#31 - When to Hire a Business Coach (& How)
Amber Smith is back with us again! Amber is a coach for life coaches and teaches them how to get their first clients off of Instagram and guys, she’s phenomenal. Last time we talked about just believing and Amber is the belief Queen herself; he is so good at this.
Amber answers questions specifically around investing in yourself and a business coach, but if you have more questions, hang on till the end and I’ll answer them for you.
What is the Best Investment for my Business?
Let’s talk about investing. Investing in yourself and your business.
I’m a big fan of Investing. But please know that there is a difference between paying on something and investing in something.
You could pay for a pizza, you don’t get anything back, maybe briefly enjoy it, and very short term, and so that’s why I would say “I’m paying for pizza not investing in pizza.” Unless you’re like investing in the company, that’s a different story.
And so I think the best things you can do in life are invest in something: invest in yourself, invest in your family invest in your business, investing your faith, and invest your home, invest in your mind and your brain.
If you don’t, remember that you’re working on a pay now or you pay later deal. Personally, I think investing allows you to pay now so that you can reap the rewards later.
Avoid the Coach’s Dilemna
We know that you reap what you sow, you harvest what you planted. It’s the same idea. So if you’re not willing to invest, what makes you think your clients are willing?
I also think if your coach and you’re not hiring a coach, if you’re not investing yourself, how are you going to convince people to invest in you?
So if you want to sell something, first ask yourself: are you buying something? Even just try to understand the psychology of buying and selling.
Investing Time vs. Investing Money
But there’s different ways to invest, you can invest your time, and for a lot of people that’s what they do in the beginning of their business.
I did that for a long time.
I couldn’t “afford” to pay the price with money so, I paid a price of my time. And now I see that that is “small thinking” because you could pay someone to help you go faster.
Time is an honorable resource, you don’t get it back. So, are you really willing to pay your time?
Money is renewable. I can always make more money, but I can’t get my time back.
So, I am always looking for ways. I can go faster. How can I pay the price of money so that I can get back the price of time.
So ask yourself: is the time worth it to you? Because time is not something that you can get back. You cannot renew your time but you can renew money. In business or in your family life or in yourself.
Let’s look at this another way… from the 30,000 foot view of things.
You think that $500 course is going to be the death of you, but let’s look at the future, that course taught you how to make $30,000.
You’re gonna laugh at $500 you’re going to think: “Oh my gosh. That was so dumb that I didn’t see the investment in that.” I always say “are you are you honoring your future self or not?”
There is Always a Price
At some point there’s going to be a price for things.
A lot of people have this fear around money. But it’s as stressful, money is scary, having it or losing it is scary. We’re so afraid of poverty, but also afraid of criticism from others if we actually have it.
How Much Does It Cost to Hire A Business Coach?
This can be tricky because it really depends on what coach you hire. Most coaches I have seen charge an average of $5,000 – $10,000 for 1:1 coaching for 6 months primarily focused on hitting the 6-figure mark.
If you’re looking for the next level, it really depends.
Tony Robbins, for example, charges $1 Million to work with him 1:1
But keep in mind that pricing varies VERY much depending on what time of coach.
For example, Life Coaches tend to be cheaper than Business Coaches, but not always.
Why Should You Hire a Business Coach?
I have an interesting opinion from my experience hiring a wide range of coaching and I PERSONALLY do not like working with business coaches 1:1.
Why? Because generally when you work with a business coach you can actually AFFORD (i.e. not the $15k for 1 day ones) they are only going to give you the strategy that worked for them. There are a million different strategies, but they tend to just tell you one.
So, honestly, I tend to look for group coaching programs, courses, or purchases of that sort for specific help with business strategy.
But you hire a business coach to help you learn something far more quickly than you would on your own (and with far less frustration and doubt).
For example, I’m in a course with an assigned mentor to help with email marketing specifically and that has been really helpful.
Another one that I’m in is Business By Design by James Wedmore and if you could only invest in 1 business coach/program, I highly recommend this course to help you figure out what works best for you! (note: enrollment probably won’t open until 2020, so that gives you time to save up).
Now, that being said, I do highly recommend working 1:1 with a life or mindset coach to help you work through all the personal development side of your work. Because believe it or not, the way you look at money, running a business, or working as a mom will slow you down or stop you far faster than not knowing the strategy ever will.
This will make the difference in success for you. Trust me, once you do it you will wonder why you didn’t do it sooner.
But I always check how a coach responds to “so do you help with strategy or with mindset stuff?”.
What Should I Look for in a Business Coach?
Well that depends on what you want! (Not sure what you want, I can help!)
If you are looking for marketing and strategy then make sure you find a coach or program with tips specifically related to what you do.
For example, if you run an Amazon or Etsy shop your mentors and courses are going to be very different than mine. If you are a blogger and use Pinterest, then check their qualifications on their Pinterest page.
Now, if you are looking more for someone to help with the personal development side and focusing on your goal, then what you look for will be a bit different. If you already know a method you like (NLP, Life Coach School, Hypnotherapy) then find someone certified in that method AND make sure they resonate with you.
My favorite way is actually to follow a few on Instagram (they usually use the hashtag #lifecoach #mindsetcoach #energyhealer #hypnotherapis or you can just search those terms and see what comes up).
Follow along and just see what they talk about. See if you resonate with it and with them. If you feel drawn to them, then start a conversation and just ask what comes to mind. 🙂 You’ll know when it’s the right fit.
WARNING: You should resonate with them and like them BEFORE you get on a sales call with them and they have you talking about your dreams.
Any questions? Shoot them to me on Instagram @ladymindboss and I’ll help you out.
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