“Initially I never thought I wanted or needed a business coach,” says Barbie Clemons, a licensed massage therapist and Gentle Scar Therapy Specialist, who owns Calming Waters Massage in Yarmouth, MA. “My business was going ok, no issues or problems and I seemed happy with the way things were.” 

But a chance email led her to eventually work with three business coaches, who have helped her breathe new life into her business. “My income from teaching clients has increased 40%” as a result, she says, and “I am happy and excited for the future.”

Whether you’re just starting your business, or you’re trying to solve a specific challenge, a business coach or mentor may help you get the results you’re looking for. 

Here’s how to decide whether you should hire a business coach, and if so, how to find the right fit for your business. 

What Is a Business Coach

Typically, a business coach is someone who is hired to help a business owner solve a problem, navigate growth and/or improve business skills. They can offer advice, share strategies, and hold the business owner accountable. 

However, there is no single definition of business coaching. 

“The definition of coaching remains inconclusive,” write Lily Tsai & Jennieffer Barr in their research paper, “Coaching in small and medium business sectors (SMEs): a narrative systematic review” published in the Small Enterprise Research journal. They go on to explain that “a coach may use different types of coaching to meet a need of the coachee.”

There’s no single way coaching is structured. Some coaches offer coaching in small groups and others offer 1-on-1 coaching. Some offer a combination of group sessions and individual coaching. Some business coaches may interview your employees, coworkers, or direct reports, to get a better understanding of where you may be able to improve how you work with others. 

Do You Need a Business Coach?

Perhaps, like Clemons, you don’t think you need a business coach. And you may—or may not—be right. 

After ten years of building Side Hustle Nation, Nick Loper decided it was time to work with a business coach. In a blog post and podcast episode, he shares why he decided to work with a business coach and how it helped his business. 

“My biggest fear,” he writes, “was, “Am I even coachable?’ We’re combating a decade of bad habits here!”

If you’re struggling to grow your company, feeling stuck, want to improve specific skills, or need a new vision and direction, a coach might be the answer. They may help you see your business from a new angle and find ways to overcome obstacles you might not spot on your own.

Loper said he wondered if his already “pretty great” business could be better. “Is there a way to make more and work less, build better systems, and make the business less reliant on me?,” he asked. “And on a more existential level, is that something I’d even want?” 

Crystal Lister, is founder and CEO of Mommy and Me: The Listers, which provides hands-on, interactive STEM experiences to underserved communities through workshops, STEM Carnivals and mobile programs, with the goal of making STEM education fun and accessible for all. She says she “sought out a mentor because I recognized the importance of having experience guidance as I navigated the challenges of starting and growing my business. I needed support to gain clarity, develop strategies, and build the confidence necessary to achieve my entrepreneurial goals.”

Coaching vs Mentoring

It’s easy to confuse business coaching with mentoring, but they’re different. A business coach is a paid professional who focuses on helping you achieve specific goals. They work with you for a set period and often have a structured approach.

Mentors, on the other hand, are usually unpaid advisors who share their experience and wisdom. They may have a long-term, less formal relationship with you. A mentor might be someone in your industry who’s been successful and wants to give back, for example.

Both coaches and mentors can be valuable, but they serve different purposes. A coach helps you develop skills and reach targets, while a mentor typically offers general guidance and support. Some business owners benefit from having both.

That said, there are more formal business mentoring programs you may be able to tap as a small business owner. A great example is the free business mentoring offering by SBDCs and SCORE, which we’ll discuss in a moment. 

Types of Business Coaches and Mentors To Consider

Again, because there is no standard definition for business coaching, the types of business coaching available can be all over the map. (Just try searching for “types of business coaches” and you’ll find that results range from “3 types of coaches” to “50 types of coaches!”)

Some of the main types of coaching you may encounter include:

General business coaches: These coaches help with overall business strategy and growth. They can assist with planning, goal-setting, and improving your leadership skills.

Executive or leadership coaches: Aimed at business leaders, executive coaches work on leadership skills, decision-making, and managing teams effectively. 

Financial coaches: If you struggle with money management or want to boost your profits, a financial coach can help. They often focus on budgeting, cash flow, and financial planning. Some offer help preparing for small business loans or financing, or establishing business credit. Some accounting professionals fill this role for clients, but not always. 

