Steve Borek is a Master Certified Coach (MCC) and founder and CEO of End Game Business. He is also an internationally recognized coach serving entrepreneurs, coaches, career transitioners.
Wondering how much life coaches and business coaches charge? The question you might want to ask instead is - “What is the cost of not working with a coach?”
In fact, hiring a coach will cost a lot less than you might think. I'll have more to say about that below.
First, the "coach" word is on trend. Many people today call themselves professional coaches when in fact, they are consultants. There's a difference between a coach, mentor, consultant, and therapist, though that's another post in itself. Before you hire a coach, check out their training credentials and coach certification.
Business and life coaching costs for non-corporate clients are $350-$1,000 a month (depending on services provided) from an experienced coach. This includes 2-4 sessions (for a minimum of 3-6 months) delivered by phone or in person. Many prefer the former because phone coaching – in my opinion- is more powerful and provides greater flexibility for coach and client.
Group coaching costs could be as low as a few hundred per month. Groups comprise 4-10 people looking to grow in a certain area. For example: career coaching, business and sales coaching, etc. The advantages are lower fees and sharing experience with other like-minded individuals.
Corporate coaching for larger firms focused on grooming high potentials, improving a functional area such as sales for example, and leadership (to name a few) will cost between $750-$2,000 a month or more. Expect fees for special projects such as leadership workshops and team development starting in the $10K+ neighborhood, depending on the number of players and length of engagement required.
How much does a coach really cost?
Let's say you're a corporate client who wants to increase the performance of a high-potential Generation Y leader. You hire a certified business or executive coach for them (depending what they need coaching for) at $850-$1000 a month, for a weekly one hour call. The player has these weekly calls with their coach, exploring and creating plans to improve. Do you know what happens? During the week, the high potential leader plays the coaching conversation over and over in their mind and in turn, shines a big spotlight on what's most important for success! So, the most important coaching goes on in between the calls.
Considering there's 160 business hours in an average month, that could work out to $5.31 an hour to improve the leader! We haven't even accounted for the increase in Gen Y's productivity and their team which goes directly to the bottom line. Where can you get that kind of ROI? (Multiple studies on executive coaching ROI has shown a return of 5-7 times the initial investment.)
Most coaches provide an initial confidential consultation to determine if the coach and client are a good fit for each other. The coach can also answer any questions regarding fee structure.
I hope this gives you a better perspective on coaching costs and fees.