People hire coaches for a wide variety of reasons. Some may hire a life coach to help them get clarity on life goals, challenges, and overcome obstacles and blind spots in thinking.
Business owners hire coaches for similar reasons. A good coach will help you set important goals, get clarity on what's important, teach you how to track and measure the key indicators in your business, show you opportunities you might be missing, find hidden profits, help you save money on unnecessary expenses, teach you things you may not know, think bigger than you've been able to think previously due to being too close to the business, and push you to get more done than you'd be able to do without a coach.
Finding and hiring a good coach is not something to take lightly! You will be partnering with your coach for a period of time in order to get some kind of outcome. If you don't 'mesh' well with your coaches personality or coaching style, you will not get all of the benefits you should be receiving from the coaching experience.
Do some research on the potential coaches you'd likely consider working with. Then reach out to each of them and set up a coaching call or interview to see if something resonates with you while talking with them. Of course, be sure to pick a coach who can lead you in the direction you think you'd like to go.
The coach you hire should be able to help you achieve what you may have been unable to achieve on your own. This does NOT mean that a coach has to be more successful than you in a particular business, sport, hobby, or whatever pursuit you're aiming for.
There are many examples of excellent coaches in sports that are nowhere near as talented as the players they coach. A good coach is able to tap into something the player, student, or businessperson is unable to tap into on their own. A good coach is also able to push you by holding you accountable, asking deep probing questions, helping you see what has been holding you back, and generally help you achieve more than you could have on your own.
The best way to grow from a a good coaching experience is by being open to suggestion. if you come into a coaching relationship thinking you already know everything, there is very little a coach can do for you. You must be willing to 'empty your cup' and be open to being pushed into areas that may scare you a bit.
A good coach is able to discern some of your weaknesses and blind spots, even when you can't. You MUST be willing to take some criticisms and harsh suggestions at times if you are truly committed to the benefits of being coached.
Good coaching doesn't cost you anything, it will pay dividends and returns far beyond whatever your monthly or annual investment might be. Multi Billionaire, Paul Tudor Jones, pays Anthony Robins $1,000,000 per year to be his personal coach. He sees his million dollar annual investment in coaching as an investment in himself and credits having a personal success coach as the reason for his success. Billionaire, Ray Dalio, also invests millions in personal coaching for the same reason.
You probably don't want to invest millions into personal or business coaching, unless of course, you're a billionaire. However, good business coaching should give you a return of at least a 1 to 1 return (that's $1 back for every $1 invested), and well up to even a 100 times return on your investment. One good idea gleaned from your coach could end up netting you tens of thousands, potentially hundreds of thousands of dollars or more. One poignant suggestion from your coach could help you avoid losing that much as well.
As a rule, you should seek at least a 2X return (that's $2 for every $1 spent on coaching). If you spend $500 per month, for example, you should expect to find at least $1000 per month in return via increased profits, increased sales, decreased losses, new business opportunities, and a variety of other avenues your returns may show up.
How much you invest into your coaching will depend on a variety of factors. One of the considerations is the industry you're in, if you are seeking coaching in a particular business, and what you hope to gain by hiring a coach.
If you are hiring a business coach in your industry and hope to increase both the top and bottom lines of your income statement, the cost of coaching should be a reflection of what you have to gain, how qualified your coach is, how likely you are to follow their suggestions, and how much you value growth. If you stand to gain $50,000 to $100,000 or more in income, investing 10% or 20% of that amount would be reasonable. Another way to think of it is by asking, if it only cost you $2 to buy a $10 bill, would you make that purchase?
Good coaching is definitely an investment in your personal and professional growth. You have to decide how badly you desire to grow and what you're willing to invest to achieve it. Good coaching doesn't cost anything when you look at it that way.
Good is a relative term and it will all depend on what you're seeking and how willing you are as a coaching student. If you do your research first, you should have a fairly good idea initially if the person you're thinking of hiring can help you grow in the direction you wish to go.
A good coach is somebody who can help you think differently than you thought before. A good coach will give you a new perspective on things. They can show you your blind spots if you're willing to see them. They can help you understand things you've been unable to understand previously. A good coach will also be willing to hurt your feelings a bit if they think it will help you grow.
Good coaching is relative to the person being coached, the industry the coach works in, the results being sought, and the prior experience of the coach. Everybody is not right for every coach, and every coach is not right for every student.