Why A Mentor Is Important For A Small Business

Whether you start a big or small business plan, having a mentor by your side who guides you and inspires you can turn the tables in your favor.

It has been reported by Kabbage that 92% of small business owners find it crucial to seek help from a mentor after starting up in 2021. While 22% of them already have an experienced mentor before they step into the business market.

Learning first-hand from the mentor and gaining practical experience can speed up the path to success for a mentee. From avid business growth to lucrative business contracts, a mentor-mentee relationship can help you achieve greater insight into your business decisions with more sales conversions.

We have carefully crafted this content to help you acknowledge why a mentor is important for a small business.

What Is A Small Business Mentor- Things You Should Know?

Simply put, a small business mentor is someone who has ample experience with entrepreneurship and ensures proper business growth and success. They can be your family, friend, casual acquaintances, or even online gurus that can help you achieve your business goals while shortening the curve of mistakes and failures.

Business mentoring can be leveraged at all stages of a business lifecycle, and it should be especially if you cannot handle the business management alone.

Even the most successful and ruling entrepreneurs like Steve Jobs and Elon Musk have sought mentorship. According to a survey, more than 70% of the small businesses that received mentorship for five years or so had better survival rates and revenue growth than the non-mentored businesses.

Setting up a business is overwhelming and can keep you on your toes, especially when you have zero knowledge about tackling complex challenges. What would you do if you are stuck with your business license or the financing plan is not coming along?

To save yourself from situations that can be bad for business and money, get guidance from a person who has been in your shoes and knows how to turn your passion into a lucrative business.

Reasons Every Small Business Needs a Mentor

small business mentor chatting with mentoree

As they say, success is not served; it is earned. So, you need someone to teach you the art of "earning success."

If you are still not convinced or your business partner is hesitant to trust a mentor with their life-long savings, here are all the reasons that indicate now is the right time to seek mentorship.

With mentors comes great experience and a new perspective

Mentors have seen it all that you are about to experience, and this is why they can see your business problems from a lens that you do not have. From joint ventures to strategic planning, mentors can deduce and evaluate the challenges waiting for you.

Often, your mentor will give you views that you have not thought of. Of course, it will solve your problems, but it will provide you with a fresh perspective.

Moreover, with their experience handling things differently, your mentor will allow you to learn and grow instead of making easy-to-avoid mistakes. Avoiding costly mistakes is a perfect reason why a mentor is important for a small business.

Mentors provide opportunities to grow your network

networking with a business mentor

Regardless of the size and type of your business, if you do not have a strong network, your survival rates are low. Without a mentor, building connections and expanding your networks will take ages to acclaim profitable business opportunities.

However, you can easily link up to CFOs, CEOs, and other key business professionals in a stellar network when you have a mentor because your mentor has been in the industry for years and is already part of the business community hub with a strong social network.

Build a profitable business culture with your mentor

A well-composed organizational culture is crucial to maintaining the integrity of your business. Moreover, it promotes a great work environment by keeping the employees committed and motivated.

A mentor can help you include elements like trust and compliance in your company. In addition, a good business culture helps you build a long-standing reputation amongst the big names with an efficient work environment.

As a result, your small business can easily leverage many lucrative opportunities.

Mentors help you make informed business decisions

As a business owner, frequently, you will find yourself in difficult situations where you will have to make instant decisions. But how would you do that? What if you get stuck or make a bad decision that will result in huge losses?

That is exactly why you need a mentor; their knowledge and experience will enable you to make the right decisions at the right time without the fear of failure.

Improve your management skills with your mentor

Improve your management skills with your mentor

Even if you start a business successfully, you will need to work hard to upkeep its success and move it forward. Setting up a business is one thing, but running it requires many skills such as avid planning, excellent communication, on-time problem solving, and management.

You can learn these skills by making many mistakes or simply getting help from a good mentor. The choice is yours.

If you have already started and faced many problems due to a lack of guidance, it is still not late to get a mentor. They can help you rectify your mistakes and revive your business in no time.

How Can A Small Business Mentor Help You?

With time, small business owners realize the need for mentorship, especially after the disastrous outcomes of the Covid-19 pandemic on the world's economy.

A business mentor can help and benefit you in many ways, including:

Advice and answers on the go

With a mentor at your side, you will always have answers to your queries and expert advice on the go. So, instead of going to your family, friends, or fellow young entrepreneurs who may give good advice at times, but not always, it would be best to consult a professional - a mentor.

Your mentor will always have a solution for you, or they will find a way to resolve even the most complicated issues in a hassle-free manner.

You can vent whenever you want

business mentor chatting with a business owner online meeting

Running a business is no child's play. It is draining, frustrating, and exhausting, especially when you are a newbie and competition is high. However, you cannot allow your feelings to bottle up, and neither can you vent to your business partners or employees as it may demotivate them.

So, whether you want to vent out or need a shoulder to cry on, you can rely on your mentor.

Impeccable business strategies and methods

As a business owner, you would always require methods and strategies to deal with unforeseen circumstances. With their expertise in your areas of interest, your mentor will help you prepare for such situations beforehand.

And, even if a complex situation arises before you have learned anything, you will have a problem-solving, walking, and talking library of flexible strategies with you in the form of your mentor. Moreover, your mentor's experience will also help you boost your employee's morale and upkeep a motivating work environment.

Mentor-mentee relationship

Usually, your relationship with the mentor would be a short one because once you learn the art of running the business and enhancing professional growth, your journey with the mentor will end.

However, frequently, you will need to collaborate with your mentor for a long-term relationship with a mutual agreement to maintain the success and integrity of your business.

Constant boost of motivation

Most young entrepreneurs give up as soon as they start their small businesses. The pressure of success and survival becomes too intense to handle and manage.

While you are on the verge of giving up on your dream venture, a little boost of motivation or a nudge by your mentor can help reinstate your confidence, especially when you hear the story of failures and struggles experienced first-hand by your mentor.

Apart from all of these benefits, you can also learn the fundamentals of financial assistance, administrative assistance, developmental assistance, and even some prospects of technical training from your mentor. Because with years of experience, they become a pro at multi-tasking and can help you become one.

Different Ways To Find A Business Mentor

couple searching for a business mentor

Now that you are certain that your business needs to move forward with a mentor, you must find the right one.

Save yourself from the scams, and find the right small business mentor at reliable leads, including:

ronald osborne business mentor website

Key Takeaways

In the U.S, around 587,00 small businesses emerge every year, and only half of them survive for even five years, while a majority chunk of that existing half vanishes in 10 years. Why- because they think they know it all and do not need guidance.

A small business mentor is always there to help, guide, educate, advise and provide assistance with start-up launch. In addition, it helps you in various business aspects where you lack experience and expertise.

Therefore, before you start your journey, get yourself a mentor who will help you acknowledge your failures and learn from your mistakes. Remember that there is no shortcut to success, and even the best mentor in the world cannot fix all your business-related issues, but they can help you find ways to handle complicated situations. Understanding why a mentor is important for a small business was the focus of this article and if you need a business mentor, research Ronald Osborne.

FAQs

Are Business Mentors Worth It?

Business mentors are worth it because they can shorten the path to success. With a business mentor you will have someone guiding you along your business journey. Showing you all the shortcuts.

Who Is The Best Business Mentor?

There are many famous business mentors that could be classified as the "best business mentor." However, it is important you find a business mentor that works tirelessly for you and helps you achieve your goals.

What To Expect From A Business Mentor?

You can expect a business mentor to be very similar to a business coach. They will help guide you throughout your business journey. They will be your soundboard. Business mentors will not get hands on with your business. They will discuss solutions and possible strategies your business could utilize to help you improve.

How Much Does A Business Mentor Cost?

Typically, a business mentor will cost between $75 to $250 an hour. Mentors will usually charge by the hour or they will offer mentoring packages.

Why Your Small Business Needs An Emergency Fund

Most entrepreneurs nowadays believe that if you want to start a business, you have to go into debt. Unfortunately, this concept is so firmly ingrained in our DNA as Americans that it never occurs to us that we might be able to save enough money to cash flow a company and escape taking out loans.

This does not occur because many of us lack the financial means to set up a business. We aren't ready to make the sacrifices required to save more than a few hundred dollars at a time because we exist in a fast-food culture where the word "patience" isn't in our lexicon.

Although you, like many Americans, are dealing with these problems, there's no reason you can't overcome them and save enough funds to begin your own company. Do you have any doubts? Continue reading and we will show you why your small business needs an emergency fund.

Small Business Needs An Emergency Fund

Assets In America: A Tragic Situation

According to GoBankingRates' somber 2021 analysis, the average American has a pitiful savings account. Less than $1000 is the bank statement of more than 57 percent of Americans, and 39 percent have no savings.

Only one in every four adults has $10,000 or more in savings, implying that three out of four families would struggle to last more than 3 or 4 months without a paycheck.

Whereas every scenario is unique, the basic rule of thumb is that by the age of 30, you should have saved up a total of your annual pay. You should have a 3-year annual income saved by hitting 35 and 40, respectively. Monetary analysts agree that you should have accumulated eight times your yearly pay by the time you hit 65, i.e., pensionable age.

The general lack of cash among Americans is concerning for a range of reasons, but it appears to be much more so when combined with our culture's fondness for loans. A combination of high debt and low savings is a prescription for catastrophe. It's also a major stumbling block to achieving key goals, such as launching a business.

When you don't have enough money to start a business, you have three options: put the concept on hold, give up shares in the company, or take on a lot of debt. Because none of these possibilities are perfect, it's highly likely that you'll adjust your financial planning routines and discover a way to save more money.

How To Set Up A business On A Shoestring Budget

There is no precise formula for starting a company. They might begin as simple pastimes and grow into something much larger over time. Sometimes, they begin as professional enterprises and then evolve into something else. So remember, when you estimate business startup costs, it's important to be realistic.

Different strokes vary from person to person, but there's a lot to be said to keep a business cash flow positive and minimize the burden and mountain of loans on the front end. However, in order to finance your own company, you must change your habit of savings and gain a greater understanding of your financial condition. Here are a few ideas for getting things started.

Getting Out Of Debt

GET OUT OF DEBT

Let's begin with the most controversial subject: debt. We all appear to have it, but few really address it until we're completely overwhelmed by it.

We all have debt, whether it's student loan debt, auto debt, a mortgage, credit card debt, a personal loan, or something else entirely. Calculate all of your monthly bills in a hurry. Like most people, you spend hundreds (if not thousands) of dollars each month on loan repayments. Consider what you could accomplish if you were debt-free.

You'll assume that you got a promotion once you've paid off your debt. But, unexpectedly, all of the funds heading toward debt repayment can be spent on other things, such as business startup funds, business savings, and bank deposits.

Reduce Your Discretionary Spending

Reduce Your Discretionary Spending

On a tight budget, how can you address debt vigorously? The first solution is to reduce your discretionary expenditure and apply savings to your debts.

You must be smart enough to come up with a few hundred bucks per month between online shopping, eating out, weekend beverages, and buying stuff, you don't actually need. This can build up to a significant sum of money over the duration of a year. Business owners that cut their discretionary spending have a great understanding of why your small business needs an emergency fund.

Create An Emergency Fund

You must first strengthen your cash savings until you can focus on generating startup money for your business.

Prior to abandoning your regular employment and starting a business, you should set away at least six months' worth of daily expenses. That's because it'll be at least six months before you have enough money to start earning a salary. (In most situations, it will take between 12 and 18 months.)

If you can't put together a sizable emergency fund to cover your costs, you'll need to devise a different strategy. Having one spouse's career progression, extending hours at a present job, or taking on another part-time employment can help married couples to have an appropriate amount of emergency funds saved.

Why Your Small Business Needs An Emergency Fund?

