By Margaret Hedderman
At some point in our working lives, we all feel:
- Stuck
- Overwhelmed
- Lost
- Unmotivated
- Directionless
- All of the above and all at once
For employees, you *ideally* have a supportive supervisor or helpful HR person to guide you through your sticking points. (I once had a free career coach!) But for entrepreneurs or small business owners, you are that person—and often the CEO, CFO, and CMO, too. Tapping into a community of fellow travelers is a great place to start, but when you need a big lift, a business coach can be a pivotal resource.
Today we’ll dig into what a business coach does, examining who might need one and outlining the potential advantages and disadvantages of enlisting their help. From personalized advice to strategic planning, a business coach offers various supports—but do you need one? I spoke with two business coaches in the Startup Colorado Community to find out.
But first, what is a business coach?
A business coach is a professional advisor who provides personalized guidance and support. Typically, a business coach helps clients set achievable goals, develop growth strategies, and navigate the challenges of scaling your business from launch to exit/retirement. This collaborative relationship focuses on areas such as leadership development, financial management, marketing innovation, and team dynamics.
Christine Walsh, a “money mindset” business coach based in Steamboat Springs, describes her role as a partnership.
A business coach offers accountability, encourages self-reflection, and fosters a deeper understanding of business principles:
“Being an entrepreneur, you wear many hats and it can be all consuming at times, it is helpful to have objective insight, guidance, and someone to celebrate your wins and support you through your business struggles,” Christine says.
Intended for both new and experienced business leaders, a coach’s objective is to unlock potential, maximize growth, and help individuals overcome the inherent obstacles of running a business.
“The benefits start with having a sounding board and an objective perspective,” says Eric Greene, a former C-suite executive who now coaches CEOs and startup entrepreneurs alike. “There is growth, skill development, and accountability to get you there. There is business expertise and a voice of experience in areas where you may be less experienced.”
He adds that a business coach can also help you expand your personal business network, by tapping into theirs.
Entrepreneurs can utilize a business coach’s expertise to address a specific challenge, engaging them on a short-term basis; or work with one as a long-term guide. Some business owners engage multiple coaches at once, targeting different areas of their business or personal objectives.
How do you find the right business coach for you?
Finding the right business coach starts with a clear understanding of why you need one. Begin by outlining your specific goals and identifying areas where you feel stuck or where growth has plateaued. This self-assessment guides you towards a coach whose expertise aligns with your needs, whether it’s scaling your business, improving team performance, or enhancing financial strategies.
“I would also be adamant about understanding their credentials and their experience,” says Brittany Romano, Startup Colorado’s Executive Director. “Do your best to uncover their methodology and see if it resonates with you.”
Research potential coaches, paying close attention to their previous success stories and the industries they’ve worked in. Sourcing personal referrals is a great place to start. If you don’t know anyone who’s worked with a coach, try dropping a question into the Startup Colorado Community. In fact, there are numerous coaches (like Eric and Christine) who are active members.
Once you start connecting with coaches, you’ll quickly observe their areas of expertise and interests in a client. (Surprise! It’s a two-way street and they can choose whether or not to work with you!) For example, Christine focuses primarily on money management for women entrepreneurs.
“I help my clients by equipping them with the high-level financial strategy and skills, helping them create an entrepreneurial mindset required to grow and scale a sustainable, profitable, and fulfilling business that makes a positive impact in the world.”
Eric focuses on helping his clients—whether they’re executives or new founders—achieve greater performance minus the stress and burnout. His criteria are: “Someone who is hungry to succeed and willing to put in the work, but also someone who is in it for the right reasons. Someone wanting to make a difference; fill a need that somehow makes the world better.”
Both Christine and Eric suggest a preliminary meeting or consultation to help determine if a coach’s style and personality click with yours. Like any fruitful relationship, a good fit feels natural and inspires confidence, making it easier to open up about challenges and work collaboratively towards solutions.
When don’t you need a business coach?
“I always find that there are benefits to working with coaches and mentors who have achieved what you’re looking to achieve,” says Brittany. “However, I think some more useful questions are how do I know what kind of business coach I need AND how will I know when and how to sever my relationship with my business coach.”
When buying her first business, Thrive Yoga Studios, Brittany worked with a business coach for the first year. The experience proved fundamental in navigating some of these early business challenges. After time, however, she felt she had personally grown beyond her coach’s programming. Brittany went on to work with EO Accelerator for the monthly accountability groups.
“The next time I hired a business coach was when I needed help with a specific issue, in my case it was learning to franchise,” Brittany says.
Brittany advises setting clear goals and outcomes for what you’re looking to achieve through coaching, and set guardrails around the term of the relationship.
Again, this all about being honest with yourself. If you are not fully committed to the process, a business coach’s impact will likely be limited, as success in such engagements requires active participation and openness to change. Similarly, if you have unrealistic expectations about the quick fixes a coach can provide, you may be disappointed; effective coaching requires time and effort in implementing complex solutions.
In such cases, your resources might be better spent on direct business activities or sector-specific consulting that aligns more closely with your current needs.
