4 Reasons Why Every Entrepreneur Should Have a Business Coach
Finding the right business coach greatly increases your odds of being a successful entrepreneur.
Business coaches seem as ubiquitous as leaves growing on trees in the spring. We either know someone in our inner circle who is a coach or are constantly bombarded online by them. Raise your hand if you’ve had to sit through a 30-second Youtube ad from a coach or you’re getting inundated with messages from them in your LinkedIn inbox and Instagram DMs — or all of the above.
With The Great Resignation, many people are finding themselves shiny brand-new entrepreneurs who are virtually clueless at “entrepreneuring” — aka at starting and growing a sustainable, profitable business. We all know the fastest way to learn is to do, but expert guidance can accelerate that process. That’s where a business coach comes in.
Insert eye roll. Yes, I know, and I, too, was once a skeptic. But hear me out.
Statistics, including those from a recent study completed by SCORE, prove this well:
- Data shows that mentored businesses were 12% more likely to remain in business after one year, compared to the national average.
- Working with a mentor at least five times greatly increases an entrepreneur’s likelihood of business success.
- 87% of small-business owners are likely to still be in business after one year versus 75% without a mentor.
- 30% of business owners (both men and women) who had just one interaction with a mentor reported business growth, a number that increased with subsequent interactions and peaked at 43% of business owners who had five or more mentoring interactions reporting growth.
Still with me? Good. I understand not everyone can afford to pay for a business coach when getting started; however, there are numerous free resources online, including SCORE, which has the largest network of free volunteer small-business mentors in the nation. So now let’s discuss a few of the highly beneficial results you can get when working with a business coach or mentor.
1. Gain clarity
A great business coach can help you clarify your goals and visions for your business and life. I have worked with several coaches throughout the years, and each made a massive positive impact on my business and life. After being coached, I had a greater understanding and a clearer image of the company I wanted to build. I gained incredible insight into what I wanted to accomplish in every interaction. This led to my team producing even better results and dramatic increases in productivity and revenue.
2. Balance life while meeting business goals
We all have personal and professional goals, but most have difficulty sticking to the plan until objectives are met. After we’ve defined the target, our next hurdle is accomplishing the goal without sacrificing our personal life and health to obtain it. Entrepreneurs experience numerous challenges as they grow their businesses. From performing multiple business roles to working incredibly long hours, our days are filled with a beautiful mix of chaos, joy, disappointment and bliss. A coach can help you focus on the essential steps and processes that will guide you to reach your objectives. Why? Because a coach can help you define a path and pace that is right for your business and your personal life — so you can get out of the nonstop 24/7 grind mentality that most entrepreneurs believe they have to be in to find success.
A great business coach is part guide, cheerleader and warden. He or she knows the pitfalls to avoid and is there for you when the overwhelm sets in and you feel lost in the weeds of running a business. Business coaches understand when to cheer for you, but most importantly, they know how to hold you accountable to accomplish your goals. Their impartial view of your business allows them to call you out as others can’t, ultimately helping you break past the excuses and perceived blocks that will keep you and your business stagnant. Your coach holding you accountable helps ensure your entrepreneurial efforts aren’t in vain and allows you to achieve the success you desire.
This one I cannot stress enough. Having a person or team supporting you when you’re first starting is incredibly critical to the success of your business. Many entrepreneurs do not have the support of their family or friends; they think we’ve all gone mad because we’re leaving a great company or a well-paying cushy corporate job. Now, let’s consider the opposite side of the spectrum. Imagine having a great support system in the form of a coach full of entrepreneurial wisdom who has already helped many others that have been in your position. It sounds like you’ve found a magical competitive advantage that most small-business owners will not have — but only if you find and hire the right coach.
Finding the right coach or mentor can help your business grow exponentially from the start. Yes, you still have to put in the work, but you’re doing it with clarity, guidance, accountability and support, all while still having a fulfilling personal life. Getting business coaching will allow you to bypass a lot of dead ends while creating a clear path to implement your vision. The process will help you reach your success summit rapidly — and enjoy the ascent just a little bit more.
Entrepreneur Leadership Network Contributor