When hiring a business coach, as discussed in a previous article, it makes sense to consider your personal needs specifically. You need to know what you hope to get out of the relationship in order to structure it professionally and to have a great chance of success.
Not approaching this in the right way could leave you feeling more frustrated than if you had chosen to just try to figure things out on your own. There are several different types of coaching relationships that can enable you to have access to someone who is more experienced than you to get the strategy help that you need to get to the next level.
This is far in a way the most expensive way to hire a business coach. Depending on the business coach’s experience, he or she may be charging tens of thousands of dollars for this process alone. A VIP day, for example, which involves an intensive deep dive look over the course of a half or full day with someone can run anywhere from $6000 to $15000+. Choosing to work with someone who is relatively new to the coaching game or for a one-hour strategy session may bee much more affordable. The biggest benefit of one-on-one coaching is that you get personalized feedback on your specific business and have the opportunity to ask questions that will help skyrocket your individual success. Getting to pick an experts mind can be extremely beneficial in this particular case.
Group Coaching Programs
Group coaching programs frequently involve working through a set number of classes or course materials while also getting group access to the leader of the program. For example, the leader of the program might do weekly calls or a ninety-minute strategy session with you personally to kick off the program, followed up with group calls where you can raise your hand and ask questions. Group programs can be extremely beneficial when they have a component like a Facebook group where you can ask questions to your pears to learn more about particular concerns you have working through the material.
Masterminds are appropriate for some people who are looking for the feedback of their peers as well as one on one access to an industry expert. Much like one-on-one coaching, masterminds can be extremely expensive depending on the amount of personal touch and leadership that is involved on the part of the program creator.
Masterminds tend to be more general, although they can be extremely specific. For example, Natalie Eckdahl runs a large variety of mastermind groups for general business purposes, but she also has a mastermind specifically for women who are podcasting. In general, you will find business masterminds to have a broad range of experience from people who may own a brick and mortar company all the way to very specialized online entrepreneurs. It is important that you research the mastermind carefully well in advance to determine whether or not it’s the right fit for you.
The investment level and the involvement that you will need to make as well as the personal access to the group leader are all things that can differentiate these different types of coaching. One business coach may be more appropriate for you than another. In a future article, I’ll explore who masterminding is right for and why it didn’t make sense for me.