A shortage of available money may be a huge roadblock for firms struggling to grow or survive during bad economic times. In fact, 20% of small business owners report that a lack of adequate money is their worst obstacle. And in these difficult economic times, a shortage of cash on hand can signal disaster for a small firm, as half of them have only a 27-day liquidity buffer.

The nationwide shutdown in 2020 has highlighted the critical requirement for small enterprises to have emergency reserves in order to maintain functioning or stay in business when closed entirely or partially. When businesses are trying to withstand catastrophic financial times, a shortage of available money can be a huge roadblock.

What Is An Emergency Fund?

What Is An Emergency Fund

Emergency funds are essentially accessible savings accounts that firms can access whenever they need them that are in desperate times and aren't used in day-to-day operations.

How Much Money Should Your Fund Have?

According to experts, the money you should deposit is mostly reliant on the other elements that affect your organization and your operational expenditures.

Consider the following factors when calculating how much to save for an emergency:

Inventory and receivables: Companies with long inventory or receivables should have higher reserves, according to Bucci.

Your company's structure: Do you operate as a sole proprietorship? Do you employ people? Bucci advised considering the financial implications of losing money in perspective of your ability to sustain the operation.

Your unique positioning: Do you have enough personal savings to go without a salary for a while? Is this a passion or side project, in which situation you may only require a small amount of cash on hand?

Cyclicality:

Cyclical or seasonal businesses should put more money into their emergency fund. "More unpredictability in the business implies they should have more in emergency savings, with 3 months being the threshold and 24 months being the maximum," Jessica Mah, CEO, and Founder of InDinero, a small business accounting firm, told The Balance via email.

Savings Can Be Automated

It's too easy to get wrapped up in consuming and forget about saving. Unfortunately, this can have some rather significant results over time. While there are a variety of approaches to dealing with this problem, automating the budgeting procedure is one of the most effective. This is a fantastic place to start if you can find a bank that will help you automate your savings.

keep adding to your savings account

Consider The Following Question

Try to stay aware of what you're doing when you're at a store, whether it's Walmart, a supermarket, or a high-end boutique. For example, before adding stuff to your shopping cart, ask yourself one simple inquiry: "Do I need this?"

The truthful appropriate response is almost always "no." You may not like my response, but it's exactly what you want to listen to in order to prevent wasting money on items you don't require.

Begin Small And Gradually Increase Your Investment

It's tempting to try to do as much as at once when you initially start your company. But unfortunately, this frequently prompts novice entrepreneurs to focus on low-level activities rather than the foundational building blocks that do business.

Profits Should Be Reinvested

The last rule of thumb is straightforward in theory but difficult to apply in reality. While it's normal to want to spend the money you produce from your small venture right away, reinvesting your profits is a much better strategy. You will be able to continue to grow without having to take on debt as a result of this.

Small Business Coaching

Consider a small business coach to be a combination of a business mentor, psychologist, sounding board, life coach, and business mentor, for entrepreneurs. A small business coach can assist you in developing a business plan, putting your idea into action, and ensuring that your business model is profitable and successful, and can save you from business failure. This person can also serve as an objective assessor for your initiatives and assist you in diagnosing problems inside your organization when they occur.

A small-scale business coach is an expert who understands the ins and outs of managing a business. This encompasses suggestions for becoming a better manager, dealing with the strain of being a business person, generating extra revenue, growing sales, etc.

small business coaching will help you prepare an emergency fund

How The Qualities Of a Small Business Coach Can Help You

All small business coaches provide a similar set of services. You'll receive inspirational assistance to help you conquer personal challenges to manage your business, as well as motivation to embrace new changes and confidently operate your firm. Small business coaches can provide basic support, allowing you to skip years of personal learning or trial-and-error in order to identify tactics that can help your company expand. They can also help you develop business fundamentals like revenue projections and business plans.

Numerous small business coaches also provide assistance that goes beyond the basics of business. These organizations may offer one-on-one sessions to explore the issues you experience as a businessman and how to overcome them.

Your small business coach may be able to provide you with more personalized assistance as well as opportunities for hands-on learning. Some larger coaching businesses include retreats, bespoke business strategies, or indeed specific marketing and sales methods. You could discover a small business coach who is more like a life coach or a quiet business partner, depending on your needs. It all comes down to your desires and expectations from the partnership.

Conclusion

When it comes to starting a business, one of the most important elements to consider is how you spend your finances or business expenses. While some people can transform a small business loan into a multibillion-dollar company, many find it more rational and risk-free to cash flow their enterprises and avoid debt. If you want to take the latter route, ensure you have a game plan to obtain and increase startup money for your business. This will allow you to charge right out of the gate.

The bottom line is that even the most brilliant business concepts can collapse due to poor management. In business, financial management is crucial and should not be overlooked. Many business owners want to avoid it because they are afraid of what they could uncover, but the longer you wait to regulate your financial activities, the more risk you subject your company to. You're taking a risk since you're losing money and a chance to save your company. Now you can understand why your small business needs an emergency fund.

FAQs

Can An Emergency Fund Be In Stocks?

Yes, you can have your emergency funds invested in stocks. However, it is not advisable to have more than 50% of fund invested in stocks. Your emergency fund should be liquid as possible.

Can Your Emergency Fund Be Too Big?

Yes, an emergency fund can be too big. Your emergency fund should be enough to support your business for a minimum of six months. Ideally twelve months if possible. After that, it is better to invest your funds into your business.

How Big Should My Emergency Fund Be For My Business?

Your emergency fund should be enough to help you get through six months of difficult times. It would be ideal to have twelve months if possible. It is not recommended that exceed twelve months as those additional funds could be utilized to invest in your business to help it overcome the difficult circumstances.

How To Open A Small Business In Australia

If you live in Australia or plan to move to the country, you're probably wondering how to open a small business in Australia and the requirements to run your business.

According to the Australia Bureau of Statistics, there was a 3.8% increase in the number of businesses in Australia in 2020/2021. This increase shows a spike in small business owners and new entrepreneurs in the country's ecosystem. This spike has meant that business coaching services have increased to help the new Australian entrepreneurs.

How To Open A Small Business In Australia for anyone

The Short Answer About How To Open A Small Business In Australia

You can start by creating your business plan and business structure, then secure a good, business-driven environment to launch. For instance, you can conduct business in Melbourne, Sydney, Brisbane, Perth, and other business-driven areas. When considering how to open a small business in Australia, Darwin and Adelaide are smaller cities within Australia. However, they are growing and might be the perfect place to open your business.

And you can meet a small business coach who'll help set your entrepreneurial journey. It's also essential to know about the legal obligations (tax registration & payment) for your dream business, the necessary licenses for operation, and how to register your business name with the Australian government.

You Can Start a Small Business at Home in Australia

team starting up a small business in Australia with the help of a small business coach

Starting your own business in Australia is pretty straightforward. You can even launch it from your room. However, below is everything you need to kick-start your small business:

1. Get a Business Plan

To launch a new business in Australia, you need to have a business plan. A Business plan contains everything about your to-be-launched business.

Below are what you must have in your Business plan:

Your Products/Services

There must be a clear idea of what service or product you'll be rendering/producing. For example, are you introducing a completely new service/product to your audience? Or do you intend to improve an existing one?

Your Competitors

It'd help if you clearly understood who your rivals are in your new business venture. But, first, you have to identify what they're good at and what they've been neglecting. This will empower you to offer something better and to have the edge over them. Before considering how to open a small business in Australia, you must have a strong understanding of the competitive landscape.

Your Audience

One of your business goals is to make your goods and services known to customers. To actualize this, you need to know your audience. You should know where you can find them, their pain points, and how to solve them when you kick-start your business.

Your Operating Policy

small business operating procedures

Your business plan should also contain an operating policy. Since starting a small business is a self-employment job, you have to decide how you intend to operate.

For example, when is it convenient for your customers to reach out to you? How do you prefer to be reached? What's your product or service price? Will you be hiring employees?

Your Basic Needs

Your basic needs are the equipment you'll need for your business. Are they electronics or in the form of a software stack? Next, you need to know where to get them, how much they cost for a repair, and if you can borrow them or make a new purchase.

Have a Structure

Choose your business structure before registering your company. For example, will you be a sole proprietor of your company, or do you care to have a partner?

In addition, if you're going to employ people, you need to know the number of employees required. Then, after finalizing the kind of structure you want for your small company, you can proceed to register.

Have Marketing Plan & Distribution Channels

Distribution Channels for small business

The kind of business you plan to venture into will determine what method to use in marketing your goods or services.

For example, you don't need to pay or spend unnecessarily to sell your goods and services. Instead, you can create social media accounts for your business and employ a social media manager for content marketing to cover costs. Your social media manager can harness social networks like Instagram, Twitter, and TikTok for this cause.

To distribute your goods/products, you can hire a commercial driver or motorcyclist to deliver them to your potential customers.

2. Form Your Brand

creating a brand with the help of a business coach

To start a business, you have to form a good business name. What name do you intend to be called by your customers? Carving a unique name for your brand is very important. Below are what you need to do before picking a name:

Do a Research

Since you wouldn't like your business to be mistaken for another enterprise or company, you should research to confirm that nobody else is using your chosen name. You can discover this using a Google search. Before you invest any capital into how to open a small business in Australia you should ensure that you research everything leaving no business opportunity to chance.

Create a Website With the Selected Business Name

Try creating a website using the selected business name as your domain name. Then, if the domain name is still available when you try, you can use it.

You should also make sure your business name is easy to pronounce, as this will be useful for advertising your business on media (radio & television) in the future.

Legal Requirements for Starting a Business in Australia

legal requirements for opening a small business in Australia

Having a good business idea and money aren't the only requirements to become a business owner in Australia. You need to have both legal business and regulatory requirements provided by the Australian government to start your new venture into business.

Below are some of the legal business requirements you need:

Register A Business Name

Your new business name registration is one of the first requirements to operate in Australia. You need to register your chosen name and obtain licenses from the Australia Business Register (ABR) before you start building a business.

Once you get your own Australian Business Number (ABN), you're good to enter the business.

Taxes

Before starting a business in Australia, you need to do tax registration for your business. The Australian Taxation Office (ATO) is where you need to go for this exercise. Your business type and income will determine how much tax/taxes you pay yearly.

You can include your business income in your tax return as a sole trader. And you're not to pay a separate tax for your business due to personal liability.

It's worth mentioning that you have to use a tax file number to report your share in your return in a partnership business structure. And when your business begins to grow, you'll have to register for Goods and Services Tax (GST).

You also don't need to worry about withholding tax or getting fuel tax credits and fringe benefits tax.

The Fair Trading Laws

Fair Trading Laws for small businesses in Australia

After you register your business, you'll need to observe and keep fair trading laws. Fair trading laws guide how you interact with your customers and competitors.

These laws keep you away from unfair market practices and ensure your customers are treated with equity. The regulations also create a safe space for fair competition between your business and other brands.

Business Privacy Law

By starting a small business, you'll be exposed to many of your customers' personal information. To prevent you from using this information against your customers, you must adhere to business privacy law. This law encourages businesses to protect the data of their customers.

Not complying with this law can affect both your business and your customer.

Refrain from IP Infringement

To kick-start your business in Australia, you shouldn't pinch other businesses' Intellectual Property (IP); don't try to copy another brand's IP. Instead, create your own IP like your trademark, Copyright, Patent, and designs.

Infringing other businesses' IPs can land your small business in big trouble as the businesses may take legal action that may eventually affect your business.

If you want a unique trademark for your company, make some and register it with IP Australia.

Follow Legal Marketing Strategy

To open a small business in Australia, you need to know how to market your products and services. Using your IP is always the best. Advertising your products via permissible social platforms in the country is also essential.

