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How do you budget for and negotiate the fees and terms of your business coaching contract?

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As a business owner, you may want to hire a business coach to help you with your strategy development, leadership skills, or performance improvement. But how do you budget for and negotiate the fees and terms of your business coaching contract? Here are some tips to guide you through the process.

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1 Know your goals and expectations

Before you start looking for a business coach, you need to have a clear idea of what you want to achieve and how you will measure your progress. This will help you determine the scope, duration, and frequency of your coaching sessions, as well as the level of expertise and experience you need from your coach. Having a specific and realistic goal will also help you communicate your needs and expectations to potential coaches and evaluate their proposals.

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Glenn Cameron

Master Connector ?? Serial Entrepreneur ?? Keynote Motivational Speaker ?? Property Investor ?? Multi-Income Individual ??
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It does all start with goals and timelines, for us at ActionCOACH it's about an alignment exercise of both personal and business goals which tends to create a long term perspective which can then be broken down into smaller actions which give the structure to any coaching programme

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2 Research the market and compare options

Once you have defined your goals and expectations, you can start researching the market and comparing different options. You can use online platforms, referrals, testimonials, or industry associations to find qualified and reputable business coaches. You can also ask for recommendations from your network, peers, or mentors. You should look for a coach who has relevant credentials, experience, and testimonials, as well as a compatible style, approach, and personality. You should also compare the fees, terms, and value propositions of different coaches and see how they fit your budget and needs.

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Samantha Jayne

Psychic Medium | Trance Voice Healer & Medium | Inspirational Coach | Psychic Consultant for TV and Media Projects | Writer
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There is a need to feel a connection with your Coach. Make sure you choose someone you actually want to spend time with. Someone who you trust. Someone authentic.

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Glenn Cameron

Master Connector ?? Serial Entrepreneur ?? Keynote Motivational Speaker ?? Property Investor ?? Multi-Income Individual ??
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It's worth thinking what qualities you think you want but more importantly you need in a coach. Often I see an assumption the best fit is someone with experience in your industry for example; this may well be the case as they understand the terminology etc. however, this also carries the risk of becoming more of a mentor relationship focusing on their experience rather than your own journey. In many ways a coach is better who doesn't have any direct experience in your industry ironically as they will ask more questions and bring out potentially new answers from you rather than what might have worked in the past

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3 Negotiate the fees and terms

After you have shortlisted a few coaches, you can contact them and request a proposal or a quote. Carefully review the proposal to ensure it covers the coaching objectives, outcomes, and indicators, the methodology, tools, and resources, the schedule, frequency, and duration, the fees, payment terms, and cancellation policy, as well as the contract, confidentiality agreement, and liability clause. You may need to ask for clarifications or negotiate the fees and terms for a fair and mutually beneficial agreement that reflects the value and quality of the coaching service. Additionally, you should consider the return on investment (ROI) of the coaching to see how it will help your business grow and achieve your goals.

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Glenn Cameron

Master Connector ?? Serial Entrepreneur ?? Keynote Motivational Speaker ?? Property Investor ?? Multi-Income Individual ??
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Any relationship should be results-focused and for that reasons ask about ROI guarantees, the best should be on board for a win-win relationship.

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4 Prepare for the coaching sessions

Once you have signed the coaching contract, you should prepare for the coaching sessions by setting aside time, space, and resources for them. You should also be open, honest, and committed to the coaching process and follow the guidance and feedback of your coach. You should also track your progress and results and communicate regularly with your coach. You should also evaluate the coaching effectiveness and satisfaction and provide feedback to your coach.

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Glenn Cameron

Master Connector ?? Serial Entrepreneur ?? Keynote Motivational Speaker ?? Property Investor ?? Multi-Income Individual ??
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Coaching is not just having chats or conversations, it needs to be results-focused and there is preparation on both sides to get the most value of direct time spent together

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5 Review and renew the coaching contract

At the end of the coaching contract, you should review the results and outcomes of the coaching and see if they met your expectations and goals. You should also assess the value and impact of the coaching and see if you want to continue, modify, or terminate the coaching relationship. You should also thank your coach and share your testimonials or referrals if you are happy with their service. If you want to renew or extend the coaching contract, you should negotiate the fees and terms again based on the current market conditions and your needs.

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Glenn Cameron

Master Connector ?? Serial Entrepreneur ?? Keynote Motivational Speaker ?? Property Investor ?? Multi-Income Individual ??
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Referrals and testimonials should mutually flow in a good coaching relationship with that deepened understanding of the value each other creates. The most successful relationships are only limited by what you want to achieve and whether you can continue to grow together.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you budget for and negotiate the fees and terms of your business coaching contract?

1

2

3

4

5

6

1 Know your goals and expectations

2 Research the market and compare options

3 Negotiate the fees and terms

4 Prepare for the coaching sessions

5 Review and renew the coaching contract

6 Here’s what else to consider

Business Coaching

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How do you budget for and negotiate the fees and terms of your business coaching contract?

1

2

3

4

5

6

1 Know your goals and expectations

2 Research the market and compare options

3 Negotiate the fees and terms

4 Prepare for the coaching sessions

5 Review and renew the coaching contract

6 Here’s what else to consider

Business Coaching

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