Should you hire a Business Coach?

We’ve all heard the expression "it takes a village to raise a child." We think it takes a village to raise your business, too. We can all use help thinking about strategy, sourcing suppliers, contemplating marketing initiatives and more. When we’re stumped at Admiral Road, we routinely turn to other mom entrepreneurs for help, as well as former business school professors and smart self-employed guys that we know, not to mention friends and family members.

While this informal system works for us, there are many entrepreneurs who swear by using a business coach to help them strategize and address business issues. Hiring a business coach means entering into a formal mentoring relationship where you pay an expert for her time and expertise. The question is, is it worth it?

Here’s what a business coach can do for you:

• View your business through a filter of experience and objectivity.
• Ask you questions that will help you see the issues in your business more clearly.
• Help you make tough decisions and develop an action plan.
  
• An outlet for discussing your business.
• Can be someone to whom you are accountable for getting things done.
  

That being said, there are a few things they can't do for you. A business coach can’t hold your hand every second. While they can help you figure out what to do, they can’t do it for you. They won’t be responsible if it doesn’t work out. Compare it to hiring a personal trainer. Using their expertise, a personal trainer will create a plan that addresses your particular fitness goals. They will work out with you regularly and they’ll answer questions and provide encouragement. But they're not going to get on the treadmill for you. And they can’t control what you eat or how often you work out. The same goes for a business coach – ultimately the results are up to you.

Another consideration is the cost. Business coaching isn’t cheap. You can sometimes get packages of sessions, or work with an online coach via email or phone, either individually or in a group setting. A one-on-one session can run you $100 to $200 per hour (sometimes more). It’s definitely pricey, especially for a small business, but if it helps you achieve real results quickly, it just may be worth it.

If business coaching sounds like it’s for you, your best bet is to ask around and get a recommendation from a friend or colleague. If that doesn’t turn up anything, you can try the International Coaching Federation or findacoach.com.

Finally, not all business coaches are created equal. Just as you’d want to hire a personal trainer who was in great shape, with years of experience and lots of satisfied clients, you’ll want to be sure that your business coach is the real deal. Ask lots of questions and, if you can, speak to former clients before making the investment.

Do you have any experiences with business coaching? We’d love to hear about them.

Read more of our "Ask an Expert" column on Sweetmama

Why it Pays to Plan

Recently, due to the G20 Summit, summitting has been all over the news. The goal of the G20 is not about quick fixes for complex problems, rather it's an opportunity to raise issues and plan how to tackle them.

While on a different scale, businesses also have complex problems that require thought and planning. When you own your own business, planning is essential. As a business owner, it’s very easy to drift off-course, reacting to daily business life without thinking about the bigger picture.

We are strong believers in writing a business plan. (Never did one? Take the time now – there are lots of resources online to help you get started, like this one from Ernst & Young.) However, there’s a big difference between a business plan and business planning. Although it's an invaluable exercise, your business plan pretty much becomes obsolete the minute you finish it – targets move, goals change, realities set in. This is where business planning comes in. The only way you’ll keep your business plan alive is with ongoing planning.

At Admiral Road, we didn’t hit our stride right away. There was so much we had to learn just to get a blanket out the door – how to make one, how to ship one, where to find our customers. And while we had spent the time on a comprehensive business plan out of the gate, regular ongoing planning definitely took a back seat. Then, about two years in, we had what we called the G2 Summit. (That would be the two of us!) We sat down and talked about our priorities for the business and began to look at our business in a new way. We made a plan for the coming 12 months and then executed it. A year later, we had another G2 Summit and made a new to-do list for the year ahead. Annual planning was a huge change for us. It helped us clarify our goals, which meant we were better prepared for whatever came our way.

Down the road, we moved to monthly plans and weekly check-ins. We set goals. We assign responsibility. And we move forward. Don’t have a partner? Have a G1 Summit. It helps you learn about your business, how the various parts work together, and how it might evolve.
Running a business is definitely a trip – and we all know that trips are a lot more fun when you’ve got a road map. All you need to do is follow it.

Read more of Amy and Danielle's 'ask and expert' column on SweetMama

What Kind of Business is for You?

So you’re ready to take the plunge into entrepreneurial waters. What do you do next?

Mom entrepreneurs run all kinds of businesses – from boutiques to book stores. We’ve met mom entrepreneurs who invented products such as bibs, barrettes and baby food. Some mom entrepreneurs start online stores, online newsletters or online communities. The list goes on and on, so how do you decide what business is for you?

While the possibilities are endless, there are ways to determine what business is right for YOU and you alone. In order to figure this out, start by asking yourself the following three questions:

1. Can I convert my existing career into a new business? Many mom entrepreneurs draw on their past professional experience to launch themselves into entrepreneurship. Mom entrepreneur Debbi Arnold is one example. Debbi worked in marketing at several companies before striking out on her own. Today she runs her own marketing consultancy and balances work with motherhood. You’ve been putting your skills to good use for somebody else. Perhaps there is a way to parlay your knowledge into your own business.


