Every year, over 600,000 new businesses open up in the United States. Unfortunately, about 50 percent of these businesses will fail within five years.
If you own a small business, there’s no doubt the prospect of failure keeps you awake at night. The good news is there are steps you can take to give your enterprise a good chance for success.
One of these steps is to hire a small business coach.
However, these professionals cost a premium, so it’s understandable that you might be reluctant to part with your hard-earned money. But we are here to tell you hiring a coach is worth it.
Continue reading to learn why that’s the case.
1. Get Professional Insight
If you’re a first-time business owner, you probably don’t know much about your industry. Yet, starting a business in an industry you know little about is like driving at dusk with faulty headlights. Your chances of crashing are high.
If you’re in this position, you need a small business coach. This is an experienced professional who understands your industry inside-out. They will dig into their expertise and knowledge to answer your questions and provide insight into the challenges your small business is facing.
When you’re unsure about taking a certain step – say you want to enter a phase of rapid expansion – your small business coach will help you decide whether it’s the right move to take.
2. Gain Access to a Valuable Network
When you hire a small business coach or enroll in small business coaching programs, you gain access to resources and networks that can take your business to the next level.
You see, most of these coaches are well-networked people. They know industry leaders, investors, and policymakers.
If your business is in need of external funding, for instance, a coach can connect you with equity investors and venture capitalists. Without a coach, you’ll find it difficult to access such resources.
3. A Shoulder to Lean on When the Going Gets Tough
Let’s shoot straight from the hip. Entrepreneurship is a windy, bumpy road.
Even when your business offers a quality product or service, you’ll still run into challenges. Market competition can become too fierce, you could run out of capital, employees could quit… there’s no shortage of potential problems.
And when the going gets tough, it’s easy to fold your operations and quit – unless you have a strong support system. A small business coach can be part of this support system. They already know your struggles and will be there to ride out the storm with you.
4. Get Help Developing Business Policies
As your small business grows, you’ll bring in more employees and create more departments or units. An expanding organization presents a host of management challenges. To keep everything streamlined, you need to develop strong policies.
Here, you can rely on an experienced small business coach to help you develop these policies. And as the business keeps expanding, they’ll be there to assess and reformulate the policies to ensure they support your business’ evolving needs.
You Need to Hire a Small Business Coach!
A small business coach is just what the doctor ordered. From offering professional business advice to lending a shoulder to lean on during difficult times, you’ve got every reason to hire one. Your task now is to find one who’s a good fit for you and your business.
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