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.
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.
The magic of the business plan is not the “plan” itself, but the process that the business goes through in putting it together, and then using it as a living document to guide and direct the business. Here are 5 Steps necessary to begin the Planning Process:
Today I want to share with you one of my own tools for coaching with my clients. It is a great way to help them G.R.O.W. - By asking yourself some of these simple questions when you become challenged or by using them to help and support your teams you will get better results through the GROW coaching process.
Living in such a busy world it is ever increasingly difficult to stay focused on the task in hand.
Being able to focus and concentrate on a single task has many benefits. It often ensures a better job, it can often be completed quicker, it will help to prevent errors or mistakes and other things aren't compromised either.
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.