One of the first questions potential clients ask me is “What does executive coaching cost?”
The answer is…
I’d like to let you in on an industry secret.
There are no prescribed guidelines for coaching fees.
This means that coaches get to set their fees as they wish.
A report published by Sherpa showed that on average executive coaches charge $398 per hour. That’s R5926.38.
However, most coaches won’t structure a per hour fee. It’s one of the most outdated ways of working and never makes sense from a pricing point of view (for the coach or client).
Here are a couple of things that might affect the pricing structure:
- Thought leadership – Is the coach a thought leader in the field of coaching or in another area of specialization?
- Experience – What is their track record of working with clients like? What were they doing before they got into coaching?
- Offering & Results – Are they offering once off coaching sessions or do they work in cycles? What kind of results do they typically produce for their clients?
- Qualification – Do they have a coaching qualification? Where is it from?
- Clients – Who do they typically work with? Executives at the corporate level? Newly minted entrepreneurs?
More Money Considerations
Investing in working with a coach is one of the best investments that you can make. But as with all investments, you should make it fully informed.
Do not borrow money to do coaching. If coaching is too expensive do not borrow money to make it happen. You might get the ROI you need but you also might not. Coaching is not a silver bullet.
Consider the leverage. If you are a high-net worth, high-impact individual then it often makes sense to pay tons of money to sharpen your thinking even more. When you are operating at a high-level, small tweaks in your approach can have a tremendous impact.
If however, you are still starting out then the investment is probably not worth it and it makes more sense to look for a more affordable coach that can support you through scaling your business and yourself.
The quality of the coach is not necessarily related to their price. Here is what you can roughly expect to pay:
|Coach||Price Range (per hour)|
|Entry Level Coach||R500 – R1000|
|Mid Level Coach||R1000 – R1800|
|Expert Level Coach||R1800 – R4000|
|Thought Leader Level Coach||R4000+ (up to R10,000)|
Please note that these are rough indications.
I know of incredible coaches with tons of experience that price at the Mid Level bracket even though they can be pricing at the Thought Leader level.
I know of beginner coaches that price at the Expert Level.
But this will give you a good indication of what to expect. The next step is to vet your coach.