How Much It Costs To Open A Small Business In Australia

Costs to Open a Small Business in Australia

On average, you may need between $3,000 - $5,000 to open a small business in Australia, depending on the type of business. However, let's consider some of the expenses involved.

Firstly, you can register your business as a company for $512 or obtain only a business name for $37/year (or you could pay $88 for three years).

Next, you may have to consider salaries for your staff; the Australian minimum wage is currently $20.33 per hour (before tax).

Also, rent is a substantial cost. The amount depends on the size and location of the premises. For example, on average, you may spend about $1025/square meter per year in Sydney CBD and $380/square meter per year in Brisbane.

Other costs include professional fees, insurance, office equipment, and more!

Frequently Asked Questions

What Is Required to Start a Business in Australia?

To open a business in Australia, you must register and get a license from the Australia Business Register (ABR).

Is It Easy to Start Business in Australia?

Yes, starting a business in Australia is pretty straightforward. If you have the requirements and funding, you can create your business.

Final Words

Starting a small business in Australia may be quite easier than you may expect. Firstly, you need to develop a business plan that highlights your products/services, competitors, audience, structure, and more!

Next, you're expected to form your brand. You can create your brand by doing a lot of research to get a good business name and then create a website for the business.

In addition, you have to take note of some legal requirements such as taxes, fair trading laws, business privacy laws, and more! Now you will know how to open a small business in Australia.

20 Best Business Coaches to Follow in 2022

Entrepreneurship truly comes with its perks. But before you fully attain great heights as an entrepreneur, you'll have to work hard. And sometimes without any certainty about actually succeeding.

However, getting yourself a business coach may work in your favor and make the journey easier. This is because they may have already had the experience, and they'll help you prevent some mistakes you may encounter in your entrepreneurship journey.

So, if you're searching for the 20 best business coaches to follow in 2022, you're in the right place! We'll look at some of the best coaches to follow to kickstart your entrepreneurship journey in 2022.

1. Ronald Osborne

ronald osborne

Ronald is a serial entrepreneur who has established himself as one of the best business coaches you can find out there. He is considered one of the best business coaches to follow because unlike many coaches, Ronald built his multimillion dollar business all by himself.

The successful business coach offers world-class marketing techniques on ronaldosborne.org and a unique coaching approach that could change your entrepreneur game and improve overall business throughout your journey.

If you've wanted to establish a profitable business with a unique client raving experience, Ronald Osborne is the guy to follow. Also, keep up with his entrepreneurship articles to stand a chance to experience life-changing growth in your business. Ronald Has a YouTube channel that provides a tone of insightful business information. How can follow Ronald Osborne on Facebook where he post content regularly.

2. Tony Robbins

Tony Robbins

If you'd like to take assessments to boost your self-awareness in a way that could reflect positively on your business and its infrastructures, Tony Robbins is the business coach to follow.

You can listen to his podcast series with entrepreneur celebrities and top-class-leading thinkers. This will positively impact your journey to becoming a successful entrepreneur.

Also, follow his Facebook page, read his business-improving articles, and watch his entrepreneurship videos to improve your passionate energy and self-awareness as an entrepreneur.

3. Allison Dunn

Allison Dunn

Allison Dunn is the founder of Deliberate Directions, whose sole aim is to impact upcoming entrepreneurs with the required leadership traits. For instance, they'll learn to remain dominant in any area of their business interests, and Dunn will also help them scale up their businesses to greater heights.

Allison has been one of the top business coaches to help many successful brands and up to a million entrepreneurs in her many years of coaching as a female entrepreneur.

Make sure to check Allison Dunn's leadership articles, absorb her YouTube videos, follow her Facebook handle, and get inspired by her podcasts to step up your leadership game in business.

4. John Maxwell

John Maxwell

If you've ever wanted to acquire tips on succeeding in business as a leader, John is the business coach to follow.

He's a business coach who speaks about leadership and dominance in business. Following his leadership advice can equip you with the relevant skills to make you dominate in your niche, which could positively impact your journey to a successful brand or enterprise.

His training has assisted interior design professionals in nailing huge contracts through the skill of persuasion and possessing the right leadership traits.

Stick to his leadership articles and Facebook handle to get top-quality advice on stepping up your leadership game in business.

5. Jay Abraham

Have you faced challenges or difficulties in business and would like to know how to solve them? If so, Jay is the right business coach to follow! He's an enterprise developer who offers mentoring programs that define proper project management through leadership development.

His business model is unique, as it's solely focused on solving business problems since challenges are inevitably going to arise in your business at specific points in time.

Follow his Facebook handle, read his problem-solving articles, and grab clues from his YouTube channel and podcasts to stand a chance to provide solutions to any problem you might encounter in your business.

6. Nick Loper

Nick is the right guy if you want to make money online, transform your entrepreneurship game/side hustle into a life-changing business, or earn some bucks outside your regular job.

His business coaching has seen his past clients achieve tangible results in business profitability. Using his splendid ideas, you'll definitely improve yourself as an entrepreneur and also turn your side hustle into the main deal.

Adhere to his life-changing podcasts, follow his Facebook handle, and read his money-making articles to get a hands-on experience in getting your entrepreneur life on track for monetary success.

7. John Mattone

Whether you like it or not, you must possess some leadership skills to get an edge in any business niche you might find yourself in.

John is a natural-born leader who decided to channel his leadership traits to the development of aspiring entrepreneurs worldwide.

Current and aspiring business owners need to follow John Mattone's blog articles and Facebook handle to acquire leadership traits that could positively impact their own business.

8. Tammy Adams

Tammy is a strategic coach in the business world who happens to be the founder of the Local Small Business Coaches (now the Badass Business Owner Podcast), which focuses on developing small businesses in any niche of business.

She's part of small business coach associates that comprise different inspirational and business leaders coming together to impact knowledge on entrepreneurs to breed successful companies.

If you'd like to step up your game as an upcoming entrepreneur, you need to follow Tammy Adams on YouTube to consume her weekly coaching videos and listen to her podcasts.

9. Steve Mitten

On your way to a successful entrepreneurship journey, you'd need to learn how to handle stress, set and accomplish achievable goals, and learn how to put your funds to good use. And Steve is the perfect business coach for the job.

Steve is a UK business coach who offers business and life coaching services that teach upcoming entrepreneurs how to acknowledge external factors that intend to affect business significantly.

As an internationally-recognized life coach and renowned speaker, he has featured in countless national television shows.

Follow his Facebook handle and get to acknowledge these external factors and use them to your advantage.

10. Marshall Goldsmith

If you've ever wanted killer leadership tips to improve your dominance in business, then Marshall is the right business coach to stand by.

His finesse makes him stand out, and consuming his contents could give you the ability to handle any situation you find yourself in business.

Follow Marshall Goldsmith's Facebook handle to learn how you could develop leadership and become a more dominant business owner.

11. Melinda Emerson

Are you an aspiring entrepreneur looking forward to starting a small business with the hopes of succeeding in your field of interest? If so, Melinda is your best bet for a great business coach!

After many years of quitting her corporate job, Melinda now offers business coaching services that teach upcoming entrepreneurs the foundation of marketing, finance, and small business growth strategies in a straightforward manner.

Also, she focuses on helping entrepreneurs with tactics to ensure consistent profitability.

Small business owners need to follow Melinda Emerson's Facebook handle, stay up-to-date with her blog articles and read her ebooks to learn how to improve their small businesses.

12. Lindsey Anderson

For established business coaches or digital entrepreneurs looking forward to acquiring more lead-generating knowledge, Lindsey is the right business coach for the job.

Out of numerous business coaches specializing in lead generation, Lindsey stands out as one of the best female business owners in this fast-paced business world.

As a serial strategic planner and a successful female entrepreneur in online marketing, she has unlocked numerous lead-generating secrets of any successful brand. She also helped the general public with her health and wellness community.

Small business owners should keep up with Anderson's strategic planning ebooks and blog articles to grasp some lead-generating tips for improved money-generating creative businesses.

13. Dan Sullivan

Dan is a prolific marketing manager who happens to be in the coaching business for more than 40 years.

As an award-winning business coach and first-generation Arab American in the game, Dan has established numerous business strategies that could take off any small business from scratch to profitability within short durations.

He is the founder of Strategic Coach Inc, and his business coaching services offer a strategic sales and pricing strategy suitable for any entrepreneur at any level.

Read his several publications and insightful blog articles to get helpful insights on enterprise development and how to grow your business, even from scratch.

14. Barry Moltz

If you ever feel stuck in any area of your business and need to find a quick solution, Barry is one of the best business coaches to follow.

Barry is a business and marketing coach and keynote speaker who happens to have great solutions for anything business.

He's also a great business adviser whose business coaching service focuses on amending fragmented leadership teams. And he's one of the best coaches who offers business consulting in numerous fields.

Follow his Facebook handle, get problem-solving knowledge from his podcasts and blog articles, and read his ebooks to acquire problem-solving skills and get an established product-market fit for your business.

15. Karl Bryan

Karl is a local small business coach specializing in using sales and marketing strategies to propel innovative business growth through team building and retail trends.

His prestige business coaching style offers a business value-based model like no other. Despite being featured in Forbes magazine multiple times, he still coaches upcoming entrepreneurs on a business acceleration process that guarantees excellent results in any area of business.

Karl also offers online courses in the form of an E-learning system that helps small business owners challenge the saturation of the business world by taking advantage of small business trends.

Business Owners who crave business success in their field of interest should follow his blog articles and his six-figure coach podcast to stay updated with more business improvement tips and inspirations.

16. John Matton

Running a business requires two crucial traits, possessing intelligence and problem-solving skills.

It's rare for one person to possess both traits, which is why people build teams and get partners in the first place. But what if we told you that there's one person on this list who possesses both traits?

John is an executive coach who serves as the most significant authority in leadership intelligence the world knows today.

His business consultancy and coaching programs help businesses and creative entrepreneurs realize their inner abilities, understand human psychology, and discourage poor systems. This helps to breed successful businesses while managing life events in today's fast-changing business world.

You can follow his business coaching blog to acquire the necessary traits to build a successful career in business.

17. Erin Henry

Erin is a business insider who sees the joy in impacting upcoming entrepreneurs with knowledge in business training and mindset mastery. With a degree in health service administration, she's followed by health, wellness, and fitness professionals.

Also, her business coaching speaks volumes with the large number of people she has impacted in her journey so far.

She's the founder and CEO of "The Chillpreneur Company," which helps upcoming entrepreneurs establish themselves and make their business name heard through strategic public speaking and effective communication.

Her management consulting company is a startup advocate that has helped thousands of entrepreneurs accomplish their goals. These entrepreneurs have made their voices heard by the public more than other business owners in the same niche as them.

Read Erin's blog articles and check out her program to grab some life-changing value and learn about planning strategies that could aid you in business.

18. Sheri Kaye Hoff

We all know that learning all the most valuable skills without taking consistent action is inevitably useless, and it'll lead to the downfall of any entrepreneur. This is where Sheri comes into play.

She's a corporate leader who focuses on inspiring her pupils to take action and disregard limiting ideas, regardless of the knowledge they're exposed to. She believes that taking immediate action coupled with enough consistency can make any entrepreneur succeed in any field of business.

Apart from being one of the most successful female entrepreneurs and owning a successful coaching program and coaching sales, she's also a prolific author.

Additionally, Sheri has managed to pull the business of numerous entrepreneurs and other real estate teams into the spotlight of the real estate industry.

Follow her blog articles, podcasts, and corporate strategy ebooks to stand a chance to learn how to fight procrastination and take immediate action in business.

19. Andy Turner

The expected result of any successful business is more profits. This is where Andy comes into play. Andy is a small business coach who focuses on helping small businesses to achieve long-term profitability in abnormally short durations.

