Running a small business is many things at once. It’s exciting and rewarding to follow a passion, and it’s frustrating and often lonely to navigate markets on your own or with a small team.
You won’t have all the answers, especially at the beginning of your journey. You’ll hit roadblocks and make mistakes — and that’s a regular part of the process.
Owning a small business is most enjoyable and impactful when you plan for the journey ahead. You must have finite goals, a timeline for ticking off action items, and ways to maintain your work-life balance. And a small business coach can help you.
Coaching offers the tools you need to navigate setbacks and even celebrate big wins. A coach with business experience can be the person you need in your corner, guiding you through difficult decisions and offering a space for active, productive problem-solving.
Whether you’re a seasoned entrepreneur or looking to turn your side hustle into a full-time venture, here’s a guide to everything you need to know along with why a coach might be a great choice for you.
What is small business coaching?
Small business coaching is a branch of professional coaching that helps you launch or improve a company. A coach will guide you through identifying needs, setting goals, and creating and executing action plans to support your business.
Coaches act as sounding boards and motivators for the problems and topics you discuss every session. They encourage you to open up, brainstorm, and refine ideas on your own, offering support and asking good questions when you get stuck. They also help you manage expectations and stick to achievable goals instead of aiming too high and becoming overwhelmed.
Small business coaches can help you:
4 benefits of small business coaching services
According to the Small Business Administration (SBA), from 1994–2020, 68% of new businesses stayed open for at least two years. In the same timeframe, less than 50% survived for five years, and only 26% survived 15 years.
These numbers show that while some businesses are able to start strong, many can’t maintain momentum, whether that’s because they don’t know how to budget, make plans, or navigate difficult markets.
Seeking help starting your business and keeping it afloat can give you the tools you need to beat the odds and create a viable company with a dedicated audience. A management consultant or financial adviser can provide effective tips for making savvy economic decisions, but a coach is more than that — they help you become a better businessperson overall.
Here are four key benefits of adding a small business coach to your support team:
1. Helps you gain clarity
You likely have a vision of how you want your business to look. Perhaps you stay up at night generating app ideas, visualizing the software you want to create. Or maybe you imagine a thriving community of people who all connect because of you.
While those dreams are powerful, they need a clear direction to truly take off and achieve the objectives you want. A business startup coach will help you gain confidence about these goals and create a path to reach them.
After you set some business goals, a coach will help you find clarity with the planning process — taking that aim of creating an app and turning it into tasks with firm due dates.
Maybe you decide to write a business plan, register your company, and hire developers all within the same month. Your coach will hold you accountable and act as a sounding board if you need to pivot to Plan B or tweak the timeline.
2. Identifies pain points
Maybe you’re having trouble launching a new business, or your company’s profitability is plummeting. The first step to fixing the problem is determining pain points — what’s not working.
Pain points earned their name for a reason. It might be challenging to face the facts when your business is hurting and you have to make decisions you didn’t plan for, like shifting your primary offering or closing a brick-and-mortar shop. But pain points also provide an opportunity for your small business to heal and come back stronger.
A coach will help you get vulnerable and explore the true root of what’s going on. In the safe space of a session, you’ll explore potential operational inefficiencies negatively impacting results, supply-chain issues, or customer retention problems.
Together, you’ll critically assess everything from marketing and sales strategies to the products and services you offer, finding ways to improve.
Pain points could also be personal. Maybe running a small business takes more weekly hours than you expected and you’re burning out, or you started it with a friend and are having a hard time getting along. A coach will help you talk through these problems, too, finding ways to grow as a person and as a professional.
3. Implements strategy
Coaches can help you strategize to launch an initiative or try to save a struggling one. After identifying pain points, they’ll work with you to plan and implement a clear strategy for improvement, whether that’s boosting your professional network or reworking your original business plan.
But instead of telling you what to do, a coach will work with you to make your own decisions and develop informed plans. They offer the structure and support to solve problems on your own, even giving you insights you wouldn’t otherwise think of. And if your plan goes awry, a coach can talk it through with you.
4. Boosts your confidence
According to the Bureau of Labor Statistics (BLS), the majority of small businesses in all industries have less than five employees. And if you have a small team, aren’t used to being a leader, or aren’t sure what you’re doing, it’s easy to feel imposter syndrome and worry your business won’t succeed.
A coach can help you shift this negative self-talk into a growth mindset. Instead of dwelling on potential negatives, you’ll identify your strengths and gain a renewed sense of confidence in your characteristics as an entrepreneur.
