- Scott Shute
A few years ago we got a quote from three different carpenters to build a built-in entertainment center in our living room. It wasn’t supposed to be anything fancy, just a place to put the TV, stereo, and all the junk that goes with it.
The first guy came and offered to do the job for $10,000. I nearly had a heart attack. Guy #2 bid on the job for $2,500. Now I was really confused. As much as I thought the first guy was trying to rip us off, I thought maybe the 2nd guy wasn’t qualified because he was so much cheaper. Guy #3 offered to do it for $5,400. In the end we went with our gut instincts and found the solution that fit our needs.
People have the same confusion about the costs of coaching. Coaches themselves are even confused. Part of the challenge is that there are so many types of coaches out there. From general life coaching to very specific niche marketing, the topics run the gamut. Coaches also come from a variety of backgrounds. Many come from the world of psychology, but there are wonderful coaches with backgrounds as teachers, cops, business people, human resources executives, physical therapists, chiropractors, etc…
I’ve seen pricing as low as $50/hr for life coaches just starting out to executive coaches that work on retainer for $40k/year. So, when you’re looking for a coach, what should you pay?
Before answering that, consider this. Let’s say you want help from a coach to create a better marriage between you and your spouse. What’s it worth to you to not get divorced? Or what would it be worth to you to get out of your own way and have better self esteem? Or to lose 10 pounds? Ultimately, no matter the goal, what’s a better life worth?
Then consider the likelihood that the coach you’re considering using can help you get there. Nearly every coach offers an introductory session to see if the two of you are a good fit. Use that time to get a feel for their skill level. Follow your gut.
Ok, but really, what should it cost? Here are some very rough guidelines
* Life Coaching – $125 – $175/hr is typical. More for a very experienced coach with a great reputation and background. Less for someone starting out or with less relevant experience.
* Business Coaching – $250-350/hr when working at the Director/VP level. More when working with C-Level staff, less if working at the manager level.
In all cases, consider your ROI (Return On Investment). Set clear goals. Show up and be willing to make the tough changes.
What’s it worth to you to reach your goals?