Ask the Coach - Thinking About Opening Up a Business?
Dear Coach,
I am thinking about starting my own business and have a few ideas about what is involved – have the idea, have the passion but now I need to feel brave enough to make the leap. Do you have any thoughts on what I should be paying special attention to? I want to make sure that I am going into this with my eyes wide open.
Thank you.
Dear future entrepreneur,
How exciting to be contemplating starting a business of your own. From a coaching perspective, I often ask clients or friends who are considering taking this leap a few questions.
Perhaps once you have answered these, you’ll feel more confident to proceed.
What inspired you to develop your idea? Entrepreneurs are innovators who have turned a concept into a reality – so dedication, confidence and persistence are essential.
What obstacles are you anticipating? – Setbacks are often unavoidable, learning what to expect can help you prepare for some situations before they happen.
How are you getting financing for your business? – New businesses often take time to take off, so having a strong financial plan is key
How do you envision the future of your business? Growing and staying competitive is important – what does your business plan look like – first 6,12,18,24 month forecast and beyond.
How much do you know about the business you are about to start? – Passion can drive us to become quite romantic about an idea – but you must have the basic knowledge of the business and if not, it is imperative to do your homework.
What strategies are you planning to use to market your business? Great to have a business, but if you don’t have a specific target market with messaging that creates awareness about your product or service – it will be challenging to grow or succeed.
What is your idea of an effective leader/boss? - operating a business means you must engage and manage many people. Do you have the skills to motivate a team, drive sales, respond rather than react in challenging times?
Will you be a sole operator or hire employees? This is very important, having employees requires a list of employers’ responsibilities. You must familiarize yourself with expectations.
What will success look like to you? – some entrepreneurs measure success because of financial gain, independence, not having to report or answer to anyone, being their own boss and following a passion.
Statistically data shows that approximately 20% of new businesses fail during the first two years of being open. 45% during the first five years, and 65% during the first 10 years.
So, have an honest conversation with yourself and those you trust –. Speak to other business owners – take a course, do all the research to set yourself up for success.
It isn’t an easy road, but it can be extremely rewarding when done with care and knowledge. Wishing you great success with your new adventure.
Best,
Merrill
We have the pleasure of joining forces with Merrill Pierce, a Professional Certified Coach (PCC) accredited by Corporate Coach U, and a member of the International Coach Federation (ICF). She is also an accredited member of Society of Organizational Learning (SOL), and an Alternative Dispute Resolution (ADR) mediator certified by the ADR Institute of Canada.
Merrill has spent over 20 years working at a number of Fortune 500 companies, of which 10 years were at the senior executive level. This background provides her with a solid and practical understanding of personal and professional issues, challenges, and concerns. Merrill is also a regular contributor to the media and has published several articles and white papers on business related topics.
Merrill is ready to tackle YOUR questions! Whether they are personal, or professional - she can anonymously answer your submissions, and help you navigate any relevant challenges occurring in your life. Doing so could help others in similar situations and scenarios. Merrill will also be presenting advice on relevant, general topics to help our readers. If you want to send a question to Merrill, please submit to askmerrill@gmail.com before the Monday of each week (otherwise your question may be held til a following week!).
