I’m a Career Coach: 3 Reasons Hiring One Can Make You More Money
Written by
Kerra Bolton
Edited by
Amen Oyiboke
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Business coaching is an emerging industry that has grown by an average of 5.3% annually during the past five years. With so many coaches out there, how do you decide which one to choose and whether it’s worth the investment?
“A strategic coach can help you gain a big-picture perspective on what your true strengths are, help you identify self-limiting beliefs on your earning power, and the nature of the marketplace,” said Jeffrey Davis, CEO of Tracking Wonder Consultancy.
GOBankingRates talked to Davis about three reasons why hiring a career coach can make you more money.
You’re In Transition
A Harris Poll survey found that 52% of workers in the United States are considering a job change this year and 44% have actual plans in place to take a job leap.
Whether you are thinking about switching careers or striking out on your own, the best time to hire a coach is during a transition to help ensure a smoother change.
Davis provides strategic guidance to career professionals and entrepreneurs at all stages of their career and business development. Many of his clients come to him when they are in transition.
For example, Davis coached the head of an investment firm who needed to sort through their emergent midlife identity while reimagining their firm, an entrepreneur who sold their company and wondered about future opportunities, and an employee who took a hiatus from work to explore whether they were ready to start a business.
“Over the course of several months, a strategic coach can advise you on defining the best strategic moves to take and help you break down the next steps,” Davis said. “The most effective coaches listen deeply and actively without judgment, ask penetrating questions and can help lay out a map of the next, best strategic moves within your constraints.”
You Want Accountability
Making transitions can be hard without professional and personal support to ensure the best outcome.
According to researchers from the American Society for Training and Development (ASTD), people have a 95% success rate of completing a goal if they have a specific accountability appointment with someone they’ve committed to.
Davis incorporates accountability into his coaching practice by meeting with clients individually or as part of a “mastermind” group. Clients learn principles to guide them through the situations that compelled them to hire a coach, set goals, commit to meaningful action, and report on their progress.
“Each member of my Mastermind Circles is a professional in a different field,” Davis said. “Yet, they learn how to offer invaluable, diverse perspectives and grounded encouragement for one another to achieve their goals. Diverse perspectives drive innovation and profit.”
You Want To Develop Leadership Skills
Davis’s mantra that, “doing it together beats doing it yourself,” counterbalances cultural myths of the business leader as a lone wolf and that leaders are born, not made.
“You need coaching as a business leader,” Davis said. “Few people feel as if they are ‘natural’ leaders. My entrepreneurial and business owner clients learn how to lead small teams effectively. They foster healthy team relationships so that everyone benefits, and the business is profiting.”
Davis said his private clients who are employees learn to foster healthy relationships with colleagues, organizations, clients, and customers.
“These relationships typically open them up to a consistent channel of new opportunities and referrals,” he said.
What To Do Before Hiring a Coach
Coaching is an unregulated industry with lots of people selling frameworks they claim will help you achieve your wildest professional dreams.
Make sure a potential coach has a proven track record of successfully helping clients like you get to where you want to go. Before hiring a coach, ask for referrals from friends and colleagues. Do a Google search and look for coaches who have the skills you need. Research potential coaches on TrustPilot.
Finally, if you meet a potential coach you like, ask for testimonials or to talk directly with clients.
If a coach meets your criteria, hiring them could be one of the best investments to make in yourself and your future.
More From GOBankingRates
