how to determine if Coaching for Therapists is Worth the Investment
For a therapist who's focused on building your practice and excelling professionally at the same time, there are significant benefits to hiring a coach. A coach can help you build a sustainable practice, enhance your business, and add another layer to your personal development. If you've been wondering about the value of hiring a coach to help you grow your practice and level up professionally, this article will help you make the right decision.
Understanding the Value of Coaching for Therapists
The role of a Coach is often conflated with consulting, mentorship, and even spiritual leadership.
But in fact, a good coach is a person who's going to help you reach your goal faster, using their skills and knowledge. Therefore a coach's objective is your success. A good coach will be your cheerleader and motivator in one, and often a teacher as well.
As a private practice owner, your goal is to determine what type of coach is right for your current goals. Through personalized guidance and support, you can gain valuable insights, overcome challenges, and unlock your full potential in your field.
Understanding the Investment in Coaching
High-quality coaching can be a significant financial investment. Despite the large number of affordable coaching available, I'd urge you to stay away from novices whose low rates may be attractive to you. Hiring a coach based on financial considerations only without properly vetting their background will be a waste of your budget. Worse, it can send you on the wrong path and stunt your growth altogether.
So before you hire a coach that sounds savvy or nice, consider if that coach will help you move from point A to point B. Ask yourself the following questions:
What do I need to achieve through coaching?
Am I looking to attract more therapy clients?
Am I looking to level up on my professional skills?
Do I want to understand the financial aspect of running a private practice better?
It's only once you have a clear understanding of your goals that you'll be able to pick the right coach and measure your potential return on investment (ROI) of coaching.
Let's also not forget the time and energy investment that you will have to do while working as a coach. Unlike hiring a freelancer or a consultant, working with a coach means that you'll have to be actively engaged in the process. You must be open to self-reflection, willing to implement new strategies, and committed to your own growth and development.
And lastly, if you're willing to invest your time, money, and energy into the process of working with a coach, you need to be open to input and embrace change. Coaching is designed to challenge your current beliefs and assumptions, pushing you out of your comfort zone. It requires a certain level of vulnerability and a willingness to explore new possibilities. If you are resistant to change or unwilling to step outside of your comfort zone, coaching may not be the right fit for you.
Navigating Challenges in a Therapist's Journey
A therapist's journey is fraught with professional and personal challenges. You may be experiencing feelings of self-doubt or even imposter syndrome that can add to the burnout of providing therapy services and running a private practice.
Add the need for consistently attracting and retaining new clients to the mix, and you're left with a unique set of obstacles. Coaching can guide you and provide you with the support you need to run your practice, attract clients through marketing, and reduce administrative bottlenecks like scheduling, billing, etc.
Feeling overwhelmed from doing it all on your own can lead to burnout and even push you out of the profession. To avoid that, you can hire a coach to help you with:
Setting up your private practice by providing guidance on necessary paperwork and legal requirements.
Develop a marketing strategy for generating new leads and referrals to your practice.
Grow and expand your practice with new hires and locations.
Promote your practice to reach new audiences and increase your pipeline of clients.
Create a financial plan that will support your lifestyle and future goals.
Not every coach will be able to help you with everything at once. And that's ok. You may discover that you can tackle some of these issues on your own. But for the ones that you can't, hiring a coach can help.
Exploring Different Coaching Options for Therapists
When I started coaching therapists in 2017, I mostly worked with local practice owners whom I met face-to-face. Since then, I've had clients in other states and locations worldwide with whom I meet online.
There are few options for working with a coach and you can pick the one that suits your style and needs best. Each option has its drawbacks and benefits so let's explore what they are:
In-person one-on-one coaching. This option may still be available in some locations but since Covid, most coaches have moved online and haven't looked back. If you want to find someone who'll be in the same physical space as you, you will limit your options in finding a good fit for your needs. What's more, a coach who travels to your location or has their own office will likely be more expensive as well.
Group Coaching. This type of coaching can be useful if your goal is to be part of a community of other therapists who are on the same path as you. You may not receive as much individualized attention from your coach as you may want but you will benefit from the camaraderie and input from other members of the group. Also, group coaching may be more cost-effective than working with your coach one-on-one.
Online one-on-one coaching. The online coaching option opens you to a variety of possibilities in terms of finding the best fit for your needs. As I mentioned above, most coaches transitioned online and use video to meet and communicate with their clients. With this option, you may never meet your coach in person but you will find the right coach for your goals.
