If you’re looking to improve your business skills and boost your career, a business coach may have the answers you’re looking for.
Business coaches or mentors are seasoned professionals that can provide freelancers or contractors with actionable advice and insights on how to enhance their business skills and make any necessary changes in order to benefit their careers. This can look like creating action plans, setting KPIs, building leadership skills, or setting and reaching business goals.
In this article, we will take a deeper look at what a business coach is, the benefits and challenges of working with a coach or mentor, and what to look for when choosing one for yourself.
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How Can a Business Coach Benefit You?
According to this study, 47% of companies made a minimum of 10x ROI on their business coaching investment, and 19% claimed they received an ROI of about 50x (5,000%).
Hiring a business coach can be an incredible investment in this regard, as you would be getting advice from an experienced professional that can focus all of their attention on improving your career goals.
Whether you’re just starting your career or you just need some help getting off the ground, you may require some assistance with business growth or developing a productive mindset.
Here are 8 ways in which business coaching can benefit your professional growth as a freelancer or contractor:
Having a professional focus all of their attention on your career can provide you with a fresh perspective on your business challenges and opportunities, providing insights and ideas that you may not have considered before.
One of the main roles of a business coach is to build your confidence and improve your mindset. The ability to overcome fear and procrastination comes from being confident enough to do what needs to be done when it needs to be done, setting goals, and achieving them. Increased confidence is one of the main benefits of business coaching, with 80% of people reporting a significant increase in self-confidence after the fact.
Business coaches can help you to identify and define your exact business goals and create a solid plan for achieving them. By working with a business coach, you can create a strategy that will help you reach your goals, focusing your efforts on what really matters.
4. Emotional support
A business coach can provide emotional support and guidance, helping you to navigate the challenges and stresses of your professional life, all while maintaining a positive mindset and motivation.
One of the most difficult things about taking charge of your career is keeping yourself accountable. However, a business coach can help keep you accountable to your goals and aspirations, providing guidance and support to ensure that you stay on track and make progress toward achieving your objectives.
6. Skills Development
A business coach can help you improve your skills and competencies, such as leadership, communication, and decision-making, which are essential for professional success.
A business coach can provide honest, unbiased, and objective feedback and evaluation, helping you to identify areas for improvement and growth. This will help you to make more informed decisions based on data and analysis.
Business coaches can also introduce you to new contacts and networks, providing valuable connections and opportunities for collaboration, growth, and learning.
Challenges of Working with a Business Coach
While working with a business coach can be incredibly beneficial, there are also some challenges that you may encounter. It is important to be aware of these potential challenges before they arise to best prepare for them. Below are some potential challenges that you may face:
Finding the right coach
Finding the right coach for your specific business needs can be a challenge. Not all coaches are the same, and you may have to interview several before you find one that is the right fit for you and your career.
The solution: Do your research before deciding on a coach, and ask relevant questions to determine whether they can help you with your specific needs.
Receiving business coaching requires a significant time commitment, and you will need to dedicate time to attend coaching sessions and complete assignments between sessions.
The solution: Prepare your schedule to include time spent with the business coach, and ask them beforehand about their expectations for your time so that you have a clear idea before you start.
Resistance to change
You may encounter a resistance to change, which can hinder progress and make coaching less effective.
The solution: Before hiring a business coach, it’s important to know that change will be inevitable, and to familiarize yourself with that concept before starting.
One of the primary challenges of working with a business coach is the cost. Depending on the coach’s experience and expertise, fees can be high, which may make it challenging for some individuals to afford.
The solution: Figure out your budget well before hiring a business coach, and determine whether or not you can afford one. If not, see if you can work out a payment plan in order to make the cost less impactful.
Coaching requires you to be vulnerable and open about your strengths and weaknesses, which can be uncomfortable and take some getting used to.
The solution: Prepare yourself mentally and emotionally beforehand to be comfortable being vulnerable and having another person involve themselves in your personal life as well as your business life.
How to Choose a Business Coach
Knowing how to choose the right business coach is crucial for your success. Every business coach will have different strategies, different strengths, and different uses.
Here are some steps you can take when deciding on the best business coach for you:
Consider your needs, goals and expectations
Before contacting any potential coaches, brainstorm your specific needs, goals and expectations for the experience. This will help you when researching and interviewing business coaches.
Look at their experience and credentials
Verify their experience and credentials, such as certification, testimonials, and reviews. This can help you ensure that they have the necessary skills and knowledge to help you achieve your goals.
Contact references and read reviews
Ensure that your candidates have contactable references that can vouch for their skills, and read through their reviews to determine whether past clients were satisfied with their experience.
Assess their coaching approach
Consider their coaching approach and methodology to determine if it aligns with your learning style and goals. Some coaches use a structured approach, while others may take a more flexible approach.
Consider the cost
Determine the coach’s fees and pricing structure to ensure that it fits within your budget. Keep in mind that a good coach may be more expensive, but the value they provide can be well worth the investment.
Check for compatibility and values
Interview potential candidates to see if your personalities work well together, and whether your basic values align with one another. Getting along with your business coach is crucial for a smooth process and best results.
Once you’ve vetted all of your candidates, decide which one best suits your personality, values, goals and budget. Choose the one that you feel will be able to work seamlessly with you and any other team members, without causing any unnecessary stress and disruptions.
Business Coaching Case Study
Daniel had been working as an independent contractor for several years, but he found himself stuck in a rut. He had tried setting goals for himself in the past, but he found it difficult to stay on track and often lost motivation. He also struggled with time management and often found himself procrastinating or getting distracted.
Daniel decided to hire a business coach named Joanna to help him overcome these challenges. Joanna was a seasoned business coach with years of experience helping entrepreneurs and independent contractors achieve success. Joanna began by getting to know Daniel and his work. She asked him about his goals, his strengths, and his weaknesses. She also helped him identify his values and priorities, guiding him in setting achievable goals.
Next, Joanna worked with Daniel to develop a plan of action. She helped him break down his larger goals into smaller, achievable steps. She also helped him identify potential roadblocks and develop strategies to overcome them. Joanna also helped Daniel with his time management skills by teaching him how to prioritize his tasks, make decisions and set realistic deadlines. She also helped him develop a system for tracking his progress and staying accountable.
With Joanna’s guidance and support, Daniel was able to improve his productivity significantly. He was able to prioritize his tasks and manage his time effectively, and learned how to set specific goals and track his progress. He was no longer feeling unmotivated and overwhelmed with his workload, and was also able to overcome his limiting beliefs and had more confidence in his abilities. He was able to maintain a positive mindset that helped him stay focused and motivated.
Working with a business coach can be a game-changer for your career as a freelancer or contractor. By providing fresh perspectives, building confidence, creating a plan, offering guidance, and holding you accountable, a business coach can help you overcome obstacles and reach your goals.
However, it’s important to be aware of the potential challenges, including finding the right coach, committing to the time, facing resistance to change, and dealing with costs and vulnerability. To choose the best business coach for you, consider your needs, research their experience and credentials, contact references, assess their coaching approach, consider the cost, and check for compatibility and values.
By following these steps, you can find the right business coach that can help take your career to new heights.