Running a business singlehandedly is challenging to say the least. Additionally, entrepreneurs often feel obligated to manage all operations on their own, given that they are the boss. However, if you find yourself overwhelmed owing to the plethora of responsibilities on your plate and finding it challenging to find solutions, having a business coach can be incredibly helpful. In this article by GroHaus, not only will we explore the prominent signs of needing a business coach but also the process of finding one and the benefits that it provides.
When Do You Need a Business Coach?
While there is no concrete answer to this question, here are some common signs that point to the fact that receiving expert guidance can take some burden off your shoulders to manage business operations better:
You Struggle with Delegating
Marketing, product development, sales, and website programming are a few of the many projects you’ll need to manage simultaneously to make the business successful. However, these projects cannot be handled by just one person. Often, entrepreneurs refrain from delegating due to the fear of losing control. However, any good business coach will teach you the art of delegation and how to reap its benefits.
You Struggle with Setting Goals
Setting accurate goals serves as the foundation of any successful business, according to Indeed. However, many entrepreneurs struggle to implement this step as it involves a fair bit of market research, financial projections, and risk-taking. Having a business coach by your side will streamline this process, as they’ll be able to leverage their skills and expertise to help your business succeed.
Your Business Growth is Slow
The goal of all entrepreneurs is to experience year-on-year growth in terms of sales and profits. This involves sound business planning, employee management, and execution. If your business growth has not been as high as it should, working with a business coach can help overcome this predicament.
How to Choose a Business Coach?
Finding the right business coach will take some time and effort. Here are some tips to help you navigate through the process:
Use Your Network
Reach out to your network and ask for referrals from reputable business coaches. Additionally, spend time daily on LinkedIn learning about the best coaches in your niche and connecting with them.
Research Their Background
Every business coach will have an area of expertise. For instance, some will be experts in helping new companies grow. Hence, choose the coach that provides the right balance between your needs and future business goals.
Update Your Resume
Before you start reaching out to business coaches, take the time to update your resume to reflect current experiences, such as the duration you have been an entrepreneur for, key achievements, and skills you’ve learned from that experience. Rather than starting from scratch, you can make one in just a few clicks by using a free online resume maker.
Set up a Meeting
Once you have a shortlist of coaches, reach out to them and set up meetings. During the meeting, ask in-depth questions regarding their experience, past projects, fees, and more. Additionally, be clear regarding your expectations, time commitments, and duration of their coaching.
It is often the case that business coaches will charge for their services. But, if you are not in a position to afford this expense at the moment, don’t fret, as there are plenty of online resources that can help you in the short-term, such as:
Working with a Formation Service
While a Limited Liability Company (LLC) provides the benefits of tax breaks and personal asset protection, as reported by Nerd Wallet, it involves a tedious process of submitting tons of paperwork. Rather than spending your precious time and effort towards this project, delegate it to a formation service that will charge a one-time fee for their services while providing 24/7 support for any queries.
Having a business coach by your side will be beneficial not only for the company but for your growth as an entrepreneur. But don’t forget that there are plenty of other resources, such as a formation service as well, that you can take advantage of to grow your business and protect yourself from unforeseen circumstances.