A few decades ago starting a new and big business was not common, and only a group of people with the right business knowledge and significant financial resources get to open a business company. The trends have changed drastically in the last 10 to 15 years as more and more people are looking to begin their own business instead of becoming an employee. The change towards entrepreneurship is mostly due to more and more people getting business knowledge and also because of rapid advancement in technology. The internet and modern communication methods have played a crucial role in helping people to start a small or medium sized business.
Today we see young and ambitious business students coming up a brilliant concept and gathering financial investments to sell their business idea. Starting a business may seem easy today but there is a considerable amount of uncertainty and whether the business will be successful or not. There are significant advantages of owning your own business such as defining the policies, processes, and functions and setting financial and organizational goals. As an educated and skillful entrepreneur, you may have the energy to start your own business but you need a group of people for support and managing the other essential tasks of operating a business company.
There are wide range of small businesses that you can decide to choose according to your skills and qualifications. The type of small businesses that are growing rapidly in recent years are cafes, restaurants, fitness centers, auto repairs, transport services, accounting services, event planning, designer clothes, pet shops and sitting services, and real estate service. Beginning a business is the first part but the most crucial part is overcoming the challenges, sustaining competition, and achieving success.
Today, it may be easy to venture into a small business but you need to be prepared to face a few difficulties in establishing your business. Studies show that nearly 50% of the new and startup business wrap up within five years and quit working. There are numerous reasons why a small business may not fulfill expectations but if you have a desire to succeed, then all you need is a little professional business coaching and mentoring.
A business coach is a qualified person who is trained to assist and guide a business owner to solve business difficulties and align their professional and personal goals. The main purpose of business coaching is to change the current status of the business and take it to where you as a business owner wants it. The business losses can cause tremendous stress and anxiety and the best solution is to get a business coach who can help you clarify your business vision, overcome issues, and using your creative skills to true potential. Many people think coaching and mentoring is the same thing, but there is a slight difference, a mentor helps an individual to consider his opportunities, gain confidence, and improve their abilities while the role of a coach is goal driven and he asks the individual to prioritize his goals and to choose the right direction to achieve them.
Small business startup coaching is increasing as more and more entrepreneurs are facing difficulty to cope with business pressure and sustain in the market. Taking coaching help is nothing new and even established Chairman, CEOs (Chief Executive Officer), and managing directors of big corporations work with a business coach to maintain success year after year. A business coach not only defines a clear path to achieve success but puts the individual accountable if the desired results are not fulfilled.
You may get business advice from many executive personnel in the company but they will always motivate you, not discuss issues openly, and praise your efforts. A business coach, on the other hand, gives a very balanced, detailed, and impartial opinion of your business vision, decisions, and objectives. You can also discuss business matters openly without any hindrance with the business coach and the environment is based on confidentiality.
The sessions with the business coach emphasize on the genuine problems, clear actions to be taken, and changing strategy to get more fruitful results. The business coach will meet you weekly, or monthly to know about the progress and keeping you on track to fulfill the things discussed in the regular sessions. Business coaches have past experiences of coaching and help numerous small businesses owners to overcome obstacles and streamline their business. The crucial part of business coaching is accountability as the coach is not a consultant or works within the company. The business coach will motivate you and even help you deal with personal problems along with professional issues.
The expert business coaches will help you track the goals by making meaningful KPIs (Key Performance Indicators). Many of the small business owners employ services of a business coach for the initial stages, but coaching can be effective no matter at what stage the company may be facing a crisis. Impartial and honest business opinion is essential to add diversity to the business and improve the operations.
Some of the common reasons why many small startup companies fail to establish and operate are inadequate capital, strong competition, incomplete homework, undefined goals, and implementing wrong strategies. The advantages of hiring a business coach are
- A better understanding of business problems
- The clarity in business vision and goals
- Reduce stress
- Improve productivity, communication, and coordination within the teams
- Easy to adapt the rapid changes in business
- Fine balance in both professional and personal life
- Development of leadership qualities
- Identification of potential business opportunities
- Overcoming internal and external business challenges
- Keeping track of the progress and implementing appropriate strategies
The time to introduce a business coach is debated in many new startup organizations. Some of the entrepreneurs are hoping a business coach can help to take off strongly, and they can manage the rest of the journey by themselves. But there are some who seek coaching services after the initial growth stage has passed and the startup company is looking for ways to sustain and achieve business success. The best approach is to know what challenges you are facing and then reach out to a professional and experienced business coach.