Marketing coaches: These specialists can help you implement marketing systems to attract more customers and build your brand. They offer guidance on advertising, social media, and/or customer engagement.

Industry-specific mentors: Experienced professionals in your field who can offer insider knowledge and connections. They understand the unique challenges of your industry, whether it’s real estate consulting, a laundromat, or a beauty salon. 

Peer mentors: Other business owners at a similar stage may provide mentorship by sharing what’s working (or not working) for them. Business owners may be able to join mastermind groups that provide this kind of support. 

It’s not uncommon for business owners to work with different types of coaches at various stages of their business growth. And some business coaching programs combine one-on-one and group coaching. 

Typical Costs and ROI

Pricing for business coaches can vary widely, but usually range from several hundred to several thousand dollars per month over a 3-12 month period. 

Coaches may charge by the hour or the month, or offer a coaching package that provides a certain amount of access to the coach, either one-on-one or in small groups. Some very successful coaches have a team of coaches. 

As an example of the ranges of costs:

• New or part-time coaches: $50 to $150 per hour
• Mid level coaches: $150 to $500 per hour
• High-end and executive coaches: $500 to $1,000+ per hour

The cost of coaching can depend on the experience of the coach, the type of coaching being offered, and the structure of the coaching. Direct access to an experienced coach will cost more than a small group program, for example. 

As for return on investment (ROI)? That varies, too. 

Business owners often measure success in financial terms, especially in terms of profitability. But a business coach can also help with soft skills that may lead to a more successful business, but be harder to measure.

ROI can depend on the type of coaching, the quality of the coach, and how well the business owner implements the coaches’ advice. 

When Should a Small Business Owner Consider a Business Coach

As the saying goes, you don’t know what you don’t know. A good business coach can help shortcut your path to success, or help you figure out what that path might look like.. 

For Clemons, it started with an email from Gael Wood who runs Elevate With Gael Massage and Spa Success that promoted a class called Gentle Scar Therapy with Christine Knox. She quickly enrolled in the eight week program and enjoyed it so much that when it ended she signed up for the coaching program they offered. 

For Loper, it was “seeing 3 different friends (all Side Hustle Show guests!) all go through (the same coaching program) and see really strong results.” 

Here are some signs it might be time for you to consider a business coach:

You feel stuck: If your business isn’t growing as you’d hoped, a coach may help you find new strategies, set measurable goals, and overcome obstacles.

You’re overwhelmed: You have more tasks and ideas than time, and can’t seem to prioritize. You need help to focus and manage your time better.

You need accountability: If you struggle to follow through on your ideas, a coach can keep you on track and motivated.

You’re facing a big decision: Whether it’s expanding your business or entering a new market, a coach can guide you through important choices.

You want to improve specific skills: If you need to get better at sales, marketing, or financial management, a coach with expertise in these areas can help.

You’re just starting out: New business owners can benefit from a coach’s guidance to avoid common pitfalls and set a strong foundation.

You’re ready for the next level: If your business is doing well but you want to scale up, a coach can help you plan for growth.

Consider your business goals, challenges, and budget. If you think a coach could help you move forward faster, it might be worth exploring. 

Examples of Business Coaching and Mentoring

Brice Sokolowski, is the president of Vaucluse Backpack Ventilation Gear, which makes attachable ventilation frames that easily fit on your favorite backpack to increase ventilation and airflow. Vaucluse gear is designed to attach onto backpacks (framed or frameless), maximize airflow, reduce back heat, and increase comfort.

Sokolowski has worked with a number of SCORE mentors over the years, explaining that they have helped him with “e-commerce, fulfillment, supply chain, financing, leadership, etc.” 

Most recently he worked with SCORE mentor Andrew Flippo who helped him navigate the pitch process for a national pitch competition celebrating SCORE’s 60th Anniversary. Flippo “provided a clear and actionable plan,” says Sokolowski who won third place in the Los Angeles pitch competition. 

Loper feels like working with a business coach has been beneficial. While sales are up this year, he’s not sure how much he can attribute to coaching. But he says he does have “a more strategic outlook on the whole operation (and a clearer picture on the work I truly love and enjoy. He has also “built some better systems for my team and have attempted to get better at letting go of certain responsibilities.”

