Keep reading… That’s what we’re going to talk about in this article. 

Whether you…

• Are sick of your 9-5 and dream of starting your own business (but have no idea where to start)
• Have a bunch of different business ideas but no clear vision of what you REALLY want to do long-term
• Already have a business but aren’t satisfied with your growth, your work/life balance, etc.

…this one’s for you.

Let’s get started!

What is business coaching? 

First of all, maybe you’re not sure what it even means to hire a business coach.

So… let’s start there.

Basically, a business coach is someone who works with you so you can get the business results you want – as quickly as possible. 

For example, let’s say you started a business you’re passionate about, but… you’re facing challenges like:

• Your revenue has plateaued or you just aren’t hitting your revenue goals
• You’re having trouble attracting your ideal audience
• You don’t know how to run your business efficiently without working all the time

If any of those challenges sound familiar, a business coach can give you a fresh perspective and insights into how you can do better. 

Because here’s the deal… 

Everyone could use that kind of feedback from someone who’s been there, done that. 

In fact, did you know that many of the highest-performing people out there had coaches? 

It’s true. 

Keep reading – that’s what we’re going to talk about in a second.

Is business coaching worth it? 

What do people like TV host Oprah Winfrey and billionaire founder Steve Jobs have in common?

Yes, you guessed it… They had coaches.

That means they didn’t wake up one day and just “know” how to become wildly successful. 

They had experts guide them to the results they achieved.

And that’s true of people who attained their goals in all kinds of different industries – from sports to business. 

So, when you’re an entrepreneur, it’s the same thing… There are a TON of things to learn, and it can be pretty overwhelming to figure out how to reach your goals on your own. 

That’s why hiring someone who can give you personalized insight into how you can do better can be an invaluable long-term investment.

Okay, but maybe you’re thinking, “What kind of return on investment (ROI) can I expect if I hire a business coach?

Let’s look at some numbers:

• Based on a survey done by the International Coaching Federation (ICF), 70% of respondents said the business coaching they received was “very valuable”
• Entrepreneurs who get mentored DOUBLE their chances of still being in business 5+ years after starting their company (UPS)
• 33% of successful business owners have asked for outside support (compared to 14% of unsuccessful entrepreneurs) (Xero)
• According to the Institute of Coaching, 80% of people who get coached say it helps boost their self-confidence

So, what’s the bottom line here? 

It’s this: Business coaching can give you tangible results – in less time. 

Okay, next up: Let’s look at what the specific advantages of getting a business coach are.

What are the benefits of business coaching? 

So, you’ve decided that you’re interested in getting coached by a business expert. 

But… maybe you still want to know what you can expect from a coaching relationship. 

If that’s you, here are ten benefits to know about. 

1. You’ll be kept accountable

Think about this: Would you rather have a coach who tells you that you don’t have anything to change (even if you KNOW that’s not right)… 

Or would you rather have a coach who tells you the truth so you can actually get results?

The thing is, coaching isn’t always easy. 

In fact, it can be really hard… Because it’ll push you to re-think how and why you do things, and that can be uncomfortable. 

But ultimately, being kept accountable is how you’ll make progress. 

So, for example, if your coach gives you concrete suggestions on how you can boost your website traffic and you don’t put in the work to make those changes… 

Guess what? 

That’s on you. 

And your coach will tell you that. And again, that can be uncomfortable! But sometimes, accountability is exactly what you need to take consistent action.

2. You’ll always have a vision 

When you hire a business coach, you’re hiring someone who can help you keep your dream alive. And that can be a game-changer. 

Because I’ll be real, here… 

There are times when entrepreneurship gets rough and you might start to wonder why you ever started in the first place. 

In those moments, it can make a huge difference to have someone who can show you HOW your goals are attainable. 

For example, when I started my first online business, I didn’t have that conviction that what I wanted was actually possible for me. I just assumed people who were successful had qualities I didn’t have. 

So, that’s when I hired my first business coach… 

And even now, as a 7-figure business owner who’s “made it”, I STILL work with coaches because I know there’s so much left for me to learn. 

And that investment continues to pay off big time. (But at the same time, be careful who you hire… I’ll talk more about that a bit later.)

Ultimately, no matter where you are in your entrepreneurial journey, hiring a coach can help you maintain that vision of your big goal and how possible it is for YOU. 

3. You’ll have a strategy to follow 

To get results, you need a game plan. 

In other words? 

You need to know what you’re going to do, when you’re going to do it, and why. That’s where a business coach can help.

So, here’s a quick example: 

Let’s say you’re a new entrepreneur who’s just getting started. 

You have a bunch of different ideas and you’ve been researching all kinds of different possibilities on how you can start your own business, but… 

That’s part of the problem. 

You feel like you’re being pulled in a million different directions and sucked down a million different rabbit holes. 

The result? 

You don’t seem to be getting anywhere because you’re having trouble picking a lane and sticking to it. 

Basically, you’re overwhelmed… You don’t know what’s worth your time and what isn’t. You don’t know what will work for YOU and YOUR goals and what won’t.

Sound familiar?

In that case, a coach could work with you to create a real strategy. 

Like this:

Month 1: Define your niche 

Month 2: Build a website 

Month 3: Reach out to your network/offer your product or service at a reduced rate in exchange for reviews

Of course, the specifics of the strategy can change based on your situation and goals.

But here’s the bottom line… 

Having someone in your corner who has the experience to tell you what works and what doesn’t is invaluable. 

Because even though there are a ton of helpful resources online that CAN help you, information overload can also slow you down…

And if you don’t have a coach who can share their expertise (as someone who was in your shoes once!), you might stay stuck unnecessarily.

4. You’ll stop sabotaging yourself

“This will never work.” 

“I can’t do that!” 

“I’m not as [smart, extroverted, well-connected, etc.] as ___.” 

Do you know what all these thoughts have in common? 

Yes… They’re all self-sabotage. 

And the thing is, self-sabotage is really common in business. 

After all, when you’re an entrepreneur, you wear a lot of hats, and you often have to do things that you’re not used to doing. 

And that can be uncomfortable. 

But here’s the thing… 

Discomfort is actually a good sign. Again, it means you’re pushing your limits and actually growing. And without growth, you’d stay stuck in the same place.

That’s why working with a coach who can help you adjust your mindset is one key to long-term success.

And speaking of that, here’s a video about the mindset shifts that helped me become a millionaire:

5. You’ll learn to be more decisive 

As a business owner, it’s really important to be able to make decisions and stick with them. Otherwise, you risk being pulled in a bunch of different directions, as we already talked about… 

And it’s hard to make progress when you’re not sure what the right plan of action is for YOU. 

For example, if you haven’t picked a niche because you’re worried you’ll be limiting yourself to a specific audience, that will actually HURT your chances of succeeding. 

Why? 

Because you won’t know who you want to sell to… And if you don’t know who you’re selling to, you won’t be able to effectively speak to their specific pain points.

For example, if you want to become a coach to help “people”, that’s too broad. 

Instead, ask yourself:

• Who do I want to help? 
• What do I want to help them with?
• What matters to my ideal audience?

So, let’s say you have an investment background and you want to help underrepresented communities learn how to invest so they can build generational wealth.

See how that’s instantly more focused… WITHOUT being too narrow? 

A coach can help you take the kind of decisive action needed to pick a lane and GROW.

6. You’ll build a sustainable business from the start 

Okay, maybe you’ve already done things like market research, but…

You still feel stuck and unsure of yourself. 

If that’s you, don’t worry. 

I’ve had clients who faced this challenge and overcame it because I helped them tweak their strategy and understand how to sell to their clients in the RIGHT way. 

Because often, it’s not just what you’re offering that makes all the difference… It’s HOW you offer it. 

In other words, you need to know your target audience well enough to have them think, “THIS person gets me.” 

And if you have a fantastic coach, you can set yourself up to have those kinds of results from the very beginning.

7. You’ll get to your goal faster 

Hiring a coach is an investment that can save you a TON of time and money. I know this firsthand because when I was just starting out, I wanted to hit $300k with my first launch. 

But you know what? My coach told me to aim higher and aim for $1 million. 

The result? 

I pushed myself harder and ended up earning $500k MORE than what I had originally planned. THAT is the power of great coaching. 

8. You’ll get past business growth plateaus 

Remember how I said that hitting a plateau in your revenue can be a good reason to hire a coach? 

Well… it’s true. 

Because the thing is, you can have an incredible business or idea and STILL need some guidance on how to get unstuck sometimes. 

In fact, everyone reaches a point where they just don’t know how to scale past their current revenue. 

That’s where hiring someone from the outside can help you see things from a fresh perspective so you can continue to grow. 

9. You’ll have someone to talk to about your business 

Maybe you’re the only person you know who’s an entrepreneur. And… your family and friends STILL don’t understand why you would leave a stable job to work for yourself. 

If so, believe me… I get it.

I faced the same challenge when I started out too. 

Because honestly? 

Entrepreneurship can be lonely if you don’t have anyone to turn to for support. That’s why having a coach who’s always in your corner cheering you on can make a world of difference. 

10. You’ll learn from someone who is where you want to go 

What’s one way to reach your business goals a lot quicker? Get coaching from someone who’s been in the trenches and can help you get the same results they’ve gotten. 

Because I’ll be real here… 

My 7-figure business is the result of a LOT of work. 

