💸 How much should you spend on coaching / mentoring for your business and marketing? 🤔

Someone asked what I thought about paying $20,000 per year for a business coach…

Of course, it’s fine if you’re having a very worthwhile experience, and if you are gradually paying for it. My concern is when you’re paying a large sum and the coach is new to you, yet promising you the sun, the moon, and the stars.

Many of us idealistic business owners are easily taken by big promises from authoritative-looking coaches. We can end up wasting thousands… or tens of thousands of dollars.

The money you spend for business coaching should really be going towards these five areas:

  1. Knowledge from someone whose experience and wisdom you respect.

A good business coach might be able to deliver all of the above for you… but there are smarter ways to do this.

Rather than paying someone a lot of money up front, I recommend smaller amounts first. Test out their cheapest services/products, and then gradually pay more as they earn your trust and you experience for yourself how worthwhile their offerings are.

If you had a $20,000 budget for coaching, it would be better to segment that 20K and give 1K to 20 different coaches to experience a variety of personalities and modalities and see what fits you best.

Or give $500 to 10 different coaches ($5K total) before you invest more in the best three of those candidates. That way, you get a diversity of insight and methods, and you’ll be more likely to find something that works well for you.

Without experiencing a variety of ways that people coach you, how do you know what kind of business coaching fits you best?

As for the 5 deliverables I described above, there are more efficient ways that don’t require paying large sums to a coach:

  1. Knowledge can be gotten through online courses, which are several hundred dollars, instead of thousands. I teach many courses for authentic solopreneurs.

All of that combined can add up to less than $10,000 a year, saving you another $10K that you can put towards other types of services… or simply take a much needed vacation!

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George Kao

Authentic Business Coach & Author of 4 Books including "Authentic Content Marketing" and "Joyful Productivity" https://www.GeorgeKao.com