Business coaching….it is a word often not fully understood. Can you really quantify the value of a good business coach? How does having one increase the chances of success in your business? If you want to reach your full potential as an entrepreneur, don’t underestimate the power of a good business coach. In this post, we are going to discover the barriers of reaching your full entrepreneurial potential and how a business coach can help.
Barriers To Reaching Full Entrepreneurial Potential
Limited Mindset and Lack of Possibility
Do you ever feel stuck? Have you felt like an impostor? Perhaps you feel like everyone around you is successful, and you’ll never measure up. Those thoughts if left unaddressed can become a self-fulfilling prophecy. If you don’t believe you can be successful, you’ll subconsciously sabotage yourself.
When I first started my business, I definitely suffered from a very limited mindset. I felt like those who were having success just got lucky and that would never be me. It took a long time to realize that though a little luck and timing might be involved, what really mattered is believing in my ability to bring my dreams to life.
It isn’t second nature to admit there is something wrong with your mindset and take action to change it. You might not even be aware that mindset is what is holding you back. It wasn’t until I sought out coaching that I realized my mindset needed work.
If you don’t believe your dreams can come true that lack of possibility will surely keep you stuck. At some point in time, all of us feel like impostors. The most common reason this usually happens is through comparing ourselves with other entrepreneurs who have been in business longer and grown their businesses to where they are today.
I’ve heard one particular sentiment over and over again, and that is don’t compare your beginning to someone else’s wildly successful business. I admit I still need to hear this from time to time. If you let feeling like an impostor go unchecked it can sabotage you and your business. Don’t allow this to happen to you! Take action and address your mindset hang-ups.
There are so many resources out there to help you do mindset work on your own. I tend to turn to books or podcasts when I need a boost. However, if you are really stuck, seek out the help of a business coach or mentor to help work through it.
Key Points
- Sometimes you aren’t aware that your mindset is limited, so expand your horizons every chance you get!
- Impostor syndrome will probably happen at some point. Don’t let it sabotage your efforts at building your business.
- Often the biggest barriers are thoughts that become self-fulfilling prophecy.
- Business coaches and mentors are the best resource for working through a limited mindset.
Treating Business Like Business
An important aspect of success in business is treating it accordingly! Businesses are investments that need to be carefully managed. If you aren’t clear on your business structure, your mission, or you lack a business plan it can be very difficult to advance your business building efforts. Not to mention the tax laws or implications of not having the right disclosures, contracts, tax forms, privacy policies, the list goes on…
If you are running a business, then take the extra time to do things the right way. If you are unsure of the applicable laws or tax implications for your business, you should consult a professional. Look for a business coach who’s been where you are, a consultant who sells products or services that help businesses with a particular area you are struggling with. Don’t skip over important protections and end up facing a lawsuit or tax audit!
Keeping business and personal expenses separate and keeping good records is so incredibly important! You will need to prove all your deductions or business expenses if you ever get audited. If the IRS audits your business, you’ll be glad you took extra steps or enlisted professional expertise. Trust me, it is worth the investment. I am sure you have heard of the old adage, “you need to spend money to make money”.
Key Points
- Take the time to ensure you are setting up the proper structure and protections for your business.
- Keep personal and business expenses separate.
- Sometimes you need to invest in professional expertise you don’t have to avoid headaches later.
Organization and Time Management
Spinning your wheels? Maybe you just can’t stay focused. Shiny objects are everywhere and things are starting to feel out of control. The world of business is big, and it is important to focus efforts in the right areas of your business at the right time. Business coaching can really provide insight here. A good business coach can suggest helpful tools and resources to help you become more efficient with your time.
If you struggle with organizing your time and tasks, a business coach can provide much needed accountability! If you are caught up with shiny objects and jump from one thing to the next while missing the important stuff that will help you move to the next phase of business, then turn to a business coach to focus your efforts.
Key Points
- Don’t get lost in the latest and greatest before you’ve got the essentials mastered.
- Focus on what moves your business forward and you’ll find that time is spent more efficiently.
- Use a good tool to keep organized and track your progress.
- Business coaches provide much needed advice and accountability.
