10 Business Coaching Tips for New Entrepreneurs
As a new entrepreneur, you’re so excited to make an impact in this world with your new business venture. You’ve devoured countless business books. Designed the perfect company logo and website. Your business cards arrived in the mail and you’ve already given one out to your first potential customer (Mom!). You’re eager to change the world with your new product.
But what if we were to tell you enthusiasm isn’t enough. Without knowledge, you’ll eventually make a ton of mistakes that many new business owners make. As Forbes reports eight out of 10 business fail. At ThriveTime Show Business Coaching Program, we want you to succeed. We want to help you be a part of the 10 percent that thrives.
Allow these truths to give you direction and be a guide as you walk this amazing path. You can grow a business and reach massive amounts of people with your product.
Tip #1: Simplicity scales and complexity fails.
Warren Buffet has talked about the importance of systems and it is true no matter what area of business you are in. You need to have systems in place so the business can continue to run even if you removed yourself from the day to day aspects of things.
Tip #2 – You must sell a product or service that really solves a problem that your ideal and likely buyers are really willing to pay to solve.
Many times business owners will start a business based off of an idea they feel like people will love only to find that either someone is doing it better, or no one wants it. A good place to start is by creating a landing page and running ads for the product or service BEFORE you even have the ability to deliver it. Do this in order to gauge interest.
Tip #3 – You must know the numbers of customers you need on a weekly basis to break even and to achieve your financial goals.
Do not have all of your accounting in your head or in a software program such as Quickbooks. You need to have your KPI’s (Key Performance Indicators) in front of you and know what numbers you MUST hit in order to reach your goals.
Tip #4 – You must establish the number of hours that you are willing to realistically work on a weekly basis in order to achieve your goals.
Setting a schedule and adhering to it is vital. You need to set time to not only work IN the business but set time where you can focus and work ON the business to help it grow.
Tip #5 – You must determine your unique value proposition.
What is your differentiating factor? What makes you stand out in a crowded marketplace? Seth Godin calls it your Purple Cow. In order to be successful, you have to have something that makes people stop and DEMANDS their attention.
Tip #6 – You must make sure that your branding is world-class.
In a world where first impressions are perception and perception is everything, your brand and what customers see is really what speaks for you before your product and/or service can be delivered. Make everything customers experience, interact with, and see the best it possibly can be.
Tip #7 – You must create repeatable sales processes that a diligent employee of average intelligence can implement.
Too many times businesses fail when it grows to a point that the owner can no longer keep up with the leads and service delivery by themselves. Your sales process cannot be “personality based”, it has to be documented, scripted, and saved so that way you can hire and train a new person or persons to do what you do.
Tip #8 – You must be able to get the members of your team to execute your business plans, systems and processes with excellence.
This comes down to management and setting expectations. After you create the systems that will allow you to grow at a sustainable rate, you need to implement accountability, follow-up, training, and repeat this each and every day.
Tip #9 – You must learn how to block out time to focus on implementing the revenue producing activities that will grow your company instead of wasting your timing dealing with endless distractions.
Your revenue producing activities have to be a rock in your schedule that you do each and every week. If you are not intentional about focusing on your businesses growth each week, you will naturally drift.
Tip #10 – Don’t hire or tolerate idiots within your organization even if they are related to you.
You cannot spend your entire day trying to manage people who at the end of the day are hopeless and do not care. Instead, shift your focus to mentoring people that are coachable, trainable, and are honestly wanting to get better on a daily basis.
It’s Yours! A Free 1-Hour Business Consultation
Are you looking to find a business coach? With the Thrivetime Show Business Coaching Program, you’ll receive proven strategies, systems and process to grow your business. You’ll also receive a coach to walk you down the path. To find a business coach, schedule a free 60-minute business consultation with us today!