Let me start by saying, I’m not in the business coaching arena.
A coach is someone who uses their knowledge to guide an individual or team toward better results. And whether we are referring to sports, business or life, a coach simply employs tools and methods to facilitate achievement.
I’ve always considered myself a consultant. Someone that a business employs to perform a certain set of expert tasks. Is this coaching? Not really. A consultant’s goal is not to teach you how to do the work, but to take the load from you and get it done for you so you can concentrate on the things you do BEST. Do consultants end up educating their clients? Of course we do. But not with the intent of making the client self-sustainable which is why it’s not coaching.
So why is business coaching (and a plethora of other types of coaching) so immensely popular today?
Why is Business Coaching so Popular?
There are several reasons why the business coaching model has grown. First, more entrepreneurs than ever have decided to start their own business. Our economy has taken a dramatic downturn that started in 2007 and hasn’t had significant relief yet. More people are out of work, need jobs and have decided to be their own boss.
Just because you have a certain expert skill set and can effectively and successfully perform business coaching (or any other type of coaching) doesn’t mean you know how to be a small business owner. You may be the cat’s meow in your industry but if you don’t know how to manage a small business it’ll be going to the dogs in no time flat. That’s why 85% of small business ventures fail within the first year. And the number 1 reason why those business fail is…Lack of Experience.
Business coaching for entrepreneurs and small business owners is smart.
Not only is it important to admit you don’t know everything you need to succeed as a small business owner, but getting good solid business coaching can make the difference between success and failure.
Look at the graphic at left. It states several important statistics about entrepreneurship and small business growth that you need to be aware of. Like nearly 52% of small businesses are home based, 77% are owned by the founder and 63% have no employees. That’s right. You, my friend, are on your own.
Entrepreneurship can be lonely. With no cubicle mates, no water cooler talk and no supervisor to seek out when you get stumped or run out of ideas, having a business coach begins to make some sense.
Having someone available to you that has been there, done that and can point you in the right direction can really be invaluable to your small business success.
But you have to do your due diligence. Don’t wait to reach out when you’re desperate to make it work. Look at who’s out there. Analyze their track record and make a smart decision.
Good business coaching can be expensive but worth every penny. Bad business coaching can be expensive but…well you get the point.