From Startup to Thriving Business – How Entrepreneurs Use Coaching to Maximize Success
There are many ways to experience a pleasurable thrill in this world, but for ambitious entrepreneurs, nothing can get the endorphins pumping like starting a new business. Whether you have a big idea for an innovative product that you know has potential or you’re on the verge of starting your first service-based business, you probably have mixed emotions about what lies ahead.
Will you take off quickly and sink unexpectedly? Will you struggle for years only to realize that you made a critical mistake before your business even launched? You may also have anxiety about securing funding for your business or finding the right partners who share your vision for the company. All of this is mixed in with a lot of hope and high expectations.
This is why many entrepreneurs make use of professional coaching services at all phases of the business development process. From establishing the right business concept and creative brainstorming sessions to developing in-demand products and connecting with investors, there are thousands of ways that a coach can help you succeed.
The Growth Factor
In the most recent State of Small Business Report, 45 percent of respondents ranked increasing profit as one of the biggest challenges for small businesses in 2016. Growing revenue was identified as the biggest challenge by 43 percent of the respondents. In addition, 32 percent expected no more than a four percent revenue growth for 2016, and approximately seven percent expected no growth at all. Since expectations can limit motivation and interfere with progress, you don’t want to find yourself in the ranks of these business owners.
When you work with a professional business coach, you can use their expertise and research skills to set realistic expectations for your business each year. You need goals and a detailed plan of action to ensure that you’re living up to your full potential. The trick is to start thinking about growth right from the start. A business coach can help an entrepreneur create an effective business plan that pushes for future growth before the company is even launched, but they can also help struggling startups identify problems limiting their growth.
Many new companies leave money on the table because they aren’t aware of every opportunity for growth or they put their business at risk by making unwise investments that interfere with potential growth. The best way to avoid making those mistakes is to work with an experienced coach to establish a detailed plan that keeps your business on the right path from startup to thriving company. Since no business rises to the top of their market without some struggles, your coach should also help you adjust to changes in your industry and leap over obstacles when they appear.
If you have a creative mind and/or an entrepreneurial spirit, you know how difficult it is to remain focused on one thing for a long period of time. You may have so many business and product ideas that it’s difficult to keep your energy trained on just one, or perhaps you have so many family responsibilities that you feel like you’re a ball bouncing between your home life and your professional life.
A professional coach will more than earn their fee just by pulling you back on track when distractions start to take over or you hit a dull period and want to venture off into another opportunity. Remember, most people start to quit just before a major breakthrough occurs, and you have to expect the rough spots when you start down the road toward business ownership. You won’t achieve maximum success without remaining focused and committed even when it all seems to fall apart, and your coach is the rock that will support you even when you have trouble believing in your own vision.
Fill in the Gaps
It takes a lot more than a great idea to create a business that thrives in the modern world. You have competition around every corner, and that includes virtual corners as well as real-life corners. Here are just a few of the things that you must do in order to give any business a chance of success:
- Proof of Concept: Is there really a market for your products or services? Is that market large enough to sustain your business, and are they willing to pay for what you offer?
- Competitive Analysis: Identify all competitors and determine your unique selling proposition. Why will your business dominate in this market?
- Cost-Effective, Efficient Marketing: You must establish your presence online, make the most of social marketing and initiate direct marketing if you’re targeting a geographical area. If no one knows that you exist or your brand is unconvincing or untrustworthy, you have no chance of profiting.
- Risk Analysis: It’s easy to determine the benefits of starting a business, but what risks are you taking? How do you know that those risks are worth the investment?
- Constant Sacrifice: Every new business requires sacrifice, and that may include living in your parent’s basement or saying no to a vacation opportunity because you need to invest more time and money into the company.
If you look at that list and know that you don’t have the skills or knowledge needed to complete all of those tasks, you should select a business coach who is able to fill in some of the gaps left by your own experience. For example, if you’re passionate about the technology behind your innovative business concept but have no idea how to market your products online or use social media to your advantage, you will benefit from combining your expertise with the skills of a coach specialized in marketing.
Start by analyzing your personal and professional skills and knowledge sets. Identify gaps that may interfere with your ability to establish a strong business foundation with the potential for massive future growth. You can then find a business coach with compatible experience and expertise. Together, you will create a powerful team ready and able to dominate your chosen market.
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