A Business Coach – #6 Must-have Advisor for a New Business

In this article, we will be going into more detail about the benefits of the business coach to your startup business. This vital member, the business coach helps your new enterprise in ways that the other members of your Professional Advisory Team cannot.

The Business Coach – Working on the Mental Game

Trainer

The final member of your team you will need an individual coach or trainer. In reality, running a successful business is not an easy task. According to industry analysis, approximately 50% of all start-ups fail within their first two years. Of the businesses that do survive, many are less profitable than they could be which makes your need for a business coach even greater.

You may tell me that you don’t need a business coach, but look at it this way: even Michael Phelps has a coach. Yes, the man who has won 23 gold medals in Olympic swimming events has a trainer. Sure, he could have been successful without Bob Bowman. But could Phelps have been that successful without him? Let’s take it back to business. Did you know that Steve Jobs had a business coach? Bill Gates and Elon Musk have coaches, too. So what do business coaches do? Why do you need one?

Motivator, Assessor, Guide, and Counsellor

Business coaches act as motivators, assessors, guides, and counselors. They can:

• Help you navigate industry-specific regulation requirements.
• Bring business experience to your advisory table.
• Advise you when to bring in partners or investors.
• Assist you with new hires.
• Motivate you to turn your ideas into realities.
• Help you bring those ideas to fruition successfully.
• Evaluate your business plans and give you an honest assessment of how realistic your plans are.

Since a business coach has no personal interest in your company, he can almost always offer unbiased counsel. Good business coaches help you discover solutions that others close to the business may overlook. Every good coach has a method, and behind most successful people is a coach or mentor who contributed sound advice and guidance.

Fees Charged by a Business Coach

Depending upon your business coach’s expertise, you could pay him between $175 – $400 per session. Some coaches may discount their fees if you pay a yearly fee up-front. However, if your sales increase while you’re working with a business coach, some coaches will require a back-end percentage of your sales. Therefore, do your homework before you hire a business coach to ensure you know what you will owe.

Quick Links – A Startups’ Advisory Team Members:
Financial Planner | Certified Public Accountant | Lawyer | Insurance Agent | Banker | Business Coach