But I grew as fast as I did (I hit $1.1 million in just 11 months!) thanks to amazing mentors who guided me along the way. 

In other words? 

I didn’t have to figure everything out on my own. 

So, here’s my advice…

If you can, find someone who’s achieved the specific goals you’ve set for yourself. 

For example, if you want to hit 6-figures while only working part-time on your business, find a coach who’s done the same thing. 

How to find a business coach 

Listen: Not all business coaches will get you the results you want. In fact, I hired a coach early on who didn’t have any idea how to help me… And I lost $18k in the process.

But here’s what I learned: 

Great coaches offer tangible results because again… They’ve been there, done that. 

And they’ve helped others get meaningful results too. So, before hiring someone, check their background. 

Figure out if they have the experience to customize a plan to help YOU specifically. Because if a coach is really worth investing in, you won’t have to wonder what results they can give. 

Next steps

So, there you have it! 

Now you know what the top benefits of hiring a business coach are. 

As you can see, getting outside help can be an efficient way to scale your business in the least amount of time (and without working 24/7).

But you don’t even need to have a coach to get started.

I created a free PDF to give you a tried-and-tested blueprint that will help you create your own coaching business… so you can finally quit your 9-5.

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Read more:

How to Find an Online Business Coach (Can One Really Help You?) 

How to Design and Price Your First Coaching Package

How to Launch Your Online Course (+ Checklist) 

The post The 10 Biggest Benefits of Business Coaching (2023 Guide) appeared first on Luisa Zhou.

If you want to start a business and leave your 9-5 or scale your existing business to six figures or more, you’re in the right place. Today, I share what business coaching is and how to find an online business coach in 2023.

Ready to start growing your business? Let’s go. 

Chapters: 

What is business coaching? 
Is business coaching worth it?
The best way to find the right business coach
How business coaching can help you start and grow your business
How to scale your business with the help of a business coach

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What is business coaching?

You might be wondering:

“What does a business coach do?” 

Good question! A business coach is someone who helps you grow your business and who mentors and guides you to get the best results in the shortest amount of time. 

The thing is: Top performers in all sorts of industries use coaches to get ahead and stay at the top. People like Bill Gates, Tiger Woods, Serena Williams, and other top CEOs, athletes, and industry leaders use coaches to help them perform at their best. 

In fact, Forbes cites a survey that shows that one in six entrepreneurs turn to coaching to improve their performance.

Why? They’ve realized something important: To get to your goal faster, you can’t figure it all out on your own. Even if you’re the best in your industry, you simply can’t be a top performer without outside help. 

Want to know exactly how a coach can help you? Let’s take a look.

How does a business coach help you grow your business?

A business coach is someone who gives you guidance based on his or her own experience, mentors you, and asks probing questions to get to the core of a problem. 

You as the coachee need to do the work. But a coach is there to help you get to your goal faster and to ensure that you don’t get stuck along the way. 

At the same time, a coaching experience is all about your personal growth, so you develop tools to build your business on your own without remaining dependent on your coach. 

You see, business has always been about the same principles. There’s no point in reinventing the wheel and spending years trying to figure out how to grow your business. 

Instead, you can tap into someone else’s experience. Someone who has been where you are and who can tell you what works and what mistakes to avoid.

A coach will tell you what to do to get fast results. But a great coach will hold you accountable so that you take consistent action and make reaching your goal inevitable. 

Business coaching works for all kinds of business owners. When you’re starting your business, a coach can help you get it off the ground fast. And when you’ve hit a plateau in your business growth, a business coach can help you overcome that. 

Just look at my own journey. I’ve hired and worked with coaches ever since I started my business. And today, even though I’ve built a multiple 7-figure business, I still work with coaches in several different areas to continue to grow.

How do you work with a business coach?

A common way to work with a business coach is to work one-on-one with them. And today, online business coaching is a great alternative. An online coaching program is much more flexible and you get to work with a coach who feels like the perfect fit, instead of being restricted to local coaches. 

Plus, you don’t have to sign up for a one-on-one coaching program. There are other alternatives that work just like one-on-one coaching but in a self-study format. 

That’s how I designed my own program, Employee to Entrepreneur. I basically took all my coaching experience and distilled it into this course, which teaches you how to build a coaching business from scratch. 

I’ve then continued refining the course over the past few years. 

That’s why many of my clients get the same results as they would if they were working one-on-one with a coach. 

Is business coaching worth it?

The important question is: Is business coaching even worth it? 

Well, according to The Institute of Coaching, up to 86% of companies report that they recoup their investment in coaching and more. 

But what makes coaching so powerful? 

Why coaching is a must for top performers

Even the most experienced business owners use coaches. Why?

New York Times best-selling author Daniel Coyle visited nine of the world’s greatest talent hotbeds that are known for producing incredibly high percentages of the world’s top athletes, artists, and performers. In his book “The Talent Code” he distills the three elements that make a top performer: 

• Deep practice. Specific kinds of practice to improve skills fast. 
• Ignition. Deep-rooted motivation and commitment. 
• Coaching. A master coach who brings out the best in their students, the top performers.

Anyone you look at who’s at the top hasn’t gotten there all by themselves. Granted, they’ve worked hard to get there. But you can be sure that they’ve had outside help.

Take swimmer Michael Phelps, who famously became an Olympian and hit a world record even though he had to finish his race with water in his goggles, all thanks to the visualization exercises his coach had taught him.

Or Eric Schmidt, former CEO of Google, who worked with a business coach and found the experience invaluable.

How coaching helped me build a 7-figure business

I’ve used coaching in my own life. Whenever I’ve wanted to learn something, I’ve learned from the best in that field so that I could get results in the fastest and most efficient way possible.

For example, when I wanted to get fit, I hired a personal trainer from one of the top gyms in New York. He looked like a living statue and his clients looked exactly the way I wanted to look. 

And in my business, I worked with the best as well. Because I did, here’s what I’ve accomplished:

• Built a seven-figure business in my first year online.
• Executed a program launch that generated close to a million dollars.
• Built automated “evergreen” funnels that generate tens of thousands of dollars per month.

See how rapid business growth goes hand in hand with getting help and learning from someone who has already done it?

But all of this requires you to work with the right coach. How do you find him or her? 

That’s what we’ll look at next.

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The best way to find an online business coach

Coaching is a multi-billion dollar niche. And while there are tons of coaches out there, you might have noticed that some of them claim they can coach you without having done the thing themselves. 

That’s why you need to know WHO to work with. Here’s how:

What I learned from losing $18,000 on business coaching 

I’ve worked with several coaches throughout the years. Most of my coaching investments have generated a return of at least 5-10 times my original investment.

But early on in my business, I hired a coach to help me grow my business… And wasted $18,000 in the process.

I saw first-hand what an unqualified coach can do to your business. She was completely unable to help me or even answer any of my questions. I would constantly hear, “Well, this should work…” or “You’re not believing in the process.”

Was it frustrating? You bet. 

In the end, it was a total waste of my money. But I learned my lesson:

A good coach doesn’t just hope and pray for results or rely on a single tactic. Instead, she KNOWS her methodology will work. A great coach someone who has done it and has the results to prove it.

How to know if a business coach is the right fit for you

So what should you look for in a business coach?

The coach you choose to work with should have tangible results. Not just her own but also results she’s helped others achieve.

Instead of looking at certifications or other unreliable qualifications, ask yourself:

Has this coach helped others get the results YOU want to achieve? Has she built successful businesses before? Has she been where you are today?

For example, I work with people who want to quit their jobs and start an online coaching business. That’s my own background. Before I started my business, I worked as a manager at a tech startup. 

And I built successful businesses before I started the business I run today. My first online business was a six-figure Facebook advertising consulting business. Before that, I built a six-figure tutoring business and a payment app. 

Today, I’ve helped thousands of new entrepreneurs build their businesses. And they’re all people who are a great fit for my services. My clients feel unfulfilled in their jobs and want to do something impactful and scalable.

How business coaching can help you start and grow your business

By now, we’ve looked at the theory behind business coaching. Why you should hire a coach and who you should work with.

But what does business coaching look like in practice? What can a coach specifically do for you?

The thing is: Even if you’re in your 9-5, a coach can help you start and grow your business. If you’re just starting out, it’s particularly easy to get stuck. Here’s how a coach can help you move forward, faster:

Figuring out a business idea (the foolproof way)

Anyone who has thought about starting or who has started a business knows it can be hard to come up with a winning business idea. 

You don’t have to come up with the next Facebook or Amazon, but you do need to have an idea that’s profitable, that you enjoy working on, and that you can back up with results. When I first started my business, I had to go through a couple of ideas before I found the right idea, my Facebook ads coaching business. 

That’s where a business coach can help you get clarity much faster. I’ve helped hundreds of students work through their ideas. 

One of my students had been thinking about starting a business for a good number of years before we started working together. She knew she wanted to work for herself, but she couldn’t see how her skills would translate into a business.

As someone who had built a successful career, she was perfectly positioned to help others do the same. And that’s what she decided to do as a career coach. 

Getting your market research right from the start (do this if you want to be successful!)

One of the BIGGEST mistakes new entrepreneurs make? They overlook what their customers really want. Unless you can speak your client’s language, you won’t sell much.

That’s where market research comes in. You need to research your market to figure out who they are and what they want.

