Are you thinking of starting a side-hustle? Or are you already running one, but not seeing the growth that you need? Many people find that working on a new business themselves starts off well, but eventually becomes more than they bargained for, and motivation begins to dwindle. No matter what stage of business development you’re at, an online business coach might be just what you need to improve your performance and streamline your operations for a better return on investment.
What is a Business Coach?
Building your small business from scratch often requires effort akin to a full-time job. A business coach is an expert with a wealth of knowledge and experience in running successful organisations. They understand the struggles many entrepenuers face, as they have been there themselves, and so can provide support and guidance for success.
What Can a Business Coach Teach You?
People who do not possess expertise in running a profitable business, or have little time because of their full-time job, can benefit greatly from someone with the necessary skills and knowledge to help maximise their efforts. This can be in areas like marketing, financial management, and operations, but also with maintaining motivation levels and having regular accountability sessions to keep you on track.
Marketing
To sell your products or services, people need to first know they exist. A business coach can help you with marketing by giving you advice tailored to the specific needs of your side-hustle. For example, ecommerce retailers will need a significant digital presence and few friction points to get audiences to check-outs. Serviced based businesses, however, may need to be a bit more creative, also utilsinig digital marketing avenues available, but perhaps partnering with other organisations to gain exposure and demonstrate ability.
Financial Management
A business coach will help you to set up a solid financial management system. They can assist with setting budgets, testing margins and forecasting future profits. Having a sound understanding of your financial performance, cashflow, and stability over the past week, month or year helps entrepreneurs work out where their money was going and what income they actually need to keep afloat. This also helps people identify if they are spending too much on unnecessary expenses which may be draining their resources!
Operations
Operational problems can break a business of any size, and therefore pose an intimidating aspect to overcome for new entrepenuers. Coaches can provide services which help you set realistic goals, identify the root cause of issues, and create a realistic scope of work to help you manage your day-to-day tasks to deliver a better customer service, final production, and even profit margins.
How Can a Business Coach Help You with Accountability & Improve Growth?
If you are not used to running your own small business, then it is easy to become demotivated and lose track of time management for the day-to-day operations. Most entrepenuers will procrastinate when they don’t set clear deadlines to their tasks and goals. A business coach can solve this lack of consequences, motivation and accountability by introducing much needed check-ups to keep you focused on rewarding actions. To get started with an experienced business coach, contact us at NextThought today.
