You Don't Need a Business Coach – Bullshift!

Oh, if I could count the times a thriving client has told me how hard it is to talk a fellow business owner into contacting another business coach or me. Even after hearing that my client grew her business from low six figures to a multi-million-dollar business while engaged in coaching. It makes me sad because many more entrepreneurs would succeed if only they had a good coach or mentor at their side. Entrepreneurship is lonely!

After leaving the stage at a speaking event a few years ago, an audience member came up to me and said, “Y-D-K-W-Y-D-K, brilliant!”

Huh?

“Those six words will change my life,” she said.

I still needed to figure out what she was talking about. Finally, she said I had used the term, “You don't know what you don't know,” and that it had never dawned on her. There is so much she doesn't know, and she is critical of herself because of it. But of course, she doesn't even know what she doesn't know, but it's natural, and it's ok–there is an answer! So, she created the acronym as a reminder.

You can only get the answers if you know the questions to ask. How could this entrepreneur learn to become a leader and grow sales if she's never done it before? How could she learn to balance her life as an entrepreneur, mom, wife, friend, and daughter if she's never run a multiple six or seven-figure business before? How could she get out of her own way to realize there's another way to find the answers? She didn't have to know it all; how could she?

You don't know what you don't know–but your coach can teach you.

If you're like this audience member, who by the way became a successful client, and you've never scaled a company to this level before, there are countless things you don't know and wouldn't ever give a second thought to unless someone brought them into your purview. The in-depth, ongoing process of building a full-blown, thriving culture might be a good example. In coaching, you'll learn about things you've never even known to consider, and you'll have the support to step into a whole new world.

Growing entrepreneurs are challenged by things like:

• Clarity and creating a long-term vision, goals, and plans.
• How to manage an overwhelming workload and stress.
• Moving from the self-employed space to the leadership role.
• Understanding the difference between culture and brand identity and how to develop both.
• Hiring for culture fit, not only skill.
• Finding the financial means to hire staff.
• How to handle difficult conversations.
• The nuts and bolts behind converting your team from 1099 status to full-time employees.
• When to hire an accountant, a lawyer, or other outside professional.
• How to balance their life and personal needs with the demands of a growing business.
• How to remove themselves from everyday operations.
• Creating fee structures and policies, both internal and customer-facing.
• How to manage guilt, low self-confidence, fear, and other common emotions.

This list is just the tip of the iceberg; every business owner is different in terms of personality, business experience, vision, and baggage from past experiences. There is magic in a good coach/client relationship. The simple act of externalizing your problems and ideas with someone who's experienced, who gets it, and who is a good listener makes the whole endeavor worthwhile.

Still not convinced? Take a moment to read one of my past articles, Should I Hire a Business Coach? 3 Signs That You're Ready. And remember this: A coach with integrity will not accept a client they don't believe they can help, including recouping the cost of coaching (in most cases). A conversation usually costs nothing, so it can't hurt. I'd love to hear from you, but mostly I would love for you to explore the idea—with me and/or other coaches. You deserve it!

The post You Don’t Need a Business Coach – Bullshift! appeared first on Marla Tabaka.

Below are only a few of the signs indicating that a business coach can help to elevate your personal and professional mindset and help to grow your small business in the most effective, expedient, and profitable way possible. But first, for those who fear they cannot afford a great coach, I want to paint a financial picture for you.

What does a business coach cost?

Really, the question should be, “how much more money can I make if I hire a great coach”. Still, the cost is a factor. Business coaches typically range from about $6,000 to $25,000 a year. Don’t make the mistake of believing that you get more for $25,000 than you do for, say, $15,000. Sometimes it’s only the marketing that’s more impressive, and other times you truly are paying for experience and success rates.

If you speak to a prospective coach and don't feel synergy, or you are uncertain if you're a good fit, then interview more coaches–don't settle. A business coach isn’t likely to tell you upfront how much he or she charges (it’s not good business), but most will schedule a no-cost consultation and reveal pricing there. Speak with coaches you believe you cannot afford, along with those who are less expensive. You are most likely to get your return on investment with a seasoned coach at your side.

Return on business coaching investment:

Coaches report clients’ ROI from seven to 49%. To me, ROI is a difficult discussion because it’s subjective. In my opinion (and that of the people I’ve worked with) there’s a significant return on investment that is not directly seen on spreadsheets: the removal of mental barriers that prevent success. With that said, not all business coaches focus on personal growth and mindset, so make that a topic of discussion when you interview your prospective coaches.

All-in-all, I can only speak for myself and the results that my clients experience (beyond eliminating the emotional barriers to success). I’ve helped solopreneurs go from very little monthly income to 20-30 thousand monthly. Entrepreneurs with scalable models have seen as much as 348% growth within two years (yes, you read that right). One particular client came to me averaging $120,000 a year in revenues, with about $34,000 in profit. Within 6 months she broke the million-dollar mark. A few years later she hit 45 MILLION in annual revenues.

Typically, my clients make back the money they’ve invested within 3-4 months, but of course, I cannot make any promises. So, when you think about whether or not you can afford a coach, think more about how the investment will pay off. An ethical coach will not take your business if he or she is not reasonably certain they can help you (the client’s level of participation is out of our hands).

Ready to find out if you will profit from business coaching? Contact me to find out!

What are the signs that you’re ready for a business coach? Here are 3 of many:

1. You feel overwhelmed and, at times, very lonely.

Only you are completely vested in the outcome of your decisions and, ultimately, your business. Even your spouse may not “get it”.  Your coach’s success is based on your success; we want you to succeed with every cell of our being. Working with a coach makes decision-making easier. Decision overload is a common block to progress and breeds more problems, but your problems are not unique to you. Believe me, we coaches have been through just about any obstacle and limiting belief you can think of many times over with previous clients (and in our own businesses). Coaches know what works and what does not, so there’s no need to reinvent the wheel. In addition, many coaches will help you get crystal clear on your vision, values, and strategy, which also eases the burden of decision-making and can rapidly increase profits.

2. Your business model works on paper, but not in reality.

You know it can work, so why isn’t your business making enough money? Entrepreneurs get too close to the problems to see the solutions. Your coach will take you outside of your business to a 5000-foot view of it. You will see your business from a fresh perspective and have an experienced person to collaborate with and help create processes and strategies to make your small business work.

Secondly, you’re probably in your own way.  Whether it’s conscious or unconscious self-sabotage, your monkey-mind stops you in your tracks. A talented coach will help you break the self-sabotage habit and develop and maintain an empowering mindset.

3. You want a safe place to process, vent, and brainstorm.

Many prospects with already profitable businesses come to me for support, accountability, and collaboration. They need a place to collect their thoughts, affirm their choices, and bounce around ideas. Successful people understand the power that’s found in a great coach/client relationship. They aren’t necessarily looking to fix anything but to continue to evolve, grow, and prosper.

Yes, you're ready for a business coach.

How about it? Are you ready for a business coaching relationship? Typically, it costs you nothing to find out. Feel free to contact me or ask your peers for their coach’s names, search online, and inquire on social media. You will find many of us out there who want to help you, but you are the only one who can determine which person feels just right for you.

Contact me for your complimentary consultation today!

The post Should I Hire a Business Coach? 3 Signs That Say You’re Ready appeared first on Marla Tabaka.