But time and time again, I see people get stuck in this phase. That’s when a business coach can help you understand your customers better than the back of your hand. 

For example, one of my students was stuck in figuring out her market. She knew that entrepreneurs needed branding, but at the same time, she struggled with getting them to buy. After all, she wasn’t explaining to them in their own words why they should hire her. 

I gave her the exact script to get people on market research calls and what to ask and listen for to truly understand why her customers wanted her services, branding. 

Soon enough, she started closing sales calls.

Getting your first client (and growing your business fast)

Once you have your idea, you need clients. But how? Again, a business coach can help you get there faster because she’s done it herself AND she’s helped others do it. 

What your coach should do is to show you how to use proven strategies and adapt them to your industry, as well as changes in the world and online.

For example, when I built my business, the live streaming app Periscope was big. Today? You hardly hear of it. Instead, there are other, even bigger live streaming platforms, like Facebook and Instagram. 

I take the formula I used on Periscope and teach it to my students so that they can go and get clients from those platforms that work today. That’s how I adapt what has always worked in different formats and apply it to today’s platforms and tools. 

Adjusting your mindset and ensuring long-term success

Here’s something I learned early on in my business:

Successful entrepreneurs think differently. That’s why they get the results they get. 

You need to think differently to get different results. Your business success isn’t just about the actions you take, but also the thoughts you think. 

This is when a coach can be one of your greatest assets. Mindset changes can take years… Or months or even weeks if you work with someone who can coach you in developing your mindset.

Because I recognize the power of action AND mindset, my students get the results they get. 

Converting clients on sales calls (the sweat-free way)

Raise your hand if you feel sales calls are slimy or salesy.  

I remember my first sales call clearly; it was nerve-wracking. I studied selling for a week before even jumping on the call. 

And it didn’t stop there. I continued to learn all there was to know about selling to become a great salesperson. 

Today, I coach my students to develop their sales skills fast (without feeling salesy!). 

Writing copy that sells your services and products

Want to know what I hear all the time? It’s this: “Luisa, how do I write copy for my business? My copy doesn’t get any likes, comments, or sales.” 

Copywriting is the marketing and sales copy you put out there. You know, your sales pages, emails, web copy, and social media posts. But how do you write copy that gets people to want to work with you? 

That’s what a coach can help you with. 

Getting published in industry-leading publications like Forbes and Entrepreneur

One of the best ways for new entrepreneurs to build their brand and get clients is to get in front of a big audience. That’s what an industry-leading publication helps you with.

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How to scale your business with the help of a business coach 

Scaling your business? A business coach can help with raising your rates, setting up evergreen funnels, creating new products, and getting more clients. Here’s how to scale your business with the help of business coaching:

Create an “automated” business with evergreen funnels

When your business is chugging along (you have some clients and you’ve achieved a bit of growth), you most likely want to start scaling your business in ways that don’t add more work to your schedule.

That’s what evergreen funnels can do for you and an experienced coach can help you with.

Take one of my clients, who’s a successful energy coach. She wanted to grow her business without having to use all her time on selling and client work. And with her evergreen funnel, she’s been able to do exactly that. 

Get booked out months in advance

To get your first clients is one thing. But getting booked out? That’s a different ball game and something that business coaching can help you achieve faster.

Raising your rates with confidence

Want to know how you can raise your rates without scaring away clients?

That’s what a lot of my clients ask me about. A coach can help you work through the beliefs and mindset issues that are keeping you stuck.

Many of my clients have gone from charging $1,500 to $5,000 and beyond for their coaching packages. 

Selling online courses so that you can spend less time in your business

If you’re successfully selling coaching or consulting, you can only take on so many clients before your schedule fills up. And that means you can only grow your business to a certain point.

I learned this in my own business when I had scaled it to six figures in four months. Suddenly, I couldn’t take on any more clients, even though I wanted to continue growing my business.

That’s when I started packaging my material into online courses. They were both easier to sell (because the price point isn’t as high as for 1:1 coaching) and you can scale your business without adding on more client work. 

The best part? Your students get the same results because you’ve already taught your methodology in your coaching business.

Scaling your traffic and quickly growing your business

And finally, when you’re scaling your business, a big part of it comes down to getting more traffic. Again, this is something your coach can help you with.

One of the fastest ways to scale your traffic is to use paid advertising. And instead of wasting years learning it on your own, you can get help from a coach. 

Many of my clients have built their own ad funnels and scaled their businesses to multiple six figures. I did it myself in my business. With the help of paid ads, I scaled my business to over seven figures in a year.

Ready to find an online business coach? 

Excited about the possibilities that business coaching offers? By now, you know how a business coach can help you grow your business and what you should look for in a coach. By working with a coach who has the results to show, you can quickly build your business.

Now, over to you: 

What coaching business are you building?

Write a quick comment here below.

The post How to Find an Online Business Coach (Can One Really Help You?) appeared first on Luisa Zhou.

Business coaches and mentors can make all the difference for your business. I personally made seven figures in my first year in business thanks to my coaches and mentors. 

But finding one (or both) can be hard.

Here’s how to spot the best business coaches or mentors for entrepreneurs. 

Read on! 

What is a business coach? 

A business coach is an entrepreneur or executive who teaches you how to grow a successful business. 

They use their knowledge and experience to guide you through business challenges. 

That could include: 

• Struggling to stay focused and productive
• Setting achievable goals
• Reaching the next level of income
• Learning to outsource
• Diversifying your income
• Growing and managing a team
• Marketing your business effectively 

…And so much more. The data shows that business coaching works:

• 70% of coachees improve work performance, relationships, and communication
• 80% of coachees report increased self-confidence
• One in six business owners turns to coaching to improve their performance because the ROI on coaching is so worth it

Business coaches are typically paid professionals you bring in with a specific goal in mind, typically to boost your business growth in some way. Business coaches can also be executive coaches and focus more on things like leadership, employee management, and systems. 

And that’s a key differentiator between coaches and mentors. While business coaches act as business mentors, they’re not just mentors. 

Let’s talk about mentoring next.

What is a mentor? 

A mentor is (usually) a senior advisor who gives you informal guidance on your business goals. 

They don’t have to be senior in age, but they usually have a certain level of experience and/or success. 

Mentors are often volunteers. You don’t pay them for their time. 

More likely, you build a relationship by working with them, and they take you under their wing. 

And your mentor can be one of the most impactful people in your life. 

But how effective is mentoring? More than you might think. 

33% of founders who are mentored by successful entrepreneurs go on to become top performers.

So, the major difference is that business coaches are paid, and mentors are volunteers, right?

There’s more to it than that. Let’s talk about it. 

What is the difference between a business coach and a mentor?

Business coaches and mentors are similar – both provide advice and are concerned with your success. But there are big differences, too. 

Business coaching is a paid relationship, mentoring is free 

Mentors are informal. In fact, most mentors probably won’t even call themselves your mentor. The relationship is more of a natural business friendship that requires the mentor to take an interest in you without expecting any monetary compensation.

On the other hand, business coaches are paid for their work – a business coach is a professional mentor. That payment comes with contractual obligations on both sides.  

Business coaches advertise, mentoring happens through networking

Finding a mentor isn’t as intentional. You have to build a relationship over time, and you should NEVER ask a stranger to be your mentor. (We’ll talk more about that in the next section.)

As professionals, business coaches advertise their services so they are easy to find. You’ll have a coaching agreement and a clear structure. Speaking of…

Business coaching is more structured, mentoring is more organic

Business coaches help you go from A to B with a clear path.

Mentoring is free flowing. You might meet for a coffee and talk about how things are going but there’s no roadmap. You are expected to act on the mentor’s advice but there’s no concrete accountability, as there is with business coaching. 

Business coaching has time commitments, mentoring is less regular

When you sign a coaching agreement with a business coach, you’ll know exactly how much time you’ll get with them. Your package could be three months to a year. You might meet every week or every month. 

Whatever the time commitments are, they’ll be clear and defined from the beginning.

Mentoring happens when your mentor has time. It could be a regular coffee every month or a quick Zoom call once a year – typically, there is some kind of structure but it’s less rigorous than with business coaching. Because your mentor is donating their time to you, you can’t have the same expectations as you would with a coach. 

Business coaching has clear goals, mentoring has no goals

It’s your business coach’s job to help you achieve a defined result. 

Because a mentor is more of a personal relationship, they might not help you with a specific goal. 

Now, is one better than the other? Not necessarily. 

It depends on the type of support you’re looking for. 

I’ve had many coaches and mentors in my business journey that have helped me hugely. I recommend both. 

But I will caveat that business coaches are easier to find than mentors. 

You’ll see why in the next section.

How do you find a good coach or mentor?

So now we’ve defined what coaches and mentors are, let’s talk about finding one.

Here are the top places to find business coaches and mentors: 

Your network 

Mentors are usually part of your network – your old boss, your family member, or a friend of a friend. 

These are all candidates for business mentors if they have skills you want to learn from. 

You can find great business coaches this way, too. First-hand recommendations are a great place to start your search.

LinkedIn

LinkedIn is the number one social media platform for networking professionals.  

You can find business coaches and potential mentors on LinkedIn. 

If you’re looking for a business coach, you can type “business coach” in the search bar on the platform. 

Mentors take longer to find. Reach out to people whose work you admire and start a conversation.

