There is a wealth of information about the importance of small business in the American economy. In the United States, small businesses account for over 99.7% of all businesses in the country and total over 28 million different companies employing over 57 million people.
There are approximately 543,000 new businesses that start up each month. Of these businesses, 20 percent fail in the first year, 50 by the fifth year, and there are only about 35% of these businesses left after 10 years. The reasons for small business failure, as reported by the Small Business Administration, include:
- Financial management and lack of capital
- Lack of business plan and defined business model
- Marketing problems and challenges
- Challenges in assuming a management role
These issues are not insurmountable, and working with an experienced new business coach can help identify potential areas of weakness. Then, working with the coach, the business owner can develop a comprehensive plan, develop skills or even bring in outside resources to address deficits and prevent these issues from becoming a significant drain on the business.
The Confidence Factor
The experience of working with a coach specializing in new business coaching is empowering. It allows time and a structure to address any uncertainty or confusion the business owner may face. The coach’s expertise can also identify areas of concern, providing time and focus to develop a clear plan of how to address these areas and proactively build the business.
It is not uncommon for a new business owner to be overwhelmed with all the tasks in starting and running a business. This can be compounded if the business is thriving, and there is rapid growth. Working with new business coaching specialists can eliminate this sense of overwhelm and allow the business owner to plan, make decisions, and develop a business model that is going to be effective both now as well as in the future. With the model in place, the business owner has the confidence to make decisions and to manage the business without second guessing or questioning their choices.
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