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Are Business Coaches Worth The Cost?

BY Eddy Hood In Profitability On Jun 07, 2016 With 0 Comments

Have you ever thought of hiring a business coach? A lot of entrepreneurs entertain the idea, but are they worth it? A good business coach can be expensive, and for the small amount of time you get, it makes sense that we question their value.  I have a business coach, and yes, he is worth every penny.  But not all coaches are created equal.  Let's check out this week's video before we dive into this topic: 

 

 

Put The Cook In The Kitchen

If you want to become the best at something, then you should find the best in the world and pay them for their time.  Yes, you can read their book and yes, you can learn on your own.  But how long will it take you to master the subject?  

The analogy is in cooking a chocolate cake.  Assume you want to cook the world's best chocolate cake.  You could experiment with a lot of recipes, read all the books, and bake everyday.  Eventually you will get there, but it could take 5 or even 10 years of constant refining.  The other option would be to research who makes the best chocolate cake in the world and spend time with that person.  Imagine standing in his or her kitchen and actually baking with them.  If you do that, you'll accelerate your learning 100x. 

Finding a Good Business Coach

Not all coaches are good at what they do. In fact, some of them are down right thieves. So yes, you have every right to be wary of them.  I have seen people pay thousands of dollars to an "expert" and get no value in return.  That doesn't mean you shouldn't get a coach though.  I have one.  I also have a degree in Accounting and I have an MBA. Despite my education and experience, I use my coach a lot.  I rely on him heavily to help me navigate my company and work towards achieving my dreams.  

So how do you know if your coach is going to be any good?  First, they need to have a track record; not just of helping other people succeed, but also of helping themselves to succeed.  If your coach is living in his mother's basement and doing this on the side while he works his part-time day job as a pizza delivery guy, I would hesitate to pay him for his services.  

Anthony_Robbins.pngSecond, it helps if they're a part of a reputable system or company.  My coach is one of the lead coaches in the Anthony Robbins Life Coaching Program. He helps manage the business mastery classes created by Anthony Robbins, and has coached amazing brands around the country.  There are a lot of coaching companies out there.  Just make sure that they have a good track record and their clients are seeing success. 

Third, make sure your personality fits.  It doesn't matter who your coach is if you can't get along.  Your business coach or success coach isn't meant to be your best friend.  In fact, you don't want to be friends at all.  He or she needs to have enough personal distance from you to call you on your crap.  This person is responsible for holding you accountable to your goals and metrics.  Buddy up with this person and emotions get in the way of that accountability.  In terms of having a personality fit, make sure that your coach operates the way you do.  Are you a fast moving, energetic nut-job like me? Or are you a methodical and more subdued?

A Good Business Coach Is Worth Millions

If you get a good business coach, he or she is worth millions to you.  This person will get you outside if your comfort zone, hold you accountable, and help drive your success.  If you could hit your financial, business, relationship, and health metrics ten years earlier, what would that mean for you?

A Note To My Coach

I wanted to wrap this post up with a thank you to my coach.  If you're reading this, thank you for pushing me and expecting more from me than I thought was possible.  Your constant and never ending focus on my success in life means more than you know. Thanks Mike.

The Profitable Entrepreneur on YouTube

 

Additional Reading

10 Money Making Habits

Double The Size of Your Business in 12 Months

My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.

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