Motivation and Self-esteem
Have you ever delayed a project, putting it off until tomorrow? Procrastination can become a big problem in business. Business coaches can really light the fire and help you stay motivated. If you are struggling with self-esteem or don’t believe you can take on a project, a good business coach can lift you up and help you navigate those stormy waters.
One thing I will always regret is not mustering the motivation to start my online business when I first had the itch to do it. Back when online businesses were just starting to take off. Those that started 3-5 years ago and stuck to it are now millionaires! I will be there one day, but I did learn a valuable lesson from that experience. Don’t put off until tomorrow what could be done today because you can’t recapture some of those missed opportunities!
Key Points
- Don’t miss out on opportunity due to doubt or lack of motivation.
- Procrastination is a business buster. Keep your nose to the grindstone!
- If you need some motivation, having a business coach can help you find your “why” and get you on the right track.
How Business Coaching Can Help
#1: The Power of Connection
I believe in the power of personal connection. The connection you can create with a good business coach can be life changing. It can open up possibilities and challenge you in ways you never thought possible. You have someone in your corner who believes in you and is giving you insider tips that help you reach your business goals. It is a transformation that everyone should experience.
The personal touch and genuine advice are often the factors that are undervalued yet make the biggest difference. Several business owners I’ve encountered over the years will flat out say that it was the singular reason they succeeded in their businesses.
That said, it can come with a big price tag. Despite the cost, it is almost always worth it when you find the right fit. However, if you can’t swing the cost of a 1:1 coach, there are always opportunities for group coaching or online coaching programs. You can even find good coaches giving free advice in Facebook groups. The key takeaway here is not to let the cost of business coaching stop you. If you can’t afford higher cost coaches, you can find coaching an support for a smaller investment and sometimes free!
A great example of free business coaching is the monthly challenges provided on Start A Mom Blog with Suzi Whitford. She has provided so many wonderful opportunities to online business owners who need an extra boost, but they are not yet profitable enough to pay for 1:1 coaching.
Key Points
- Connection and a personal touch can make all the difference.
- Business coaching can provide the support needed to succeed.
- If you can’t swing 1:1 business coaching, try a group coaching program or an online program. They are often more financially attainable for new businesses who aren’t yet turning a profit.
#2: Accountability
I’m sure you have heard about accountability partners/buddies. It is true that when we voice our intentions to someone else, it often makes it more likely that we will follow through. If you don’t have someone holding you accountable in business, find someone! This can be a friend you find online, a friend or family member. It could also be your new business coach.
Don’t forget that you need to be accountable to yourself too. If you set goals for your business take time to identify the rewards for reaching those milestones. Having something to look forward to also increases the chances of sticking to your plan.
Key Points
- Be accountable to someone. Anyone who provides you positive support and encouragement will give you a boost of confidence.
- Identify rewards for reaching milestones that will make you more likely to follow through and remain accountable to yourself.
Personal Growth
I have goals for personal growth every year. I consider it one of the most important responsibilities we have as human beings. Life is an experience and its our job to learn, grow, and prosper. Personal growth is many things…it is a journey, an investment in yourself, and part of the human experience. I challenge you to set a personal growth goal for yourself. I usually stick to one big goal each year and break it down into doable actions.
Maybe you aren’t sure how to set goals for personal growth. If that is the case, its another reason to consider coaching for you and your business. It’s true that personal growth can be hard to quantify, and there is often an urge not to invest in things that aren’t tangible or that don’t provide immediate gratification. But if you do make the leap of faith, it will surely pay off.
Key Points
- Love yourself enough to invest in your personal growth.
- You’re personal well-being is important to the success of your business.
- Even though it’s harder to quantify, the investment really does pay off.
Hopefully, this post clarified what business coaching is, why it is important for entrepreneurs, and how you can use it to make your business goals come to life. Recognizing the barriers to your business success and taking action to address them will ensure your business remains successful and you continue to grow both personally and professionally.
Are you considering hiring a business coach? Why or why not? Drop a comment and share your journey.
About The Author:
Amber Priestley is owner of The Priestley Project blog where she teaches new entrepreneurs the basics of building a profitable online business along with her husband Chad. You can learn more about The Priestley Project and take a free quiz that will help you decide if business coaching is right for you. Click HERE to learn more.
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