“A word of encouragement during a failure is worth more than an hour of praise after success.”   Anonymous

Question from a Client:

Q. I’m caught in a dilemma. I’ve finally gotten up the courage to start my own business and leave my dead-end job. That’s scary enough. I’ve been use to a steady paycheck. Now I’ve traded being bored with needing help and am afraid to spend the money I know I’ll need to cover myself while I get things going. How does somebody like myself survive the switch? How do I make such a Major Change successfully?

A. I empathize with your situation, as I’m sure many readers do. And, at the same time I want to congratulate you. Letting go of security to create something on your own takes courage. If you’re doing it solo, especially for the first time, it also takes support. So, how do you juggle wearing all the hats and managing your finances as well?

There are many options. Here, I’ll present a few.

If money were no object, you could simply hire a top business consultant to walk you through all the steps. You’d hire a marketing consultant to help you develop your marketing materials, a web and graphic designer to provide camera-ready copy and get you on-line and a high quality printer to supply you with business cards. You’d also hire a bookkeeper and a financial adviser to make sure you stay within budget.

As nice as that might be, it could put you in a position of making many expensive mistakes. In 1987 when I started my first consulting business, I had the money to pay an advertising firm to help me with my marketing materials. (Even a marketer needs a second opinion) I spent $5000 (a lot of money at that time) on brochures, a direct mail campaign (this was before the web) and about 4 months of 24/7. By the time everything was mailed out and I started getting a few responses, I realized I was way ahead of myself. My materials were very good but I couldn’t meet the expectations they created. It was a very expensive lesson and a very valuable one as well.

It’s good to have support, but in the beginning it not so wise to spend a lot on materials. When clients come to me in a similar position as you find yourself or with little financial support, I offer them the following:

1. Maui has a Small Business Association (SBA) that offers classes in a number of fields such as writing a business proposal, marketing, etc. They also have retired executives who will consult with you at no charge.
2. When creating your marketing material, do it in such a way that you can print it from your own printer on demand. Your business will no doubt change a dozen times until you get to know yourself in your new role and discover what you really love to do and what you truly have to offer.
3. Get the support of other successful entrepreneurs in your field who have traveled the road you are about to embark on. Learn what worked and what didn’t. It may cost you a lunch but that’s a small price to pay for the valuable information and the time saving tips you’ll gather.
4. Use the web. See what others in your field are doing. If there isn’t anyone locally, someone in Chicago will probably help you. On Maui we’re far enough from everyone not to be considered competition. People love to talk about how they got started and their failures and successes.
5. Run, take walks, swim – do something that keeps your energy moving when your mind is stuck.

I often get asked, “What does a coach do?”

It wasn’t that long ago, maybe in the early to mid 90’s, coaching made it’s way into the mainstream. Once the word got out, you either became a coach, you had one, or you felt you needed one. Coaches had coaches and training companies sprang up to train how to become an effective coach.

I was intrigued. I was a marketing consultant at that time and decided to take a level-one coaching course from a company recommended by a friend to see what the difference was between what I was doing and what was being taught. The program was excellent. Towards the end of the course, they introduced a Level II training, a Level III training and before you knew it, and $5000 later, you were a graduate and certified coach. They even offered a postgraduate course teaching you how to get clients. And of course, they had their own staff of coaches to help you get started with your new business. They prepared their graduates well.

Coaching became a very respectable field of work and why not? If sports figures and actors can have coaches guiding them to success, why not anyone who wants to get ahead or reach a particle goal.

There are many reasons someone hires a coach. For instance, one of my clients wanted to write a book. He was a good writer, knew his topic well, but didn’t have the discipline to stay on track. He needed someone to make him accountable to his commitment. Another client almost always fell apart just before she had a breakthrough. It was easy to see her pattern and remind her that her tears were just a part of her process, not an insurmountable stumbling block. Another client needed someone to point her in the right direction, help her organize and get started and keep her focused.

We humans are funny. We say we want to do something and then immediately focus on all the reasons it won’t work, allowing a myriad of distractions to set off a red light commanding us to stop and reconsider.

This is where a good coach comes in handy. A good coach sees possibilities and encourages you to stretch beyond your perceived limitations. They help you see how you realistically and unrealistically set yourself up for success or failure. Even though your do-diligence is what will ultimately see you through to the finish line, a good coach will offer you encouragement when you’re getting side tracked, procrastinating, and getting clobbered at the hands of no one other than yourself.

If you carry the bulk of the responsibility for your business, having an impartial ally to bounce important decision off of can be invaluable. Your coach can help you brainstorm ideas and give feedback during the various stages of your process. Once the relationship is established, they will know how to nudge you in the right direction with just enough pressure to help you advance without pushing you over the edge.

If you are thinking of hiring a coach, you might want to consider this:

1. Interview them. There is generally no charge for an introductory session.
2. You are entering a relationship. Do you and your coach have stylistic similarities? Is the chemistry right?
3. Are they experts in the field you need help?
4. Have they experienced their own successes and failures?
   1. This is important – Rarely can someone successfully take you to or rescue you from a place they haven’t traveled.
5. Find out how they work and what you can expect from each session.
6. If you have any doubts, get referrals.

Like any business expense, a coach is an investment. Just like a bad marketing plan can eat up your budget, bad advice can do the same. It’s great to get the help of friends and family but use caution. As good intentioned as they are, things can get sticky. If they become overly invested in your success, you may feel pressure to please them, straying from original plans. They may get hurt feelings if you don’t follow their advice. The price may seem right, but make sure it’s also a good business decision.

Please email questions to [email protected].