An aptitude for sales in your market.
We aren’t going to beat around the bush here. There’s no reason for flowery language. The truth is there are many business coaches on the market, and many probably have a knack for bringing out the best in their clients, but do they bring out the best in their client’s company? We’re willing to bet the root cause of finding and hiring a startup business coach boils down to the potential benefit it will have on your company. CB Insights found that 14% of startup post mortems suffered from an inability to market their product, 19% reported ignoring the competition and 29% simply ran out of cash from poor allocation.
So while you might appreciate their attention to your goals and the gift they have for inspiring you, it’s more important that you find the coach who can meet those needs in addition to growing your revenue potential. And yes, we recognize that creativity is related to revenue. We are built on innovative ideas in the Talent Acquisition space after all, but entrepreneurs start businesses to answer their market’s needs and make money. To make money, however, you need a strategic approach to marketing and selling your product/service.
Read more on why startups fail and how to avoid the trauma with your company.
The Benefit of a Business Coach
A business coach is someone who takes the time to know your organizational structure and the goals of your company to help you achieve the success you envision. They have been in the shoes of a first time business person, so they can offer advice on how to navigate the dangerous territory of going out on your own. If this isn’t your first company, a business coach might help you enter a new market or simply offer an outside perspective. In either case, having their helping hand gives entrepreneurs the confidence to keep believing in their business, even when things get tough (and they will get tough).Are you fully aware of the benefits of having a business coach? Read this: Click To Tweet
Often we turn to business coaches to hold us accountable and even inspire our creative thought. That means they will take your goals and keep you working toward them in the most organized fashion, building timelines based on reality. A good business coach will take all of that and help you create or manage internal strategies that increase professional productivity. However, while guiding efficiency is important to the life of your company, if there isn’t a strategy for increasing startup revenue, even cost savings will eventually be useless.
That’s exactly why your startup business coach should be more than an inspirational ear, rather they should be a guiding light; someone who can offer creative direction and understand the specifics of your market and target audience. The world of startups is turbulent. It’s not enough to have goals and the drive to reach them. Startup entrepreneurs need intel. They need to understand the market. They need ideas to build income and a following.
The Honesty Policy
It might seem impossible to find a startup business coach who understands your market, audience and product/services. We suggest starting the search with honesty. Obviously, there’s a good chance you’ve known to look for someone who will tell you the hard truth about your startup, even if it’s negative. However, you also need someone who is honest with themselves and about their skills.Before hiring a business coach, read this to know what you actually need: Click To Tweet
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Think of your startup mentor as a partner. If you were to bring them into your company’s inner workings, would they supply the skills you’re lacking? Do they understand the importance of brand and financial wellness? They may not be an employee, but they are going to be very close to your business dealings. Don’t be afraid to talk about the details of their strengths and weaknesses. This is more than a hobby; this is your company. And just like an employee, if they can’t provide all the skills or talents you need, then you will need to decide if it’s time to supplement the holes with additional guidance.
This is one of the many reasons Talent Tech Labs exists. We believe startups and entrepreneurial innovation is transforming the Talent Acquisition space. Our startup mentors know about creative thinking, but they also understand the buyer. In fact, many of our mentors are the buyer. We provide a full spectrum approach to business coaching including development, planning and implementation of a Talent Acquisition startup. It’s what we know, and we know it well.
Want to see how you can work with Talent Tech Labs? Let’s talk.