Edmonton Business Coach | Helping Your Business Thrive
Business owners have the odds stacked against them, according to Edmonton Business Coach Trevor Samons of Inspired Method Marketing in Edmonton. While statistics show that 95,000 new businesses start up in Canada each year the failure rate for these most of them Small to Medium Enterprises (SMEs), is extremely high. 15% of businesses will fail in their first year, 50% by their fifth year in business. And abysmally, 96% of all start ups will be gone within a decade.
There aren’t as many reasons for failure that people might think. SMEs fail each year due to not being able to find enough customers, running out of money and not having the right team. What makes this even more devastating, is that all of these obstacles are avoidable. However, no one is born with all the knowledge necessary to run a successful business. And figuring out where to find great information to start and grow a business is frustratingly difficult.
The Best Education is Experience
While some people believe that business school is a great place to learn how to become a savvy entrepreneur, says Edmonton business coach, Trevor Samons. But that’s just not true. Business school teaches you how to be an executive in a large company, but you won’t learn the necessary skills to run an SME. For example, you can graduate with a business degree, without having learned how to land a single customer. Seeing as how not being able to find enough customers is the number one reason why SMEs fail in Canada, people should understand that business school is not the magic bullet to guarantee success.
That isn’t to say, says Edmonton business coach Samons, that people shouldn’t go to business school or get a degree. It can be a valuable place for networking, learn interpersonal skills and have a place to mature and develop yourself. But when it comes to learning how to run your business, really the only way to learn how is to do it.
Edmonton Business Coach | Preparation Is The Key To Business Success
This also puts significant risk on business ownership, because you are learning how to be a business owner, while running your own business. Some mistakes can be devastating, which is why being adaptable and willing to learn and change is vital to the success of an entrepreneur. And, it’s also the reason why hiring a business coach can be one of the most important things that an entrepreneur does to succeed.
A business coach can help entrepreneurs not only learn what they need to do in their business. But be someone that an entrepreneur is accountable to. Often, it’s the only time a business owner has not had a boss keeping them on track, and it can be very tantalizing to show up late, leave early, or only work on the parts of the business that the entrepreneur loves, like product development or engaging with customers.
While the less enjoyed aspects of the business, like bookkeeping becomes neglected. This is part of the reason so many businesses struggle and fail. As well, if people aren’t prepared, it can become a daily mental struggle. Having a coach can lift the burden and help people prioritize better.
Don’t Hire A Consultant, Hire A Coach
A business coach like Inspired Method Marketing and Coaching is an entrepreneur’s weekly check in. Making sure that a business owner not only knows what they need to do in their business, but that they are actually doing it. It’s not enough to learn what to do, says Edmonton business coach, Samons. “Business owners have to actually do it, and that’s where we help.”
If entrepreneurs are struggling and they want help, or if people are thinking about becoming a business owner for the first time, they should contact the Inspired Method Marketing and Coaching team. It’s important to know what you need to do, even before you start. That allows budding entrepreneurs to not only hit the ground running, but be running in the right direction. Consultations with a great Edmonton business coach can be booked here.