Business Coaches & Mentors
As a business owner and entrepreneur, you have a lot on your plate. From ensuring your business is profitable, keeping your staff and customers happy - and quite simply just staying afloat - it can be easy to lose sight of your vision and why you started a business in the first place.
A trusted business coach can be the confidante you wish you’d always had in entrepreneurship.
Business coaching services can play a pivotal role in helping you create a successful and fulfilling business. The ultimate goal of business coaching is to help you remove any roadblocks that may be hindering you to unlock your full potential as a business owner.
What is a business coach?
A business coach is someone who has the skills, knowledge and experience to train you in starting, running and growing a business.
Business coaches are often successful entrepreneurs with real life experiences of both triumphs and defeats in business, which is the very reason why they are such a great asset in guiding you along your own journey.
A business coach doesn’t necessarily teach you practical skills (as you’re already where you are for a reason), but rather focuses on helping you cultivate self-awareness, stronger leadership skills and maximising your interpersonal qualities.
What are the benefits of hiring a business coach?
As a business owner, it can be easy to lose awareness of the things which may or may not be working. Sometimes all you need is a fresh pair of eyes to give you a new perspective. A business gives you this perspective by analysing your business from the outside in. They assess where your business currently is and map out a path to get to where you want it to be.
Here are just some of the ways business coaching services can help you:
- Identify and work on your strengths and weaknesses
- Help you establish your business vision and goals
- Gain perspective
- Be accountable for your actions
- Strategic planning
- General support
- Ideate new business ideas
- Get out of your comfort zone
- Supercharge your productivity
In the world of business coaching, there are few terms which are often used interchangeably: business coach, business mentor, business advisor, business consultant.
However, they all fall under the same umbrella. Business coaches, mentors, advisors and consultants all help you improve your business in some shape or form - it just depends on what you want to improve and how you want to get there.
Let’s take a closer look.
What is a business mentor?
The role of a business mentor is to be a role model or business idol who guides you and helps you expand your network and business opportunities. A mentor has usually “been there done that” and has a genuine interest in mentoring you on a long-term basis.
Mentoring can either be a paid or free service depending on who the mentor is and the relationship you build. If your mentoring service is free, it’s usually on the basis that you’ll pay it forward to a future mentee.
What is a business advisor?
Abusiness advisor helps you and/or your team with an issue or problem you are currently facing by providing advice based on their own professional experiences. They advise you on the best ways to approach challenging situations and can assist with important decision making. For example, business executives often hire business advisors.
What is a business consultant?
A business consultant is an expert in their field and focuses on identifying issues or problems in a business and finding solutions to fix them. Consultants are sourced externally because of the high level of expertise they can bring which your team may be lacking. Examples of business consultants include:
- Business Management Consultant
- Business Intelligence (BI) Consultant
- Business Culture Consultant
- Business Strategy Consultant
- Human Resources (HR) Consultant
- Information Technology (IT) Consultant
- Financial Advisory Consultant
- Operations Consultant
- Marketing Consultant
What is the difference between life vs business coaching?
All coaches share a similar goal of guiding you to where you want to be to achieve your goals. What changes is the area of focus, i.e. do you want to focus on improving your overall life affairs or do you want to be more successful in your business?
A life coach works with you on a personal level to help you in various areas of your personal life, whereas a business coach works with you on a professional (and often personal level too) to improve your business and guide you towards success.
If you’re looking to hire a business coach, it’s helpful to know about the different types of business coaches who specialise in every stage of entrepreneurship.
What are the different types of business coaches?
- Startup coach- a startup coach gives you honest advice and actionable feedback on your startup idea and business model and helps you identify the best strategies to get your startup off the ground.
- New business coach - a new business coach helps you specifically with issues relating to running a new business.
- Entrepreneur coach- an entrepreneur coach helps you wade through business and other challenges you face, build your strengths and weaknesses and holds you accountable for your goals.
- Social media business coach - a social media coach helps you establish a clear vision for your social media and works with you to develop social strategies that align with the wider business goals.
- Female business coach- female business coaches work specifically with women in business and female entrepreneurs to empower, grow and scale their business.
- Life and business coach - a life and business coach counsels, advises and coaches clients on a range of personal and professional issues to maximise personal and business growth.
- Mindset business coaching- a mindset business coach is dedicated to helping clients improve their productivity, focus, resilience and stress management that may be standing in the way of unlocking their full potential to run a business.
Many of the above coaches also offer virtual/online coaching services which offer more flexibility.
What is an online business coach?
An online business coach coaches you virtually through the internet instead of meeting for face to face coaching sessions. Online business coaching sessions are done via video calls and instant messaging. This is often the preferred option for busy entrepreneurs who are short on time.
What should I expect from a business coach?
Making sure you have accurate and realistic expectations from a business coach will ensure your success. Every coach is unique and will bring different coaching styles, approaches and challenges to the table.