Blogs

As you search for information and read blogs, you’ll find that many are written by business coaches.

Take me for example. 

A few years ago, I shared a guest post on the website GrowthLab, which was part of I Will Teach You to Be Rich. 

A lot of people loved that post and several of them decided to sign up for my private and group coaching programs. 

So check out trusted entrepreneurial publications and see if the thought leaders they feature do business coaching. 

Instagram

Instagram is a great place to find business coaches. You can search hashtags like #coach or #businesscoach to find accounts to follow. 

Adding location tags will help you find coaches in your area if that’s important to you. 

It’s harder to find mentors on Instagram but not impossible. However, you will need to invest significant time into building that relationship. 

Events

One of the best ways to connect with potential mentors and coaches is to attend industry events. 

You broaden your network and might get one-on-one time with people who otherwise are somewhat hard to reach. 

Similarly, you might connect with business coaches at the events. 

Online communities

Online communities like Reddit forums, Facebook groups, and memberships are great resources for finding business coaches. 

You can post in the group that you’re searching for a coach and get recommendations from others.

Some online memberships also run mentorship programs for their members. If you belong to an association or alumni group for your industry or school, ask if they have a mentoring program.

Your own proactiveness

Look: Sometimes you have to take things into your own hands. 

Try creating your own events or masterminds to bring people in your industry together. There you’ll be able to grow communities where you can find potential mentors and coaches. 

For more on my thoughts about finding the right mentor or coach for you, check out this video:

How do you choose a mentor? 

Ever heard that a mentor is a senior executive in your company that you can just walk up to and ask to be their mentee? 

This is the wrong approach and here’s why. 

Cold pitching yourself as a mentee to someone you don’t know just doesn’t work. 

You’re basically asking them to invest their free time in you. 

Why would they do that for a stranger?

Also, remember you want them to mentor you because they are successful. 

Successful people are busy.

So they need a reason to pick YOU as a mentee out of everyone who asks for their time.

Mentorships tend to be much more organic.  

So first, look at your network. Who do you already have a connection with that could offer some career advice?

Then you want to offer them value in exchange for their time. 

This could be a coffee or lunch on you. Because you already have a connection, this person would probably be happy to be treated by you while you ask for advice. 

If you don’t have anyone in your circle that you could consider a mentor, go to the previous section and start making connections. 

It takes time but a worthy mentor will find you eventually. 

How do you choose a business coach?

We’ve talked about how valuable a business coach can be. And I’m proof of that. 

I’ve gotten a 5-10x ROI with most of the business coaches I’ve worked with.

But early in my business, I worked with a coach… and wasted $18,000 in the process. 

Long story short, this coach was completely unqualified. Because she didn’t know how to answer my questions or have a clear understanding of my goals, I didn’t get anywhere by working with her. 

Don’t make the same mistake I did.

Here’s a cheat code to finding the right coach for you:

• Do they have proof of results? Look at client success stories, testimonials, and public feedback. Do they walk their talk? 
• Do they heavily focus on how much they make? Sure, I mention it in my blogs to gain the trust of my readers, but in very vague terms. A good business coach won’t sell you pipe dreams on how to make seven figures in 30 days.
• Do they have a one size fits all approach? If a business coach can’t tailor their advice to your unique circumstances, they’re not a good strategist. You want a coach who wants to understand your business and work with you to find solutions. 
• Do they have experience in your industry? Now this isn’t that important. Yes, it helps if your coach has insider knowledge of your particular industry. But an outside perspective is helpful too. The key is that they know how your business works. 
• Do you identify with their message? Business coaches all have different styles. Take me for example. I have a straightforward, casual big sister style. I’m no fluff and straight to the point. That approach doesn’t work for everyone and that’s okay. Consume the content of the business coach you’re interested in to see if you align with their style.
• Do you feel listened to? Once you have a shortlist of coaches that look credible, set up a call. Make sure you feel comfortable and confident talking to them. 

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I know it sounds like A LOT of criteria for a business coach. But think about what’s at stake. 

The right business coach can be the best decision you ever make. 

The wrong business coach can be one of the most expensive mistakes you’ll ever make. 

Remember, you’re searching for your accountability buddy, strategist, and trusted advisor.

So choose wisely. 

The top business coaches for entrepreneurs 

There are thousands of offline and online business coaches out there who can help you succeed. Here’s a shortlist, including my own business and a few other coaches. (Note! I haven’t used their services but these recommendations are based on reviews and reputation of these businesses.)

LuisaZhou.com

If you don’t know me, hi! I’m Luisa Zhou, and I’m a business coach and mentor. I offer limited one-on-one and mastermind coaching, as well as self-study courses. With over 10 years of business experience, building multi-seven-figure companies, I teach my clients the blueprint I wish I had from the beginning. I also sit on an investment committee and have coached 1,000+ people to start their online businesses. 

Jay Abraham

Jay Abraham is one of the original business coaches. He has a highly selective process if you want to become his student. As a proven business thought leader, he has coached over 10,000 clients in over 1,000 industries.

EMyth

EMyth offers online business coaching services that connect you to a professional coach. These coaches are top quality and they follow a comprehensive business coaching program. They’re focused on mentoring you as a business owner to get the results you want, no matter the industry you’re in. 

And if you want to familiarize yourself with the EMyth methodology, I can wholeheartedly recommend “EMyth Revisited,” one of my favourite books for small business owners.

Online programs 

Look:

If you can’t afford a business coach right now, you CAN build a business without one. 

Sure, later on, business coaches can be tremendously helpful, but you can get your first clients on your own. 

But if you want some help, an online program could be the right move for you. 

My program Employee to Entrepreneur is a step-by-step roadmap to business success. I’ve helped thousands of students get free from their 9-to-5 with this course. So if you want a lower-cost way of working with a professional business coach, this is a great option. 

Next steps

So now you know how to find a business coach or mentor to take your business to the next level. 

What it comes down to is that you decide which one you need, start your search, and do your due diligence. 

What’s the next step to starting your business? 

Then, get my proven blueprint for building a successful business: 

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Find a Business Coach for Coaches

What Makes a Great Coach? 

How to Become a Business Coach

The post How to Find a Business Coach or Mentor in 2024 appeared first on Luisa Zhou.

A business coach for coaches can help you uplevel your business, find ideal clients, and reach a great income. In this article, you’ll learn how a business coach can help you and how to find the best coach for you.

Read on to learn more.

What do business coaches do?

So what do business coaches do? 

A business coach is a professional who helps you achieve your business goals. They use a combination of mindset techniques and strategy to support you in your business-building journey. 

Business coaches focus on the overall health of your business–your systems, your revenue, and your clients.

Other types of coaches help people with more specific business areas. 

For example…

Sales coaches help you sell better. 

Confidence coaches help you raise your confidence. 

And executive coaches help you become a better leader.

So considering all the choices out there, why work with a business coach? 

There are tons of ways in which a business coach can help you thrive. 

Some coaches specialize in helping new coaches launch their coaching businesses–for example, to create a launch strategy, identify your niche, and find your first paying clients. 

Other coaches work with established business owners to take their businesses to the next level. That could be setting new financial targets and plotting a strategy to get there. 

Ultimately, all business coaches have a different signature process to help their clients. 

That said, can you be sure that a business coach will help you? 

Here’s what you need to know. 

Can a business coach really help you? 

Yes and no. 

Yes, because the right business coach can supercharge your business potential to a completely new level. There’s a reason why one in six entrepreneurs turn to a coach to improve their performance. 

And why those who seek out mentors are generally successful entrepreneurs. (One-third of successful entrepreneurs have turned to a mentor, whereas only 14% of business owners with failed businesses have done the same.)

The evidence is all there. A coach can be an invaluable guide, helping you reach new heights. 

But there’s a catch.

Getting a business coach isn’t a fix-all solution. You still have to do the work. 

Your coach gives you the tools to scale. YOU have to use the tools to build your business. 

That means, getting out of your own way and keeping up your motivation to work on your business. Here’s what I mean: 

The wrong business coach can also hurt your business. There are tons of ways a coach could be the wrong fit for you. 

For example, they may not have the right experience. Definitely look for a coach who has experience in building a business successfully. 

And if you want help in a specific area of your business, look for a coach or professional in that field. (So as a coach, look for someone who has experience building coaching businesses.)

Plus, look for someone who is a good fit for you–and who you like working with. 

The coaching relationship has to be solid. You need trust, respect, and understanding between you and your coach to make your business soar. 

But what type of coach should you work with? Let’s take a look. 

What type of business coach should you work with?

Let’s start with the basics. 

A great business coach for coaches should have experience building a coaching business. 

Why? Well, the business model for coaching is totally different from other businesses. 

Even other service businesses operate differently from coaches. Let’s take a wedding planner. Wedding planning is a service-based business but it’s almost “done for you.” A wedding planner will find the venue, and vendors and manage the client’s budget to get them to their goal. 

On the other hand, coaches are more like consultants. They guide their clients to achieve their goals. You need a business coach who can understand how this business model works. 

Not just what you do but how to create income streams.  

For example, I built three successful businesses before starting my current business. And I’ve co-founded a marketing agency. Today, I’ve helped thousands of people start their coaching businesses. 

Not to mention all the testimonials out there…

Here’s one example: My client Ruby replaced her 9-5 income as a relationship coach. 