His coaching service emphasizes fast results, which don't just come up overnight but with a series of relentless efforts and high-class marketing techniques.

His 23 years in the coaching business have impacted small businesses' profitability and helped business owners and executives of large companies scale up their businesses.

Keep up with his blog articles and read his highly educative ebooks to learn how to improve your personal development to achieve quick results in business.

20. Brad Sugars

Brad may be a humorous marketing consultant, but he puts every joke aside when it comes to business. Like flipping burgers in a restaurant, Brad is a professional marketing expert who has managed to flip poor-performing companies into lasting, profitable businesses in short durations.

He's a gifted theoretical thinker who possesses a top coaching firm that focuses on advising companies and executive coaches. He helps multiple industries and organizational leaders to achieve greater heights in their businesses' marketing aspects and overall profitability.

Follow his prolific blog articles to get that adult learning dynamics experience and learning styles of business, along with some advice on building your sales teams and improving your business's sales and marketing aspects.

Frequently Asked Questions

Who's the World's Best Business Coach?

Ronald Osborne has been called the up and coming "world's best business coach." He has helped small and large corporations improve their operations with his business skills development and process optimization background.

What Type of Coaching is the Most Popular?

Executive leadership coaching is the most popular type of coaching you can find out there. This type of coaching involves an executive business coach helping business owners and CEOs make crucial transitions in their business.

Follow These Business Coaches To Help Your Business Grow

To sum it up, a professional business coach is someone of courage who possesses good leadership traits backed by an understanding of complex concepts in sales and marketing.

And some of the best business coaches to follow in 2022 include Tony Robins, Ronald Osborne, Allison Dunn, John Maxwell, Barry Moltz, and more!

Ten Ways a Small Business Coach Can Help You

Some tech giants, such as Amazon, started from a garage as a small business, and today, it has grown into a multi-billion dollar company. Your business may be small today, but there's a big chance it can become as great tomorrow when you get help from the right person, like a business coach. This is why we'll discuss ten ways a small business coach can help you.

Before you can have a chance to succeed in business, you need more than just emotional intelligence. You need a strategic partner(s) who would back up your ideas and support you in turning them into reality; you need a coach.

So, let's see how a small business coach can help you in your business.

Benefits of Hiring a Small Business Coach

Benefits of Hiring a Small Business Coach as a business coach shows a business owner an important document

Your prospective business coach could come in as a strategic partner, and the following comprises how this coach can help you in your business. Here are the ten ways a small business coach can help you.

1. Improves Your Confidence in Your Startup

Running a small business alone can be pretty tricky and sometimes makes you lose confidence, especially when you see other businesses in your category doing better and you're not. This is perhaps because they know something you don't. And your business might have some weaknesses/blind spots unknown to you.

Having the right business coach can help you identify these strengths and weaknesses. Then, you can channel these strengths and weaknesses to your advantage. So, this will improve your confidence in the business.

2. Points Out and Solves Your Business Issues

There's no doubt that every business will inevitably encounter challenges. Some problems might even be too overwhelming for a single business owner to handle since you need to identify these problems and solve them.

The outcome of not solving these problems might result in the downfall or a heavy drawdown in the overall business performance.

Hence, an experienced business coach can point out your business issues and solve them in no time!

3. Widens the Territory of Your Business and Mind

No matter how smart or strategic you think you are, your surroundings and the amount of experience you possess will always significantly impact the success of your business.

Having access to the right business coaching services will expand your business territory. Moreover, it'd lead to personal growth by developing your mind to the limits you never imagined.

4. Challenges the Way You Think

To establish a successful business, you need to think with no limits and establish "crazy ideas" that most business owners in the same niche may not even dream about. It's easier said than done since starting your own business for the first time would have your mind confined to following your established competitors' steps.

Having such a mindset may limit your business, but getting the right business coach can help challenge your thinking and eventually change how you see your business.

5. Makes You Turn Necessary Tasks and Aims Into Priorities

Tasks and Aims Into Priorities

You may engage in pretty easy tasks before facing the harder ones in your business, probably to avoid too much stress. Doing this may make it easier to carry out business tasks, but that doesn't make it the right way to grow a business. On the contrary, it could even lead to a slow growth rate which would be bad for your business.

As a business owner, your most important tasks (which would probably be the more complicated tasks) should have more priority before considering any other tasks.

Of course, it'd be hard to accept that fact or differentiate your necessary tasks from the not so critical. Still, with a good coach, business owners could quickly identify and prioritize the essential tasks to ensure corporate profitability and overall business success.

6. Makes You Take Proper Accountability for Your Actions

Starting your business alone without the supervision of a coach could make you take less accountability for specific business actions.

You'd prefer doing things your way and satisfying your needs first to feel comfortable, resulting in a significant decline in overall business performance.

Hiring a business coach would make you take more accountability for your actions. Also, it helps to have an outsider whom you can always turn to when the need arises.

7. Production of New Ideas

a business coaching heling the Production of New Ideas

Good ideas turned into reality is the blueprint of any successful venture. Therefore, multiple sources of ideas are meant to be present in a startup to ensure a constant flow of business and increased productivity.

In addition, new perspectives and other viewpoints should challenge your ideas to achieve great things.

A business coach serves as an idea-producing agent for your business by providing a few tips that'd undoubtedly be essential to achieving your business goals.

8. Serves as a Sounding Board for Feedback on Brainstormed Ideas

Feedbacks on ideas are crucial in any business. It's like waiting for that extra confirmation to pull the trigger on your plans which could take your business to the next level. But, of course, the feedback may come out negative or positive.

Still, it's essential to discuss your business ideas with a trusted coach no matter the outcome. This would help you see things in a new light and probably help improve the idea.

Also, would such an idea bring in new leads or reduce our current ones? Would it bring in more money to the business or not? These are questions you should ask yourself while setting attainable goals and getting feedback from trusted sources.

A good business coach can serve as a trusted source to provide feedbacks that could take your business to the next level.

9. Makes You Gain More Experience at a Faster Pace

If you have a business coach with the right experience and wealth of knowledge, it'd rub off on your business and possibly on you.

A business coach is just like your personal life coach. So, their actions and innovations toward your business would have a lasting positive impact which could rub off on your personal life development.

10. Serves as an HR Advisor for Your Business

Serves as an HR Advisor for Your Business for how a business coach can help your business

Have you ever craved a handy supervisor to monitor your business's human resources and administrative methods?

A business coach can serve as your HR advisor to monitor hidden talents with the proper skill set. They could also help breed expert entrepreneurs, monitor co-workers, regularly check your daily tasks, serve as a leadership figure for your staff, establish bold actions, and set realistic goals for your business.

All in all, hiring a coach would increase the amount of supervision in your business.

What to Expect From a Business Coach

Having access to an efficient business coach means you should look forward to clarity and deliberate actions that'd speak volumes in your overall business performance. Now that you understand ten ways a small business coach can help you, let's expand on that.

You should expect the following from a business coach:

1. Outline the Main Goals of Your Business and Filter Them Out From the Noise

Every business has goals it intends to achieve in the long term. These goals could be acquiring new leads, new business assets, or new customer deals.

A business coach would analyze your business and filter these crucial goals from the noise. In addition, they offer insights into achieving the primary aim of your small business.

2. Pieces of Advice to Steer Your Business in the Right Direction

You may be involved in business-damaging activities without noticing as a business owner. These activities can negatively affect a business and further hinder your business's progress.

You can use a business coach's expertise to steer your business in the right direction and improve your business growth.

3. Guide the Workforce of Your Business

business coaches help Guide the Workforce of Your Business

If your business is still struggling to see the light of success, you're not performing specific business-improving actions.

A business coach would guide your workforce in these specific actions, using their intellect and many years of experience.

4. Point Out Inner and Outer Factors Affecting Your Business

In some cases, it doesn't matter how hard a business tries to improve its performance; if specific inner and outer problems aren't picked out and solved, you'd still have issues with performance improvement in your enterprise.

Your potential business coach would help you point out these inner and outer business-affecting factors and solve them to facilitate business growth.

Frequently Asked Questions

What Help Can a Business Coach Offer?

A business coach is a person who could serve as a well-oiled machine for your business. In other terms, a business coach could help facilitate the overall performance of your business with their services.

Why Do Small Business Owners Need a Business Coach?

Small business coaches are essential for small startups to catalyze improved business growth in a faster process. The best business coaches could typically help you achieve monthly business goals in mere weeks, with strategic business planning in place.

Conclusion

To sum it up, a business coach catalyzes business success. Getting a business coach is the best investment you could make as a startup to help you prevent mistakes you could encounter in your career as an entrepreneur. Now you know ten ways a small business coach can help you.

So, get yourself a business coach to help you finalize your goals and watch your business flourish in every aspect!

Best Small Business YouTube Channels

Educational content for small business owners is all over the internet. Whether you want to learn how to launch a startup or already have a small business that you seek to grow, some of the best small business YouTube channels remain among the most valuable free resources for business topics and entrepreneurship.

However, with so many video creators that offer entrepreneur content, marketing tips, and inspiring interviews, pinpointing the most useful business YouTube channels isn't that straightforward. Not to mention, there's no easy way to determine the quality of the content you're watching.

In this guide, we've shortlisted some of the best YouTube channels for entrepreneurs.

best youtube channels for small businesses

Best YouTube Channels for Small Business

Now, let's take a look at some of the most inspiring YouTube channels for small business owners and how they can be useful to you.

Ronald Osborne

With over a decade of business experience, Ronald Osborne launched his YouTube channel to help as many small business owners as he possibly could. While Ronald did create a multi-million dollar telecommunication company and has successfully helped international law firms, medical clinics, marketing agencies and many more entrepreneurs and startups THRIVE, he hasn't always found success. From his failings in business and marketing, Ronald wants to help entrepreneurs to in business and life.

He covers topics like business advice, business ideas and trends, best marketing strategies for business owners, new business ideas, and every kind of way you can achieve personal and business success. Covering virtually every business topic. This may become one of your favorite channels. His up and coming YouTube channel is a great example of the list of the best YouTube channel for company owners in all kinds of business.

Ronald Osborne The Business Coach YouTube Channel

The Google Business Channel

The Google Business Channel is an excellent educational content resource for entrepreneurs in all industries. The tech giant's channel focuses on how its huge resources are used to leverage company.

The content is intended to show real-world case studies of company that managed to overcome challenges and find success online using Google Tools and other resources. The Google Business Channel also presents a great opportunity for company to network and gain exposure.

The "Turning your company into a legitimate business" and the "More Than A Business" video series are great starting points to explore this valuable channel.

The Google Business Channel YT

TEDTalks

TEDTalks' channel provides a platform for entrepreneurs, leaders, and thinkers to share their ideas with the global community. It's also a great resource for self-help advice and motivational talks.

And while the channel's content doesn't focus exclusively on growth, you can easily filter the content by searching for the right keywords. You'll find tons of TED Talks from TED conferences that are accessible right under your fingertips.

Some videos that you should definitely check out right now include "Elon Musk talks Twitter, Tesla, and how his brain works," "How to gain control of your free time," and "Stop trying so hard. Achieve more by doing less".

TEDTalks YT

SkillShare

SkillShare'sl provides insane value for creative entrepreneurs. This online learning community is run by experienced teachers that have what it takes to guide millions of students to grow their ambitious side hustles. No matter the size of your business, SkillShare has something that can accelerate your business success.

The platform itself is subscription-based, but with the channel, you can access a big part of the content for free. Most of the videos showcase success stories of serial entrepreneurs that were able to generate a smart passive income. Once you think you're ready to explore more classes, signing up for the platform will give you access to thousands of business classes.

