First, the coach word is fashionable. Many people call themselves coaches when in fact, they’re consultants. There’s a difference between a coach, mentor, consultant, and therapist though that’s another post in itself. Before you hire a coach, check out their credentials.
Business and life coaching costs for non-corporate clients are $350-$1,000 a month (depending on services provided) from an experienced ICF certified coach. This includes 2-4 sessions (for a minimum of 3-6 months) delivered by phone or in person. Many prefer the former because phone coaching –in my opinion- is more powerful and provides greater flexibility for coach and client.
Group coaching costs are $100-$200 per month. Groups comprise 4-10 people looking to grow in a certain area. For example: career, running a business, sales, etc. The advantages are lower fees plus you’re sharing experiences with other like-minded individuals.
Corporate coaching for larger firms focused on grooming high potentials, improving a functional area such as sales for example, and leadership (to name a few) will cost between $750-$2,000 a month or more. Expect fees for special projects such as leadership workshops and team development starting in the $10K+ neighborhood depending on the number of players and length of engagement.
How much does a coach really cost? Let’s say you’re a corporate client that wants to increase the performance of a high potential Generation Y leader. You hire an experienced certified business coach for them at $850 a month. The player has weekly calls with their coach, creating plans to improve. Do you know what happens? During the week, the high potential leader plays the coaching conversation over and over in their mind and in turn, shines a big spotlight on what’s most important for success!
So, the most important coaching goes on in between the calls. Considering there’s 160 business hours in an average month, that works out to $5.31 an hour to improve the leader! We haven’t even accounted for the increase in Gen Y’s productivity and their team which goes directly to the bottom line. Where can you get that kind of ROI? (Multiple studies on executive coaching ROI has shown a return of 5-7 times the initial investment.)
Most coaches provide an initial confidential consultation to determine if the coach and client are a good fit for each other. The coach can also answer any questions regarding fee structure.
I hope this gives you more of a high-def perspective on coaching costs and fees.