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Should I Spend Money on a Coach?
I get asked this same question, or a slight variation, quite often these days because usually the “would be” business owner is facing a substantial initial investment and he/she is not sure if it’s a wise use of their limited funds for the business.
A similar question: “Can I start a business on my own without a coach?” is often asked when the entrepreneur has no or few resources to begin an online enterprise.
OK. In several previous posts I’ve given you a bunch of reasons why you should NEVER rely on a business startup package that seems too easy, guarantees your success, is the same for everyone, and prescribes the subject of your business.
They are pretty much doomed to failure even before the owner makes his/her very first sale!
Nationwide small business start-up statistics show that after one year of existence, only one in five new start-ups (20%) are still actively doing business. And of the 20% of start-ups that make it after one year, only one in five is still operating after five years.
In other words, only 1 business in 25 makes it to the five-year mark. That’s only 4%!
Said another way, that’s a whopping 96% business start-up failure rate over a five-year term!
Those are pretty horrible odds, don’t you think?
So here’s your challenge: what are you going to do to become one of the four (4) business successes out of every 100 that start?
Put another way, “how are you going to approach your new business creation so that you will have the greatest chance of succeeding while, at the same time, so many others fail?”
Can you navigate the business creation path to success by yourself?
If you seek out a coach, teacher, or guide, whom are you going to trust to lead you in the right direction and increase your odds of success?
How much are you going pay for some personal assistance?
Most aspiring business owners consult books on the subject as the roadmap they rely on to guide them through the maze of business startup steps that must be taken.
In addition, there are some public agencies like SBA’s Small Business Development Center that will assist with specific steps like creating a business plan and getting registered with the authorities.
There are also excellent online resources, community colleges, entrepreneur workshops, and other information based resources that will help you move along.
This web blog is set up for that purpose as well, if you decide that a solo online business strategy is right for you. It may not be . . . depending upon the type of business you decide you want.
Our focus here is upon creating and operating a solo, one-person, information business that is maintained on the Internet. The type of products we recommend are digitally produced and delivered so that the owner doesn’t have to deal with inventory, shipping, and handling physical goods (although this strategy can be adapted to selling physical goods as well).
Why don’t you join us and see what we have to offer?
So what about hiring a coach?
Here’s my suggestion (unless you have access to a good coach without compensation):
Learn the online business basics first. Newbies to online business will use a coach much more cost effectively if they already have a head start – if they understand the basics of online business and have some “on the ground” experience under their belt. Why pay a coach big fees to teach you basic business tasks and principles that you can learn online for free?
Business coaches are often specialists in the types of business where they have had experience – but they don’t know it all. So my advice is: if you want to run a membership site as your business platform, find a good coach that has created and run a profitable membership site. If you want to do e-commerce, look for a coach that has been a successful e-commerce business owner. Play to the strengths of your coach.
An added bonus would be to find a coach that had specifically run a business in your same niche. He/she would have some valuable insights about the characteristics and nuances of your same marketplace.
Often, coaches are great at one particular business model but have little or no first-hand experience in others. Sure, they might be able to help you with some general business principles, but no one knows it all! Take advantage of the coach’s expertise and background.
The times a coach will help you the most will be those instances where you hit a roadblock or can’t figure out what to do next. Helping you address problems and obstacles is where a coach can really shine. So that’s why I suggest you start your business, get some initial experience under your belt and don’t pay a coach to simple teach you the basics.
A parting thought: hiring a coach to assist you in your business is no guarantee that you will come away with a profitable venture. If any coach promises or guarantees your eventual success … run away fast! Just as in real athletic contests, coaches don’t play the game for you and can’t force you to be a winner. They can guide, motivate, answer questions, and provide support … but they can’t be asked to do the actual work for you – that’s up to the entrepreneur totally!
To your online business success,
Steve Browne
www.SteveBrowneDirect.com