Hiring a business coach is an investment that can deliver substantial returns. Executive coaches help leaders overcome challenges related to their industry, business department, or leadership style and achieve success, from increasing revenue to improving work-life balance. However, some entrepreneurship coaches lack real-life experience and others won't jive with your personality.
What makes a good business coach for small businesses? The best business coaches have a proven track record and provide tailored coaching plans with actionable feedback. Follow these steps to find business coaching services, evaluate programs, and hire the right professional.
1. Define your goals: What do you need from entrepreneurship coaching?
To find the perfect business coach for your goals, decide what you need help with and what you want to accomplish. This step helps you determine what kind of coach you need and establishes success metrics for evaluating coaching effectiveness. It's important because qualifications differ when hiring a business coach for work-life balance versus business coaching for cash flow management and financial planning.
Consider forming goals for:
- Increasing business revenue.
- Improving profitability.
- Optimizing operational efficiency.
- Enhancing client retention and acquisition.
- Maximizing time management.
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2. Choose in-person or online business coaching
Local business coaches may understand your area and have community connections. Some come to your workplace, while others offer in-person or online sessions. However, virtual business coaches can be cost-effective if you're outside a major metro or want more flexibility.
Begin your search by looking for a local or online coach affiliated with the following associations:
- Worldwide Association of Business Coaches (WABC).
- Professional Business Coaches Alliance (PBCA).
- International Organization for Business Coaching (IOBC).
- Association of Corporate Executive Coaches (ACEC).
- International Coaching Federation (ICF).
- International Authority for Professional Coaching and Mentoring (IAPC&M).
- International Association of Coaching (IAC).
Where to find a local business coach
To find local business coaching services, contact small business owners and colleagues for suggestions. You can filter LinkedIn by location to find local business coaches near you. Your local chamber of commerce could recommend business coaches, have members in the industry, or maintain a directory listing local coaching services.
Where to find online business coaching services
You can find a virtual business coach through online directories, business coaching associations, and LinkedIn. Industry-specific organizations may offer entrepreneurship coaching for startups or small businesses. Executive coaching platforms or marketplace-style websites, like Noomii, connect you to different professionals, allowing you to choose and hire a coach from the site.
A trainer who shares similar values and understands your company's mission can help you achieve outcomes without compromising your principles.
3. Research business coaches with proven expertise
Develop a short list of business coaches by examining their profiles and backgrounds to ensure they have the right qualifications. Then weed out potential scammers or those who don't meet your requirements.
Look at their education, experience, and credentials
Find out everything you can about business coaching candidates. Their website and LinkedIn profile will provide background information, but it's essential to confirm these details where possible. For example, if they are a certified business coach or current board member, check out their profile on the associated website.
Many executive coaches hold degrees and have built, run, and sold companies. They may be certified public accountants (CPAs), former CEOs, or restaurant owners.
Look for professionals with business acumen, especially those who have worked with leaders in your industry and with your company size and stage. Have they spoken at industry conferences or been published in a reputable trade magazine? If so, coaching and trade associations may require members to meet eligibility requirements or certify trainers who complete coursework and exams.
Red flags to watch for when choosing a business coach
Perform due diligence to avoid scams when choosing a business coach. The U.S. Federal Trade Commission recommends that entrepreneurs "[s]earch online for the name of the company and words like review, scam, or complaint," and "[c]heck with your state attorney general for complaints."
Also, remember to ask your network if they've heard of the entrepreneurship coach or company. Potential red flags include:
- High-pressure sales tactics or quick-fix solutions.
- No verifiable client success stories or professional references.
- Negative reviews and complaints on forums or review platforms.
4. Ask questions before hiring a business coach
After reviewing their credentials, sign up for a free consultation with business coaches using online scheduling tools. Compare candidates based on costs, value, and overall fit.
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Compare business coaching prices and availability
Like you, executive coaches know their worth and value their time. One-on-one business coaching services can be costly, but it's an investment that can pay off. Business coach rates range from $40 to over $300 per hour.
Some offer small business coaching packages with a certain number of meetings; otherwise, a coach should tell you their hourly rate and give you an idea of how many sessions you'll need. They should also disclose scheduling conflicts that could affect availability.
Executive coaching platforms charge monthly fees and provide tiered subscriptions. Consider a SCORE mentor or Operation HOPE coach for free business coaching and mentoring services.
Interview questions to ask business coaches
The best business coaches answer your questions honestly and provide resources explaining their services or approach.
Here are a few questions to ask prospective business coaches:
- What areas of business and industries do you specialize in?
- Can you provide client success stories, and can I contact references?
- How is the business coaching program structured, and what is a typical schedule like?
- Can we meet in person, online, or through email?
- How do you deliver feedback?
- How will we measure progress and, ultimately, success?
- Do you offer group sessions or workshops?
5. Check for compatibility and value alignment
The bottom line is that successful business coaching experiences and outcomes require trust between you and your adviser. You should feel comfortable interacting with your entrepreneurship coach and confident in their abilities. A trainer who shares similar values and understands your company's mission can help you achieve outcomes without compromising your principles.
Likewise, your personalities should mesh well. Chat during your initial meeting to see how you respond to their feedback and questions. The best business coach for entrepreneurs is one that makes you feel capable but keeps you from getting away with less-than-full participation. Aligning values and communication styles will help maximize your coaching sessions.
6. How to evaluate the long-term impact of a business coach
The best business coaching programs can positively impact your mindset, business strategies, and actions. Track coaching effectiveness and determine your return on investment using key performance indicators (KPIs) and success metrics.
Here's how you can measure coaching impact:
- Review business KPIs before, during, and after coaching. Look at performance metrics that align with your goals for increasing revenue, retaining clients, or improving profitability.
- See if coaching paid off by comparing physical and intangible benefits to costs. Do you make fewer mistakes, work faster, or experience less burnout?
- Evaluate professional growth and decision-making. Do you feel less stressed, more confident, and have a clearer vision for your small business?
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
