15 Benefits of Business Coaching to Increase Your Bottom Line

Team coach

 

Business coaching, for start-up companies that are experiencing sluggish growth, helps these companies increase the bottom line, reduce attrition and create happier employees. As a, Business Coach, based in South Florida, my company MyHelps Inc launches new programs to help entrepreneurs achieve these goals.

Coaching, while this word comes from sports where the coach assists individuals as well as teams to increase performance and achieve new goals, is a process in which the coach asks the individual well-formulated questions and helps in finding answers.

The strongest aspect of, coaching, is that the individual is finding answers to his or her own questions. Simultaneously it is perceived as a managerial approach and style of management where the manager himself becomes the coach of employees.

Business Leaders have identified fifteen significant benefits of, Business coaching, as a growth and development tool.

Benefits of Business Coaching

1. Continuous one-on-one attention that facilitates growth
2. Expanded thinking through dialogue and powerful questioning from a coach.
3. Self-awareness – including bringing light to blind spots.
4. Personal accountability for development – A coach can hold you accountable for work you promised to do.
5. Just-in-time learning; e.g. preparing for a speech or meeting
6. Sustained interpersonal skills development.
7. Consistent, long-term development that gets embedded and becomes part of your routine.
8. Identify executive strengths and development needs
9. Leverage existing strengths and improve performance
10. Create a Leadership Strategy with an Action Plan and accountability to help Business owners stay on track
11. Adopt and/or reinforce the required leadership skills and competencies crucial to the company’s growth.
12. Positive and sustainable behavior changes
13. Develop leadership skills and practices; learn coaching skills they can implement.
14. Enhanced career planning and development with an action-oriented plan
15. Create and plan for greater work/life balance.

Starting your Coaching Business

The secret to a profitable, coaching business, is selecting the right clients. Don’t get into the “fixing” business or turning losers into winners; it’s exhausting. You know the people I’m talking about — they say they want something; but don’t take action to get there or aren’t willing to pay for it. Instead, focus on, coaching,  ambitious people who are already successful get to the next level. Your life will be easier and they will get great results because success is in their DNA.

To do this, you must be outstanding at what you do. Your services or insights must really work. So ask yourself: Am I the best in the world at what I do? To make a lot of money, you have to deliver a lot of value. 

Steps to Starting Your Business Coaching Business

Step One – Establish your Niche

Niching down help you attract the right kind of clients.  The more specific your , niche, the bigger your chances are for success.  I once heard of a, niche, for, business coaching, for people who used to suck their thumbs!

Step Two – Claim Your Business name.

Your business name is very important. Don’t pick a name that people can’t spell. We are no longer vying for directory listings so we don’t need a name that at the top of the list like AAA, coaching business. Consider using your own name or a play on your name for a business name.

Step Three – Identify your business structure

  • Sole Proprietorship
  • Limited Liability LLC
  • Corporation
  • Partnership
  • S Corporation

Step Four – choose your preferred method of, business coaching

Business coaches, love to work with their clients face to face, but if you offer Skype or phone coaching you  could expand your market beyond local.  You could become an international, business coach.  Become comfortable with, coaching, via phone or zoom.

Step Five – Build your dream team for support

  • Have a coach or mentor for questions and business support
  • Have a tax accountant to help you plan your tax strategy
  • Have a lawyer to help you with contract issues

Bio Myrna Young Business Coach

Myrna Morris Young (@myrna_morris) is the president and owner of MyHelps Inc, a Florida based Coaching and Consulting firm that specializes in delivering leadership development programs for start-up companies and dynamic organizations.
Ms Young is a Certified Professional Coach from the University of Miami, Credentialed as an Associate Certified Coach by the International Coaching Federation,

Awarded Entrepreneur of the Year in 1998 and nominated for Business Woman of the Year in 2015. Her areas of expertise are Leadership development, social media marketing and personal growth. Myrna can be reached for your coaching requirements or as a motivational speaker for your next event at 888-569-3182 or on the web at “https://www.myhelps.us”

Additional Resources

“About Myrna Young Life Coach”

How to Set up Your Business Structure as an Entrepreneur