Navigating the complexities of launching or running a small business can be daunting. The journey is filled with challenges and uncertainties, from conceptualising your idea to scaling your operations and everything in between. Small business owners will wear so many hats that the hat hair alone is nightmare-worthy. The good news is you don't have to go it alone. Engaging a small business coach can be a literal sanity saver. Amid the uncertainty, it can offer you invaluable insights, strategies, and support tailored to your unique needs. But, as we all know, budgets in small business are tighter than a pair of leather pants at an 80's hair metal concert, especially in this economy. So how do you know if a small business coach is right for you, and if it is, how do you choose the right one?
Who Are Small Business Coaches For?
Small business coaches are for anyone with a dream and a vision – whether you're just starting out, looking to rebrand or pivot, facing challenges, or even contemplating closing your business. Here's why engaging a small business coach could be the best decision you can make for your entrepreneurial journey:
New Businesses: Just Getting Started
Embarking on the journey of entrepreneurship is exhilarating yet overwhelming. So many boxes need to be ticked, T's need to be crossed, and I's need to be dotted. If you have never set up a new business before, you will likely find yourself in a constant one-step forward, five-step backward dance. Your to-do list will expand faster than my backside after an over-indulgent, chocolate-fueled easter holiday, #truestory. Whenever you attempt to cross one task off your list, you discover five new things that must happen first. And around and around you go. A small business coach experienced with launching new businesses can provide invaluable guidance, helping you navigate the complexities of starting a business, from developing a solid business plan to identifying your target market and crafting a winning strategy for success.
They can and should provide you with a roadmap to get you from your initial concept to your launch that will save you time, money and, most importantly, sanity. Sometimes, it may even be beneficial to engage a coach for a one-off brainstorming session to bounce your ideas around and see if opening a business is even a viable option for you right now. If it turns out not to be, this should never be seen as a failure but instead a win. You have done your due diligence and made an informed decision that will potentially save you thousands. With their impartiality and experience, your coach helped you get there.
Existing Businesses: Looking to Rebrand or Pivot
As markets evolve and consumer preferences shift, businesses must adapt to stay relevant. Whether considering a rebrand or a strategic pivot, a small business coach can provide fresh perspectives and actionable strategies to help you reinvent your brand and capitalise on emerging opportunities. If this is where you are at with your established business, you could look for a coach who offers comprehensive small business solutions to save you time and money on outsourcing to many different contractors. Imagine having your branding, website, social media, strategies and coaching handled in one place! That efficiency is gold, especially for a time-poor small business owner.
Struggling Businesses: Troubleshooting Pain Points
Every business encounters challenges along the way – from cash flow issues to operational inefficiencies and everything in between. When you are stuck in that cycle of challenge after challenge, small business ownership can start to feel a lot like you are juggling knives. One small slip and someone loses an eye. A small business coach can serve as a trusted advisor, helping you identify and address pain points, implement solutions, and regain momentum towards achieving your goals. Look for a small business coach with at least a decade or more of experience in small business ownership, as chances are, after that amount of time, there isn't a challenge you can present that they won't have already dealt with themselves. As a business owner, I have dealt with bushfires, floods, economic downturns, recession, global instability, volatile markets causing ridiculous fluctuations in material prices, crazy trends and a global pandemic, for goodness' sake. I feel like there is very little that could surprise me at this point in the game. You want this in a coach as real-life experience trumps everything else.
Businesses Looking to Close: Exiting Gracefully
Closing a business is never easy, but it doesn't have to be the end of the road. A small business coach can offer guidance on navigating the process with dignity and integrity, ensuring that you exit gracefully while preserving your reputation and credibility in the industry. Please make no mistake; closing a business will sting, especially when it was not your choice. Your pride will take a bit of a knock, and there may even be a bit of ugly crying involved. And that's ok. You need to allow yourself time to move through those feelings but then also allow yourself to come through the other side and see the lessons. Learn and grow from this chapter closing and apply your learning to your next adventure.
Should you feel that your journey as a small business owner is not over, and you will likely try again in another incarnation, it will be crucial that you come out of this experience with your credibility and reputation intact. A small business coach can help you do just that, helping you plan a way forward and keeping your customers, creditors, and landlords onside as you embark on closing your business.
Why Experience with Small Businesses Matters
When choosing a business coach, finding someone with experience specifically tailored to small businesses is essential. Unlike coaches who specialise in working with large enterprises, small business coaches understand the unique challenges and opportunities faced by entrepreneurs in the small business space.
Their hands-on experience and deep understanding of the nuances of small business operations allow them to provide targeted advice, actionable strategies, and personalised support that resonate with your unique needs and goals. Whether you're a solopreneur, a start-up, or a small team, a small business coach can be your trusted partner in navigating the ups and downs of business life.
Engaging a small business coach can be a game-changer for entrepreneurs at every stage. Whether you're just starting out or facing challenges along the way, a small business coach offers invaluable support, guidance, and expertise to help you achieve your goals and realise your vision of success.
It's completely normal to still have reservations about allocating funds to an external advisor. For small businesses in particular, it is so important to make sure that you can justify your expenditure and make your money work for you. Look for a coach offering a one-off consultation before engaging with you through contracts and extended periods. This first session may be all you need to help get you on your way. If you decide that more in-depth coaching is for you, look for a coach who will tailor a package to your individual needs so that you pay for only what you need and nothing that you don't. Your business coach should be just as invested in the success of your business as you are.