Is a business coach worth it?

Is it a worth to hire a business coach? A business coach may seem like a luxury. Especially, if you are (re) starting something new, a time where you may want to spend wisely. Is it foolish to hire such a person?

Let’s first look at what you need to accomplish. Probably you either have an existing company or intend to start something new for yourself. I will start with the last category.

Starters

If you start for yourself, whether a startup or small business, you may have a great idea. Let’s say, you want to start selling slippers online. You have all these great ideas coming up:

‘You are going to start a cool website’, and ‘YES, people can design their tailormade designed slippers!’ you will deliver them via Amazon. Worldwide perhaps!

Now what? 

Should you talk about it?

There is scientific proof that when you talk about your ideas, dopamine will be released. The hormone for becoming more happy. This is what often happens, as I know from experience.

Once you speak about it with friends and family – the talkIng already about your new project makes you happy. It releases the dopamine, and your system tells you that this is sufficient! The danger is that you feel less urgency to start the difficult stuff. Hard work is not always nice, it is easier to stay in the fantasy-happiness, and enjoy the ride of verbal excitement.

So my advice, don’t talk about your company or project too much. Instead, get to work and minimize the talk. Have the happy feelings starting to flow when real results pop up.

Business coach

A business coach can be your trusted confidant, next to few others, like a spouse. A business coach will set you up for action, to keep you accountable, to ask the necessary and sometimes difficult questions.

Goals

Also the business coach will set some goals for you, divided in weeks, month and year. A business coach will start to ask you questions about your new business. And brainstorm together on these topics.

Topics

Where to start?

A good business coach may first ask you to look deep within. To what is important to you in life, your drivers and values.
Does the project or company you intend to start appeal to your core values (just to name a few: creativity, honesty, environment, care for others, winning, discovering, nature whatever it is that make you tick). 

Or is it simply an idea to create money? That would be less powerful. It is my conviction that if purpose (values) and wise business ideas are aligned, much more consistency and profits will be the result.

Then, once we are convinced that project is right for you at this time, and aligned with your values and purpose in life, we will go into the brainstorm and execution phase.

What are the other topics to tackle?

When starting a new business, you need to think about:

- who are your customers, how do they look, what are their worries, what age etc?

- which problem are you solving?

- what is your product exactly?

- what is the timeframe to start?

- who are your partners?

- what are your costs?

- what is your investment?

- how will you communicate with your customer base?

- what is your brand story?

With a business coach, each of these topics will need to be discussed. A good method I personally use is a business model canvas.

This process is done in your own pace, tailor-made, respecting realities like family time, financial resources and time constraints. 

Business coaching for experienced entrepreneurs

What if you are already an existing company? And you’ve been around the block, many times perhaps. Why rely on an outsider?

I can think of the following reasons:

A fresh view: often you discuss business topics with the same person, a spouse, friends, or various business partners.

But there is a difference between giving advice and coaching.

Coaching gives you the freedom to think creatively, to let your own ideas and dreams flow freely. Not opinionated, without any pre-formed views.

Business partners often give you their opinions, sometimes good, but often tainted with their personal views, fears and preferences. A good business coach only gives ‘advice’ when asked for.

Steve Jobs, an excellent entrepreneur, retained coach Bill Campbell to make walks in nature and felt an opinion of another third (and wise) person was valuable.

A reset: you wish to do a reset with a creative mind. Re-think business model, location, partners, distribution channels. Perhaps you want to become more digital or innovative. That takes a special setting and vibe. A good business coach can warrant this.

Pivot: You wish to enter into a new direction. With the questions (who are your customers, how and and where will you make money), you can find your new path.

Legal implications need to be rethought, such as partnership deals, intellectual property, privacy issues. I am a corporate lawyer, in addition to a business coach. So I can help to navigate these waters.

costs of a business coach

The costs of a business coach are often ten times less than its benefits. A business coach program costs much less than most accountants and lawyers, and can be the start of a new beginning. It is proactive instead of reactive. I have seen clients perform at least ten times better than they used to before the coaching program.

final words

There are many reasons why a business coach is worth it. But the most important one: give your valuable ideas room to fly freely, and let them be embedded in something tangible. Give yourself this luxury of a helping hand.

Robert de Wilde is a career coach and business coach, working with corporate talent and entrepreneurs, in Amsterdam with 10+ years experience.