This experience gives my clients confidence that they’re working with a pro in business. 

Similarly, if you’re right at the beginning of your journey, wanting to leave your 9-5, you want a coach that is great at launching. They understand the tools you need to get your first clients and will build your confidence as a coach yourself. 

The type of business coach you choose will depend on your goals. Ask yourself:

#1: What are your pain points? 

#2: Where do you need the most support in your business?

Now, apart from who you should work with, how do you know you can trust their credentials? 

Let’s take a look. 

What qualifies someone to be a business coach?

There are business coaching programs out there that can certify a coach. These programs involve learning how to motivate and strategize with clients to help them achieve their goals. 

But coaching is an unregulated industry. Which means: Certifications don’t make a coach.

Instead, experience and results do. 

In other words, certifications won’t teach coaches how to coach. Real business experience will. 

That said, how much should you reasonably expect to pay for your coach? 

Here’s what you need to know.

How much should you pay for a business coach?

Here’s the thing:

The rate you pay a business coach depends on the coach, their packages, and credentials. 

Business coaching rates tend to go from thousands to hundreds of thousands.

So yeah, there’s a lot of variation in the industry.

That’s why, when searching for a business coach, you might wonder: 

“Are business coaches worth the money?”

YES. Top business coaches for entrepreneurs are worth the money IF you find the right one for you. 

Focus on finding the coach that has the skills and knowledge that you need. Their guidance and expertise will pay for themselves in the end. 

However, if you’re at the beginning of your business journey and your budget isn’t there yet, you can get similar support in other ways. For example, my Employee to Entrepreneur course will take you step by step through the process of building a profitable business (more on that later!).

But what are the reasons for hiring a business coach? Here’s what you need to know. 

Why hire a business coach for coaches?

So business coaches have their place in the market. But why should YOU hire one to help you take your coaching business to the next level? 

It’s all about what they help you to do and how they do it. Let’s learn more about both. 

What can a business coach help you with?

Remember that a business coach can’t do the work for you. They can guide you to your goal with expert advice and support, but it’s on you to follow that advice. A few of the techniques business coaches might use to get you there include: 

#1. Goal setting

We all know how to set a goal, right? 

Well, it’s not as simple as you might think!

Bill Gates famously said we overestimate what we can do in a year and underestimate what we can do in ten years. 

Setting a realistic, actionable goal is hard! Especially if you’re new to the coaching business and don’t know what expectations to set.  

If you want to learn more about setting goals, I do have a video on the topic:

(See me as your cool big sister online! I’m happy to share this content most would charge good money for.)

#2. Accountability

Ever tried to do a challenge and ask someone to keep you on task?

That’s the beauty of accountability. Studies show that you are 65% more likely to meet your goals if you commit to another person. The percentage jumps to 95% if you have ongoing check-ins with the accountability partner to monitor progress. 

That’s what a coach can do for you. 

By having regular check-ins and keeping you on task, you’ll feel supported and capable of achieving your goals. 

But can’t you get the same effect with a friend? 

Not really. Your friend is more likely to let you waver on your goals or not keep you on task. Coaches are professionals who won’t let you fail easily.

The accountability you get from a coach is different from a friend too. Your friend is likely to check that you’re making the revenue you want to make. A (good) coach digs deeper to understand why you’re not hitting your goals and switching up strategies if certain strategies don’t work for you.  

See the difference? One is about the goal. The other is about the process. By focusing on strategy, your coach can help you take actionable steps toward your goal and keep track of your process.

#3. Strategic planning 

Strategy is everything in business. 

You cannot put a price on a clear roadmap. 

As an example, when I wanted to sell my first self-study course, I had to spend thousands of dollars and spend years testing my strategy to get the result I wanted. 

Now I can help a client follow the same blueprint to profitability much faster.

Like here: 

Ultimately, what benefits do you get from working with a coach? Here’s what you need to know.

What are the benefits of working with a business coach?

So that’s what a coach can do for you. How can coaching benefit you? These are the ways coaching has benefitted me and my clients in the past. 

Shortcuts!

The biggest way I’ve benefited from coaches in the past is simple: They gave me shortcuts.

When I was just starting my first online business, I worked with a sales coach to learn how to do sales calls. Within weeks I was confident making sales calls and closing sales consistently. 

How long would it have taken me to learn that on my own? Who knows!

That’s what a great coach can do for you. Their experience and past mistakes become your roadmap to success. 

Oh, and by the way, if you want to hear about some embarrassing mistakes I made in my first year of business, check out this video. This is the kind of valuable insight you’ll get from a professional coach.

Support

Your business coach is your professional cheerleader. 

There’s nothing like having access to a great business mind to bounce ideas off of whenever you need it. 

Building a coaching business can be tough too. Your coach will support you through the difficult stages and help you see the light at the end of the tunnel.

Speaking of which… 

Mindset

Mindset is key to building any successful business but especially a coaching business. 

Why? Getting started in coaching can be discouraging in the beginning. Especially if you haven’t done it before. 

You can find some great first clients if you know where to look. If you don’t, it can feel like shouting into the void with your content. Traction can take time. 

Your coach will keep you positive and looking forward to the business success you can create. 

If you’re already a successful coach and want to raise your income or strengthen your business, a business coach can teach you the mindset you need to have to reach your goals. 

Productivity 

It’s not just what you do but how you do it! 

Creating a six-figure coaching business probably sounds intimidating. How many clients would you have to enlist? Would you ever have a work-life balance? 

A coach can show you how to work smart and not harder. 

They’ll teach you what aspects of your business you can outsource to make your workflow more efficient. And they might help you understand other income streams that can boost your income.

Now you know WHY a coach can help you. But how do you find one? Let’s find out. 

How to find the best business coaching services for you

Finding a business coach is the hardest part! Here is how I’ve found the best coaches I’ve ever worked with and rookie mistakes to avoid. 

What are you looking for in a business coach? 

Whenever I’ve searched for a coach or consultant, I always ask myself this question:

What is the specific goal that I want to achieve?

If you’re launching your first coaching business, your needs are very different from someone who has been a coach for years. Both can find value in a business coach so it’s important to define what you’re looking for: 

• Do you want a business coach with specific experience in niche coaching? (Such as a former health coach if you yourself are building a health coaching business.)
• What working style do you prefer?
• How available do you want your coach to be to answer questions between sessions?
• What is your budget and how long do you want your coaching package to be?
• Do you want an online coach or someone local?

These are questions to figure out before you start your search. The coaching industry is huge so this will help you narrow down your options. 

Where do you find business coaches? 

Now you’ve identified the type of coach you’re looking for, you can start searching for them. 

Where do you find a good business coach?

Here are a few ideas: 

• Word of mouth If you have any colleagues who have worked with a great coach, ask them for a referral. It’s invaluable to get a direct recommendation because you can also ask about a coach’s style. 
• LinkedIn LinkedIn search is a powerful tool for finding coaches and consultants. On LinkedIn, you’ll be able to see the person’s business experience. You can also see their articles and videos on LinkedIn which will help you decide if they are right for you. 
• Google! The key to finding a coach on Google is to be specific. If you’re looking for a business coach for coaches, search for that. You can even get more specific like “business coach for female entrepreneurs”. 

But how do you ultimately vet your coach? Here’s how. 

How do you know they know what they’re talking about? 

Want to know if a coach’s style will work for you? Check out their blogs, videos, and podcasts to figure it out. 

Once you find a coach you resonate with and might want to work with, check their credentials. 

When you do this research, ask yourself: 

• What experience do they have as a coach?
• How much contact will you have with them during our coaching?
• What expectations do you have? 
• Do they have testimonials from old clients? 

Above all, trust your intuition. Do you feel comfortable with this coach? If not, they’re not for you.

Once you’re done with your research, reach out to them to hop on a discovery call with them. 

This is where the fun begins! Meeting a coach and imagining the heights you can reach together is exciting. The secret to a good consultation is to not get too carried away with your excitement.

Use your consultation as an opportunity to get a feel for how they work and if they’re the right fit for you based on your needs. 

And I mean it–really make sure they’re the right one for YOU.

At the beginning of my career, I wasted $18,000 on a coach that wasn’t right for me. 

Because I was so excited, I signed the coaching agreement with the wrong coach within 48 hours of meeting them. I wish I had taken more time to make sure they were going to deliver on their promises. 

Instead, I got a “hope and pray” coach as opposed to someone who would have helped me with strategies and action. 

If you don’t want to make the same, expensive mistake like I did, make sure you vet your coach before signing on to work with them. 

And that’s how you find a business coach to work with. But if you can’t find a business coach right now or the timing just isn’t right, are there alternatives? 

Yes, there are. 

What are the alternatives to a business coach?

What if you’re not at the stage of business where you want a full coaching package? Some alternatives can still create good results. 

Finding a mentor

You’re probably wondering, what is the difference between business coaching and mentoring? 

Great question! 

Traditionally a mentor is someone who you go to for career or business advice. It’s informal. You might have lunch with them now and again to check in on your progress, but they’re not that involved in your growth as a professional. 

So a mentor is not a replacement for a coach. A coach gets paid to help you, and is therefore accountable to you. A mentor is not. 

And to find a mentor, you have to network and nurture relationships over time with people who do the work you want to do. It can take time to build a mentoring relationship. And not everyone you admire would make a great mentor. 

