The purpose of a business is to generate revenue.

I provided that definition in case you are among the countless women who have businesses in name only. You fall into this category if you’ve been in business for a year or more and you don’t have many clients and/or you aren’t making much (or any) income. While more women are starting businesses, unfortunately most aren’t earning much money. According to small business statistics, the majority of coaches earn a meager $20,000 a year and just 10 percent of women entrepreneurs in the U.S. earn $100,000. If this is you, it’s time to decide whether you’re a business owner or just playing one. Successful entrepreneurs invest time and money in their businesses; unsuccessful entrepreneurs don’t.

It’s common for women entrepreneurs to struggle financially for several years—then close their doors. Most women don’t start their businesses with venture capital; they finance their businesses with their savings or with credit cards. The common scenario is this: To stay afloat they’re burning through their savings and racking up more debt. If your money is tight, you’re probably fearful about hiring a business coach (something that you consider a non-essential). However if you’re not making money, you’re hastening the demise of your business by not bringing in an expert. Albert Einstein said, “The definition of insanity is doing the same thing over and over again expecting different results.” A qualified expert can show you how to rapidly revamp your business so that you’re attracting more clients and generating needed income.

A business coach is a similar to having a personal trainer. On your own you’ve been cutting carbs and for months you’ve been hitting the gym three times a week—but you can’t get rid of your muffin top. You hire a personal trainer who changes your exercise routine and within a few weeks your waist-line is slimmer. An entrepreneur turns to a business coach to help her to improve her marketing and increase her income. A good business coach can give you tools to achieve your goals more efficiently and more quickly.

Another thing that a business coach can provide you with is accountability, support and motivation. When you’re experiencing overwhelm, fear or self-doubt, it’s difficult to know the best step to take next. Unlike a friend, relative or even a colleague, a business coach can be objective, show you your blind spots, and give you the guidance that you need to succeed.

So how do you choose the best coach?

1. Have a conversation to determine if the two of you are a good fit. 
Even if the coach has the qualifications you’re looking for, her style may not jive with yours. It’s extremely important that you’re comfortable with your coach.

2. What type of coaching do you want?
  There’s group coaching consisting of 3 to 20+ people. There’s also private coaching where you work one-on-one with a coach.

3. What is your commitment?
  Prepare to invest time and money in your business’ success. Generally, group coaching programs range from $200.00-$1000+ per month and range from 3-12 months. Private coaching typically starts at $5000-$50,000 for 6 month programs.

4. Do your homework.  
Read the business coach’s testimonials. Read the coach’s blog or ezine and participate in his/her free teleseminars or webinars. Find out if the coach has experience with online businesses since some coaches work with corporations or with traditional brick and mortar businesses.

September 2013 Issue