In addition, subscribing gives you the opportunity to teach your own classes after you successfully grow your business, cementing your position as an expert in your industry.

The "Tutorials to Explore Your Creativity" and "Skillshare Class Trailer" are undoubtedly worth checking out first.

SkillShare YT

Y Combinator

Y Combinator is one of the fastest-growing business channels that provide expert advice covering virtually everything company owners need to launch and grow their startups. From finding capital to managing people and analyzing real business insights, the channel is a great resource for company owners to get into the business world.

The founders, Paul Graham, Jessica Livingston, Trevor Blackwell, and Robert Tappan Morris. offer valuable How-to videos about launching and growing startups, along with interviews that include big names like Anu Hariharan, Mark Zuckerberg, and Elon Musk.

"How Future Billionaires Get Sh*t Done," "When to Launch Your Startup and When to Wait," and "Where Do Great Startup Ideas Come From?" videos should give you a good idea of what to expect out of this channel.

Y Combinator YT

Startup Grind

As its name implies, Startup Grind specializes in helping you as a rising entrepreneur start and grow your own business by providing actionable business advice. The channel discusses business-related topics with successful online business owners who managed to turn their businesses into income streams.

The channel is actually run and operated in cooperation with Oracle for Startups, which gives you a good idea of the channel's content quality.

These videos are a must-watch on Startup Grind: "How to Scale Your Startup while Staying Human First: From Seedling to HyperGrowth," "Building Your Startup's Customer Engagement Roadmap with Twilio," and "How Founders Can Make Smart Trade-Offs."

Startup Grind YT

Stanford Business

Stanford Graduate School of Business's YouTube channel brings you valuable academic business knowledge and concepts that you can apply to your company.

The channel's playlists include interviews with high-profile business figures such as Debra Lee of BET and Shryl Sandberg of Facebook.

What's more, you'll find topics such as "How Women Can Overcome Bias at Work" and "Why Hollywood and Silicon Valley Need Each Other." These topics are presented in a thought-provoking way with graphics.

Stanford Business YT

Entrepreneur Online

Entrepreneur Online is basically the content of Entrepreneur Magazine repurposed into bite-sized YouTube videos. It encompasses expert interviews from a wide range of industries, along with the latest business and entrepreneurship news. It's one of the best channels for leadership, finance, and entrepreneur content.

Entrepreneur Online places high emphasis on unique business ideas and advice that can be of value to company owners.

If you don't know where to start, you can get started by watching these videos first: "Fundraising for your business","How to grow your business by finding new customers," and "3 things that can make digital marketing wildly more effective".

Entrepreneur Online YT

Tony Robbins

Tony Robbins is an author, business strategist, entrepreneur, and philanthropist. In his YouTube videos, he provides entrepreneurs, affiliate marketers, and CEOs with tips, motivation, and leadership advice.

The channel contains a mix of short-form and long-form videos that you can binge-watch in your free time. Watching a single Tony Robbins interview with a serial entrepreneur can take your business to the next level.

These videos, in particular, can be quite interesting for new followers of Tony Robbins' channel: "Expert financial advice from Peter Mallouk, coauthor of The Path", "Believing in Yourself: Kevin Hart's Road to Greatness," and "Tony Robbins interviews billionaire Ray Dalio -author of Principles."

Tony Robbins YT

Hubspot

If you're looking for a comprehensive resource for online marketing tips, Hubspot's YouTube videos will teach you all about the best online growth strategies with actionable advice and insights.

Hubspot is a global leader in the digital marketing industry, helping thousands of businesses grow and scale online. Its content can be applied to your business no matter what your niche, but you'll benefit from it the most if your business is a digital agency.

You'll learn how and where you can reach your target audience, generate leads, and turn those leads into long-term customers or clients.

If you want to make the most out of this channel, check out the following videos first: "What Everyone Must Know About Content Marketing" and "TikTok vs YouTube: Which Is Better For Business?".

Hubspot YT

Moz

Moz is yet another known name in the world of digital marketing. Provides the startup community with valuable content that covers digital marketing topics such as inbound marketing, online outreach, Email marketing, and e-commerce.

Gaining visibility is one of the biggest struggles of businesses online, and that's exactly what Moz can help you overcome.

The channel's content includes a mix of case studies, digital marketing tips, and growth strategies for your business online. This is one of our favorite YouTube channel resources in the digital marketing domain.

The "#WhiteboardFriday: Winning SEO with Keyword Research" video can guide you on how to gain organic traffic for your startup's website, while the "9 Tips to Integrate Organic, Paid, and Content - Whiteboard Friday" is great for setting up an overall digital marketing strategy.

Moz YT

Behind the Brand

As its name implies, "Behind the Brand" is a YouTube channel dedicated to sharing the success stories of reputable brands and how they managed to grow their businesses from scratch.

Bryan Elliott provides company owners with some of the best ideas that turn into profitable businesses. "The Unbelievable Story of Alex Hormozi's $100M+ Business Empire" is a must-watch.

Behind the Brand YT

This Week in Startups

This Week in Startup is a series of weekly YouTube videos that talk about online companies and startups.

It features a lot of high-profile guests, particularly in the tech industry. They share their view on different aspects of entrepreneurship and starting businesses, both online and offline.

The hosts, Jason Calacanis, and Molly Wood are smart, honest, and entertaining. One of their recent videos, "Doug Leone of Sequoia Capital: global growth, legendary companies the evergreen fund," is highly recommended to watch.

This Week in Startups YT

Fast Company

Fast Company is all about following up with the latest business trends and disruptions. The way small, medium, and large-sized businesses operate changes from year to year, month to month, and day to day, and this channel seeks to capture such changes so that new entrepreneurs can be informed.

The interviewees are some of the biggest icons in the business. It's also worth noting that the content isn't just limited to interviews; there are numerous videos that discuss key business tips and news.

The "Kind CEO on The Company's Social Mission" video would be a great introduction for you to the channel.

Fast Company YT

Small Business Toolbox

If you're currently trying to make a smooth transition from a full-time employee to a self-employed entrepreneur, this channel is for you.

Many people struggle to adapt to the self-employed lifestyle after working in companies for years.

Toolbox addresses the most frequently asked questions and concerns about being a self-employed professional. It talks about taxes, handling finances, managing time, and compensating for the lack of employment benefits.

Small Business Toolbox YT

Berkeley HAAS

The HAAS School of Business at the University of California, Berkeley has an educational YouTube playlist that includes high-quality content from the college's faculty.

It also has a good number of videos that contain student conversations regarding business foundations and strategies.

Berkeley HAAS YT

Creative Mornings

Are you rotting away at work? We've all been there. If you've just started your own business and feel like new ideas just won't visit your mind, consider watching some videos on the Creative Mornings channel.

This YouTube channel offers TEDx-like content that can help you get creative and generate ideas more effectively. The video "Simon Sinek - Love Your Work" is a must-watch if you want to get a feel of the type of content on the channel.

Creative Mornings YT

Shopify

Shopify is one of the largest players in the drop shipping domain. It has a list that's intended for quick and useful videos that you can watch while having your breakfast or on your lunch break.

The videos include stories

of how to make money in the information age and how to tackle adversity in business.

We wouldn't count on this channel as a full educational resource, but it's definitely worth adding to your list of daily business entertainment.

You might want to take a look at the "Making Shoes Look Like Dessert" as a starter, but before you know it, you'll have finished most of the channel's content in one or two sittings.

Shopify YT

Robin Sharma

Robin Sharma is well known in the business world due to his humanitarian efforts with the funds he raised from his business. He creates quick videos that target set young entrepreneurs. His channel features business related content to help you grow your business.

Robin's favorite videos.

Marie Forleo

Marie Forleo's YouTube channel covers how you can create a business and life that makes you happy. Her various business videos and business related topics make her channel one of the best YouTube location for established business owners.

Marie's YT

What's the Best Business News YouTube Channel?

Entrepreneur Online is probably the best business news YouTube channel out there. It's great for business leaders that want to stay updated on the latest business news and trends, including passive income businesses, entertaining business insights, and stories that spark motivation.

Ronald Osborne

Recap

So these were some of the channels for entrepreneurs. Now you have all the best small business YouTube channels at your finger tips.

You don't necessarily have to stick to one or two channels. Even if a channel's content is comprehensive, you'll definitely benefit from hearing different points of view and experiences from business leaders and entrepreneurs.

Start by watching channels that contain success stories and case studies; then you can watch YouTube channels that discuss core business topics in greater depth.

How Much Does Online Business Coaching Cost?

Business coaching services are always tempting to up-and-coming business owners since it can take a lot of weight off their shoulders and help them make smoother business decisions.

And now that the service is more available on the internet than ever before, it begs the question: how much does online business coaching cost, and how does it compare to traditional in-person coaching?

We'll help you with establishing business coach rates in this article, along with comparisons to some alternatives to business coaching services and details about hiring a business coach, so stick around and discover how much does online business coaching cost.

How Much Does an Online Business Coach Actually Cost?

Business coaching rates differ greatly depending on numerous factors, just like most services. For instance, are you hiring a business coach that works independently, or are you interested in professional coaching organizations? Are you looking for vastly experienced coaches? And many more.

We'll explore those factors later. The ballpark hourly business coach fees are around $75 to $250 but can be as high as $400 in some cases.

An online life coach tends to be on the lower end of that scale, but those won't help you as much with running a business as the rest.

On the other hand, an executive coach will demand much higher fees, while an average online business coach typically lies somewhere in between.

online business coaching session

Paying by the Hour vs. by the Month

Deciding whether to pay a coach by the hour or by the month is like buying one item and buying in bulk. Of course, paying for the latter option saves you more money per item, but you need to choose diligently because it's a commitment.

Again, the price varies widely, especially since you'll agree on the number of sessions, but the general monthly rate is around the $1,000 to $4,000 mark with some leeway and these are things you need to consider when trying to discover how much does an online business coach cost.

However, before you go for monthly coaching, think of your needs since there's no one-size-fits-all here.

Hourly business coaching is excellent for brainstorming new ideas and getting invaluable input on elements like your marketing strategy, pricing points, and new strategies.

However, a monthly business coach coaches the business more deeply and will help you with full business analysis, coming up with strategies, implementing company structures, and more.

When a coach works with you for months, they have more time to assess your business model, corporate values, staff, leadership skills, generating more sales, etc. As such, they'll have a clear picture of your situation and give better advice in the long term.

Paying by the Hour vs. by the Month for an online business coach

Factors That Affect a Coach's Rate

We've seen how business coaching rates can vary by more than an order of magnitude. But what exactly determines these rates? How does a $100 business coach differ from a $300 one? How Much Does Online Business Coaching Cost?

The most significant factor is coaching experience. Does the business coach have previous clients to vouch for them and their service? How long have they been in executive coaching? Do they have hands-on experience or expertise in the niches they coach?

Of course, it's better to find a coach with some experience in your particular niche, and it's even better if they've previously achieved similar goals to yours. Naturally, though, they'll cost more.

And if the coach is certified by an organization like the International Coaching Federation, they'll rightfully come at a higher rate as well.

You might be tempted to go for a relatively low-cost business coach, maybe even as low as $40 or $50 per hour. But you should consider the coach's credentials to make your coaching experience successful.

What you need out of coaching services also affects the price. Some people need an opinion from their business coach about some decisions, and that's fine.

However, you might need more extensive coaching, which comes at a higher cost since the business coach will spend more time studying your business and catering to your needs.

Lastly, session lengths also affect how much you'll pay. So far, we've only mentioned hourly and monthly business coach rates, but if you don't need that long, you can talk with your coach about half-hour sessions.

How Does In-Person Business Coaching Compare?

There was a time when online services were widely viewed as lower quality. But nowadays, especially after the pandemic, everything is either entirely online or transitioning. So has business coaching caught up?