Budgeting for Coaching Expenses
As with most investments, you may want to know what the potential ROI will look like. The whole point of hiring a coach is that you can improve your financial situation by focusing on a particular aspect of your practice.
Depending on the level of your own engagement while working with a coach, you may see a significant return from investing in a coach. For example, if you find a coach who can help you attract a specific number of clients to your practice, you can calculate your return based on your fees and the typical lifetime value of your client.
Average session rate | The average number of weeks in therapy | Average Client's Lifetime Value |
|---|---|---|
$165 | 16 | $2,640 |
Assuming your coach can help you gain new clients or set up processes that allow you to increase your caseload, you can calculate the ROI based on the average above or your own numbers.
This calculation can also help you determine the budget you'll need to set aside for working with a coach. Consider your monthly income, expenses, and savings goals. It's important to strike a balance between investing in your professional growth and maintaining financial stability.
Once you have a budget in place, you can start "shopping" for a coach and compare different offerings and fees. Keep in mind that coaching fees can vary widely depending on the coach's experience, expertise, and the level of support provided.
Another thing to consider is the duration of the coaching program, the frequency of meetings, and additional resources that a coach will provide, like guides, tutorials, and accountability between the sessions.
Here are a list of questions you may want to ask your potential coach at a discovery call:
How did you develop your process and program?
What skills will I be able to enhance by working with you?
How much time will I have to dedicate to the homework that you give after each session?
Will I be able to contact you between sessions?
What kind of additional materials will you provide me with?
How did your previous clients improve their practices by working with you?
A good coach will also ask you questions at the goal to determine if you're the right fit for them as well. Beware of a coach who promises results without truly understanding what you're looking for.
Researching and Selecting a Reputable Coach
Since coaching can be a significant business investment, it's crucial to choose the right provider for your needs and goals. The best way to start your research is by word of mouth. Ask your colleagues and experts in the field who they recommend.
Jot down the names you've been recommended and continue your research online. Learn about the coaches on your list from their websites, social media, and other content that's available. Make sure to pay attention to their style and demeanor and note the ones that resonate with you best.
Suppose none of the people in your network can recommend a coach. In that case, you can also search online and on social media platforms like LinkedIn where you'll be able to find information about their qualifications and expertise. Consider their qualifications, certifications, and any additional training they have received.
Additionally, make sure that you review testimonials from past clients when considering a coach. Look for feedback from therapists who have worked with them in the past. This can provide valuable insights into their coaching process, effectiveness, and the results they have helped therapists achieve.
As the last step in your research, schedule a discovery call with the coaches you like best. A discovery call is your opportunity to ask questions about the coach's process and methods, discuss your goals and expectations, and get a sense of their coaching style. Pay attention to how they listen, their level of empathy, and their ability to understand and connect with your specific needs. This initial conversation can help you assess whether the coaching provider is the right fit for you.
Making an Informed Decision on Whether Coaching is Worth the Investment
By the time you're done with your research, you can narrow down your choices to picking the right coach for your needs. To help you streamline this process, here are the steps that help you make an informed decision on whether coaching is worth the investment for you as a therapist.
Decide on the main business goal that you're trying to accomplish for your practice.
Outline the steps necessary for reaching this goal.
Ask yourself what skills and methods will help you reach this goal faster.
Look at the steps and skills necessary and define the area you need most help with.
Define the type of coach that can help you with your areas of need.
Start your search by asking your network for recommendations.
Research coaches online and look into their services, programs, messaging, and credentials.
Schedule a sales or discovery call to interview and get to know the coaches from your research.
Ask questions that will give you an idea of the coach's process, personality, work style, fees, and potential ROI for your practice.
Make an informed decision on the best fit for your needs.
There are many variables to your success in working with a coach such as your schedule, input, timing, and opportunities that arise along the way. All this makes it difficult to predict your ultimate ROI. Despite that, going through the steps above will significantly reduce your risk of losing your investment in working with a coach.
Conclusion: Is Coaching Worth It for Therapists?
For therapists who are looking to improve their business skills and gain a deeper understanding of finances, marketing, and effective management of their practice, working with a coach can be a valuable investment. It can lead to enhanced self-awareness, improved clinical skills, increased confidence, and a broader perspective on your practice.
By tapping into the expertise of a coach, you can overcome challenges, set meaningful goals, and build a sustainable practice that will support your future goals.
Invest in your growth today and schedule a Discovery Call with a Marketing Coach for Therapists.
