Should You Have a Business Coach on Your Team?

Blowing the Whistle on Inexperienced Gurus

A decade ago, in a fit of entrepreneurial desperation, I hired a business coach who greatly enhanced my ability to utilize my natural talents and secure clients. While his services were pricey, the knowledge I gained continues to pay dividends. However, having navigated the business owner’s ups and downs and interviewed numerous coaches on my business podcast, I urge caution when considering the expense and time investment of hiring a coach.

My personal experience with a business coach was invaluable, but I have heard some horror stories. It’s crucial to examine the warning signs and potential considerations that come with choosing a coach. Let’s see if the guy or gal with the whistle on the sidelines is worth your finite dough and attention span.

Photo by Nguyen Thu Hoai on Unsplash

The Temptation of Assured Success

Business coaching often woos us with the guarantee of lightning-fast triumph. Many coaches portray themselves as the magic wand that will effortlessly unlock the secrets to riches. However, let’s not kid ourselves; business success is a complex tapestry of effort, strategy, and adaptation. Believing in overnight riches can blind us to the real-world complexities and the sweat equity required for every entrepreneurial venture.

Good gravy, there are 116,547 people employed in the Business Coaching industry in the US as of 2023. The business coaching industry is a rapidly growing sector, with the global market size valued at $11.6 billion in 2019 and projected to reach $20.9 billion by 2030. North America accounted for 48.3% of the global market share in 2019, while the United States held 37%.

It has been reported that the average conversion rate for coaching clients is 41.67% which demonstrates the tangible results that can be achieved through coaching.

The Pitfalls of Simplification

A problem I see in my interaction with and research on business coaches is they often peddle one-size-fits-all solutions. While these might work for some cookie-cutter problems, remember that every business is a unique snowflake. What worked like gangbusters for one might be a colossal flop for another. Relying on generic…