Vancouver Business Coach | Increase Your Odds Of Success
While many people dream of owning their own business according to Vancouver business coach. Most people do not have any business ownership experience. When they start a business for the first time.
Which means they must learn how to run a company. While running a company, with their own money on the line. And very little knowledge about how to do so. This leads to a very high failure rate.
According to industry Canada, half of all small business owners. Will fail within five years. After opening the doors to their company. There are only three reasons, why most companies succumb to failure.
One of the first reasons, and the most common reason. Why entrepreneurs fail. Which affects 42% of all failed business owners. Is they are unable. To find enough customers to sell products and remain viable.
This could be because they are not marketing or advertising their business at all. Perhaps they feel their location. Will be enough, to get sales. Or that word-of-mouth will travel faster than it does.
Or, they might think that they will have time. To market and advertise their business later. However, Vancouver business coach says later never really comes. As well, many people might have a marketing plan.
But it is ineffective. Or their execution of the plan. Is inconsistent, and they do not actually see the benefits of their marketing efforts. Not only do entrepreneurs need to have a marketing plan.
But Vancouver business coach recommends they spend a significant amount of time. Executing their marketing plan. Approximately one day on average. Every single week.
Should be spent on their advertising and marketing initiatives. It does not necessarily need to be one full day at a time. Or several hours each day. As long as they are spending approximately 25 to 30% of their time.
On finding new customers at a minimum. They will only succeed, if they have sales. Therefore, it is one of the most important things that a business owner will do. Is find new customers for their business. It does not matter how great a product they have. If nobody knows that they have it.
They will never sell enough. However, this is not the only reason why businesses in Canada fail. The second most common reason why small businesses. And up closing their doors, before their fifth year anniversary. And affects 32% of business owners. Is they run out of money.
And while it stands to reason that the more customers an entrepreneur has. The more likely they are to avoid running out of money. Businesses also ran out of money for poor financial decisions.
Or, not selling their products or services at a high enough markup. Or having their expenses to high. But they are not looking at their financial statements. So they never know that this is a danger that they are in.
When entrepreneurs hire a business coach. They will learn many tips and tools. That they can use, to overcome these common obstacles. And grow their business, so that they can succeed.
Vancouver Business Coach | Significantly Increase Your Odds Of Success
There are many new businesses that started up every year according to Vancouver business coach. However, they most likely are not aware. Of the high failure rates for small businesses in Canada.
There are many reasons why people are driven to start their own business. Whether they are wanting time freedom. To take vacations with their family. Spend more time with their spouse and children.
Or simply, be able to not work as hard. As they had to, before owning a business. Many people also want financial freedom. Either by accumulating wealth. That they can save, put into an RRSP for retirement.
Taking their family on vacations. Or buying a new family home, or vacation property. Still, many other business owners. Are driven to own a business. So that they can have a legacy. To pass off to their children when it is time.
And despite all of the reasons. Why many people start a business. Vancouver business coach warns new entrepreneurs. That these are all excellent goals. But they need to be long-term goals.
For example, the only way an entrepreneur will be able to have time freedom. In a business that they operate, is by spending a lot of time. In the business in the first few years. Such as 60 to 80 hours a week.
So that they can grow business, that will allow them to leave. For a day, or a week. When they plan to. As well, they must grow a successful business. That will allow them the freedom of saving money.
And putting the profits from their business. Into savings, to use how they wish. Unless a business owner works very hard the first few years. And grows successful business. They will not accomplish their goals.
This is where hiring a business coach comes in handy. They will be able to learn all of the things that will help them. Grow a successful business. As well as how to overcome the failure odds they face.
Without help, half of all entrepreneurs that try. Will make mistakes and fail. And many, often believe. That the fact that they are an expert in their given field. Will protect them from failing.
Simply because they think they should be able to run a business. That they are an expert in the industry. However, Vancouver business coach says being an expert in an industry. Does not make anyone an expert in that business.
The skills needed to run a business. Such as creating a viable marketing plan. Writing a business plan and financial plan that works. As well as hiring great staff. And putting the framework in place.
For growing a company. That can handle huge growth. Our skills, separate from that of a dentist, lawyer or doctor for example. Who may be good at their specific specialties. Such as protecting a client in court. Or filling a cavity. But the skills they need, can only come from learning how to run a business.