With the world’s economy changing rapidly with higher competition and fewer jobs, more people are starting their small businesses. However, building a business, especially one that will last long term, can be difficult. It is estimated that 20% of startups in Australia fail in their first year, and about 60% follow within the next three years.
Often the startup founder doesn’t do a formal feasibility study for the business idea, nor is there a business plan drawn up to operate that business. This is where Working with a coach comes in, and it can make the difference between a failed and a successful business. A business coach can also help the business owner to remain positive in challenging times.
What is a Business Coach?
They are professionally trained coaches, experienced entrepreneurs or business owners who use their knowledge and talents for developing and growing a business or to help others start their own.
It’s possible to get a lot of information and advice online. From reading books about starting a business, but a good business coach will give you more valuable and customised advice.
What Can Coaching and Mentoring do for Startups?
It helps to optimise processes, operations, marketing and financial strategies by:
- Defining your goals.
- Refining your product offering
- Finding gaps in the market and identifying business opportunities.
- Raising capital.
- Providing local knowledge on contacts and office space.
- Studying your competition.
- Knowing your customers.
- The hiring of good staff with better commitment, teamwork and improved communications.
- Proper pricing and cost issues.
- Sound marketing strategies.
- Financial management advice and a foundation for growth.
Why Get a Business Coach for Startups?
By nature, a business coach is creative and will often think of issues and strategies that the business owner would not have thought of, being so close to the business. A coach can challenge you to think of new ideas which are helpful and practical and not vague or abstract. They will also ask uncomfortable questions that could be part of personal and professional growth, leading to success.
Hiring a business coach can help you remain objective and realign you if you get off course, for example, if any unforeseen circumstances or challenges arise. It is much more preferable that this happens in the beginning stages of a business.
A coach can also increase your skill set. The world has become more complex, and one person can’t be an expert in all areas. For example, one of the best ways to market your business these days is on social media, but you can’t always do it alone and get it right.
Working with a coach sets a defined path and creates accountability, so time and resources are not wasted. It also provides clarity that can lead to real-time results for someone who has started a business, making it possible to move beyond unfulfilled targets.
A good business coach can provide a sense of empowerment for you and decrease the pressure of starting a new business. This will influence the rest of the staff and positively affect the company’s future. A business coach encourages teamwork which allows startup team members to bond over activities and feel comfortable. This will give a business even more chance of success.
Business founders often get enough advice from investors and mentors, but a business coach gives you an edge. In conclusion, a business coach can contribute something to every aspect of a new business, help startups get off to a flying start, and enables them to keep that momentum, achieve success and become unstoppable.
Get the Right Advice from Growth Workshop
Get your business off to a great start with one on one personal coaching with Growth Workshop's Business Freedom Coaching.