Did you know that it takes a village to raise a child? Well, if you ever had African orientation, you would possibly answer “Yes!” Working with a business coach can be similar in perspective as having an entire village keeping growing your business.
Many entrepreneurs do not fully understand what it takes to build a sustainable business. Through The EntreCoach™ Program, entrepreneurs are becoming aware that it takes more than hard work to create a successful business. Statistics show that Start-Up businesses fail at the rate of 70% – 90% in their first 2 – 3 years. The few start-ups that survive are not profitable. The story is the same with fast growth companies, where some CEOs are afraid of making the wrong decisions.
Just yesterday, I received a call from one of my clients in Cambridge. His business is doing great; in fact they closed a deal recently that would take another 12 months to complete. Why did he call me? Well he said: “I’ve ran out of ideas.” “It just seems as if I’m going round the circle with no clear direction about new opportunities for our Company’s future.” After listening to my client, it was clear that he needed to redefine his next growth phase.
One key problem with achieving sustainable growth is that every entrepreneurial achievement adds a bit of complexity to business and life. Unfortunately, the accumulation of each complexity builds up a ceiling that stops the entrepreneur from achieving further growth. Until an experienced business coach helps to overcome the complexities, business simply becomes a struggle.
5 factors to consider when hiring a business coach
1. What do I want to get out of coaching?
You need to be crystal clear about the specific outcomes you want to achieve from coaching, and an estimate of the length of time it would take to accomplish. There is no doubt that your business coach can help to clarify your vision, create a plan, streamline your actions, and hold you accountable to achieve your goals. But it is your responsibility to identify and document the most pressing issues in your business that your coach would help you to work on.
2. Do I have the time and energy to commit to it?
Let’s face it; to effectively achieve goals with a business coach takes commitment of time and energy. It is like the computer programming jargon – garbage-in, garbage out, except that you get more out than you put in sometimes. Before engaging the service of a business coach, set aside a good amount of time and be prepared to take disciplined action on the agreed options. Be aware that coaching results don’t not occur overnight, it takes weeks, months and sometimes years of personal discipline and relentless focused-execution. So if you can not create the time to consistently work on agreed actions, you may equally not start at all.
3. Where can I find a good business coach?
As in many professions, there are many self-acclaimed coaches out in the marketplace. While it is a lot easier to decide on hiring a business coach, it is not as easy to find experienced ones. Your first step might be to run a search through member’s directory of the International Coach Federation (ICF) – a global regulatory body of coaches, limiting your search to your country. You can search on social media platforms including Facebook or LinkedIn. You can equally request for a Free Coaching Strategy with The EntreCoach™ Team to help clarify your direction and determine your next step. Fact is that you will never know the right business coach for your business until you speak to one. When shopping around, look for one having business growth experience. Although business Coaches are not meant to be subject matter experts, one with business experience can expand your possibilities in ways you may not think possible.
4. What type of results can I expect?
The goal of hiring a business coach is to move you from where where you are right now, to where you want to be. To achieve that, it is important to create measurable goals at the beginning of every coaching session with your coach. Determine what good looks like i.e what you should be seeing, hearing or feeling when you arrive at your destination. At the end of your session, you need to measure what you have achieved against your situation before commencement of your coaching relationship. Your business coach should be able to deliver a measurable Return on Investment (ROI) at the end.
5. How much will it cost me?
Business coaching does not come cheap. A number of factors including experience, professional qualification, and location play important role in determining how much fee a business coach can charge. To give you an idea, some business coaches charge anywhere from $500 to $5,000 for two or three hours of coaching a month, and most coaching relationships can last between 6 – 12 months. Overall, it is advisable to consider business coaching fees as investment with full ROI for your business.