What is Business Coaching? [5 Business Coaches You Should Follow]
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You may be a small business owner or the owner of a multinational conglomerate, the benefits of business coaching are undeniable in any case.
Being a small business owner or the owner of a medium sized business can prove to be a lonely affair. This is why entrepreneurs or business owners look for a good mentor or an entrepreneur coach who has experience and can offer valuable resources to empower them. In fact, as per a recent survey, one in six entrepreneurs sign up with coaches to enhance their business performance.
Of course, there’s plenty of material available online in the form of eBooks or business coaching websites intended to offer insights on how to build and grow a business, but most of it is quite generic. As a business owner, your needs and points of inquiry are bound to be unique and generic material can only help you so much.
A business coach, particularly an online business coach can help fill up this gap quite efficiently.
What is business coaching?
Business coaching is a process where you sign up with a business coach and benefit from their experience. A business coach has the expertise to help business owners grow their business and achieve the defined goals in the shortest time possible.
Here’s something to give you a perspective – top CEOs, athletes, and industry experts like Bill Gates, Tiger Woods etc. use coaches to help them do great in their fields.
To put it simply, a business coach helps you exploit your skills, talent, and resources to the best possible standards. However, in recent times, the demand for an online business coach has risen considerably.
What does a business coach do?
A coach can act as a guide or a mentor to any professional, athlete, business owner, or any individual who wants to work on their skills to reach the top of their chosen field or niche.
A business coach does exactly that, with a business perspective to fulfil business goals. A good business coach can help:
- Polish your talent
- Refine your goals
- Direct your decisions, and more
Business coaching services or coaches start out by gaining an in-depth understanding of your business and brand. This includes information like the mission statement, evolution, value propositions, target market segment, current and future challenges, opportunities and more.
The next step consists of developing a detailed understanding of the vision you have for your company and the goals you aspire to achieve.
Every organization is unique, so is every business owner and their vision for their brand. It is important that you convey this unique vision to your business coach. It could be to earn a living for you and your family or start a multi-million-dollar business – but be clear about it.
53 percent of business owners report a noticeable increase in their productivity with the help of small business coaching programs.
A business coach will sit with you and set the right goals based on all the information they have at hand.
Once the goals have been laid out, the business coach then sets out to help you meet these goals by:
- Devising strategies and POAs to help you meet the business goals
- Facing and surviving any challenges that may come their way
- Providing personalized information and advice
A good business coaching service can show the path that can help businesses get to their goals. According to a recent study, 40 percent of the Fortune 500 companies use business coaching to train and develop their executives.
How can a business coach help?
Business coaches typically offer a varied range of services. It is your needs that should be defined clearly. Business coaches for entrepreneurs focus on helping to revive a struggling business, make a business get better results, and can work with every scale – small, medium, or big enterprises.
It is a myth that business coaching companies can only help businesses in trouble.
There, in fact are multiple areas apart from recovery, where small business coaching services can step in and contribute. The best business coaching programs can:
- Help start a new business from scratch
- Guide executives and business owners through the entire process of setting up a business
- Help define their missions and set clear goals
- Formulate long term and short-term strategies for business
- Get over a plateau in their company’s growth and take the next step
Apart from these areas, an entrepreneur coaching program may also include life coaching to ease the burden on the owners
Running a business of your own may be exhilarating but is also full of stresses and challenges, which you may have to take care of all by yourself.
Working with someone who has a business coaching certification, will make sure that you have someone to ease that load, bounce off some ideas, and help you deal with the challenges that are bound to turn up.
A recent study indicated that businesses who enrolled for coaching services received a $7.90 return on ever dollar they spent on the business coaching service.
How to find a great business coach?
Ask yourself, if this business coach is running a successful business of their own? Yup, the state of their business is the biggest clue. This business must be separate from their business coaching service and must be making at least high 6 figures or 7 figures. Here are some points you can look at while looking for business coaching for startups or for any other niche:
- Engage with your personal network
- Search for online business coaching courses
- Use local search with the online search option “business coach near me”
- Look for small business coaching packages that suit your niche
Top 5 business coaches
A business coach is not a motivational speaker who takes the mic and gives you motivational lines in an effort to help you deal with crises and feel better in general.
In the current business environment, investing in a business coach or an entrepreneur coach may be the most valuable.
Here is a list of top business coaches for entrepreneurs. Check it out!
- Melinda Emerson
- Jordan Belfort
- Jay Abraham
- Gary Vaynerchuk
- Andy Turner
A female business coach, Melinda Emerson is a well-known business coach for female entrepreneurs and small business owners.
Referred to as the SmallBizLady, Melinda F. Emerson has been a successful entrepreneur for around 20 years. She has established herself as a keynote speaker and expert on small business development.
The Wolf of Wall Street, Jordan Belfort is known for his crazy selling expertise and as one of the best business coaches for small and mid-sized businesses.
He is the owner of Stratton Oakmont and employs more than 1,000 stockbrokers and raised more than $1.5 billion and has been featured on almost all the leading publications.
An iconic business coach, Jay Abraham is best known for his expertise in creating small business coaching programs, for small business owners, managers, and even teams.
He is a business executive himself, an author, and a revered speaker at conferences. He is especially known for developing strategies for direct response marketing.
Gary Vee, the brand by Gary Vaynerchuk doesn’t have a serious coaching program but is known best for the knowledge bombs he drops regularly on social media, directed at executives and business owners.
Gary is the chairman of VaynerX and the active CEO of VaynerMedia – a full-service ad agency that services Fortune 100 clients. He is also a highly sought-after public speaker and known as a prolific angel investor.
The owner of Vanguard Business Coaching, Andy Turner is most recommended for entrepreneurs, small business owners and marketers.
This prolific business coach for entrepreneurs promises that in just one 45-minute conversation, he can find minimum $10,000 for any business in additional revenue.
Everyone can do with a little help. A small business owner, an entrepreneur, a startup, a multi-million-dollar enterprise, or a corporate house with a global presence – everyone aspires to do a little better.
A good entrepreneur coach takes time to understand the company, the vision of the business owner, and the target segment, before devising any action plan or strategy.
This post introduces you to the concept of business coaching services and how you can use it to improve the overall performance of your business. The list of top business coaches for entrepreneurs helps you find the right people and take the first step towards growth.