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    Hiring a business coach
    I'm a new start up business and I've been thinking about hiring a business coach to help me make good decisions for my new business. I was wondering if anyone on this site has hired one and is it worth the money? I would hate to dump all my start up funds into something that total isn't worth the money. Also, what should I expect from a business coach? I want to make sure they are doing their job if Im going to pay them the money!

    Thanks in advance,
    Melissa


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    Hi Melissa! Congrats on your new business, starting up a company can be stressful but it is well worth it in my opinion. Personally, I did not go with a business coach, I was fortunate enough to have a network of successful entrepreneurs to mentor me. If you have the extra funds, I don’t see how hiring someone to guide you can hurt. I would expect that person to assist you in setting goals, creating strategies, measuring results and so on. I’ve seen fees on consultants and coaches range from $350 - $1,000 per month. Before heading down that path, I would check around in your community and online to see if there are free workshops around. I regularly attend events in my industry and it doesn’t cost too much, I’ve met some great people who are more than willing to sit down with me and work on my company for free (or the cost of a good lunch). Good luck!


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    Quote Originally Posted by P&T Consulting View Post
    Hi Melissa! Congrats on your new business, starting up a company can be stressful but it is well worth it in my opinion. Personally, I did not go with a business coach, I was fortunate enough to have a network of successful entrepreneurs to mentor me. If you have the extra funds, I donít see how hiring someone to guide you can hurt. I would expect that person to assist you in setting goals, creating strategies, measuring results and so on. Iíve seen fees on consultants and coaches range from $350 - $1,000 per month. Before heading down that path, I would check around in your community and online to see if there are free workshops around. I regularly attend events in my industry and it doesnít cost too much, Iíve met some great people who are more than willing to sit down with me and work on my company for free (or the cost of a good lunch). Good luck!
    Thank you for that information! I will look into some workshops in my area.


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    Hi Melissa, I think that this is a good idea!
    If you can afford to hire a coach, I think that this is a good idea. Just make sure that the person in genuine and that they are referred to you by reputable sources. Today each person is out to get a piece of the pie and unfortunately we run into people that will promise us the world and may give us just what we don't need or what we already knew. If this person is gonna help take your thoughts the next level where you are struggling with what to do next, then I say go for it.


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    I think your question entirely depends on your current finances. If you have only a 40k budget for example, I wouldn't spend it on a business coach. Why? Because first of all, you can find this for free by being active on forums and PM'ing experienced users. But secondly, nothing will teach you faster than experience. So make your plan, do your consulting (but not too much), and take action.


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    Business coaches can be helpful in getting you some edge in business especially if the market is competitive. These coaches know stuff. Stuff that would practically take years of running a business to acquire the sort of experience to deal with [such things when they arise] and therefore could save you a lot of time and money playing a trial and error game by working with someone who already has that knowledge. If you can afford it, get yourself a business coach. Among other things they'll:

    1. Provide you with ideas that would help you beat your competitors.
    2. They'll make you focus on achieving the goal you set out to attain. Business success.
    3. They'll encourage you when you feel like giving up and guide you out of some rut you're stuck in.

    And more. . . but the downside of it all is hiring an experienced business coach can be very expensive. I hear, the highest paid ones earn up to $3,500 an hour.


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    Depending on the amount of money you are willing to let go, you should look for people who are a guarantee in coaching you in starting up your business. Although I would personally not hire a business coach as I do all the brainstorming myself. If you are the type of person who wants to manage everything yourself you wouldn't really need a business coach as this would be an additional burden or expense but if you can't handle it on your own you should definitely hire someone and make sure he or she knows what he's saying.


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    Quote Originally Posted by Yamabushi View Post
    I think your question entirely depends on your current finances. If you have only a 40k budget for example, I wouldn't spend it on a business coach. Why? Because first of all, you can find this for free by being active on forums and PM'ing experienced users. But secondly, nothing will teach you faster than experience. So make your plan, do your consulting (but not too much), and take action.
    I agree, if your finance can cover it, go for it! But I honestly think that if you are determined enough to go through with your business, EVERYTHING is on the internet. Everything is just a click away. And @yamabushi is right about the experience bit too. You learn from your mistakes and that's what success is all about. I wish you the best of luck!


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    Congrats on the new business! I think you are going in the right direction as far as making sure everything you do is correct! There are so many options when starting your business so yes be sure to research, research and then do some more research! You can do this online and with other business owners in your area. If you are the type of person that needs the instructions, then by all means go for it! Education and Research is key to owning a successful business!


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    I think it's alright, provided that they have a good portfolio and good credentials, and can be retained for a good price. I personally think it's more advisable to just learn on your own, though, but on the other hand, sometimes it is also much better to just learn this way since you could potentially boost your learning tenfold this way and thus save yourself a good amount of time. Like I said, if it fits in with the budget alongside what you already allotted for you capital, then it might be alright. Otherwise, I'd advise to just keep as much money as you can for your capital since businesses do tend to eat up a lot of finances at first and the cost will often overshoot far beyond what you originally planned on using.


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