But on a general note, here’s what you can expect from a small business coach:
- Discovery (self-inquiry)
- Assessments
- Mapping out an action plan
- Professional values and standards
How does hiring a business coach work?
In your first session with a business coach, they will talk to you extensively about your business and may make you fill out a questionnaire in order to get a picture of where you’re currently at.
They may wish to know more about you personally so they can get an idea of your character and habits.
The first session is not just about giving your coach context and information, it's also about establishing a positive relationship and rapport.
As you continue with a business coach, they will identify problem areas in your business that require attention, from finances and marketing to your sales process and record-keeping. They will suggest improvements along the way.
You will set goals and design plans to achieve them; your business coach will keep you accountable and motivated you as you execute those plans, and will track your progress to your goals.
How are business coaching fees structured?
Small business coaching fees are either charged by the hour or on a monthly/package retainer basis. Most business owners decide to go for a package deal as it tends to offer more value for money.
How much does a small business coach cost?
The cost to hire a business coach varies depending on various factors including what kind of business coaching you want, how long you want to be coached for, who your coach is, whether you want a package deal or pay per session, etc. To give you a ballpark figure, you can expect to pay from $70+ per hour.
The most important thing to take into account when you hire a business coach is the return on investment. An expensive business coach who helps you increase your net profit is a great investment.
Corporate level business coaches start from around $100 per hour.
How much does a business coaching package cost?
A business coaching package consists of a set number of coaching sessions and other agreed services, e.g. follow up phone calls and video calls for an agreed price. Business coaching packaging prices vary depending on the services offered, but as a starting price, you can expect to invest from $1,500 to $4,500 for a three-month coaching package.
How much does business mentoring cost?
Business mentoring is sometimes a free service offered in good will by a mentor who can see your potential.
However, paid business mentoring services in Australia typically range from $50 to $100 per hour.
How much does a business consultant charge per hour?
The average hourly fee for a business consultant in Australia is $50 to $150 per hour.
How much does a life coach cost?
Life coaches typically charge from $80 per hour for the work.
How do I choose a small business coach?
Choosing a business coach is an important decision, and there are a few important things you should look out for to ensure you choose the right business coach for you.
- Character
Establish the personality and character of a coach to ensure they are someone who will respect, trust and get on with in both a professional and personal manner. - Trust your intuition
If you have an initial feeling that a coach isn’t for you in the first meeting, the chances are it’s right. You need to hire someone who can work well with you and your gut usually knows instinctively if it’s a good match. - Cost
Be sure to ask about costs and work out how much your business coaching sessions or package will cost so you won’t be surprised with an expensive invoice. - Services
Is he or she just reviewing your business plan? Or would they check that you follow through in what you’ve said you will do? Understand clearly the scope of services they are offering. - Positive reviews
Read testimonials and reviews online to weed out the bad ones. You can also try reaching out to their previous clients for quick feedback. - Accessibility
Are they easily available for you or do you need to book an appointment with them months ahead? - Experience
Look at the businesses they have built before and their achievements so far. You can also assess their coaching method to see if it is the right fit. - Smart or wise
Are you looking for smart thinking solutions, experience or wisdom or both? A good business coach should not only have experience, but should be able to offer you real world experience so you can reap the maximum benefits. - Certifications or qualifications
Some business coaches have undergone specific training or are certified to coach others. While this isn’t a requirement to be a coach (real life experience is usually the greatest teacher), it’s helpful to know if you want to ensure you’re receiving professional standard coaching.
What questions should I ask a potential business coach?
The grounds of a successful relationship between a coach and coachee or mentor and mentee is based on mutual respect and trust.
If you want to maximise your potential and reap the benefits of a coach, you will need to be willing to get to know each other from the get go.
When you chat with potential business coaches and mentors, asking the right questions is key. Here are some examples of questions to ask:
- What is your definition of success?
- What are the top values you hold in your approach to business?
- What are the top values you hold in your approach to life overall?
- Can you describe your ideal coaching client?
- How do you handle failure?
- What are your strengths as a coach? And what don’t you do so well?
- What are some of the biggest challenges you’ve helped your clients overcome?
- Can you tell me about your coaching philosophy?
Do you have to be certified to be a business coach?
There is no degree or certification required to be a business coach and coaching is unregulated in Australia. Some of the best business coaches are entrepreneurs who have grown their startup into a successful business. However, in order to differentiate themselves, some coaches undertake courses and coaching programs that are accredited.
Some of the organisations of regulate business and life coaches in Australia include:
- International Coach Federation (ICF - Australasia)
- International Association of Coaching (IAC)
- The Australian Institute of Business Coaches (AIB)
Ready to hire a business coach? Tell us a bit about what you’re looking for and we’ll help you find the best affordable business coach for you.