And constructing an actionable plan with the coach will help you envision brighter horizons, which can improve your outlook and resilience when the next roadblock arises.
What to expect in small business coaching sessions
Starting the coaching process is an exciting and sometimes overwhelming step, and knowing what to expect can help you feel more confident going into it. Just remember that your relationship with your coach is personal, and it can be whatever you need it to be — whether that’s strategic planning or personal development.
Here’s what you can expect from a small business coaching program:
1. Guidance, not advising
Unlike a consultant who offers advice, coaches push you to find answers within yourself. Coaching gives you the agency you need to rely on your instincts, problem-solve, and level up your skills. It’s an empowering process that shows you what you can do while offering any support you need along the way.
2. Hard-hitting conversations
Your coach will create a safe, confidential space for you to open up about how you and your small business are really doing, which you might not feel comfortable discussing with friends or peers. A coach is a third party who isn’t there to judge, but to help you find the right path forward. And the more honest you are, the better the work you can do together.
Coaches are expert active listeners. They don’t try to create a narrative but instead understand the nuances of your business and what it needs to thrive. They’re also non-judgemental, and while your coach may ask you tough questions, they aren’t trying to put you on the spot. They’re helping you define a goal or start seeing the big picture.
Suppose you want to start a clothing boutique but aren’t yet sure what to sell. You’re going back and forth between targeting a younger audience with trendy accessories or selling high-quality basics for all age groups.
You confess to your coach you think you can do both — but they might ask you to think it through. Through your conversation, you might realize that having a definite niche will be easier to manage.
3. Opportunities to grow
You should head into your first coaching session with an open mind about where your professional journey might bring you next. With the support of your coach, you’ll figure out what your true goals are, set objectives to help you meet them, and create a schedule for your professional development.
And while your coach will inspire and motivate you, it’s your responsibility to remain accountable and still find the drive within yourself.
You may also have to face the reality that you’re not ready for this next career step. Perhaps you want to expand a fledgling business, but you don’t have the resources. Your coach will help you devise a fundraising and savings strategy or optimize your operations so your business earns better revenue first.
Or you could discover you must return to school to hone your leadership or business skills before taking those steps. These plans may take time, but you build a stronger foundation for long-term success.
4. Support, but not therapy
Small business owners may suffer from stress and poor work-life balance, which take a toll on their well-being. If you’re feeling anxious, depressed, or burnt out, seek the support of a professional therapist.
A business coach doesn’t take a therapeutic approach — nor are they licensed to. A wellness coach may help you establish a better work-life balance by encouraging you to find time for social activities and self-care, but they can’t offer life advice or unpack traumas.
How to find a small business coach
The 1:1 relationship with your coach is personal, so it’s important to find someone you connect with who also understands where you’re coming from as a business owner. Here are some tips to help you find the right person for you:
1. Determine what you’re looking for
The first step to finding an ideal coach is determining what services you need. If you want concrete business advice or help making a financial plan, you might want an advisor or a consultant instead. But if you want to develop professionally and have support while your business grows, a coach is a great option. Ensure that your goals align with the scope of coaching work.
You should also decide what expertise or skills you’d like the coach to have. If you hope to work with someone who focuses on a particular industry, like tech, you’ll need to find a coach with know-how in the field.
And if you're interested in working with someone who hones in on a particular aspect of running a company, you may need to find a specialist like a small business marketing coach or leadership coach.
2. Register for a coaching platform
Register with a reputable coaching platform like BetterUp. BetterUp gives its members access to vetted, expert coaches who meet with you online. Virtual sessions make the coaching process agile — you can meet them from wherever you are — and ensure you pair up with the best coach possible, regardless of their geographical location.
3. Match with the right coach
With BetterUp, you’ll take a brief survey to determine your focus areas and needs, and you’ll be matched with a coach that suits your background and expertise. If you don’t connect with them as expected, you can always switch and meet with someone new to find the right fit. You might also discover that you need a life coach or general career coach instead.
Go further with coaching
When running your own business, next-level success is subjective, but it’s definable. And a small business coach can help you establish a company vision so you know what you’re working toward.
The career coaching process is an invitation for successful business leaders to grow. Any small business owner — even one with a thriving company — can lean on this resource to generate more innovative ideas, build their entrepreneurial spirit, and find business success. Your coach is there to improve both your business and yourself.
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