When you listen to successful people, the one thing they all say is that having a business coach was extremely important to the success of their business.
But what is it that a coach can help you with? How can they help you move your company forward?
A business coach can help you achieve things that alone might be hard to do. Following the suggestions of a coach can guide you to the best road for success.
Let’s explore 5 ways a coach can help you.
Benefit #1 Business Plan
Every business needs a plan. Your business coach is not going to do the work for you. But they can give you the guidelines you need to follow in order to have a business plan in place.
When I work with clients, we start with a simple one-page business plan. From there we advance to a 5-page business plan that’s more detailed.
Think about this. You wouldn’t take your family on vacation without first having a plan in place. How much time do you need to take off? How expensive will it be? How will you get there? You will ask yourself these questions and more.
Planning to have a successful business is no different. Things don’t just happen. You have to plan to make it happen.
Benefit #2: How to Structure Your Company
Most entrepreneurs don’t spend a lot of time thinking about how to structure their company. Most coaches will insist on making sure you have your business structure correct from the get go. They’ve made structuring mistakes in the past and paid for it.
Do you have a solid plan in place? Do you have operating agreements between all your partners? Are you operating with a legal entity that minimizes your personal risk and reduces the amount of taxes you need to pay? These are all structuring questions mentors/coaches can help aid you with. Just keep in mind a coach is not going to give you legal advice. They are there to guide you along in the process. Ultimately you have to make the decision. That also means the choices you make or don’t make will rest on your shoulders.
Benefit #3: Avoid Mistakes Others Made
Coaches will be able to tell you about mistakes that others in your industry have made. They’ve been around the block longer and knew the pitfalls. This knowledge is invaluable. You could waste weeks or months by making the wrong decision.
Benefit #4: Learn to Hire the Right People
Building an A team is one of the most important factors to success in business. But what are the exact steps you need to follow? How do hire the right people to come work for you? How do you build a corporate culture? How do you inspire people?
The right business coach can help you with this aspect of your business.
Benefit #5: Think Big
A Coach can help you think outside of your comfort zone. They can help you envision what type of income you want your business to generate.
If you’ve never tasted success, it’s hard to imagine or plan for massive success. Coaches, on the other hand, can help you see, plan and encourage you to follow through.
To be clear a coach is not going to do the work for you. It’s their job to guide you and give you advice.
It makes me think of an episode of The Profit where Marcus Lemonis was going to invest in a company called Hip Pops.
He told the owner some specific actions he wanted to be taken.
For example, he wanted shelves put up on the wall. This was going to help them to be more organized. When he checked back, the owner decided it wasn’t necessary and didn’t put the shelves up.
Because of his connections, Marcus was able to get the company a gig to cater a T-Mobile event. Marcus gave them clear instructions to create two different flavors of ice cream with the companies colors. Sounds clear enough.
When he checked back in this task wasn’t accomplished either.
Marcus wasn’t the owner’s coach but his partner. However, with his knowledge and expertise, he could bring thing company out of debt and make a profit by following his guidance.
Sadly the owner didn’t listen.
The result? Marcus decided to back out of the deal.
You can’t blame him for that.
The reason you are leaving your 9 to 5 job is so that you can gain financial freedom and be your own boss.
As the “boss” you are in full and complete control.
Don’t be embarrassed or ashamed to ask for help. AFter all, you do want your business to be a success, don’t you?
If you’d like to chat about what I can do to help your business click the image below and set up a free strategy session. It could be one of the best decisions you could make.