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4 Reasons Why Every Entrepreneur Should Have a Business Coach

4 Reasons Why Every Entrepreneur Should Have a Business Coach

Finding the right business coach greatly increases your odds of being a successful entrepreneur.

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Opinions expressed by Entrepreneur contributors are their own.

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.

Related: 9 Qualities You Need to Look for in a Business Coach

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.

Related: 5 Tips for Hiring a Franchise Business Coach

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.

4. Support

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.

Related: If You Haven’t Hired a Business Coach, You’re Holding Yourself Back

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.

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Entrepreneur Leadership Network Contributor

Charles Wilds Podcast – 8 Figures Business Coach! Strategic Overview for Small Business Accelleration

Check out this Podcast with Charles Wilds and Leo Kanell with 7 Figure Funding
We talked in depth with Charles Wilds today about building a business from the ground up. Charles shares many of his strategies and tools to keep your business “agile”. You must understand your vision, values and the mission you want to pursue in order to achieve success. After around 30 years of working with business owners, knowing one’s true business purpose and vision in order to meet the specific needs of customers has been very key to his success and that of his clients. Let’s go!

Financial Training For Business Owners – The NEW Book

New Financial Training Book
Download Free Copy Financial Training For Business Owners
This book is the business owner’s guide to empowering higher profits and valuations. It is titled “Accelerating Financial Breakthroughs ” from Charles Wilds. To be a great business owner, you first need to understand simple financial principles. The purpose of this book is to teach you how to do a quick and simple analysis of your business’s finances and expenses. Following this, we will teach you how you can use that information to uncover dramatic and instant increases in your profitability. Overview We’ll begin by helping you to understand how to interpret the numbers in your Profit and Loss Statement (P & L). If you don’t yet have a P & L, no problem. Later in this book, we’ll teach you how to create one in minutes, from scratch. In this book, we will:
  • Reveal to you the three most important numbers in your P & L, and cover how you can use those numbers to increase both your revenue and profits exponentially
  • Give you six options for increasing your revenue
  • Explain the deadly factors to watch out for when analyzing your Cost of
  • Goods Sold (COGS)
  • Outline five quick ways to lower your COGS
  • Provide multiple ways to lower your overhead
For more information contact me at: https://Digitalcard.TheSOSGroupInc.com  

PR Equals Free Publicity

There are three key areas of public relations you can use to boost your advertising results ten-fold over your paid advertising.

The key to public relations lie in:

  • Public relation or publicity
  • Merchandising
  • Promotions


With a solid plan in place that encompasses all these areas, you’ll have a great approach to use public relations in the best way possible. 

Public relations include all that is the media. Don’t limit yourself. The attention of newspapers, television, radio, magazines, bloggers, ezines and more are all equally powerful. Online marketing is just as, if not more, important as conventional media.

Here are the steps to get noticed by the media:

  1. Put together a press release for your company. The press release should be relevant to your target market and address consumer interest, not just announce your business.
  2. Compact your press release to include one hook and one angle. Choose the most attention-getting to make sure the media person you are sending it to is interested in reading it.
  3. Put your press release in professional formatting. With press releases you need a dateline, the most important information at the top, facts, figures and wrap it up with contact details including who and how. Print the press release on your letterhead.
  4. Send your press release to all television and radio stations, local and metro newspapers, national newspapers, industry magazines, and any other form of media that reaches your target market. Don’t forgot to include relevant blogs, ezines, press release submission sites and to industry professionals.

More importantly than a perfect press release is to make sure you have addressed the needs of your target market in the products/services you offer and made that clear in the press release. If you are provided people a solution to a problem, a way to avoid a problem and an opportunity to enhance their life the media and public will be interested.

If you have a connection (or the ability to get a connection) with a celebrity, this can practically guarantee you’ll get attention. Make sure you are offered newsworthy information, and then follow up with media outlets to make sure they are publicizing that information.

“One of the most powerful techniques every business should use is free publicity. As the name implies, there is no cost, just the time and effort required to attract attention to your business.” Jay Abraham

Our GUIDED TOUR can show you how to put together press releases that work! Check out how the pro’s do it and craft the perfect press releases for your business.