Hiring a business coach has by far been the best investment for my business. It wasn’t until I started taking my business seriously that I was able to make enough income to quit my job and go full fledged entrepreneur.
However, the decision to spend the money on a business coach did not come easy. I’m pretty methodical when it comes to my money (sometimes to a fault) so I spent months going back and forth trying to justify the cost. In fact, I spent most of my time incorrectly assuming that I couldn’t afford a business coach.
I had to really change the way I saw money in order to go through with it, and it’s by far some of the best money I’ve ever spent.
How to know when you need a business coach.
For me, it was obvious. I was burnt out and tired. I’d gotten to the point where I considered quitting my business (and this blog). I almost surrendered to thinking that I’d just continue on with a regular job.
Of course, I knew deep down that isn’t what I wanted. I hadn’t worked so hard and come so far just to give up.
I knew I needed help and I knew the help I needed would be in the form of private coaching.
Here are some other ways to know if it’s time to hire a coach:
- You’re tired of trying to figure everything out by yourself.
- If you know you’re wasting more time than you would if you just asked for help.
- If your current reality is much worse than the alternative. (In my case my current reality at the time was getting stuck in the 9 to 5 grind which, if you’ve read my book, you know that sounded like dying a slow death to me).
How to afford a business coach.
First, you must come to terms with the fact that coaching isn’t cheap – and with good reason. You’re spending one-on-one time with an expert in their field. You’re getting personalized attention you wouldn’t normally get from programs or classes.
That’s being said, just because it’s expensive doesn’t mean you can’t afford it. Below you’ll find the methods I’ve used so that I could afford a business coach.
1. Learn the difference between spending and investing.
Here’s some real talk: while you can have a low-cost business in terms of overhead, there comes a time when you may have to spend money to make money. That’s just the nature of things in the business world. It’s what makes the economy go round.
Many who’ve made it in business will tell you it’s nearly impossible to make the kind of money and impact you want without investing. In fact, as I’ve recently noticed, the bigger your business gets the more it costs.
With that being said, it’s imperative that we learn the difference between spending and investing. Investing will help you make more money and save you time. Spending doesn’t really do shit for you.
In the case of a business coach, what better investment than getting to pick the brain of someone who knows what it takes to get you where you want to go? In my experience, it’s cut the learning curve in half.
2. Save ahead of time.
I’m a big believer in saving for stuff ahead of time. In fact, this is how I’ve been able to afford a business coach – multiple times – even after their rates doubled.
In my book , I talk about paying yourself first. The concept is to put money away for yourself and the stuff that matters to you before paying your other bills.
I had a savings account specifically for coaching and I’d put away a small percentage of money into it with every deposit I got. It’s really amazing how this stuff grows over time.
3. Check your comfort level with credit cards.
I am personally very risk averse so I try to avoid debt or financing in almost all situations. In fact, I’m pretty sure the only thing I’ve ever financed is my Invisalign and it was 0% interest.
However, I have come to realize that there’s a huge difference between getting into debt over stupid stuff (like a shopping spree) and putting an investment on a credit card. Furthermore, the burden of debt really just depends on your view of it.
\Many great entrepreneurs and business leaders have built their empires by strategically leveraging debt. The truth is there is a way to be smart about debt. Danielle LaPorte has been quoted saying that she always thought credit cards were meant to be used like small business loans.
Additionally, according to the National Small Business Administration, over 30 percent of business owners rely on credit cards for capital because they are easier to secure than a business loan.
In situations where I knew I needed to invest but didn’t have the cash on hand, I put it on a credit card. The next 30 days would be spent hustling really hard to make extra money to pay it off. And you know what? I always pull it off.
Of course, this is an extremely personal decision. It’s also not a recommendation if you’ve had issues with debt in the past. However, if you’re responsible with debt it is an option in helping you afford a business coach.
For example. business credit cards may have a 0 percent APR offer for some time. This can help you put the expense on a credit card and have 0 percent interest for a while. You’d just have to make sure to pay it off before the promotion expires so as not to accrue interest.
If that’s not an option and you understand the risks of credit cards, then make sure to shop around for the best rate on a small business credit card. They are not all created equal.
4. Try an alternative lender.
There are several alternative lenders like Kabbage for small business loans or Lending Club for peer to peer lending. These alternative lenders have come about as a result of how difficult it is for people to get their hands on a bank loan. The interest rates for some of these lenders are also comparable to those you would find on a business credit card.
Once again, not all alternative lenders are created equal so you’ll want to make sure to do your research. Read the fine print and ask important questions.
These are just some of the ways you can pay for a business coach. Whether you choose to pay cash or use credit responsibly, there are several options available for making this kind of important investment.