In-person coaching services used to have a higher price range because of the perceived better quality. However, both forms are mostly level now with some negligible differences. So the main concern here is if the service delivery arrangements affect quality.

It doesn't matter whether they work in an office or through video conferencing for many coaches. The only difference between both methods is that one involves a handshake and a cup of coffee.

It essentially boils down to how comfortable the client is with an online arrangement. If you can maintain your attention through a Zoom or Skype call as you would with an in-person appointment, then you're good to go.

one on one business coaching

Small Business vs. Large Business Coaching

The size of your business affects your needs and, subsequently, what you need out of a professional coach.

A larger business needs an executive coach to help with manager training. As a result, these companies usually pay much higher hourly wages to their business coaches. And as this survey found, coaching rates correlate directly with revenue.

Smaller businesses don't need that much, though, and can settle for a small business coach to take a more intrusive upon demand.

Small business coaches can also help you with your business plan and brainstorming ideas.

What Do the Stats Say About Business Coaching?

We like to back our facts with some stats for some perspective. And here's what the numbers tell us about business coaches.

According to a famous study by Metrix Global, business coaches produced a 529% return on investment and helped in other non-quantifiable ways.

Here are some more interesting figures about business coaches and how they helped develop leadership capacity among 30 surveyed business leaders:

The Benefits of Online Business Coaching

happy client of a business coach

So why should you opt for online coaching programs over traditional in-person business coaching?

There are numerous advantages to choosing online, and we've highlighted the biggest ones for you in this part.

Ease of Scheduling

Another small but great benefit of online executive coaching is that it's much easier to schedule. We all know how annoying it is to call secretaries to schedule appointments, especially when your or your coach's schedules are busy around that desired time.

But scheduling an online appointment is more flexible because you don't have to waste time commuting. All you need is internet access and a device.

Saving Time

Commuting is often a cumbersome waste of time, especially if you live in a big city where you have to drive daily through rush hour.

If your average one-way commute is an hour-long, you'll save yourself two hours that would normally go to waste if you go online. You can use this time to relax and prepare for your appointment, and you'll undoubtedly be more focused.

No Geographic Limitations

For most people reading this, the world's best business coaches don't live within driving distance, effectively eliminating access to them. In addition, it can be frustrating not being able to book with a coach because they're based in another city.

But when you're finding business coaches online, you're not restricted by your location. Instead, you can find the best coaches in the world online and easily meet with them virtually.

Another sub-point is that if you're a frequent traveler, you'll still be able to meet up with your business coach, as long as you have internet access. So whether you're at home or a resort, you can enjoy the benefits of coaching.

private business coaching sessions with a business group online

Privacy

If you're meeting with your coach in person and they come to your office for an appointment, everyone in the building will notice.

And while many people wouldn't mind this, some would prefer to keep their coaching sessions a secret to avoid spreading a lack of confidence or anxiety.

For high-profile business owners, being seen attending coaching sessions can also lead to some negative consequences, such as gossip.

Luckily, this is easily avoidable when your appointments are virtual since it all happens in a quiet, private environment. And you shouldn't let other peoples thoughts and opinions impact your mission towards a successful business.

Picking the Right Online Business Coach

Picking the right business coach can be overwhelming at the start, but it's much easier when you know what you're looking for.

If you're looking to share your thoughts with a professional and get some feedback or pep talk, you might be better off with a less intrusive and less costly business coach or even a life coach or career coach.

But if you need some well-measured feedback and intrusive help from an experienced mentor, you'll have to search a bit harder.

First, ask yourself how much you can pay for coaching and set your expected outcomes out of your budget range.

Next, consider your business size, niche, and goals.

It'd be best to look for a business coach with previous experience in your niche, your business size, and who's achieved your goals before.

This will take some correspondence between you and your prospective coach before things come together. Ask them about their previous experiences and how they can help your business.

You can also ask a prospective coach what they expect from your end so you can get off on a good start.

Alternatives to One-On-One Coaching

At this stage, you might be curious about other options at your disposal, so we've highlighted the best alternatives to one-on-one training or business coaching services for you to compare.

Alternatives to One-On-One business Coaching

Group Mentoring

Cheaper and less specific, group mentoring can give you great insight into what other businesses are struggling with, how they overcome their day-to-day obstacles and other valuable solutions

And while you might get some feedback during group mentoring, it won't cater to your specific needs.

Books

Books are an invaluable source of information, and we'd definitely recommend you pick up a few for inspiration.

However, books alone won't solve your business-running problems.

Frequently Asked Questions

How Much Do Online Business Coaches Charge?

Business coaches charge around $100-$350 per hour on average. However, this number is very malleable and can be higher or lower depending on your business's industry, the niche, your specific goals, and more.

The Bottom Line

Business coaching is the best investment for aspiring business owners at a loss. And if you're comfortable with technology, you'll be delighted with online coaching over traditional face-to-face arrangements.

A business coach can nourish your leadership skills and help you at many different depths, from giving you feedback on important executive decisions to brainstorming new strategies with you.

And when you opt for online coaching, you have access to the best coaches in the world without location-based limitations from the comfort of your home. In other words, no time is wasted scheduling or commuting.

But to make the experience worthy, make sure to pick your business coach diligently. Ideally, find a coach with previous experience in your niche who's achieved goals similar to yours before. Now you should have an understanding of how much does online business coaching cost.

How Does A Small Business Make Its First Sale

How Does A Small Business Make Its First Sale

Generating your first sale as an online retailer is both significant and essential for having a lucrative business.

Making the first sale in an online business may appear simple enough, but the optimism and certainty it provides can be the most significant turning point in your company's life.

Still, don't be fooled by the easy notion of a first sale. Getting your first customer can be a lengthy and laborious process.

To help you win the battle, we've put up some strategies to make your first business transaction without spending a fortune.

At the end of this article, you won't need to ask the question "how does a small business make its first sale" again, and if you still have questions, you can always ask our professional business coach for his advice.

Understand What Problems Your Product/ Service Solve

man solving business problems for b2b

Two products with similar features or two persons offering similar services are common, and launching your product might be hard.

To begin with, your buyers can't touch or see your things in person, you'll need to explain them to make them want to buy. Here are some traits to use in your writing that can turn your small-scale business idea into a profitable business idea.

Make product descriptions that are factual, instructive, and enjoyable to read.
Convert traits into advantages. 


Identify your customers' problem areas and respond to them ahead of time.
Use relevant keywords in the descriptions and titles of your products and solutions for better search engine optimization.

Aim for a balance of skimable and rich content, and avoid extended paragraphs that can cause a user's eyes to wander. And when it comes to posting photographs, there are never enough. Multiple images taken from various angles have been shown to transform better than a single one.

Identify Your Ideal Customer

Identify Your Ideal Customers

Perhaps you've created the perfect website you've ever seen, complete with moving product images, engaging emails, and dazzling social media accounts, but have you evaluated how effective your traffic is for a profitable business?

Even if you have all the traffic on the planet, if you haven't identified and attracted the correct target audience, a huge traffic volume becomes a vanity metric rapidly.

Several factors combine to bring the proper people to your website or your shop or to the place from where you are offering your sale. First and foremost, it will be better if you are a lover of the product you sell.

Why?

Because you already know the behavior, lifestyle, and unique selling factors that entice individuals to buy things like yours if you are your target demographic. Use this information to construct client profiles (based on demographics such as pages viewed, location, and so on) that will guide the content you produce.

Are your products more appealing to athletes? Do you get a lot of traffic from a specific province or territory?

female athlete

This information can be used to customize marketing materials such as emails. These techniques apply to social media and your main website; you can conduct this type of targeting and research anywhere.

Furthermore, make sure your website contains relevant keywords. For example, do you employ terminology and precise wording in your meta description, h2s, and h3s that correspond with what you're selling and who your client is? Identifying your clients' demands can help you respond to them and attract low-funnel traffic that delivers.

Provide Free Samples 

Provide Free Samples 

Influential journalists, bloggers, and entrepreneurs from various industries and specializations populate the internet. All you have to do now is find the proper ones.

Most of them have substantial social media followings and devoted website visitors.

Distributing a free sample of your product to influencers in your business or who are connected to it in some way allows you to express your gratitude for their work with a small gift. Then, perhaps, you'll be mentioned on one of their platforms or websites.

This can increase social media followers and traffic and a certificate of authenticity from industry professionals.

Network for Your Product/Services

woman networking for her small business

Whether your online store is run by a single person or a small team that includes a dependable customer care representative, you could be losing revenue caused of a lack of customer service. This means that you have to fully use the technology around you rather than relying completely on your skills.

Let's pretend you have an online store, use email marketing, and have a Twitter account, an Instagram account, and a Facebook page. You might be receiving emails about issues and queries from your website and direct messages and comments on your social media accounts.

You'll miss something despite your best attempts if you manually check everything across apps and websites. As a result, business owners mostly hire a social media manager to handle their social media marketing.

Begin Blogging

You're missing out on the endless content marketing possibilities if you don't already have a blog related to your business or product.  You build loyalty to the brand and keep people updated by generating free, quality content and writing skills.

Blogging can be a great way to get your small business its first sale.

computer creating a blogging business

You can take help or freelance writing to create your content. Blogging also provides you with stuff to publish on social media platforms and improves your online presence and search engine ranking.

Unfortunately, a typical business owner is still unaware of spending their time on social media or entrepreneur media that could benefit them in numerous ways.

First, consider all consumers' common questions about your services, products, and company. Then, as individual articles on your site, respond to these questions, and you can hire a virtual assistant to carry out the job.

Visitors to the Shopify blog, for example, may be interested in learning more about e-commerce and drop shipping. As a result, they developed content that ranks for terms such as "how to sell online" and "how to master the drop shipping business."

Sponsor an Event

Endorsing special events can be extremely beneficial if done correctly.

a group of business owners at a sponsored event

To begin, make sure you choose the correct event to fund. Next, find occurrences where guests are probably interested in your product, and then estimate the number of people there.

Then begin categorizing them by price.

Sending an affiliate marketer to set up a table and pass out fliers is bad. If you want to create relationships with potential customers, you'll have to be more inventive.

Demonstrate some of your most intriguing items to tell your narrative, get people talking, and offer on-the-spot incentives such as coupons and free stickers for email list subscriptions and social media followers.

Play Around with Google Ads

Google Ads (previously AdWords) is a major pay-per-click commercial network that enables online businesses to post ads on almost all YouTube videos, Google search results pages, and partner websites. This type of digital marketing through social media channels is beneficial for small-scale businesses.

Who doesn't want to be in the highest-ranked results for a sales-generating search query? When you Google "Samsung TV," this is what you'll find. It's worth noting that the first few results are paid advertisements from Samsung.

woman using google ads

The speed and breadth of Google Ads are its greatest assets. You can set up and begin an advertising campaign in minutes, ensuring that surfers view your image, text, or even video ads all across the internet.

You can construct tailored adverts using AdWords campaign options, which are activated and shown beside Google searches when Web browsers search for predetermined keywords. Your advertising will also display on articles and websites containing keywords similar to yours.

Affiliate Marketing Lightens the Load

Trying to market your products on your own can be challenging, so why not enlist the help of others by working on an affiliate program?

woman considering affiliate marketing to help her business

When you use affiliate marketing, you allow others to advertise your product lines and forward traffic to your website. You pay them a portion of revenues that result from their efforts in exchange. You can track their marketing activities by offering a unique promo code or hyperlink.

A website owner, for example, may place your affiliate link for a bedsheet for sale on their website. You'll successfully make a sale if one of his website users hits the link and then purchases the bedsheet, and as an affiliate, the site host will be eligible for a portion of the sale.

The products and brands you offer and the compensation % you pay affiliate partners determine how successful affiliate marketing is.

