What are the chances of your business actually succeeding? The entrepreneurial journey is often filled with uncertainty, but the numbers are pretty clear and have been consistent, after 5 years, the failure rate of U.S. companies is at over 50% - 70% over 10 years.
Well, let's look at the bright side; good news is you have a 50% chance of making it.
Being crystal clear about your vision is the most important thing. You are the expert in your field and that's what sets you apart, but are you an expert on running a business. See, a lot of small business owners fail because they try to wear way too many hats at the same time. Realizing this at an early stage could make a world of difference. Enter business coach.
One of the reasons more and more business owners are hiring business coaches is that they want to follow a proven way to excel. They are looking to supplement their skills, and knowledge of their field with strategic guidance.
If you've been thinking about hiring one but are not quite sold on the idea, here are 4 powerful reasons why it's a great investment:
1. One-on-one Guidance
100% dedicated attention to you and your business. Having a business expert alongside you during your journey will help you get from where you are to where you want to be.
2. Total Awareness
A business coach is not afraid of correcting you because they have a proven method to success. They have been there, done that. They will give you their unbiased opinion backed with strategic guidance to correct any mistakes and take your business to the next level.
3. Accountability
How easy is it to break promises we make to ourselves? Exactly. A business coach is an accountability partner, they will keep you focus, help you strategize and develop the mental tools you need to align your goals with your actions.
4. Increase in Revenue
A lot of entrepreneurs have the misconception that hiring a business coach signifies spending money they need to save. The truth is that investing in their business by hiring an expert will lead to both saving money and increasing profits in the long-term.
To end off, it is also important to note that choosing the right business coach can also make all the difference.
Make sure that they have the experience that they are guiding you on. Now days there are too many life coaches who are targeting corporate clients by calling themselves business coaches. Not that there is no value here, but these are psychological benefits and is different to a real business coach that understands how to get funding, understands business strategy, understands finance, and understands how all the other pieces within a business fit together.
Choose wisely!
Lawrence Brown, MBA, CFA, FSA
Managing Consultant | AngelytiX Consulting