Coaching is a great investment in your personal and professional growth. But what if you can’t afford it? Here are three ways in which you can fund your coaching, or at least get your money back.
Funding through your employer
Many employers pay for career or executive coaching as part of their commitment to developing and retaining talent. It’s seen as a great way to show staff that they are valued and that their employers invest in their growth.
Some organisations have a central budget for training that can also be used for coaching. If not, your manager may be happy to pay for coaching from their departmental budget.
A good time to ask for funding is when you have an appraisal or review meeting with your manager. A well-managed appraisal includes an agreement on development goals for the coming year. If your goals are about subjects such as confidence, gravitas, communication, stakeholder management, leadership or any other soft skills, it would be a reasonable request to ask whether your employer would pay for a coach to help you develop those skills.
Some employers may ask you to pay a contribution to the coaching to ensure that you have a stake in the investment. Others may want you to work with one of their approved coaches. If that’s the case, don’t be shy to ask to work with your own coach. Here are three arguments you could make:
- Using a coach that is not affiliated with your employer promotes trust and ensures non-biased support, both of which are crucial for the coaching relationship
- The effectiveness of coaching requires that the chemistry between coach and client is right
- Your own coach may offer services that the company coach can’t provide; for example, I offer deeper work with tools like the Enneagram which are not part of standard coaching offerings.
Funding through your own company
If you are a business owner, you may be able to claim career, executive or business coaching as a business expense. This would reduce your tax liability. I recommend talking to your accountant first to establish whether this could be an option for you.
Get coached to receive a pay rise
I have coached several clients to successfully ask for, and receive, a pay rise, bigger bonus or larger stake in the company. My most recent client secured a 15% pay rise after just two coaching sessions. This meant that he gained more than a 100% return on his initial investment very early on in the process. That’s on top of all the non-financial returns that coaching can bring, such as more fulfilment and happiness in life.
Interested in hiring a coach?
Having a coach is like hiring a personal trainer. You will gain better and faster results than trying to grow on your own. If you are curious to explore how coaching might support your career or life goals, you can book a FREE Discovery Call with me here. I would love to hear from you!