Estimated reading time: 5 mins
77,000 new start-ups hit the scene every year in America.
Are you one of them?
If so, then you’re probably wondering how to maximize your chances of success. After all, it’s common knowledge that the majority of new businesses fail within a few years.
And, with 69,999 other new start-ups to compete with, it’s no wonder why!
Of course, not all of them will be in your niche. But the truth remains: almost every market is full of competition. It’s important to take steps to outwork, outmaneuver, and do what it takes to get to the top.
Hiring a business coach can be an easy way to get the edge. Sure, it costs money. Sometimes you have to spend money to make money though.
Want to learn more?
Keep reading to discover the top benefits of hiring a business coach for your start-up.
1. Benefit from Experience
Start-ups often have humble origins.
It’s just one person working on an idea they’re passionate about. They’ve seen a gap in the market and make the effort to fill it.
That person may have zero expertise in starting a business! They just happen to solve a problem at the right place and the right time.
Hiring a business coach is a way to navigate the road ahead. Sure, you could take the time to learn how to do everything yourself. However, sometimes you don’t know what you don’t know.
You can feel like an expert but have a glaring flaw in your knowledge.
A coach has been there and done it all before. They’ve helped fledgling businesses grow and expand. They’re a sounding board, a compass bearing, and a general means of getting you to where you want to go.
2. Avoid Common Mistakes
A significant part of this is helping you avoid mistakes.
It doesn’t take much to stop a start-up in its tracks.
A single mistake can end a business before it gets up and running. That’s particularly true when there’s very little spare capital. Hiring the wrong person, misfiring on your marketing, ignoring an essential business strategy…it can all spell disaster.
Coaches are there to hold your hand and direct you towards success. Remember, this is their job! They know what they’re doing. They’ve seen the mistakes people make and can caution against them.
In this way, hiring a business coach effectively pays for itself. After all, mistakes normally come with a hefty price tag attached.
3. An Objective Eye
This business is your baby.
You’ve grown it from scratch and taken it from a twinkle in your eye to a room full of employees.
It’s amazing! But it can also make everything feel deeply personal. It can be difficult to remain objective. Navigating the challenges of business requires a level head. Excessive ownership and emotionality can be the death of reason.
That’s bad news for sensible decision-making. Again, hiring a business coach can make a key difference. It’s often easier to take their advice than that of others. After all, you’ve hired them; you’re paying an expert for their counsel.
It makes sense to listen to their advice.
Equally, being close to the action can blind you to reality. Coaches will see your business from a bird’s eye perspective. Their third-party vantage point can highlight things you’ve missed.
4. Improve Your Marketing
Marketing endeavors are central to any business success.
After all, people need to know about your product or service in order to use it. It’s the only way your start-up will ever make money.
Unfortunately, effective marketing can often be a mystery to owners. As we mentioned, the owner may have been the inventor. But that’s where their expertise ends. That’s bad news when you realize how easy it is to misfire on marketing.
You can spend thousands of dollars and see zero return. A business coach will make sure that doesn’t happen.
5. Keep You Accountable
Think about dieting for a second.
You’ve told yourself you want to lose a certain amount of weight. You’re going to wake up earlier and go for a run every morning.
Isn’t it amazing how many excuses you find not to do it when the alarm goes off?!
Being accountable to someone makes a difference. You arrange the run with a friend for the morning instead of going solo. Failing to show up means you let them down. You’re far more likely to run as a result.
The same goes for business. It’s hard being an entrepreneur. It helps to have someone to keep you accountable and on track towards your goals.
Here are more details on coaching in business development.
6. Goal-Setting an Action Planning
Business coaches can highlight everything you need to do to succeed.
They can walk you through what to do and when to do it.
It’s one on one support to benefit your business. Likewise, they can help you realize where you want to go in the first place. They can sit you down and set some realistic, achievable goals.
These will target your work and ensure you achieve greater success.
7. Time and Financial Savings
We mentioned this benefit in the intro.
It’s worth re-emphasizing though. Hiring a coach is a sure-fire way of making more money quicker.
Obviously, cash flow is the lifeblood of any business. You need income, and you want it fast. Spending money upfront on expert support may seem counterintuitive to this endeavor. However, it’s as we said: you have to spend money to make money.
Coaches hone your vision, refine your marketing, and avert mistakes. As such, you save money elsewhere and make more money as you go.
Time to Hire a Business Coach
There you have it: exactly how your start-up stands to gain from hiring a business coach.
Tens of thousands of new start-ups set up each year. For one reason or another, a significant proportion of them fails sometime later.
For that reason alone it can pay to have a guiding hand in place. Business coaches can serve that function. Expert advice can go a long way to ensuring success.
Hopefully, this post has highlighted exactly how.
Looking to work with a coach? Be sure to contact me today to see how I can help you achieve your business goals.