I know what you didn’t come here for is to get the answer “it depends.” However, that is the actual reality. But before you take off to find answers elsewhere, I will give you a range of costs and explain what it depends on.
First, the range:
- Tier 1: $50 to $150 per hour – These will be your local entrepreneurs who are consulting with everyday small businesses. It doesn’t speak to their level of expertise, only to the level of client they serve or can get access to.
- Tier 2: $200 to $500 per hour – These are going to be coaches with a little more notoriety and want to make it a little harder for the masses to access them. They don’t necessarily know more; they are just more popular and have to be picky with their clients.
- Tier 3: $5,000+ per engagement – These are entrepreneur coaches that have achieved stardom and will charge you thousands of dollars just to talk with them once.
How They Actually Charge
The reality is, most entrepreneur coaches don’t charge you hourly. What they will do is provide you with a package that will give you a certain level of communication a month.
You can expect this range to be anywhere from $500 a month to $2,000 a month on average, depending on how much of their time you need.
The next tier up is $2,500 to $5,000 a month for a more personal approach to coaching, where you may find the coach gets more involved with your business, spends time with your team, and does more of a deep dive into the ins and outs to provide solutions.
Beyond that are $10,000+ packages that, once again, are for the more popular coaches who have to be selective with how many clients they can take on. These coaches are in high demand.
Some coaches purely charge based on the value they are providing rather than a set rate. So if they’re talking to a single founder, you may get Tier 1 rates; if they’re talking to a company that makes $100,000,000 a year, they may charge Tier 3 rates. They basically charge based on the level of impact they are making.
What’s Considered in the Cost
There are a few things considered in the cost:
- Value provided
- Time spent
- Expertise
- Availability
- Authority
What the coach will be coaching you on can impact the cost greatly. For example, coaching you through self-development and providing support is different from providing sales training to your entire staff.
Final Thoughts
When it’s all said and done, what the entrepreneur coach charges is less important than two other factors:
- What you can afford
- What your ROI will be
If hiring the entrepreneur coach will save you a year’s worth of time on trial and error and accelerate your revenues, then it truly doesn’t matter what they cost, as long as you can afford them. This is because your main concern is not how much the investment is, but what your return on that investment will be.
If you’re looking for an entrepreneur coach, you’ve come to the right place. You contact me here to learn more!
