Business coaches seem as ubiquitous as leaves growing on trees in spring. We know someone in our inner circle who is a trainer or we are constantly bombarded online by them. Raise your hand if you had to watch a 30-second YouTube ad from a coach or are flooded with messages from them in your LinkedIn inbox and Instagram direct messages, or all of the above.
With The Great Resignation, many people are becoming bright new entrepreneurs who have virtually no idea of ”entrepreneurship”, that is, of starting and growing a sustainable and profitable business. We all know that the fastest way to learn is by doing, but expert guidance can speed up that process. That’s where a business coach comes in.
Data shows that mentored businesses were 12% more likely to remain in business after one year, compared to the national average.
Working with a mentor at least five times greatly increases an entrepreneur’s likelihood of business success.
87% of small business owners are likely to be in business after one year vs. 75% without a mentor.
30% of business owners (both men and women) who only had one interaction with a mentor reported business growth, a number that increased with subsequent interactions, peaking at 43% of business owners who had five or more mentoring interactions reported growth.
Still with me? Good. I understand that not everyone can afford to pay for a business coach when starting out; however, there are numerous free resources online, including SCORE, which has the largest network of free volunteer mentors for small businesses in the nation. So now let’s discuss some of the highly beneficial results you can get when you work with a business coach or mentor.
1. Gain clarity
A great business coach can help you clarify your goals and visions for your business and your life. I have worked with several trainers over the years, and each one had a massive positive impact on my business and life. After being mentored, I had a better understanding and a clearer image of the company I wanted to build. I got incredible insight into what I wanted to accomplish in each interaction. This led my team to produce even better results and dramatic increases in productivity and revenue.
2. Balancing life while meeting business goals
We all have personal and professional goals, but most have difficulty sticking to the plan until the goals are met. Once we have defined the goal, our next hurdle is to achieve the goal without sacrificing our personal life and health to achieve it. Entrepreneurs experience numerous challenges as they grow their businesses. Our days are filled with a beautiful mix of chaos, joy, disappointment, and happiness, from playing multiple business roles to working incredibly long hours. A coach can help you focus on the essential steps and processes that will guide you to reach your goals. Why? Because a coach can help you set the right path and pace for your business and personal life,
3. Responsibility
A great business coach is part guide, part cheerleader, and part guardian. He or she knows the pitfalls to avoid and is there for you when you feel overwhelmed and lost in the thicket of running a business. Business coaches know when to cheer you on, but more importantly, they know how to hold you accountable for achieving your goals. Their unbiased view of your business allows them to call you what others can’t, ultimately helping you overcome the excuses and perceived roadblocks that will keep you and your business stagnant. Your coach who holds you accountable helps ensure that your entrepreneurial efforts are not wasted and enables you to achieve the success you desire.
4. Support
This one I cannot emphasize enough. Having a person or team behind you when you’re just starting out is incredibly critical to the success of your business. Many entrepreneurs do not have the support of their family or friends; they think we’ve all gone crazy because we’re leaving a big company or a comfortable, high-paying corporate job. Now, let’s consider the opposite side of the spectrum. Imagine having a great support system in the form of a small business coach full of business wisdom who has already helped many others who have been in your position. It sounds like you’ve found a magical competitive advantage that most small business owners won’t have, but only if you find and hire the right coach.
Finding the right coach or mentor can help your business grow exponentially right from the start. Yes, you still have to work hard, but you’re doing it with clarity, guidance, responsibility, and support, all while still having a fulfilling personal life. Getting business advice will allow you to avoid many dead ends while creating a clear path to implement your vision. The process will help you reach the pinnacle of success quickly and enjoy the climb a little longer.