Business coaching has been a growth industry in the economic downturn. As business owners seek new solutions to their problems, including work-life balance, growth strategies, and marketing, some entrepreneurs are adding a business coach to the company team.
"In many cases, the owner needs someone on the outside of their business to give them a different viewpoint. In other cases the owner needs to have a trusted adviser that they can be honest with and who will be honest with them. In almost all cases, the owner needs someone to serve in the capacity of an objective friend that will hold them accountable to getting results," says ActionCOACH certified business coach Gary Stokes.
Coaching fees can start at $100-500 for a one day workshop or seminar. One-on-one coaching can run into the thousands of dollars per month depending on the size and scope of the project and the business.
"Most businesses engaged in one-to-one coaching will invest around $2000 per month," Stokes says. "The average client for ActionCOACH stays with a program for over a year."
Business coaching has been trending upward in the last 5 years. In a 2010 survey of over 1000 companies in diverse industries, The American Management Association found that 52% of them had coaching programs, and 37% of the companies that did not have a coaching program were working to implement one.
Writer: Amy McNeal
Source: Gary Stokes, ActionCOACH; The American Management Association