Pay Heed to The Statistics On Your Website

Each website user's activity from the entrance to departure might assist you in figuring out why you're selling and, more significantly, why you're not.

Statistics On a Website

Your website statistics (or analytics) can reveal what your clients do on your site, such as which website pages they visit, how much time they spend on each page, and how they leave. In addition, some tools will periodically offer additional data, such as how regularly a client accesses your site.

It will also not cost you anything. Google Analytics is a fully free service that allows you to track your traffic in various ways.

It's critical to study your traffic in Google Analytics while you're battling for your first sale. You will always come across a new perspective.

Simply Business has a detailed Google Analytics guide covering all you need to know if you need help.

Create a Survey

nps survey

Surveys are an excellent way to get candid feedback. Consumers have no reservations about tearing your web design or marketing materials and hurting your feelings, unlike your family and friends.

You can use internet programs like Qualaroo and Survey Monkey to construct online surveys to conduct your own.

Join Discussion Groups or Forums on Social Media to Form a Network

a large group of business owners as a group watching a business mentor

Social media groups and online discussion forums are excellent venues for exchanging industry knowledge, answering inquiries, and possibly getting a new client.

Find popular groups and forums related to your niche by searching Facebook or Google. Narrow discussion groups can be found in Twitter conversations and Discord.

When promoting your company or items on social media, ensure you're not breaching any restrictions. Understand and adhere to the forum's constraints. For example, using your forum signature, avatar, and profile page to market your brand is typically allowed.

Establish the Correct Relationships

It's not about what you know but about who you know. Developing the appropriate offline and online relationships can help you achieve your goals.

There are firms with similar thinking; no matter what type of goods you offer or what sector you work in, you need to connect them.

business relationship between three business owners looking happy

For example, the catering business, one can start this business with a small initial investment and create many business opportunities for others to join the business, such as event planners and food truck drivers, etc.

The key is to form alliances with people closely related to your firm but is not direct competitors.

Suppliers, websites and blogs, and websites devoted to your business, for example, would be excellent because they can provide you with user feedback and promotional offers without infringing on your digital turf.

Enlist the Help Of a Small Business Coach

It is not easy to start a small business. There are several important milestones to reach while launching a business and preparing it for long-term success. They all require various techniques, strategies, and finances to keep things moving.

ronald osborne the best business coach

If your finest goals don't work out as planned, you'll have to forsake them. All across the process, you may feel the need for feedback on important matters.

Business coaches engage with entrepreneurs to provide tailored advice to help them achieve their objectives. For example, a financial consultant who can help you overcome challenges, possess expertise in business solutions, and assist you in growing your business model is a business coach.

Your aim could be to start a small company, improve the operations of a current one, expand and improve your business, or acquire investor support.

The ideal business coach will ask probing questions to help you identify and develop your goals and draw on their experience to offer sound recommendations and effective next actions.

A business coach can help your small enterprise become more profitable by giving you expertise. In addition, business coaches can help you improve as an entrepreneur by providing a useful external viewpoint and years of experience.

A business coach can assist you in the following ways:

Conclusion

happy business owners

It's not easy to set up a business even if it's on a much smaller scale, but many customers are willing to spend money. These techniques outlined above are excellent to answer your question how does a small business make its first sale.

If you take the appropriate approach, you'll only need a few tactics outlined here to earn the first of several sales.

A small-scale business coach could be the solution you've been seeking to assist you in starting or growing your firm. If you need a morale boost, expert advice, expert insights, or a small business coach can allow you to take your company wherever you would like to go.

Their help will not be cheap, but focusing on your requirements may be valuable. Fortunately, various other options may offer you the results you desire. Once you commence, consider all you want to receive out of the expertise, regardless of the alternative you choose.

How To Be A Successful Solopreneur - 9 Tips For Success

how to be a successful solopreneur

Planning to start your small business alone? While you may already have a plan to work on, have you thought things through?

You will find no person more ambitious and dedicated than an aspiring solopreneur. They fight harder to prove their business worthy, not to the world but themselves. This is what sets them apart from everyone else.

However, being a solopreneur in competitive business industry is not easy - you will have to overcome and tackle a plethora of challenges before you make it big.

We have penned down some failproof yet handy tips and tricks to help you become a successful solopreneur in no time and answering that challenging question how to be a successful solopreneur.

Evaluate Your Expertise And Choose Your Niche

Evaluating a business niche

Before you start your venture, you need to have a well-defined and well-thought out niche based on your expertise and skills. Your niche showcases your talents and drives your marketing campaigns by targeting relevant and potential customers.

You will have to keep in mind that there will be others offering the same products or services as you in the market to beat the competition, and you will need to level up. The best way is to find a new angle and bring in some innovation in your niche.

If you're not sure how your skills could be turned into CASH, you could chat with a business coach that would help you identify your specific set of skills.

Here is a step-by-step guide on how you can choose your niche as a solopreneur:

Step 1: Evaluate Your Interests

Before you begin your solopreneur business, you would have worked for someone in the past. Be it in your school, college, or as an intern. You can take a sneak peek at your past and analyze what projects you have enjoyed most and performed well.

This will help you shortlist your business niche based on your expertise and experience. Remember, there is no rush. You can take all the time you want because your niche and how you manage it will determine your success.

It is important that you are passionate about your niche and business goals, or you will be shutting down in no time. If you lose interest in your work, it becomes a burden.

Step 2: Relate Your Niche With The Problems That You Can Solve

woman solving business problems

If you cannot pick the best option from your list of "possible niches," you need to narrow down your options. The best way to do that is to analyze and evaluate if you can use your niche to conform to consumer demands and solve their problems while sustaining a profitable business.

You can leverage the research keywords to identify the customer pain points or indulge in your niche-related market survey to see if you can help.

If you are able to come up with the solutions, your business will be niche-ready. If not, go back to step 1.

Step 3: Do Not Overlook Your Competition

High competition means high demand, but it also tells you that it will be hard to bring up your brand name and survive unless you do it the right way.

The easiest way to oust your competition is to build your empire on their weaknesses. For instance, if your research tells you that your competitor is producing low-quality content or lacks transparency with their potential clients, you can use them in your favor.

Step 4: Check If Your Niche Is Scalable

Your business will end even before it starts taking off if you fail to determine the profitability of your defined niche.

Search the in-demand product or service for your niche and spread the word about it on various platforms. It will help you create awareness, promote your brand and monetize your niche.

Step 5: Test Your Niche Related Business Ideas

It is always a smart decision to test any and every one of your business ideas and business skills. It shows you how things will work out in the future. Moreover, testing your ideas empowers you to decide if you want to continue with it or change your track while no damage has been done yet.

Create A Scalable Business Plan

create a business plan with cool design

To capitalize on a lucrative market and become a successful business owner, making a business plan that aligns with your business goals and your niche is crucial.

An impeccable business plan can serve various purposes as it provides a road map to your solopreneur journey. It is all a part of the plan, from market research and business name to creating an avid online presence.

Moreover, your business plan tells you what business tools you can leverage to strengthen your business approach. For example, you will need web hosting to create a great website that will be the face of your business and an avenue for customer service.

Your business plan enables you to highlight your needs and summarize your business goals to the people you may hire for different services such as blog writing or web development.

Also, in your business plan, be specific about whether your business falls into the traditional or the lean time category. The traditional business plans are more common and specifically structured. While the lead startups are also structured but less commonly written in a summarized way.

Here are the reasons that showcase the importance of a business plan:

1. Allows you to steer your business in the right direction

The business plan lays down the foundation for your new business. It is the key to success to organize, operate and grow your little venture into a multi-million-dollar business- even in a limited time.

2. It helps you create a futuristic approach

futuristic business idea

Your business plan is an outline, a living project that shows how you can grow in terms of revenue and traffic over the next 3-5 years. It creates an executive summary of crucial things like product development, changes in physical products, etc.

3. It enables you to accomplish the milestones

An avid business plan enables better, more informed decision-making. At times, accompanied with the right piece of advice, it helps you take a step back and create a new angle to the business approach to increase profitability.

4. It enables you to get help from fellow solopreneurs (business partners)

Frequently, when you start small, your business will require funding. Especially if you plan to grow rapidly. Your promising business plans with potential and success strategies can get you, investors, or new business partners.

5. You need no expertise to write a business plan

Write the business plan specifically, said no successful entrepreneur ever. You can write in any format. It is not how you write and what you write that matters. Your business plan should meet your needs and customer demands and align smoothly with the business goals.

Make Your Brand Genuine

original brand creation

The best way to promote yourself as a solopreneur is to make your brand personal and genuine. Tell a story, connect with the audience, and reach them via different social channels like Instagram, LinkedIn, and YouTube.

Your identity can relate to the customer persona and give them a reason to approach your business. Keep in mind that you are steering a one-person business amongst other highly competitive businesses. This is why you need to go up and beyond to capture and engage the target audience. How to be a successful solopreneur can depend on your brand alone.

You can leverage all forms of marketing, such as affiliate marketing, email marketing, and social media marketing, but if you fail to hit the right chord of your customers-* it will all go in vain.

So, do not hide behind your product or service. Instead, come forward and tell the audience that you care and that you are there to solve their problems with state-of-the-art solutions.

Here is how you can do it:

Reinvest Your Profits Into Marketing

Reinvest Your Profits Into Marketing

Your business will disappear into thin air without a proper marketing approach. Dedicate a specific amount of your profit to marketing every month. It will help you keep your brand fresh in the customer's minds.

In today's era, digital marketing is an absolute necessity for every size and type of business. It allows you to capture and engage a profitable market share size without much hassle. Moreover, you can reinvest as much as you can and as little as you want.

You can use several platforms, such as Instagram, Facebook, etc., for free marketing and online advertising. In addition, you can use paid marketing tools such as PPC campaigns, affiliate marketing, social advertisements, etc.

Here are some of the must-have digital marketing that you should reinvest in:

Ensure You Have A Reserve Of Cash

Reserve Of Cash

Bad times come without any warning. Business deals are often unpredictable and fluctuate as per certain external factors. One moment you are rolling in cash, while the next thing you face is a huge loss in some project.

This is why it is crucial to have a backup plane and cash reserve to save your business from getting extinct. The easiest way to handle money problems is to always save a little amount from the you make and reinvest the capital into potential projects. And also never invest all your money in one project. As they say, "never put all your eggs in one basket."

Maintain a Loop of Satisfied, Long-term Customers

Long-term Customers

As a solopreneur, your job is not to stack clients. But, to maintain your success, you need to retain the long-term clients because it is quality over quantity for you.

Many people ask "how to be a successful solopreneur," and to that I say "CARE ABOUT YOUR CUSTOMER."

With limited time on your hands, you cannot deal with too many people or solve their problems, and it will only lead to more complications. So, as you grow and adapt to technologies, do not lose your long-term clients to grow the customer list.

If anything goes wrong, you will lose them all.

Save Your Time With CRM Tools

CRM Tools

You are your boss and have no pressure of dealing with employees or office politics. Therefore, you can leverage your time to pursue your passion and bring more innovation into your business model.

However, you will still be stuck with many business-related chores such as sales, administrative work, or updating your website because you are alone. Instead of wasting your time on such tasks, you can spend it on more profitable, revenue-generating tasks.

You may ask how?

By simply integrating a Client Relationship Management (CRM) software or other automated tools. It will take your burden off your shoulders by managing contacts, increasing productivity, scheduling meetings, etc.

Seek Help From A Mentor

business coach and mentor speaking to his mentor group

While you are confident in turning your passion into your profession and creating a solo business empire, you may get stuck at several stages. From market research to surviving and growing in the competition, you will need guidance from someone who has expertise in your niche.

