Did you know, according to the Department of Commerce, four million new businesses are started every year in the United States? Out of those four million businesses, 80 percent of them will fail within the first five years. Of those that survive the first 5 years, 80 percent more will fail within the next five years.
The fact is, your goal isn’t only to be one of the 800,000 that make it, but also to make your business stand out amongst those 800,000 companies. Here are the five reasons you need a business coach today.
It’s true, we as humans are typically searching for the next best thing. We are always asking ourselves, “where do I go from here? How can I improve?” While asking that question is important, it’s even more important to put action behind it. And sometimes that action means seeking help from someone else.
Asking for help isn’t a sign of weakness, rather it’s a sign that you are willing to do whatever it takes to succeed! They don’t say teamwork makes the dream work for nothing. A business coach can assist in realizing the goals and dreams you have while providing an unbiased opinion and cultivating accountability. It’s time to stop talking about how you want to grow and make things happen. The first step of that is the realization that you have potential that has yet to be unlocked.
I don’t know about you, but when I’ve pulled a muscle in my back I don’t visit my local bakery for an alignment. The point being, everyone has their specialty. As much as we’d like to, we can’t all know and be good at everything.
You opened your business, most likely because you’re an expert in your field or have a passion for what you do. While you may be a superb electrician, an amazing cake decorator, or are the best of the best when it comes to accounting, the odds are you need help managing work-life balance, putting your business plan in place and sticking with it, gaining more confidence, identifying weaknesses, setting a smart budget and so on. All of those things, and more, are in the scope of a business coach’s expertise. While you are experienced and knowledgeable in your field, why not let someone who specializes in filling the gaps help you where things are lacking?
Let’s face it, life can get chaotic at times, especially when you’re trying to run a business. Sometimes we just need a human compass. A business coach is that compass. Not only are they unbiased parties who can assist in building a successful business plan with you, but they can ensure you stay on the right track. In the hustle and bustle of life, it’s helpful to have that accountability alarm clock and thoughtful reminder of your priorities and goals.
If you’re reading this, the odds are you’re an entrepreneur, a go-getter, and you’ve got big plans. Sometimes though, when you have such high aspirations, they can seem unattainable and the odds stacked against you can seem insurmountable. The mountain of tasks can seem overwhelming and discouraging while growing, scaling, expanding, on-boarding, off-loading, delegating, and leading, and that’s just at work! Having a business coach doesn’t just mean there’s always someone to instruct you on how to do better and advise on what needs to change. Having a business coach also means having a cheerleader, someone who can walk through the hills and valleys of success with you.
The International Coach Federation surveyed 210 clients for data and information on the use of coaching. From that data, the ICF came to find that 50 percent of business owners confided in their coach as much as their best friend, spouse, or therapist. Even more surprising, 12 percent of business owners confided in them more than anyone else. Gaining a business coach also means gaining a confidant; one who sees your goals and helps you achieve them through constructive criticism and constant support.
There’s no doubt that starting a business is a huge risk, if it wasn’t everyone would be starting one. As an entrepreneur you know that you have to do things you don’t want to today, so tomorrow you can do what others can’t. Some sacrifices have to be made, but there are also chances you can take that will provide a large return of investment for you and your business.
In the same ICF study mentioned previously, out of the 210 clients that gave their feedback, 70 percent of them maintained that having a business coach proved to be “very valuable” for them. The group also saw an average of 26 percent more income in their businesses after working with a coach for an average of nine months. The statistics available to us in 2021 regarding working with business coaches go to show that you increase your chances of beating the odds by investing in yourself and your business to be the best it can be.
“Coaching is unlocking a person’s potential to maximize their performance. It’s helping them to learn rather than teaching them.” – Time Gallwey
5 Reasons You Need A Business Coach, Michael Hyatt
10 Reasons To Hire A Business Coach Now, Young Entrepreneur Council
https://www.inc.com/young-entrepreneur-council/10-reasons-to-hire-a-business-coach-now.html
10 Great Reasons To Hire A Business Coach For Yourself, Forbes Young Entrepreneur Council Post
Analysis of 1998 Survey of Coaching Clients by the International Coach Federation
file:///home/chronos/u-3ded67466a227a2b51b507efcb20d21ffdd0d509/MyFiles/Downloads/ICFClientSurveyResults1998%20(1).pdf