Honestly, I don’t love mentorships. 

Sure, they can work for some people if you’re lucky enough to find someone who is invested in you. But mentorships are difficult to find and have no structure. 

It’s more efficient to find a coach with the exact knowledge you need. 

I talk more about why coaching is better than mentorships in this video: 

Opting for an online course

There is tons of coaching information online–podcasts, LinkedIn articles, webinars, and more. 

These are all great resources, but there’s a catch. 

Using free online information can be way slower than working one-on-one with a coach. (And it can be much costlier, too.)

Why? Because you’re putting together your own information instead of getting the best knowledge directly from an expert. 

Without a coach, you also have to keep yourself accountable. There’s no one checking your progress toward your goals and helping you work through challenges. 

But what if you can’t find a business coach for you right now but still want a roadmap to success?

There is a way forward! Online courses. 

A great online course for coaches is the perfect in-between. You get the flexibility of working at your own pace but also have a complete blueprint for success. 

My Employee-to-Entrepreneur course is a step-by-step blueprint specifically for people who want to ditch the 9-5 and start a thriving coaching business. It’s designed for you to complete while you’re in a full-time job, so you have a clear pathway to entrepreneurial success. In this self-guided course, you’ll learn all of the skills you need. Starting with how to choose a profitable niche, how to organize your time, and how to book your first coaching clients. It’s everything you would learn in a one-to-one coaching package but in an easy-to-follow course. 

If you’re curious to know if it’s for you, click here to register for when the course reopens.

What’s next?

Now you know what a business coach for coaches is and how to find one. The most important thing is to focus on the kind of help to take your business to the next level.

If you’re looking for the right strategy, then an online course can help.

Want to learn more about my program, Employee to Entrepreneur?

Learn more here:

Want to Build a 6-Figure Coaching Business So You Can Achieve More Freedom?

Get Instant Access To My FREE Ultimate Guide Below!

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When you sign up, you’ll also receive regular updates on building a successful online business.

The post Business Coach For Coaches: How to Work With One appeared first on Luisa Zhou.

We’ve compiled a timely list all about the benefits of coaching, in the workplace and personally, according to research. Scroll down for 24 research-backed coaching statistics all from verified sources.

In a few short minutes, you will know all about the benefits of coaching, current trends for this occupation, and how to better explain—and prove— its value.

Let’s dive in!

The top benefits of coaching in 2023

• 80% of people who receive coaching say their self-confidence increased
• 70% of those who are coached improve their work performance, relationships, and communication 
• 86% of companies report recouping their investment in coaching and more 
• 99% of those who hire a coach are “satisfied” or “very satisfied”
• 73% of coaching clients report that coaching helps them improve their work performance, communication skills, interpersonal skills, relationships, work/life balance, and wellness
• 51% of companies with a strong coaching culture have higher revenues compared to their competitors 
• The median coaching ROI is 700% (7x) the investment

What is coaching in the workplace? 

Creating a positive, engaging, and productive work atmosphere isn’t always easy. That’s where coaching in the workplace comes in

Workplace coaching is the idea of preparing employees with the tools they need to succeed. That includes equipping them with new knowledge, providing them exciting opportunities, and offering whatever else it takes to help them be effective.

According to research, only 34% of American employees are “engaged” at work (SeedScientific). Many may be unmotivated due to toxic work culture, poor management, or overall dissatisfaction, and coaching can help change this.

That’s why the purpose of coaching runs deep. Workplace (and individual) coaching is a win-win, boosting the employee’s effectiveness to produce better results for the company. Bringing in an external coach to the workplace is called “intervention.” So, what impact can coaching interventions have? That’s next.

What is the impact of coaching?

Now that you understand the purpose of coaching, let’s break down its impact. Coaching doesn’t just directly affect a company’s bottom line, but a client’s personal life too.

1.  50% of clients confide in their coach as much as their best friend

(Mars Venus Coaching) 

Considering half of coaching clients confide in their coach as much as a best friend, spouse, or therapist, shows the level of confidence people have in these professionals. 12% indicated that they confide in their coach more than anyone else in their lives.

2.  1.5M internet searches are made per month by people looking for coaches 

(IPEC Coach Training) 

People are out there looking for professional coaching help. Over 1.5M people go to the internet to learn more about it. Searches include those looking for life coaches, business coaches, and executive coaches. 

3.  Only 38% of American workers are “very satisfied” with their job

(SHRM’s 2019 Culture Report) 

Not many people, 38% of American workers, are fully satisfied where they work. This dissatisfaction is leading many to try coaching—or quit. Considering almost half (49%) of people have thought about leaving their current occupation and 20% have left due to workplace culture, there is clearly room for improvement. Of those who did leave their job, 58% said their People Manager was the main reason they quit.

4.  U.S. organizations lost $223B in the last 5 years from employee turnover 

(SHRM’s 2019 Culture Report) 

The impact companies experience from unhappy employees isn’t just vast—it’s expensive. Recruiting, hiring, and training new employees is a large expense for any business so improving employee retention is a core focus. Coaching not only helps improve employee productivity, but it boosts their satisfaction to help them stick around.

5. Highly engaged teams show 21% greater profitability 

(Gallup) 

According to research, the most successful organizations prioritize employee engagement and make it a central part of their strategy. Work teams with the highest employee engagement rates reported a 41% reduction in absenteeism and 59% less employee turnover. Engaged employees show up to work with passion, purpose, presence, and energy ultimately creating this greater profitability for their employers.

6. 51% of companies with a strong coaching culture enjoy higher revenues 

(Human Capital Institute)

Over half of organizations with a strong coaching culture report having higher revenues than peers. A “strong coaching culture” includes 3 types of modalities: external coaches, internal coaches, and managers/leaders using coaching skills. However, this strong coaching culture isn’t that common. Only 17% report having it.

What are the benefits of coaching in the workplace? 

7. 86% of companies were able to provide figures that coaching provided a positive ROI 

(ICF Global Coaching Study)

The vast majority (86%) were proud to say that once calculated, they at least made their investment back. Meanwhile, 19% reported an ROI of 50 times their initial investment (5000% ROI) and 28% experienced an ROI between 10-49 times their coaching investment. 

8. The median company ROI is 700% of its initial coaching investment

(ICF Global Coaching Study)

In short, the average company can expect a return of 7 times their investment in coaching. The average client paid coaches an hourly rate of $17, making the average coaching engagement cost $4,353. So, for just over $4k, a company can confidently plan to make back over $28k.

9. 99% of people who work with coaches are “satisfied” or “very satisfied” 

(IPEC Coach Training)

Coaching has a near-perfect success rate with 99% of people viewing it as a satisfying process. To enhance that figure, 96% indicated that they would repeat the process. That is one of the reasons that coaching is not considered consulting. Coaching facilitates a relationship, not a transaction making it extremely satisfying for both the client and the coach.

10. Highly engaged businesses to benefit from a 20% increase in sales 

(Gallup)

Creating engaged employees improves internal and day-to-day culture while it increases sales. Highly engaged business units reported a 20% increase in sales. They also achieve a 10% increase in customer ratings, meaning the benefits of coaching stretch beyond the workplace and trickle into company perception and reputation too.

Benefits of coaching employees 

11. 80% of people who receive coaching say their self-confidence increased

(ICF Global Coaching Study)

Self-confidence issues can be a thing of the past considering the vast majority (80%) of those coached gain this positive impact. Almost two-thirds (74%) also saw an improvement in overall relationships and 72% improved communication skills.

12. 95% of those coached experienced significant positive effects on cognitive outcomes

(Emerald Insight)

The effectiveness of workplace coaching is astounding, positively benefitting employees in many ways. 95% reported positive increases in general perceived efficacy and goal attainment, while the same high percentage also saw an improvement in workplace psychological well-being.

13. Employees who “feel their voice is heard” are 4.6x more likely to feel empowered and perform their best work

(Forbes) 

Truly content and engaged employees feel like they are part of the bigger picture. They’re also much more likely to perform their best work when they feel this way. This idea is part of the larger push for equality and inclusiveness in the workplace, fostering a healthier work culture and improving the company by incorporating a broader range of perspectives and diversities.

14. One-third of founders who are mentored by successful entrepreneurs went on to become top performers

(TechCrunch) 

The value of coaching and mentoring translates into top producers. According to one tech study, 33% of entrepreneurs who were coached by a successful founder themself, found success. This is over 3x better than the performance of other tech companies in the study.

Benefits of executive coaching

15. 1 in 3 workers claim their manager can’t lead a team

(SHRM’s 2019 Culture Report)

One-third of employees don’t believe in their manager and their abilities to lead. Now, that’s a problem. This is enforced by the fact that 40% of employees say their manager fails to frequently have honest conversations about work topics. Executive coaching can help improve leadership and even save time for HR considering 28% of HR professionals’ time is spent solving problems caused by “poor people managers.”

16. 7 out of 10 leaders and managers see developing talents as one of their primary tasks 

(SHRM) 

Good leaders, in and out of the workplace, understand that helping others is vital. Developing the talents of your employees and those around you creates a positive impact for all involved. So increasingly, managers are looking to executive coaching to facilitate this constructive employee growth.