Do not feel shy to get help from a business coach or mentor. They can be your family, friends, fellow solopreneurs, business partners, or even online gurus that can provide useful business insights and strategies.

The steering wheel for your business remains in your hands, and your mentor will act as the navigator to keep you on the right track that leads to success.

Build Your Solo Empire Now!

What are you waiting for?

Now that you know you have the potential to create a business out of your interests and passions start right away. Initially, as a solopreneur, your journey will not be a bed of roses, but in the end, if you manage to attain success, it will all be worth it.

Also, understand that in the beginning, people — even some of the closest relations, will not believe in you or assume that you are not serious with your profession. So you will have to keep moving and keep growing and now you should have an excellent understanding of how to be a successful solopreneur.

How to Become a Small Business Coach

If you've been in the business world for a while, have you ever thought about taking a more sidelined role coaching business owners? Or maybe even small business coaching if you're more familiar with the challenges of running one?

You're certainly not alone. The business coaching industry used to be very niche, but now it's growing in popularity and shows no signs of slowing down, especially as more people realize the importance of a coach.

The main downside is how to become a small business coach in the first place? There's no clear path to follow, no bachelor's degree in business coaching, and no coaching practice to get you started. And until that changes, the field is like the wild west.

But we're here to give you some pointers in the right direction to help you become a business coach.

business coach teaching others how to become a business coach

The Short Answer About How To Become A Business Coach

Before you get into the intricacies of becoming a business coach, make sure you have firsthand experience running or managing a business since it's essential to understand business challenges and overcome them.

If you don't have this experience, it's much more challenging to get into business coaching, let alone become a successful business coach.

Other than experience, previous client testimony and networking can help you land new opportunities.

And suppose you'd like to increase your chances even more. In that case, you can pursue education in the form of university degrees or accredited coaching programs like the ICF's various certified coach programs.

What Do Business Coaches Do? They're Different From A Life Coach?

Business coaches work behind the scenes to help their clients and business owners manage the company's day-to-day challenges and running operations.

Coaches do plenty of heavy-lifting on behalf of the business owner. But they don't do grunt work; instead, they mentor and train their clients to guide them through difficulties, especially in times of uncertainty.

A business coach can also provide an invaluable perspective on issues that business owners may not see through clearly when they're distressed or under constant work pressure.

Even during regular work, coaches can help their clients externally to improve their business relationships by refining the business model and marketing strategies.

They can also help internally by improving staff relationships, ensuring an optimal work environment, and goal setting.

And there's more that would bet too much to list here. But to cut it short, coaching is a very fluid endeavor, and each coach's job differs depending on their clients.

business coach helping a woman business owner

Are Small Business Coaches Different?

The goals and struggles of small businesses are different from large corporations. So naturally, some business coaches choose to specialize in helping small business owners.

If you have extensive experience with small businesses, your help can be invaluable to new business owners who may not know how to reach profitability and sustainable growth, for example.

But you can also choose to help start-ups, most of which need that extra push to get their foot in the door.

You could also take the role of a life coach with your client by helping them maintain a work-life balance and solve other personal issues that affect their decision-making.

And as you work with other business owners and executive staff, you'll help each other develop your skills.

In other words, you'll learn more about different challenges businesses face and how to handle them, and your clients will gain more management skills and learn how to deal with difficult situations calmly.

Benefits of Becoming a Small Business Coach

small business coach helping a man increase his sales

Why do people pursue small business coaching in the first place? Of course, money is a big part of pursuing any field, but there are advantages beyond the material that come with coaching business owners.

Many advantages set this field apart from the rest, but we'll only gloss over a few here.

Work-Life Balance

Not everyone can work in a standard nine-to-five setting, clocking in and out of work every day. One of the main reasons people go into coaching is to break that schedule since coaches enjoy more control over their working hours.

A business coach will still oblige to their client's needs, yes. But they'll also enjoy greater flexibility and more productivity in fewer hours.

After all, your clients won't need your services 40 hours a week.

You can also finish plenty of work at home. For example, coming up with a new strategy or analyzing a business decision won't need your presence at the office, so you'll enjoy more you-time.

A Business Coach Helps Others

small business coach helping a group of others with becoming a business coach

We don't mean to underestimate the challenges that large corporations face, nor do we mean to discredit their effort. However, we think there's no denying that, on average, most small businesses struggle more to stay afloat.

When you coach a small business owner, you're leaving a bigger footprint on the local community around it.

For example, if your client runs a small shop in a rural town of a couple of thousand people, especially if you live in that town, you'll quickly notice the fruits of your labor. In fact, a simple business plan can help most owners grow their business and achieve their business goals.

In contrast, coaching a large corporation in a multi-million-resident city might feel like your effort is a drop in the ocean if you can't feel the impact of your decisions around you.

Personal Development

Just like you'd benefit the clients you're supporting, your interactions and experience as you go through multiple businesses will hone various soft skills that define an experienced business coach.

Many of these skills will also help you outside the scope of coaching. For instance, working with businesspersons will develop your social skills over time.

And your communication skills will improve, too, since a big part of coaching involves listening to your clients' problems and providing clear feedback.

Other than those, you'll gain precious coaching experience that will help you grow your client base in the future and deal with their cases more efficiently.

Qualifications to Start Business Coaching

business coaching certificates for qualifications of other business coaches

The business coaching industry is relatively unregulated. Anyone can claim to be a business coach, and, if they're serious enough, they could be technically correct.

However, there are key differences that successful business coaches share. So if you want to stick to the latter category, you should learn about them. In fact, if you are serious about trying to determine how to become a small business coach, you should work on the qualifications required to become a business coach.

Having Business Experience

Whether it's business coaching, life coaching, sports coaching, or any other coaching niche, an integral part of being a coach is having the experience to solve their clients' problems effectively.

Most business owners know this well, so they often don't consider coaches who don't have business experience or even in their specific niche.

Let's take sports as an analogy. Most sports coaches were professional athletes in their youth. And a lot of the time, they relied more on their brains than physique as players.

It makes sense. You wouldn't hire a coach if they don't know firsthand what it's like going through rough patches. And the same applies to business coaching.

We'll talk more about experience below. But for now, you should know that it's probably the most important quality to become a small business coach.

business coach with a lot of business experience

People Skills

A massive part of being a small business coach is building solid and long-term relationships with your clients. They invest their money, and you invest your time and effort. So if you don't get along well, your efforts will go to waste.

The first thing most business coaches do when meeting a client for the first time is establish rapport. This will require you to ask extensive and bold questions to know all you need about your client to develop a suitable coaching program.

Even later on, you should be able to listen to your client's problems well and voice your opinions and suggestions accordingly.

Certified Business Coach

Although most universities don't yet have a coaching degree, other tracks can prepare you for coaching business owners and help you attract more clients at first.

Firstly, a business degree is usually a must among business owners. Most of them will be OK with a bachelor's degree, but an MBA or even Ph.D. can increase your chances because they signify a more profound understanding of business.

Apart from formal education, you can pursue a coaching program from a renowned organization like the ICF, which will give you a certificate of completion.

These certificates aren't a strict requirement, and many successful coaches have never pursued a coaching program to achieve coach certification.

However, they can give you great information about starting coaching and help you stand out.

Many References About Their Coaching Practice

References aren't a required qualification, either. But they can give your clients more confidence in hiring you since they show that you've dealt with struggling businesses before, and they can vouch for your help.

Many small business owners look for references because they're in a risky position, and they'd like a coach who knows how to help them out. And when they know you've previously helped people in the same situation, they'll be more tempted to hire you.

What Do Small Business Owners Look For in a Coach?

If you want to stand out in an increasingly competitive coaching market, you must understand what business owners are looking for.

A business owner is likely to be struggling financially with their company since only 40% of small businesses are profitable.

The owner will naturally be pickier since they can't afford to pay a coach's expensive wages and fail.

As such, experience in running a business is often the number one quality to look for.

If you also have experience helping struggling businesspersons and have previous clients who can vouch for you, you'll attract new clients much more easily, especially through networking.

And the statistics line up, too. A study by the American Management Association surveyed business owners and entrepreneurs on what qualities they look for when hiring a business coach. The results were as follows:

Have Business Experience

A female business coach with business experience

Education is important. But at the end of the day, it's a show of theoretical knowledge more than practical. And you can't obtain the various coaching skills by reading books or attending schools if you don't know how to implement this knowledge.

On the other hand, experience shows your practical skills and how you apply your knowledge in different situations.

The deeper your experience is, as in how extensive it is, the more likely you will attract clients in the same niche.

And this is where you have to decide between deep experience and broad experience, which is when you have experience in various fields and will have bigger premises to fish from, so to say.

Another crucial point is that you shouldn't consider education and experience as mutually exclusive. On the contrary, they both go hand-in-hand, and having both is a great advantage.

After all, a small business coach who works based on experience solely may not know what to do when facing novel situations.

So our recommendation is to look for a coach with the right combination of theoretical knowledge (academic) and practical knowledge (experience).

Certifications to Become a Successful Business Coach

Until schools develop their coaching packages syllabuses, there are no "official" or "universal" academic routes to take.

However, most people in this field agree that the most reputable coaching body is the International Coaching Federation (ICF), a non-profit organization dedicated to professional coach training.

The ICF has gained rapid popularity over the past decade, and it's even been called the main body for accrediting and training coaches in a New York Times article in 2015.

Currently, the ICF offers three certificates to credential coaches: associate, professional, and master:

a certified business coach

Online Business Coaching Services

For the past couple of years, more people realize that they can take their work to the cyber realm and deliver similar productivity.

The same applies to small business coaching. Many coaches now market themselves through online platforms or networks and work from home (or wherever they have internet access).

You don't even need to meet your client at all in person. All your meetings can take place on video conferencing programs like Skype, Zoom, and Google Meet, and it won't feel out of place.

One of the most significant advantages of online coaching is that your geographical area does not limit you. You can meet and work with numerous small businesses anywhere in the world.

So if you'd like to expand your horizon, you can start by creating an online presence on social media websites like Facebook, Twitter, and Instagram, or even building your own website.

You can also try freelancing websites like Upwork And PeoplePerHour.

faqs about how to become a business coach

Frequently Asked Questions

What Does a Small Business Coach Do?

Generally, a business coach advises business owners and supports them in reaching business success. A small business coach has the same job but specializes in helping small business owners.

What Are the Qualifications of a Business Coach?

The most crucial qualification is business experience. Experience helps you understand the challenges businesses face, and business owners prioritize experienced coaches so you'll be more employable.

Are Business Coaches in Demand?

The demand for business coaches is at an all-time peak. And at the current growth rate, it will likely continue increasing since it doesn't show signs of stopping.

Can You Be a Business Coach Without Certification?

Business coaching relies more on soft skills, like experience and communication than hard skills. So, yes, you can become a successful coach without a certification program. However, some people will inherently be more attracted to a certified business coach.

How Much Does An Online Business Coach Cost

The average online business coach will cost $75 to $350 an hour. The more experience the online business coach, the more they will charge. However, price should not be the only way you hire a coach. You should look at their experience and past performance with other online clients.

The Bottom Line

Getting into business coaching is difficult because there's no clear entry path to follow, no college degrees that specifically cater to coaching, and coaching training is sparse.

However, now that you know how to become a small business coach, you can start your journey. First, you'll need to have the necessary skills and qualifications if you're looking for success.

And no, we're not referring to certifications. They're wonderful resources, but many successful coaches have never pursued a certification program and instead rely on their soft skills.

The most important trait you need is business experience. It's substantially more challenging to coach properly if you don't understand small businesses' struggles and patterns.

Besides, you'll struggle to land your first client if you compete with experienced coaches.

Once you start attracting clients and working with them, you'll hone your coaching skills and become more productive.