You might be thinking about the cost of private practice coaching before you decide to get some help growing your business.
You need to understand that the cost can vary between coaching providers by thousands of dollars.
The reason it varies is because it’s not a standardised service.
There are many different inclusions or exclusions that determine the cost of private practice coaching.
At the end of the day, the real question you should be asking is;
After speaking with thousands of Clinic Owners about the cost of private practice coaching we’ve broken down all the things you need to consider so that you get the best value and choose the coach that’s right for you.
In this article we’re going to cover:
Private Practice Coaching should help you grow your business.
You are paying for the insights, guidance and support to generate results sooner and in a more sustainable way.
Just like how your patients pay you to help improve their health.
When you pay for Private Practice Coaching, you should expect to improve your business.
The cost of private practice coaching will depend on what services are delivered to you and how they are delivered.
We believe that quality private practice coaching will include these three elements:
The intensity, frequency, volume and quality of each of these 3 elements will also contribute to the cost of private practice coaching.
By combining all 3 elements you’ll experience much more value and growth.
Content refers to done-for-you policies, procedures, systems and strategies.
You don’t need to reinvent the wheel.
You just need the content, the documents and resources to plug and play so that you get results sooner.
To compliment the tangible, practical and applicable content…
…you’ll also benefit from learning resources like video and audio training sessions where you develop your business understanding and skill set.
This will help you be able to replicate or reproduce the success time and time again (providing ongoing returns on your invested time and money).
When you receive content and training like this you will save hundreds of hours of development time that the coaches have already done before you.
This means that you can invest your time in higher value business growth activities.
Community refers to being able to connect with other like minded and high performing clinic owners.
This allows you to mastermind and workshop your business, to learn with and from others.
Being in business can be lonely.
Having support networks and communication channels to collaborate with others means that you can leverage off of their experience as well.
Live event workshops and online member support forums should be available to provide you with the support you need to make sure your questions always get answered.
You can get timely and practical solutions from people who are willing to share because of the environment created by the coach.
To create, curate and connect like minded practice owners so that you get the support you need takes years of nurturing by the coach that you can access in an instant.
Having a peer network can save you stress, anxiety and overwhelm because you have the support of others to guide you through.
Coaching refers to direct one on one and/or group sessions.
Coaching gives you the support, accountability and guidance to avoid making costly mistakes with your time and money.
Quality coaching should help you understand yourself better so that you can develop into a better leader and business person.
You’ll be able to improve your decision making and action taking ability so that you create outcomes that lead to growing your clinic.
You can appreciate that the cost of private practice coaching involves a 3 core elements that can be delivered to you in a number of different ways.
The intensity, frequency, volume and quality of each of these 3 elements will contribute to the cost of private practice coaching.
So you might be wondering, with all of those elements included, is it an investment or expense?!
It’s an investment and expense.
The cost of private practice coaching is an expense in the accounting version of the word…
…It’s a tax deduction which is a nice bonus.
But really you should see the cost of private practice coaching as an investment!
“Private Practice Coaching is an Investment in ourselves, our clients, our team and our business, an investment that should give you a return week on week, quarter on quarter, year on year, both now and forever.” Shane Davis
There a few different ways to measure the return on your investment in private practice coaching.
Most notably, you’ll want to improve your financial position.
You should expect that the systems a private practice coach will help you implement will help you make more money.
However, you need to appreciate that it doesn’t happen straight away.
You should expect to make and attribute at least a 100% topline (revenue) return on your investment whilst working with your coach (after 12 months as a guide).
Ideally, the longer you work with the coach, the greater your return will be.
The reason for that is, changes to your operations, marketing, team, service delivery take time to implement, track, review and then refine.
Just like a farmer sows their seed in one season, they must nurture that seed for a season or two before they can reap their yield (get the results).
As time progresses, your top line gains (return on investment) should filter down to your bottom line (your profit and take home finances) with the right coaching and strategies.
Like any quality investment, you should look to the longer term (3-5 years) because in the scheme of your life and business life, theres a great amount of maturity (growth) you can gain in that time.
