There are about 31 million entrepreneurs in the United States as of 2022, and some 50% of these businesses will fail within the first five years.
For an entrepreneur to succeed, they need the right mindset, skills, and ability to execute their ideas. The challenge is, skills and experience can only take you so far. That’s where a coach for entrepreneurs can close the gap and expand your ability to lead your company beyond its current limits.
When I left my corporate job to start my own publishing company, I thought I had everything I needed to succeed.
- I was a hard worker.
- I had connections in the industry.
- I knew some fantastic authors.
- And I had a great idea.
I thought that was all we needed. I was wrong.
Although we went from $0 to $5 million in revenue, we made some bad moves that ended up sinking the company. We ended up with an empty office, an empty warehouse, and the feeling that it all could have been prevented.
We all have blind spots. Although my business partner and I were experienced in the industry, we missed some critical facts that an outsider could have easily spotted.
That’s the benefit of working with a coach.
How Does a Coach Help Business Owners?
A business coach offers support, guidance, and accountability to help you reach your goals and improve your success. Standard stuff as far as coaching goes. The difference rests in who they serve.
Coaches that work strictly with entrepreneurs see the same challenges repeatedly across a spectrum of industries. They’re exposed to different ideas and solutions—far more than you could ever see within your single business and industry. This can lead to breakthroughs that not only solve the challenges you’re facing but can also spark ideas that lead to competitive advantages as you try fresh strategies within your market. What may be old news in one industry can revolutionize another.
You also benefit from a third party whose future isn’t tied to the success or failure of your company.
Consider the difference between a business coach and a member of your leadership team. A coach is only interested in your growth and success. They have no other agenda. You can run your challenges through them with full confidence that their thoughts and insights are coming from a place of service. If you were to download your fears, challenges, and goals to a member of your leadership team, they would receive that information through a filter. They have their own goals and dreams regarding their career. Your challenges could scare them. Your goals could threaten them. Even if they try to offer unbiased advice, their thoughts will always be colored by their interests.
The Most Important Investment: Why Entrepreneurs Hire Coaches
A recent survey found that 39% of CEOs used an executive coach in the last 12 months. This number increased significantly as their companies grew larger.
The myth that entrepreneurs have to hold everything on their shoulders is not true, or it shouldn't be if you want lasting success.
Executives and entrepreneurs understand the importance of investment, which is why so many choose to work with a coach.
Why Business Coaching Is Important
When you work with a business coach, it’s not therapy. Coaching is an in-depth program that is custom made for you and your business to help you in four key ways:
1. It helps you find your strengths and weaknesses.
Earlier, I mentioned how blind spots led to a disastrous end. One of the most significant benefits of business coaching is that your coach can reflect a mirror back to you, helping you discover strengths, weaknesses, and blind spots to maximize what you do well and protect against risks that live right under your nose.
2. It provides objective accountability.
Having someone hold you accountable for reaching your goals and commitments is crucial to scaling your business and growing your skill as a leader. This is tough to do on your own. Working with a coach will keep you on track and ensure that you make steady progress toward your goals.
3. It fosters personal growth.
Growing as a leader has a limitless ROI and serves your personal life and your business. Whether it’s transforming your mindset, developing specific skills, or developing strategies that help you lead your team more effectively, a coach can be the guide that helps you become the kind of leader who can navigate your company to the milestones you’ve planned for.
4. It expands beyond your experience.
Because coaches work with entrepreneurs in a myriad of industries, you’ll tap into methods, strategies, and tactics that you’d never access with your own limited experience. You’ll access the experiences, best practices, and insights of dozens (or hundreds) of business owners in industries outside your own. The impact of these new ideas can be remarkable.
Is a Business Coach Right for You?
If you're feeling stuck in your business or unsure how to move forward, it’s worth considering working with a coach to provide the support and guidance you need to reach your business’s next milestones.
Here are some questions to ask yourself to determine if a coach is right for you:
Is my business growing or flailing?
Is your business where it needs to be? Are you and your team overwhelmed, missing goals, losing sales, or not growing fast enough?
Do I have the skills and experience to lead my company to its next milestone?
Do you have what you need as a leader to grow your business? If so, do you have the discipline to hold yourself accountable for the actions you need to take to move your company forward? If not, could a coach’s insight, experience, and accountability be the key?
Am I meeting my goals (and am I getting there fast enough)?
We can only learn and experience so much. When you work with a coach, you benefit from that person working with scores of other business owners as they work through similar problems. They’ve seen unique and creative solutions that you may never consider. Their experience can open the path to achieving your goals faster.
(If you’re curious about how to find a business coach and work with them to accelerate your business’s success, this is an excellent place to start.)
Deciding Whether a Business Coach is the Next Best Step
Not all coaches are created equal, so mileage may vary. But if you’re an entrepreneur thinking about using a coach, it’s essential to look at the results a coach’s clients are getting.
For example, our BusinessAccelerator® coaching program has seen the following, based on self-reporting:
- 67% of small business owner clients report increased revenue during their first year
- 64% reduced employee turnover
- 66% took an additional week of vacation
- Clients overall worked an average of 11 fewer hours each week
Coaching can help entrepreneurs develop as leaders, gain an edge in their market, and ultimately grow their businesses faster and more efficiently.
If you’re curious and want to explore whether business coaching is right for you, we’re offering small business owners a free Business Growth Coaching Call. During our time together, we’ll help identify your obstacles, gain clarity around your goals, and come up with the next best steps for you and your company.
Click below to get started.
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