2. Can I join an existing company? There are lots of ways to have your own “business within a business” and many of these are great options for moms. There are direct sales companies like Discovery Toys, companies that offer licensing programs like WeeHands, and franchising opportunities with a company like SupperWorks. Each of these choices involve different commitments, but joining an existing company can let you experience entrepreneurship without the legwork.


3. Should I start from scratch? You might already have a great idea for a business. Maybe you want to invent the next Bumbo or Bugaboo. But what if you desperately want to work for yourself but you just don’t know what to do? Don’t worry, we know lots of women just like you, and in the coming months we’ll tackle this very issue: how to get to your big idea. You may not know it today, but don’t’ be surprised if your "aha!" moment is just around the corner.

Whether you’ve got a new business idea or not, start thinking about how you’re going to put your skills to use in your new venture. No matter what you’ll be doing, look at this like your favourite pair of shoes - it’s got to be a great fit.

A final word: The mom entrepreneur companies we’ve mentioned above all appear in our upcoming book (HarperCollins, February 2011). Watch out for their stories. We can’t wait to share them with you.

Read other posts by Amy and Danielle on their Sweetspot Ask and Expert page: http://www.sweetspot.ca/SweetMama/expert_work_and_finances/17338/what_kind_of_business_is_for_you/#ixzz0n3vtw9tV

Why Moms Become Entrepreneurs

We know that moms are starting businesses in droves, but what is it about self-employment that makes entrepreneurship such a compelling choice?

We’ve given this question a lot of thought, and we’ve asked around. Ultimately, the reasons women opt to juggle motherhood and business are as varied as the women themselves. We have, however, observed some general categories of reasons.

1. New Boss vs. Old Boss: All moms know that the “real boss” is the child at home. The problem is this new, little boss is making the old boss hard to manage. No workplace boss is going to love that you show up late because you had to change your puked-on suit, miss days of work for ear infections, or nap under your desk Costanza-style from sleep deprivation. The tension between the two “bosses” ultimately drives many women to strike out on their own.
2. Fulfilling a Dream: Many women tell us that they started their businesses in order to fulfill a passion, or because they had a great idea, or because they just wanted to work for themselves. In all cases, these women have used mom entrepreneurship as an opportunity to fulfill their dreams.
3. Big bucks or Pocket Change: Some moms want to make a zillion dollars and believe entrepreneurship is the best way to do it. Many others are would-be stay-at-home-moms who need (or want) to supplement their family incomes. Any entrepreneurial venture is going to be a lot of work, so getting into it for the money is a pretty solid motivation!
4. Identity Crisis: As much as some women want to be home with their kids, many fear that a total immersion means the loss of their own identities. Having a business is an opportunity to remain engaged in the adult working world while still being available to your children. With a foot in both camps, mom entrepreneurship can provide the perfect middle ground.

You probably have your own distinct reasons for contemplating mom entrepreneurship, but odds are that at least one of the above motivations applies to you.

What we believe is that your motivations only need to work for you. Want to make gobs of cash? Excellent! Want to engage in a business project while the kids are small? Also great. It really doesn’t matter what brings you to mom entrepreneurship. But here’s the caveat – and we can’t stress it enough: Know what your own motivations are. Mom entrepreneurship is too hard to juggle without clearly articulating to yourself why you’re doing it.

Whatever your business, it will involve a lot of work and sacrifice. You will come back to your reasons time and time again – so know why you’re making the leap.

Read more of Amy and Danielle's business advice in their monthly column on SweetMama.ca

Superpowers

I’m a big believer in superpowers. I sincerely believe that we all have them. Now, this is not to say that we have useful, helpful superpowers like the kind we see in the comics or movies. No, I think each of us has an everyday life, often totally bizarre and completely unmarketable kind of superpower that just accentuates our individuality. Let me give you a few examples…

Amy’s eldest daughter can spot a rainbow anywhere. That kid has seen more rainbows in seven years than most of us will in a lifetime.

For her part, Amy can fill up a kettle with water to the EXACT DROP for how much will be required for tea, regardless of how many people she is serving.

My husband can swat a fly like no one’s business. I’ll bet flies have legends about him. Then again, maybe not, as so few have lived to tell the tale.

As for me… wait for it… I see hawks. Yes, you read that correctly. I can barely look up in the sky without spotting a hawk. Perhaps I worked with birds of prey in a former life, I don’t know. I do know that my superpower is useless in every conceivable way. Even the obscure superpowers that Amy and my husband have are at least marginally useful to every day life.

Which leads me to think about what kinds of superpowers I wish I had. Sure, I wish everything I touched turned to gold (good one), or that I had supernatural strength. In my business life I’d love to have the power to accurately predict the success of new products or marketing initiatives, or heck, even the power to keep my Inbox manageable – but sadly these skills elude me.

But the superpower I most wish I had is an unending well of patience. I would have the ability to endure hours of bickering children. I would welcome the endless stream of people knocking on my door to sell me a product or solicit a donation. I’d be delighted when the driver in front of me turned on his left turn signal at the very last minute. I’d look forward to diving into QuickBooks each business quarter. Can you imagine?

What’s your superpower? Or which one do you wish you had?

As for me, I’m keeping my fingers crossed that I can trade HawkGirl for SuperPatientLady.