Small business owners are the backbone of the American economy. They create jobs, innovate, and drive growth. However, many small business owners struggle to take their businesses to the next level. One of the main reasons for this is a lack of coaching and mentorship. A certified business made simple coach can help you avoid common mistakes, grow your business faster and farther, and achieve your goals.
In this blog post, I discuss why small business owners need a business coach and how you will benefit from one.
Chances are you went to school or picked up a trade because you enjoyed it, and at some point, people began paying you for your expertise. OR you became interested in something, started doing it, and it became a business accidentally. You didn’t go to school for business, marketing, or finance (unless you’re one of the rare few that did), so why would you try to run your business without someone who is an expert in those fields? Unfortunately, this is one of the primary reasons over 90% of businesses fail within the first year.
A good coach will have a wealth of knowledge and experience in areas that you may be lacking. They can help you understand what it means to work “on” your business and not “in it.” This concept is difficult to grasp for the majority of entrepreneurs and solopreneurs I talk to. You’ve likely been working IN your business for years, but have you ever worked ON it?
There’s a big difference between the two and it’s one that can be difficult to see when you’re so close to your business.
“Business coaching can be the single most significant investment you make in your career or business because it can teach you the ins and outs of the business world firsthand (Source: HubSpot).
Reason #1 to work with a business coach: A business coach can help you take a step back, look at the big picture, and develop a plan.
I once worked with a start-up that wasted $100,000 on an infomercial that didn’t generate one sale! The company was so desperate to find a solution to launch the business that it threw money at the problem without doing any audience research. They didn’t take the time to understand if their product actually solved a problem and that many people would buy. If the founder had hired a business coach—not a direct marketer—they would have saved themselves a lot of time, energy, and money.
Reason #2 to work with a business coach: A good coach will help you avoid costly mistakes. They will teach you how to think strategically about your business and processes.
There are six business frameworks every confident business owner should know. They include Leadership, Overhead and Operations, Sales, Products, Marketing, and Cashflow. If you don’t have an MBA, these frameworks can be confusing and difficult to implement. A good coach will be able to help you understand these frameworks and how to use them to grow your business.
To get a sense of how valuable coaching is for businesses, the International Coach Federation surveyed 210 coaching clients for demographic data and feedback /opinions about the value and use of coaching. Some of the statistics on business coaching they gathered are as follows. (Source: eStreet Directory)
- 70% believed business coaching is “very valuable.”
- 50% confide in their coach as much as their best friend, spouse or therapist, 12% confide in their coach more than anyone else.
Some of the outcomes were:
- 62.4% smarter goal-setting
- 60.5% more balanced life
- 57.1% lower stress levels
- 52.4% more self-confidence
- 43.3% improvement in quality of life
- 25.7% more income
Reason #3 to work with a business coach: A coach can help you build your business faster by teaching you how to use proven frameworks.
Starting a business can be a lonely endeavor. You can’t always turn to family and friends for help because they likely don’t have the experience or expertise that you need. This is where a business coach comes in. A coach is a trusted guide that will give you honest feedback (even when you don’t want to hear it). They will help you stay accountable, focused, and on track.
“A business coach will help you learn self-awareness in business in the sense that you’ll be able to identify your strengths, as well as areas of weakness that need further development (Source: HubSpot).”
Reason #4 to work with a business coach: A good coach will obsess over helping your business become the best it can be.
If you’ve been in business for a while or just started, staying focused can be a challenge. It’s easy to get sidetracked with the day-to-day tasks of running a business and lose sight of your goals. This is where accountability comes in. A business coach will help you stay focused and accountable so that you can achieve your goals.
Reason #5 to work with a business coach: A coach will keep you focused.
In conclusion, there are many reasons to hire a business coach. If you’re serious about growing your business, a coach is an invaluable asset for people who want to achieve a high level of performance. A business coach is worth the investment in yourself and your future.
I’ll leave you with this one last thought, in the future you may want to exit your business. A business coach can guide you in creating a highly valuable asset that you may want to sell at some point down the road. But for now, that asset must be built.
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