You can listen to the podcast episode where Loper describes his experience working with a business coach: Is Business Coaching Worth It? 

Lister worked with SCORE mentor Hank Cardarelli and says she got “invaluable guidance, access to critical resources, and unwavering support.”  In addition to practical advice, he helped her gain “the confidence I needed as a new business owner”.  

How To Find a Good Business Coach

If you’re considering hiring a coach, here are some ways to find the right business coach: 

Think about what you want and need

“Start by asking what goals you want to achieve and what challenges you’re having,” advises strategic business coach Bruce Eckfeldt who describes his services as “coaching CEOs to scale and exit faster with less drama.” Thinking through your goals and challenges “will make it easier to choose the type of coach that best fits your needs,” he advises. 

Ask for referrals 

Talk to other business owners or your professional network. Personal recommendations are often the best leads. Your first level contacts on Linkedin may also be able to provide suggestions. 

Another way to find a coach is through coaching organizations. “Explore established coaching organizations like EOS (Entrepreneurial Operating System), Scaling Up, or 3HAG/Metronome,” Eckfeldt suggests. 

Profit First and EMyth also offer popular frameworks with both mastermind and business coaching programs.

Coaching certifications can be helpful for demonstrating the coaches’ commitment to coaching, but keep in mind that generally coaching isn’t regulated. 

Consider their experience

Look carefully at the coach’s background and experience. Consider how long they have been coaching, the types of clients they serve, and their business experience. 

While you may be tempted to hire someone with a track record in your specific industry, this can be “tricky” warns Eckfeldt. 

“While a solid understanding of your industry is good, I generally suggest that you don’t hire a coach for their specific business insights,” he says. “(For a consultant, yes, but that’s a different type of hire). Instead, look for a coach who has worked with other clients in your situation and knows the common challenges and pitfalls.” 

He adds: “You are the industry expert. Your coach mainly needs to help you with the process and how to overcome your obstacles.”

Screen potential coaches

Most coaches offer a free consultation. Use this time to ask about their approach, coaching experience, business experience, and how they measure success.

Also look for compatibility. “You need to trust them enough to be vulnerable and explore deeper issues,” warns Eckfeldt. “Real change and improvement requires tackling tough questions and core beliefs. If you’re not willing to open up to your coach, it is a waste of time and money. If you don’t feel like you can establish a close connection and rapport quickly, it’s probably not a good fit.”

If they offer testimonials or success stories on their website, consider reaching out to those clients to ask if they would still recommend their services. Read articles they’ve written and follow them on social media to see how they respond to challenging questions or comments. 

Understand the terms

Be clear on the coach’s fees, scheduling, and what’s included in their services. Can you cancel if it’s not working for you, or if something (like an illness) prevents you from continuing? 

A good coach should be honest about what they can and can’t do. They should be willing to refer you to someone else if they’re not the right fit for your business needs.

When Should a Small Business Consider a Business Mentor

“A small business should consider a business mentor as soon as they identify what areas of business they are strong in and what areas they are not,” says Flippo. “Most small business owners fail to realize they don’t need to know everything, and (instead should) surround themselves with people who have the experience they may lack. 

Rather than turning to friends and family for business advice they may not be qualified to provide, Flippo says that, “Getting a mentor is fantastic in having a place to talk through business specific issues especially because mentors often already went through some of these problems in their own success and have a unique perspective to help the business overcome them.”

“Probably the most common response would be when a small business sees a change in the market demand for their products or the small business is planning to make a significant change like an acquisition or product line shift,” says Hank Cardarelli, Crystal Lister’s mentor. “But, having started my working career in a small (family) business along with my nearly 15 years with SCORE, I would say it should be on a consistent periodic schedule regardless if there is a perceived need.”

That way, the business owner can identify and resolve issues “before they become overwhelming and costly and difficult to resolve,” he says. “Sometimes there are very subtle changes in the market or an emerging trend in customer demand with no plan to address in a very timely manner.”