Your gains will largely depend on two things:
Provided you are filled with commitment (insatiable hunger) to get results with your coach and the coach you’ve chosen is right for you, then all you need to be able to do is afford to get started.
The actual cost of private practice coaching doesn’t matter, provided:
The sky’s the limit provided you see enough growth and change.
Really there should be no reason to pause or stop coaching if you are getting a returns on your investment.
The cost of private practice coaching should be put into context with the average lifetime value of a client/patient in your clinic is $500 and…
…your private practice coaching helps you generate 10 more new clients per month (10 x $500), that’s $5,000 per month ($60,000 per year).
If every new client/patient sees you on average for 5 visits in their life and…
… your private practice coaching helps you improve retention/loyalty/nurturing of clients to increase that to 7 (and we assume the average dollar cost of an appointment is $70)
… then you will generate an extra $140 per patient.
If you average 10 new patients per week, that’s an additional $1,400 per week (10 clients x extra $140 per client). That would equal $72,800 additional revenue per year.
If we then assume there is a margin 15-25%, then this strategy alone (of taking best care of our clients!) will help us to create a bottom line outcome of $18,200
We’ve made a few simplistic calculations (including a few assumptions) for explanation purposes.
These are just some of the changes that a company who offers you quality content, community and coaching can help you achieve, if you’re able to implement like a boss.
It surprising that many practice owners want to grow their business, but they’re hesitant to invest in coaching to make it happen.
So here’s some context for how your investment in private practice coaching compares.
It’s likely that you spent $50,000 or more to train as a professional.
You paid to get the knowledge and skills to help improve the health of your patients so that you could earn a living as a professional.
You started your business so that you could earn more than being an employee and so that you could work in a way that suited your style.
But, How much have you invested to train as a business owner?
Perhaps the question is, how much are you willing to invest in your business to get the knowledge, systems and skills to improve the growth of your practice?
Perhaps you have invested in an online marketing agency whose job it is to help you get more clients.
Usually you’ll pay $1,000 to $3,000 per month to have the services of a marketing agency help you attract clients, that’s not to mention the $1,000+ you need to invest on top of that for the advertising on various platforms e.g. Facebook Ads or Google Adwords.
Hopefully you get a return on your investment by attracting new clients for those fees.
The point here is, they won’t help you with operations, systems, team culture, knowing your numbers, client retention, business automation etc
If you want to build a sustainable business that is not reliant on you then you need to weigh up the massive value that private practice coaching offers over just attracting more clients.
You could think of a good business coach as a very cheap business partner. Why?
A business partner is going to take equity, a percentage of your profit and growth, every year.
As business coach is going to be an expense line item in your profit and loss for the time that you work together.
No matter how much you grow, they get a fixed fee.
Awesome for you, especially if you are a solo business operator and don’t have a business partner.
All of the hard work in developing business know how and helping implement it for a fixed fee, that’s pretty awesome.
They say, “debt is cheaper than equity”.
You’re better off paying for a coach to help set your business up properly for the years to come so that you can benefit from the ‘equity’ and profit you have as an owner.
You should see the cost of private practice coaching as an investment not an expense.
“Private Practice Coaching is an Investment in ourselves, our clients, our team and our business, an investment that should give you a return week on week, quarter on quarter, year on year, both now… and forever.” Shane Davis
The investment you make will depend on a a few different inclusions or exclusions that determine the cost of private practice coaching.
The 3 elements that will increase the value of private practice coaching are the intensity, frequency, volume and quality of:
At the end of the day, the real question you should be asking is;
You should expect a return and there a few different types of return you should expect.
You need to be committed to making it work, no matter what, because that’s the only way to get a return now and in the future.
You need Macro patience and micro hustle as Gary Vaynerchuck would say.
If you want to grow your clinic and you’re ready to invest in private practice coaching…
Book a free, no-obligation strategy session where we can work out if we’ve got what you need and you’re the right fit to be one of our members.
If you’re ready to take your private practice to the next level, then Reserve your free, no-obligation Strategy Session NOW!