A private or one on one coaching arrangement must create a bond between coach and client whereby both parties genuinely believe in the goals, dreams and ideal outcomes the client is aiming for. As well as both parties making a joint commitment and a genuine plan and methodology can be agreed and commence for the "journey"
There are way too many coaches that have had little or no business experience as the owner that is.
Plenty of Business Coaches have spent some time in a senior job and believe that this, plus being self employed as a consultant, is enough experience. They may also have a marketing or accounting degree, so they can contribute to your marketing plan, or perhaps improve your financial literacy.
I believe one of the keys to business coaching is having a payroll of more than $500k for a sustained period of say 5-10 years as the business owner because this type of track record then means the coach has lived through just about every thing you can expect to experience yourself.
Lying awake at night worried about making this week's payroll or losing sleep over a personnel issue or a huge tax debt are issues one should never seek advice on from anyone other than a coach who has lived through themselves.
I encourage you to consider my track record and have a look at one of my national annual conferences (January every year). Clearly many have come before you but then I hope that provides you with some comfort...how could so many be wrong!!!