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ASK THE COACH

 

This is your forum to ask any questions you have about career, executive, or business success.  You may not be working with a coach to help you achieve the success you desire.  So this is your opportunity to ask for guidance and advice as if you were working with us at Quantum Leap Success Coaching.  Simply fill out the form below, posting your question in the "Comments" box and your question will be emailed to us and we will respond to you and post your Q&A here.  Feel free to scroll through the Q&A's already posted for additional information on launching your quantum leap to success!

 

Q:    How much time a week does it take to be coached?

A:    This question is more complicated than it seems.  A coaching session usually lasts for about an hour.  However, the goal of coaching is to get you into action so that you begin taking steps to achieve the goals you have set for yourself.  Because of that, there is a larger time commitment to coaching than just the meeting with your coach.  When you leave each coaching session you will have homework or action steps to complete within the next week.  You should plan on spending at least a few hours each week working on those steps to achieve your goals.  If you are an executive or business owner, you should be spending 80% of your time doing the work you do, and 20% of your time working on your team or business in activities such as strategic planning, etc.  That means that if you work 40 hours a week, and who does these days, you should be spending at least eight hours each week working "on," rather than "in" your business.  If you are serious about launching your quantum leap for your team, career, or business, you will need to make this kind of time commitment toward defining your vision, strategic plan, and goals, and then working toward achieving your goals and vision.

Q:    How do you know when it is time or if you are ready to go out and start your own business?

A:    More people than ever before are starting new businesses today as a way to follow their passions and their values and gain control over their careers and lives.  Many times we jump into starting a business, believing it will give us the freedom we desire to work from home or have a flexible schedule, so we can spend more time with our families or work around their schedules.  As much as we would like for this to be true, it is often not the case.

        Starting, building, and growing a successful business is incredibly hard work.  Anyone who has done it can attest to this fact.  It is a marathon, not a sprint!   Research shows that it takes anywhere from nine months to three years to get a business off the ground and make it lucrative.  So before you take that leap into entrepreneurship, it is imperative that you be as prepared as you can possibly be to achieve the successful business you desire.

        There are several critical considerations you must think about and critical questions you must answer.   First, do you have a business plan? Have you done any research on your target market to determine if there is a need or desire for your product or service?  If you will have to constantly be finding new customers, how will you go about doing so? You must have a strong picture of your plan to build the business and what it will take to make that happen.

        Where will you get the financing for your business?  What income do you need to live on until the business becomes successful?  What are you willing to sacrifice?  Time with your family? Time to do other things you enjoy?  What risks are you willing to take?  What will you lose if things don't work out?

        There are also some more technical questions that need to be answered.  What kind of operating structure will you have, sole proprietorship, corporation?  What about the physical structure of your business?  Do you need a storefront or office space?  What are your technology needs?  What are your staff needs?  What are some of the other considerations, such as payroll and taxes, employee manuals and company policies, involved with hiring others in your business?

        As you can see, there are a number of critical questions (and these are just a few; there are many more) to be considered before you start a business, so you don't fall into the category of the 40% of small businesses that fail in their first year.  If you are sure at this point you are ready to become an entrepreneur, jump in with both feet, plan your goals, engage your determination, and work hard to make your dream become a reality.  One of the best ways to ensure success is to get the guidance of those who have been successful and know what is necessary for business success.  This is where a coach can help you plan your goals and stay on track toward achieving them.  Best of luck to you, and remember to celebrate all the successes along the way as you build your business to fulfill your dream. 

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