I am often asked by other coaches & business "start-ups" What are my top tips to be successful as a business owner? Then earlier this week I was approached by a lady who was just starting out on her journey to help others as a life coach. She wanted to know what were my top five tips for a business start up as a life coach. I sent her an email response and thought to myself I get asked these questions a lot, so thought it might be useful if I was to share the email with you here.
Did you know that statistically your chances of survival in business beyond five years are about the same as the flip of a coin!?! According to recent statistics published by the Small Business Administration (SBA), seven out of ten business startups will survive at least two years but only 51 percent will survive beyond five years. This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years.
Fear is a distressing negative sensation induced by a perceived threat. It is a basic survival mechanism occurring in response to a specific stimulus, such as pain or the threat of danger. In short, fear is the ability to recognize danger leading to an urge to confront it or flee from it (also known as the fight-or-flight response) but in extreme cases of fear (terror) a freeze or paralysis response is possible.
If it's not in writing, it's not a goal. An unwritten want is a wish, a dream, a never-happen. If it's in writing, it's a commitment.
2. If it's not specific, it's not a goal. Broad desires and lofty aims have no effect. It must be concrete.
Do you know where you are going in your business for 2010?
* Do you know where you will end up at the end of 2010?
* Do you have some destinations planned?
* Do you know how to set some realistic goals for your business?
* How are you planning to take advantage of the recession recovery in 2010?
* After all, if you don’t know where you are going how will you know if you have got there!
1: Be Specific
This strength is particularly relevant when setting "Smart" goals because some of your projects will require detailed planning. The more specific you can be on the next step or action required, the more likely you are to take that step and get closer to the goal.
Goals should be straightforward and emphasize what you want to happen. Specifics help us to focus our efforts and clearly define what we are going to do.
Specific is the What, Why, and How of the SMART model.