17. Almost half (43%) of engaged employees receive feedback at least once per week

(Officevibe)

Another benefit of executive coaching or mentoring is learning how to better deliver feedback to employees. Providing regular feedback drives engaged hard-working employees since they demand continuous reviews to remain in this efficient state. Only 18% of those with low engagement get that much feedback. So, creating engaged employees is a direct benefit of executive coaching and mentoring.

18. Executive coaching yielded 788% ROI thanks to increases in areas like productivity and employee satisfaction

(MetrixGlobal) 

One study followed a Fortune 500 firm and coaching services company to decipher the business benefits of executive coaching specifically. The bottom line was that executive coaching produced 529% ROI immediately. After factoring in other significant benefits, including financial gains and employee retention, the overall ROI boosted to 788%. 

19. 75% agree that the value of executive coaching is greater than the money and time invested

(International Journal of Evidence-Based Coaching and Mentoring) 

The value of coaching is immense, according to three-fourths of some survey respondents. 75% said that the value in this practice is “considerably greater” or “far greater” than the time and money it took to complete.

What skills do you gain from coaching?

20. The top reason for seeking a coach (41%) was to build self-esteem and self-confidence 

(ICF Global Coaching Study)

There are endless benefits of coaching in the workplace, but it begins with WHY one seeks a coach in the first place. The top reason was self-esteem (41%), and the next was work-life balance (36%). Other top motivators for coaching were career opportunities (28%), business management (25%), and relationships (25%).

21. 73% of coaching clients reported having better relationships

(ICF Global Coaching Study)

One study showed coaching clients improved skills in over 15 reported areas. 72% improved communication skills, 71% interpersonal skills, 70% work performance, and 67% work/life balance. Other positive outcomes included better self-esteem, wellness, organization, time management, and financial planning. In essence, coaching can improve nearly all areas of life both inside and outside work.

22.  84.5% of clients deal with the issue of time management

(Mars Venus Coaching) 

Meanwhile, almost three-fourths (74.3%) of clients sought a coach for career guidance. Other typical issues that coaches help with are business advice (73.8%), relationship or family issues (58.6%), physical and wellness issues (51.9%), and personal issues (45.2%). Only 11% wanted a coach to help with creativity issues.

23. 70% of those who receive coaching improved their work performance

(Institute of Coaching)

The same majority percentage also improved their relationships and communication skills. Over 80% of people increased their self-confidence. Other skills that coaches reported teaching include becoming self-reliant, gaining more job/life satisfaction, contributing more to teams, working better with others, and taking on greater responsibilities.

24. Coaching is, overall, an effective intervention in organizations

(The Journal of Positive Psychology)

Based on research, coaching was in fact effective improving both theoretical and practical outcomes. Some of the skills proved to be enhanced through coaching included a client’s coping abilities, resilience, attitude, well-being, self-regulation, goal attainment, and performance.

Over to you!

And there it is! You just read 24 coaching statistics sharing the real benefits of coaching in the workplace according to research. We gathered the numbers so you don’t have to. We hope that this article sheds light on an exciting, positive, and rapidly growing new industry.

Now that you know about it, do you think coaching would help you succeed?

Let us know in the comments!

SOURCES:

SeedScientific

Mars Venus Coaching

IPEC Coach Training

SHRM’s 2019 Culture Report

SHRM

Gallup

Forbes

OfficeVibes

MetrixGlobal

TechCrunch

International Journal of Evidence-Based Coaching and Mentoring

Human Capital Institute

ICF Global Coaching Study

Emerald Insight

Institute of Coaching

The Journal of Positive Psychology

The post The Benefits of Coaching in the Workplace and for Employees (2023) appeared first on Luisa Zhou.

You’ll learn:

• What business coaching is
• Why business coaches are a good investment
• How to become a successful business coach

Want to learn more? Read on!

What is business coaching?

Let’s start by answering the big question:

What is business coaching?

At its core, a business coach helps clients get the best results in the shortest amount of time. 

To achieve this, they use mindset techniques and strategies, including: 

• Providing guidance based on their own experience
• Mentoring clients  
• Holding them accountable
• Helping them get to the core of their problems

According to a survey based on 759 entrepreneurs, one in six entrepreneurs turn to business coaching. 

In fact, most of the CEOs of the biggest businesses use business coaches.

For instance, legendary coach Bill Campbell worked with CEOs at companies like Google and Apple. He is credited with helping them earn trillions of dollars.

These CEOs know that everyone needs coaching and mentoring, including business owners. 

I talk more about what a coach is here: 

With that, let’s talk more about how business coaches help you. 

What can a business coach do?

Now, let’s move on to an even more important question:

What can a business coach do for me?

Or…

How can I help others as a business coach?

Here’s the answer:

Business coaches help you grow your business. They focus on your entire business: 

Systems, revenue, and mindset. 

A business coach works for all kinds of business owners.

They can help you get your business off the ground fast or help you overcome growth plateaus. 

Some of the things a business coach can help you with include: 

• Figuring out a business idea
• Understanding your market 
• Getting your first client
• Working on your mindset
• Improving your sales skills
• Building your brand and getting featured in the media 

There are also business coaches who specialize in specific areas. 

For example: 

• Business coaches for entrepreneurs: Entrepreneur coaches guide you through starting and growing a business.
• Small business coach: Small business coaches specialize in helping small businesses, which can include everything from mom-and-pop stores to small online businesses. 
• Leadership or executive coach: Leadership or executive coaches help you become a better leader and build strong and successful teams.
• Marketing coach: Ever wondered, “How do I market myself as a business coach?” Then a marketing coach might be what you need. They help you better understand your target audience and teach you how to use different marketing channels.
• Sales coach: Sales coaches help you sell more. They teach techniques and strategies to enhance your selling abilities, close deals, and increase revenue.

Is getting a business coach worth it?

Who uses business coaching? 

Or better yet: Why do people get business coaches?

People from Bill Gates to Oprah Winfrey rely on coaches. 

The thing is: 

Those at the top are there because of hard work. But that’s not all. They’re also there because they had the support they needed. 

Coaches provide one of those support systems.

I’ve also worked with plenty of coaches. And most of my coaching relationships are some of the best investments I make in my business and personal growth. 

But concretely, how effective is business coaching and mentoring?

What are the benefits of business coaching?

Why would you eventually benefit from working with a business coach? Let’s take a look.

Here are some interesting business coaching stats:

• Eric Schmidt credits business coach Bill Campbell for Google and Apple’s trillion-dollar valuations. (CNBC)
• 30% of business owners who had just one interaction with a mentor reported growth. (SCORE)
• 80% of coachees report an increase in self-confidence. (Institute of Coaching)
• 70% of coachees boost work performance, relationships, and communication. (Institute of Coaching)
• 33% of founders mentored by successful entrepreneurs later become top performers. (Endeavor/TechCrunch)
• 92% of small business owners acknowledge that mentors have a direct impact on their business growth and their chances of survival. (Kabbage)
• 70% of entrepreneurs who receive mentoring last for five years or longer (UPS).

Still wondering, “Do I need a business coach?” Then let’s take a look at the specific things a business coach can help you with.

What can a business coach help you with?

An experienced business coach wears many hats.

But what are some typical business coaching services you can expect?

Let’s go over six important things they can help you with.

1. Strategic planning

Business revolves around the same principles. And coaching is all about tapping into someone else’s experience to get to your goal faster. 

Specific things your coach can help you with include: 

• Set goals 
• Define your vision
• Create practical plans 
• Maximize your resources effectively 

For example, want to create a new product? A coach can guide you through market research and help you develop a great product launch strategy.

Or want to expand your business internationally? A business coach with the right experience can guide you through the steps, set a mergers and acquisitions plan together with you, and so on.

2. Performance improvement

The best coaches identify areas where you can grow and thrive.

They help you implement strategies to cultivate a mindset that helps you overcome your internal blocks.

Coaches also help you hire out, manage better, and create processes for your business.

3. Problem-solving

When you’re facing complex challenges, your business coach steps in as your problem-solving partner. 

They ask you probing questions to help get to the core of your problem.

A great coach will take it a step further. When they have the answer, they’ll help you based on their own experience, instead of leaving you alone to solve your problem.

4. Accountability and motivation

With a coach as your accountability partner, you’re more likely to stay focused and motivated.

They hold you to your commitments, ensuring you follow through on your goals and maintain momentum.

Want to launch a new product line? Your coach will set milestones with you, track your progress, and motivate you to overcome any obstacles along the way.

5. Objective perspective

One of the most valuable aspects of having a coach is their objective perspective. 

By providing an unbiased viewpoint, they can gently challenge your assumptions and help you see blind spots. This, in turn, can lead to many fresh insights.

Let’s say you’re planning a major business expansion. Your coach can review your strategies and provide feedback to make sure your plans are solid and well-informed.

6. Emotional support

Building a successful business is a challenge, and it’s normal to feel overwhelmed at times.

A great coach knows this all too well, and they will be there to offer invaluable emotional support.

They help you navigate setbacks, manage stress, and maintain a healthy mindset throughout your journey.

But is business coaching ultimately worth it? That’s what we’ll look at next.

Is it worth paying for a business coach?

Is getting a business coach worth it?

YES!

But…

For effective business coaching, you need to find the right coach.

A great coach won’t only have experience as a business owner, but also relevant experience in the specific things they’re teaching.

