Starting a business is one of the most common aspirations among people from all walks of life. It can also be a Herculean challenge, as evidenced by the fact that as much as 90% of startups will fail.
You want at all costs to keep your new business from becoming a statistic. But if you’re a first-time business owner, it can hard to know which way is up.
That’s why business coaching has become a popular resource. But is it worth the investment? To find out, let’s take a closer look at what business coaching services entail and what they can do for you.
What Is Business Coaching?
Firstly, it might be helpful to define what this service entails.
Business coaching is a service wherein an experienced professional comes in to help you identify both your business’ strengths and business’ weaknesses, and show you how to address the latter.
These individuals will often have had long careers in a variety of business settings, and their outside perspectives can prove invaluable in isolating and solving problems before they get out of hand.
As an entrepreneur, your attention is constantly divided. While your view is focused on one issue, often there are others creeping up in your blindspots.
They can also keep you grounded, and more importantly, accountable.
As an entrepreneur, you may be in a position where you have no one to answer to. You’re the boss. And that’s not always an enviable or healthy position to be in.
And if you do have partners or hands-on investors, it’s not uncommon for conflicts to arise that can hobble your business before it ever gets going.
In either case, a business coach can help to keep you on track, given you someone to hold you accountable for your decisions and mediating conflicts that may arise.
Is It Worth the Cost?
Conceptually, a business coach sounds great. But what causes many entrepreneurs to hesitate is the expense.
The fees charged by coaches can vary wildly. As a rule, the better qualified they are, the steeper you can expect the fees to be.
And it is fair to note that even if you hire the priciest coach available, it’s still not a guarantee of success. Particularly as some entrepreneurs will be hesitant to take orders from someone who technically works for them.
However, when the right coach and right entrepreneur come together, the results are well worth the expense. You’re paying for their experience, and oftentimes they’ve already seen any problem that could befall your fledgling business.
Finding the Coach That’s Right for You
Business coaching in general can be an invaluable tool, helping you to avoid many of the pitfalls that can doom a young business. That said, you want to make sure that you find the resource that best suits the needs of your business.
That could mean an online business coach if you and your staff tend to work remotely, or a combination life and business coach if your work/life balance is the source of your struggles.
Whatever your needs at any stage in your business development, we’ll be with you every step of the way, so always remember to keep up with all of our latest startup news and views.