Here are some other signs it may be time to seek out a business mentor: 

You’re new to business: Startup founders often need advice to help them steer clear of common entrepreneurship pitfalls. (A SCORE mentor or SBDC advisor can be a great fit for a new business owner with a limited budget.) 

You want industry insights: A mentor in your field can offer valuable knowledge about trends, challenges, and opportunities.

You need a sounding board: When you’re facing tough decisions, a mentor can be a trusted advisor to discuss ideas with. And a business mentor is likely in a better position to provide advice than your friends or family! 

You’re looking to expand your network: Mentors often have extensive connections and can introduce you to key people in your industry.

You want long-term guidance: Unlike coaching, which is often short-term, mentorship can provide ongoing support as your business grows.

You’re seeking inspiration: A successful mentor can motivate you and show you what’s possible in your field.

You need specific expertise: If you’re weak in an area crucial to your business, like finance or marketing strategy, a mentor strong in that skill can guide you.

You’re ready to learn from others’ mistakes: A good mentor will share their failures as well as successes, helping you avoid common pitfalls.

If you find yourself wishing for guidance from someone who’s “been there, done that,” it might be time to seek out a mentor.

How To Find a Good Business Mentor

Here are a few good places to start your search for a business mentor:

SCORE

SCORE has some 10,000 volunteers across the US who provide free, expert mentoring, resources and education. SCORE has helped countless successful entrepreneurs start, grow or successfully exit their business. 

Small business owners who receive three or more hours of mentoring through SCORE report higher revenues and increased growth.

Small Business Development Centers (SBDCs)

Work with an SBDC to access free and low-cost training opportunities. Nearly 1,000 local centers around the US provide no-cost business consulting and low-cost training to new and existing businesses, and results are impressive in terms of higher-than-average sales, and economic impact. 

Networking

Start with people you already know. Former bosses, colleagues, or business acquaintances might be great mentors.

Industry associations and business groups often have mentorship programs or networking events where you can meet potential mentors. Conferences, workshops, and seminars are also great places to meet experienced professionals in your field.

If you are reaching out to an individual for mentoring, make sure you do so respectfully. Unlike a coach, whose business is to help other business owners, mentors often give generously of their time and expertise. 

Respect the mentor’s time and follow through on any advice they give, or let them know why that advice isn’t a fit for you. Thank them for their time, and offer to pay it forward.

Famous Business Coaches and Mentors

Here are some well-known business coaches. Just remember, you don’t need a celebrity coach to be successful. You need to find a great business coach or mentor who is the right fit for you and your business, whatever your individual challenges. 

Tony Robbins: Known for his motivational speaking, Robbins has coached business leaders and entrepreneurs worldwide.

Marie Forleo: A life and business coach who’s helped thousands of entrepreneurs through her online programs and books.

Gary Vaynerchuk: Known for his digital marketing expertise, he mentors many entrepreneurs in the social media space.

Daymond John: The FUBU founder and Shark Tank investor mentors young entrepreneurs, especially in the retail and fashion industries.

Eric Schmidt: The former CEO of Google mentored many tech entrepreneurs, including the founders of Twitter.

Oprah Winfrey: She’s mentored several successful women in media and business, including Mindy Kaling and Ava DuVernay.

Richard Branson: The Virgin Group founder actively mentors young entrepreneurs through his company’s programs.

Sheryl Sandberg: Facebook’s COO has mentored many women in tech and business, promoting leadership and equality.

Warren Buffett: The legendary investor has mentored several business leaders, including Bill Gates.

Nav’s Verdict: Business Coaches and Mentors

Running your own business isn’t easy. Business coaches and mentors can help, but they serve different purposes. A coach is a paid professional who helps you achieve specific goals through structured sessions, while a mentor offers ongoing wisdom and industry insights based on their experience. Whether you need a coach, mentor, or both depends on your goals, budget, and stage of business.

Before investing in a coach or seeking a mentor, take time to identify your needs and research potential matches. The right person should have relevant experience, strong references, and a style that fits your learning preferences. While costs for coaching can range from $50 to $1,000+ per hour, the investment can pay off through improved skills, better decision-making, and faster business growth. Remember, the most expensive option isn’t always the best – focus on finding someone who understands your business and has a track record of helping others achieve similar goals to yours.