Edmonton Business Coach | Creating a Plan for Success
Many entrepreneurs are not aware of all the obstacles they will face as a business owner until they open the doors to their business says Edmonton business coach. Which is why it is extremely important for entrepreneurs to get as educated as possible before they open their business.
In fact, there are so many entrepreneurs who struggle with business ownership. That the failure rate for entrepreneurs in Canada is extremely high.
Industry Canada did a survey, and found that 15% of all small businesses that open their doors and up failing within the first year of business.
The same survey discovered that 30% of entrepreneurs that open small businesses in Canada close their doors within their second year of business.
And half of all Canadian entrepreneurs the doors to their business before being open for five complete years. This is a lot of businesses who are failing, and industry Canada wanted to find out why.
The survey that they did in order to find out why businesses were not succeeding. Showed that there are three main reasons why entrepreneurs were failing in business.
The third most common reason why entrepreneurs were not successful. Affecting 23% of these business owners, was that they could not find or keep staff they needed to work in their business.
The second most common reason that entrepreneurs failed. And was the reason why 29% of failed entrepreneurs say they were not successful. Is that they ran out of money in their business.
And the single most common reason why entrepreneurs in Canada are failing. Affecting 42% of failed entrepreneurs, is that they could not find enough customers to sell their products or services to.
The most shocking thing about all of these obstacles says Edmonton business coach. Is that they are all things that could have been prevented. Either with an effective business plan. Or by hiring the right coach to work with entrepreneurs in their business.
While having a business plan is a great step in the right direction. Many business owners that have business plans do not use them regularly or at all. Which does not always help them overcome these obstacles.
Instead, business owners should hire Edmonton business coach in their business. Because not only will they ensure that business owners have a business plan. They will ensure business owners are using that plan, and executing all of the tasks that they need in order to succeed.
Since many entrepreneurs struggle with accountability. Having someone that is holding them accountable on a weekly basis. Such as a business coach will in their weekly strategy sessions.
Can help ensure that not only is there someone on an entrepreneurs team helping them succeed. But that what they are holding onto doors accountable to, are proven systems and processes that are designed to help them succeed.
The sooner entrepreneurs can hire professionals that can help them in their business. The sooner they are able to not only overcome the common obstacles that entrepreneurs in Canada face. But also the sooner they are able to implement the strategies needed to grow their business, and achieve all their goals.
Edmonton Business Coach | Creating a Plan for Success
There are many different challenges that entrepreneurs face when they open the doors to their business says Edmonton business coach. And while many business owners open businesses in industries that they are very knowledgeable in or passionate about.
Simply having knowledge and industry, does not mean that an entrepreneur can effectively run that business. For example, just because someone is a very talented electrician. Does not necessarily mean that they know how to run a successful electrician business.
And just like athletes, who may be the best in the world and at the top of their game need coaches. Entrepreneurs, who may be the best in their industry. Also need coaches.
For an athlete, a coach will help them get on the right training program. From what exercises they need to be doing and how often. To how much sleep they get, what foods they need to eat as well as what supplements they need to take.
As well, the coach will provide an objective view. To see what weaknesses the athlete has, so that they can work on improving those weaknesses. Or learn what they need to do to compensate for those weaknesses.
In a team setting, the coach will put athletes together whose skills will complement each other. As well as come up with the place that the team is going to use in order to score goals. And then practice those plays over and over until they know them flawlessly.
And while many people understand that a coach can be successful in helping even the most talented athletes succeed. Many entrepreneurs fail to see how business coach can help them in their business.
However, the role of a business coach is exactly the same as a coach of a sports team. They know what plans an entrepreneur needs to have in order to be successful.
Because those plans have been created by using the same systems and processes that have been proven to work. By looking at what million dollar businesses, and top rated CEOs are using an order to succeed.
A business coach knows what strategies to use, and can help see where entrepreneurs and their business have weaknesses. So that they can improve them. As well as help them accomplish the tasks that they need to each week in order to be successful.
In addition to providing proven strategies. Edmonton business coach will also help automate and systematize and onto doors business. So that all of the tasks are repeated double, and teachable. So that they can hire staff in order to do those tasks.
Not only will this free up an entrepreneur’s time to work on the growth of the business through marketing and sales. But also, when those sales and marketing strategies start to work. The entrepreneur can simply hire more staff, who will be able to teach those repeatable tasks to the new employees. So that they can grow.
If entrepreneurs truly want to grow their business. And be the top of their industry as an entrepreneur. Hiring an Edmonton business coach is how they can ensure they make that happen for themselves.