Written By Matt Morris -
If you had direct access to an entrepreneur who’s already achieved exactly what you want to achieve, how likely is it that you could do the exact same thing in an event shorter amount of time?
The scenario I just described to you is business coaching at its finest. Judging by the striking amount of growth the business coaching industry has experienced since 2004, lots of entrepreneurs would agree that working with a business coach just makes sense. Here’s proof:
- “Annual spending on business coaching in the United States is estimated at $1 billion.” – Harvard Business Review, November 2004
- “Use of business coaching is widespread in UK organizations, with almost nine in ten respondents reporting that they now use coaching in their organization (88%).” – University of Bristol Newsletter, 2005
- “An estimated 40,000 people in the U.S. work as business or life coaches, and the $2.4 billion business coaching market is growing at about 18% per year.” – 2007 MarketData Report
Quite frankly, I wouldn’t be where I am today without the help of my business coaches! Although, understanding exactly why you need a business coach and finding a business coach that’s perfect for you can be harder than it seems… So without further ado, here are 5 Things Every Entrepreneur Should Know About Business Coaching:
1. Why YOU Absolutely NEED a Business Coach
Only personal business coaches have the ability to show you first-hand how to develop the people-oriented skills that are vital for success as an entrepreneur. (An essential step in mastering people-oriented skills is actually working with people!)
You can read tons of marketing books, listen to a TON of personal development audios, participate in every sales seminar the world has to offer but you won’t even come close to creating the level of success you experience after working with a business coach one-on-one.
2. What Makes a Successful Coaching Relationship
The absolute most important ingredient for a successful coaching relationship is a student who is highly motivated to change. Students who have a ruthless desire to learn and grow will absolutely benefit from investing in a coaching program.
Good chemistry between the business coach and the student is an equally important component for a successful coaching relationship. A good chemistry between the coach and student creates an environment that will foster the growth of trust – a requirement for creating the desired level of results. (I’ve built a team of 17+ dynamic business coaches so we’re more apt to find the perfect match for students which will ultimately create mega-success stories for people from all walks of life.)
3. The Three Main Roles of a Business Coach
The role of a good business coach goes above and beyond the obvious coaching responsibilities of: helping you discover your long-term plans and focus on the future, increasing your level of confidence, as well as fostering a significant improvement in your individual performance.
Modern business coaches also provide consultation and therapy for their clients. Coaches are similar to consultants in the fact that coaches also:
- Advise you on how to become a better leader in your company and industry.
- Assist you with the full goal-setting process.
- Provide counsel for maintaining a high standard of ethics in every aspect of your business.
A Business Coach’s role is similar to a therapist’s role because:
- You pay them to ask you the right questions.
- They help you tackle difficult issues that affect you on a personal and professional level.
- They focus on individual behavioral change.
- They create effective, long-term solutions by exploring subjective experience.
4. How to Find an Extraordinary Business Coach
Investing in a business coach is similar to hiring a personal trainer… In both situations you are looking to save money and time by hiring a coach who has achieved exactly what you want to achieve. In most cases, you can immediately tell how physically fit a personal trainer is by looking at them. A business coach, however, isn’t that simple. Here are some questions you can ask a potential business coach to help ensure a good match:
- Do you have experience coaching in a situation similar to mine?
- What are the fundamentals of your coaching methodology?
- How will you help me measure my return on investment?
5. The Elite Coaching Program Layout
The desired outcome of business coaching is to help the student become more competent and self-reliant. With that being said and based on my personal experiences as a student of business coaching, I developed a coaching program that consists of two main phases:
- Proactive Phase - This is the training phase. Students will work with their business coach one on one for a pre-determined number of sessions. The goal for the proactive phase is to analyze where the student’s business is today, observe the student’s goals, and identify resources, strengths and weaknesses. Next the coach works with the student to build a plan that will help the student achieve their business goals as quickly as possible. During the proactive phase of coaching, business coaches also work with students to start building the foundation of the business. In this phase, my business coaches and I’s main objective is to keep our students on track doing the most effective things possible to achieve the necessary milestones as quickly as possible, with the least amount of trial and error. Moving forward step by step is key to success in this phase. Working with a coach also builds their confidence, because they are no longer alone, and trying to re-invent the wheel. Because students see progress much quicker, they experience higher levels of confidence. Ultimately, students become willing to do things that they never would have done on their own.
- Reactive Phase – This is the “as needed” phase. As the students are working on the assignments that their coach has given them, they run into road blocks that they haven’t figured out how to avoid just yet. Instead of getting frustrated and or discouraged, they are able to stop what they are doing, and get in touch with their coach. We use 3 main methods of communication in the Reactive Phase: Phone, Email, and Chat. As students are working on their business, they are encouraged to email questions to their coach as often as necessary. If a student in the Reactive Phase experiences a “code red” problem, they can chat to with an available Unemployed Millionaire Business Coach using Skype or set an appointment to speak with their personal coach. Students in the Reactive Phase are guaranteed to have any communication with their coach addressed within 24 hours.
Typically, ideal coaching programs will last for an average of 12 months – just enough time to make a dramatic change but not so long that students become dependent on their coach.
What do you think every entrepreneur should know about Business Coaching? I’d love to hear your answer below in the comments section!
P.S. I’ve decided to continue accepting applicants for my Elite Coaching Program for the next 48 hours ONLY so if you think you’ve got what it takes, apply here: http://www.mattmorris.com/elitecoaching!