If you wouldn’t take trekking advice from someone who’s never gone on a single trek, why would you take business advice from someone who’s never owned a business?

Experience matters (so, so much!)

Experience is absolutely crucial, especially for business founders.

Coaches need firsthand business experience to prepare clients for lasting success. 

Unfortunately, I’ve seen many new coaching entrepreneurs without the necessary experience. This generally leads to short-term gains but long-term failures.

When I started my current business, I had years of experience building businesses, from a tech startup with a multi-million valuation to a digital marketing consulting business.

While I hadn’t ventured into online business at first, my digital advertising consulting skills helped me achieve six-figure success within four months.

At this point, people began seeking my advice on starting their own online businesses.

Because I had learned the ins and outs of that part of the business world, I took them on as business coaching clients.

And I helped them elevate their businesses to new heights too.

The main takeaway here is that I waited to coach these clients until I had the necessary experience.

I didn’t dive in without the necessary knowledge, hoping to learn as I went along.

All coaches should follow this rule.

Because when you pair up with the wrong coach, you soon come to realize the hard (and expensive) way that no advice really is much better than bad advice.

And yes, I’m very much speaking from experience here… (More on that below.)

Not all business coaches are worth it

Coaches should have enough experience in what they help people with.

Passion is important, but when it comes to leading others, experience always wins.

Is experience all that matters, though?

Definitely not!

Because even if a coach is experienced in certain areas, that doesn’t mean they’re the right fit for you.

Let me share a little story to illustrate this.

The very first business coach I worked with had successfully set up her own business. I was eager to learn from her and excited for the journey.

Soon enough, though, I noticed we weren’t a good fit.

While I was looking for practical advice, she mostly offered empty statements along the lines of just “believing more” in myself. The problem was that this coach wasn’t able to look beyond her own experience.

With only one business under her belt, she assumed that what had worked for her would also work for everyone else. But when her advice didn’t work for me, she neither understood why nor how to help me.

In other words: She didn’t know how to coach yet.

You see, coaching requires an individualized and tailored approach.

What works for one client, might not work for another. And it’s a coach’s job to adapt quickly and effectively.

I ended up wasting $18,000 — and I don’t want you to make the same mistake.

Things to look out for in a business coach

To avoid repeating my mistake, I put together this 10-point checklist for you on how to hire the right business coach.

Whether you’re searching for a coach or are curious about what’s required of you as a business coach, this will help you on your way.

Let’s take a closer look at each point.

1. They teach by example

Experience is key.

Can your coach provide real-life examples of their success?

Find someone with a track record of accomplishments.

A coach who has faced both failures and triumphs is especially valuable. Their insights can save you from costly mistakes.

In short: Find yourself a coach who does more walking than talking.

2. They have a track record of clients who speak highly of them

Testimonials are crucial.

Don’t rely on what the coach says about themselves; seek out recommendations and feedback from their previous clients.

Many coaches know how to market their business. But hearing clients’ firsthand experiences paints a much better picture.

It gives you a good understanding of the coach’s abilities and effectiveness.

3. They are compatible with your goals and values

As with any type of relationship, compatibility matters.

Does your business coach align with your goals and values?

It’s a partnership, and you want to be on the same page.

4. They empower you

A great coach empowers you.

Sure, good advice is welcome, but a business coach should also help you grow the skills to work things out for yourself.

Does your coach dictate what you should do? 

Or do they also ask questions that challenge you to think deeply?

5. They do a whole lot of listening

A great coach has a wealth of experience and knowledge, but they should never dominate the conversation with their own ideas.

Find a business coach who creates a space for you to express yourself and who also listens without judgment.

By actively listening, your coach better understands your unique circumstances, challenges, and goals. They can then tailor their offer to your specific needs.

A coach who listens cares about your success and growth. 

6. They really care about you

You can receive coaching from so many different people, but at the end of the day, how committed are they?

A coach who genuinely cares about your business success as well as you as a person can make a huge difference.

They take a personal interest in your growth and hold you accountable for your progress.

7. They’re not afraid to admit their failures

You can learn a lot from someone’s success, but you may learn even more from someone’s failures.

That’s why transparency is vital.

A coach who is willing to share their failures and lessons learned can teach you so much more.

Being able to share both the good and the bad is also a sign of authenticity.

8. You trust them

As a founder, you often have to navigate challenges on your own. 

The right coach can support you in areas you may not feel comfortable sharing with others.

A trustworthy coach creates a safe space where you can discuss your worries, fears, and goals.

They keep your conversations private and really care about your best interests.

But how much should you pay for business coaching? 

Here’s what you need to know. 

How much should you pay for business coaching? 

There’s no right answer here – business coaching can cost anywhere from a few thousand dollars to hundreds of thousands of dollars. The average hourly rate for coaching is $244, according to the International Coaching Federation. The average yearly income is $67,800 for 11.9 hours of work a week. 

However, the rate of a business coach depends on the coach’s experience and where you are with your business. 

For instance, I charged a few thousand dollars for my first coaching packages, and I mainly worked with new business owners. These days? I’m very selective with whom I work with, and I charge $25,000 for a six-month commitment. 

Many coaches, even those with less experience and results than me, charge much more. 

What are the best business coaching programs? 

But what are the best coaching services out there? 

Obviously, this depends on you and your needs. There are big online business coaching programs like eMyth and Tony Robbins. 

Or then, there are business coaching courses – which can be a better fit, especially if you are a new entrepreneur and don’t have the budget just yet. 

For example, I offer a course for people who want to go from their 9-5 jobs to starting an online business, Employee to Entrepreneur. It includes pretty much everything you need to know about setting up your own online coaching program. You can read more about it here. 

But should you get a coach…or a consultant? Let’s find out.  

What is the difference between business consulting and coaching?

Ok, you now know what to look out for in a coach, but why would you pick a coach in the first place? Why not a consultant? Or a mentor?

To answer this question, let’s go over the differences and similarities between coaching and consulting. (And why I think coach-sulting is the way to go.)

What is business consulting?

Business consulting is like hiring an expert who gives you specialized advice and solutions.

They do a mixture of the following things:

• Come in to analyze your business problems or challenges
• Bring their industry knowledge and skills to identify where you can improve
• Give you strategic recommendations and action plans
• Help you put their ideas into action

Consultants take a directive role.

Think of them as the problem-solvers who tell you what to do based on their experience.

So who should you go for – a coach or a consultant? 

Business coach-sulting is the answer

Now that we’ve explored the differences between coaching and consulting, let’s go over their complementary aspects.

You see, although coaching and consulting have distinct approaches, they’re not mutually exclusive.

Traditional coaching doesn’t fit with today’s fast-paced world.

No matter if you hire a coach or consultant, chances are you want to see results as quickly as possible. This is why I’m a big fan of ‘coach-sulting’.

It offers the best of both worlds:

• A business coach empowers clients via reflective listening and powerful questions
• But they also offer strategic suggestions based on your many years of experience

It’s all about finding the right balance between empowering you and giving you that extra boost of expert guidance.

What is the difference between business coaching and mentoring?

Okay, there’s a difference between coaching and consulting, but is business coaching the same as business mentoring?

Kind of.

Business coaching and mentoring share more similarities than consulting, but there are still some differences.

When it comes to coaching, you’re paying for a service. 

It’s a transactional relationship where you can expect dedicated support to help you reach your goals.

Coaching offers a structured framework, specific techniques, and tools tailored to your needs.

On the other hand, mentoring is a more nurturing approach. 

Instead of paying a pro, you have an experienced advisor who voluntarily shares their knowledge and insights.

A mentor’s guidance can be valuable, but there’s no formal commitment from their end. It’s more like a give-and-take relationship built on trust and respect.

So, to summarize:

• Coaching offers a structured and goal-oriented approach
• Mentoring provides a more informal and relationship-driven guidance

How to become a business coach

Are you an aspiring coach reading this article? Then you might be wondering how you can become a successful business coach.

I’ve covered this topic in depth in my guide on how to become a business coach, but let’s quickly go over some important things.

How much do business coaches make?

First, how much can you make as a business coach? The average business coach salary is around $122K in total pay. But your income depends on you. 

If you’re currently still an employee, you’ll need to make sure that your coaching business is sustainable enough before you jump ship.

I recommend aiming for a coaching income that’s three times as high as your current salary at your job.

This may sound like a lot, but it ensures that you can cover all the extra expenses and taxes that come with being an entrepreneur.

How to set up your business coaching program

Next up, how do you even go about setting up your own business coaching offer?

Here are eight crucial steps:

1. Find your niche
2. Create your coaching offer
3. Sell your coaching package
4. Leverage your network
5. Build relationships on social media (or elsewhere) 
6. Get in front of your audience
7. Grow your audience
8. Scale your coaching business

To learn more about how to start a business coaching career from scratch, check out this short video I created for you:

Next steps

There you have it! That’s what business coaching is all about.

As a client, a great business coach can help you grow much faster…and more sustainably.

Similarly, as a business coach, you help clients build their businesses more effectively and with more clarity.

However, you need the RIGHT strategy to build your coaching business.

Want to learn what it is?

Get my guide on how to start your own six-figure coaching business: 

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How to Work with a Business Coach for Coaches

The Best Business Courses for Coaches

The Top Benefits of Coaching 

The post What is Business Coaching? Ultimate Guide in 2024 appeared first on Luisa Zhou.