When it comes to improving your business, you get what you pay for. Business advisors provide a unique perspective on how to manage and grow a business, based on their knowledge and experience.
Business coachingcan take many forms, depending on the needs of the client. It's important to remember that the cost of business advice can vary greatly depending on your portfolio and your business acumen.
If you offer a package of training sessions over a certain period of time, such as a 3-month package with 12 training calls, this is a great option. Knowing what factors may affect the cost of your services can help you make an informed decision when hiring a business consultant. This could include multiple training sessions, but the real value lies in the resources and support that come with the subscription. You also have the option of finding an online business advisor if you want to reduce costs.
This means that even when the coach builds a relationship with the leader they are training, that particular leader is not their client; their client is the company as a whole. This is beneficial for the customer because prices are transparent and, since the basic format is the same, there is no need to worry about “increasing reach” or other variables that could affect the time and effort spent by the coach. This approach is likely to be most effective if you want to maintain ongoing contact with the business advisor. Alternatively, you can try value-based pricing, which involves having an in-depth conversation with the potential customer to understand and agree on the value that participation, if successful, would have for the business and then determining the price.
Think about how you can provide solutions within your LMS that solve a major problem or free them from the “whirl” of running a business, so they can grow and achieve their goals. Despite its limitations, online business mentoring is becoming increasingly popular among entrepreneurs. However, this could be substantially higher or possibly lower, depending on certain factors such as company experience, location, time, operating time, and more. In addition, there is an entire category of technology designed for business advisors, trainers and consultants who are ready to adopt a subscription pricing model.
Make sure your shortlist includes coaches with the right education and track record, with certifications accredited by the International Training Federation. One of the best things about coaching retention rates is that you can generate stable and somewhat predictable revenues for your coaching business.