3 Reasons Why You Need a Coach or Advisor

Have you always dreamed about quitting your day job and launching your own FinTech startup but feel you lack the nerve? Do you have a concept you know would rock the business world but can’t quite manage to get your ducks in a row? And do you think this means your dream is doomed to remain locked away in your head, never benefitting the world at large?

If this is you, say a silent thank you to John Whitmore. In the 1980s he surmised that the positive aspects coaching brought to the athletic arena could be translated over to the business field. His GROW (Goal, Reality, Options/Opportunity, What Next) model is the template for a now thriving business coaching field.

Business coaches can be an invaluable tool for those looking to become entrepreneurs and those who feel they aren’t yet mastering the game. This week we’ll look at three reasons why a business coach could be exactly what you need—namely, what mistakes they’ll help you avoid.

Reason #1:

Say you have been gathering the knowledge, background and funds to pursue a dream, but aren’t quite fully sure what route what you want to take. Even though you’ve just started you’re already exhausted from the act of treading water as you try to gain your bearings.

The mistake? Thinking you had to undertake the process alone. In fact, this is one of the places where a coach can be a real asset to aspiring entrepreneurs.

A business coach knows how to listen and ask the right questions to help you uncover what drives you and where your talents lie. Working with this information will help you pinpoint potential areas for your startup.

Then, by pairing that information with an analysis of the areas of the market ripe for development, you will pinpoint your ideal area of the market.

The less time you spend on unstructured and blind (and as a result unproductive) brainstorming means more time you can spend on successful brainstorming and your business process. This a very positive thing.

Reason #2:

As an entrepreneur launching a startup you face the issue of only really being accountable to yourself. With no boss or supervisor setting your timetable it’s easy to get lost or overwhelmed. This is especially true in today’s internet- and meme- filled world, which is full of distractions and makes it very easy to find yourself veering from your intended course to investigate the newest trend or viral video.

This is the importance of a coach. If you don’t have the discipline to ignore all distractions (and most people don’t) a coach can help you develop techniques to keep your focus and keep you on task.

The simple introduction of an element of accountability will also keep you moving toward your end goal and a coach will keep you accountable. Follow up is an important part of a successful business and having a figure in your (business) life who pushes you to complete follow up is an ideal way to get the habit burned into your routine.

Reason #3:

Working with a coach will help you hone and perfect your startup, and this means your process will be quicker and less stressful.

This may be one of the most important reasons to align yourself with the coaching system.  (Plus, as an added bonus the coach can also help you identify your stress markers and figure out how to manage them.)

Building a business is a process and taking the plunge solo is stressful and risky. Our viewpoints of our own individual projects are skewed as we are unable to critique ourselves from the third-person perspective, which means we miss a lot of problem areas.

A coach will both help you find the errors and work through the process of solving them, fixing the minor problem before it becomes a career-ending catastrophe. Don’t live by the assumption that you can flawlessly build your startup on your own.

Most startup entrepreneurs benefit greatly from the presence of a coach, as these figures will help you avoid common and damaging problems that plague entrepreneurs. Not a sign of weakness, coaches will actually help you discover the full extent of your business strength.

And if perchance you were hoping this article would inform you about financial coaching, I tell you this: Many of the benefits of an entrepreneurial coach extend to a financial coach.

In today’s FinTech world you have easy access to financial coaches. For example: Check out Varo. This easy to use app will help ensure you don’t manage your finances alone, reducing your stress levels.

Isn’t coaching fantastic?