Coaching can be used both during times of under-performance or when your business is doing well. You can formulate a strategy to take your business from surviving to thriving or continue to have steady growth over time. Setting specific, actionable and achievable goals is a big part of the process. You are responsible for taking action with the security and feedback from a coach to guide you.
What can coaching help me with?
What can I get within my budget?
Coaching services can run the gamut when it comes to pricing because each coach can have a different style, program or offering. Individual coaching is usually charged per hour ranging anywhere from $50 to hundreds of dollars. Webinars, workshops, mastermind calls, and teleseminars are more affordable forms of coaching with less one-on-one attention, but still lots of useful information. Various packages include a one-on-one component included or for an extra fee. Research what the offerings are from various coaches and develop a clear budget in your mind of what you are willing and able to spend. The more personalized the services usually the higher the fee. At MACs, we try to offer an affordable alternative to personalized services in the form of small groups, but also offer one-on-one mastermind calls for an hourly fee.
Are you clear on the difference between coach and mentor?
You might be thinking, I already have a mentor, I don’t need a coach. You may have a mentor who offers you general advice and is interested in your success. A coach however, works with you directly to tackle the obstacles in your business through action and accountability. A mentor shares experiences with you, while a coach helps you to develop and execute a plan.
Does the proposed program match my needs?
Your needs are what will drive you to choose one program over another. A self-assessment is necessary before you begin to “shop” for a coach. What are your short-term goals? Long-term goals? What do you want to achieve and work on? Is it marketing, business management, sales or public relations? The answers to these questions are important in helping you narrow down what you are looking for in a coach. The coach’s expertise and offerings should be aligned with your needs. Also, be mindful of the time commitment that it will require on your part as well. Make sure that you are able to commit and get the most value out of the experience.