Posts Tagged ‘business mentor’

Hi Brad, I think I need a Business Coach, but how do I choose the right one?

Friday, December 9th, 2011

Choosing to work with a Business Coach is a very personal decision. This is someone you will have a long relationship with, so you have to be sure you are comfortable with them working so closely with you, your team and your business.

First of all, do your due diligence. Research the coaches you are considering, talk to their clients and see how these coaches have helped these businesses grow.

Once you’ve done your research, spend some time getting to know the coaches you are considering to make sure you both have the same goals in mind, namely making your business the profit-making machine you want it to be.

Basically, you need to have a good rapport with your mentor or coach, and be sure that your business mentor or coach has the best interests of your company (and you!) in mind.

All the best,
Brad Sugars

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Hi Brad, I have an idea for a business that could be very successful but I don’t know how to start the process. Can you help?

Wednesday, September 28th, 2011

What is it that you will be selling and how will you deliver it to your customers?

Is there a market for what you want to sell?

How does your product fill a need?

Who will your customers be and how will you reach them with your message?

How long will it take you to reach your break even and how long until your business is profitable?

These are just some of the questions to ask yourself before you get started but if this is your first business, you should also keep in mind that you probably don’t even know what you don’t know at this point and there are dozens of other questions to be answered.

I believe the best way to learn what you don’t know is to find a mentor, teacher or Business Coach that can help you understand the factors that go into starting and running your own business profitably.

So start asking around the business owners you know and pick their brain, or just call your local ActionCOACH office and get the mentor you need.

All the best,
Brad Sugars

Editor note: Brad writes about what the first step to launching a business in this article for Entrepreneur.com.

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Three months ago I opened a shop in a town in England “selling lifestyle” products. My sales have been abysmal. I thought my idea would work and that there was a market for what I’m selling, but so far that hasn’t been true. Even though I’m inexperienced in business, I really think the idea for my store could be very profitable, if I just knew the right steps to take. What can I do to get on the right path?

Friday, August 19th, 2011

It sounds like you are stuck in the classic situation of many new businesses, selling what you want to sell versus what people want to buy. People that don’t have a plan or the knowledge necessary to run your own business often find themselves in this situation.

It’s very hard to earn before you learn and many people make the mistake of rushing into a business when they would be better off taking their time and learning about the business they want to get in, or business in general, in the first place.

You may have a great idea, but you’ve got to learn the ins and outs before you get started and there are many ways you can learn. Find a mentor, work in your chosen field for a time before opening your own shop, go to school, read every business book you can.

In your situation, where you already have a store open, you might want to find an experienced manager or even a partner who can help you find the right path or you could hire an ActionCOACH Business Coach to teach you what you need to know.

All the best,
Brad Sugars

Editor’s Note: Brad Sugars has written an article about this topic for Entrepreneur.com. To read Brad’s full take, click here.

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I am 24 years old and want to start my own business. I do not have any capital saved, and I am not sure what business I want to start. A friend suggested that I start out in MLM. From what I see – a lot of so-called work from home business opportunities are a scam. What is your advice on starting a business for the very first time?

Friday, June 17th, 2011

My advice for someone starting a small business for the first time is to learn as much as you can before you invest your time and money into such an important undertaking. There are many ways to learn and multi-level marketing can be one path to educating yourself.

Working within a MLM will force you to develop your sales skills and get out of your comfort zone because you will have to talk to people and sell to make any money, which are important if you want to build the necessary skills to be successful in business down the road.

There are some major negatives to working within a MLM that you should keep in mind. Most MLMs will have you selling something like soap or vitamins or some other similar products. Even though you’ll be tempted to sell to your friends and family, you’ll need to develop a network outside of that circle to really be successful.

Beyond that, the best thing you can do is work and get as much practical experience as you can and learn as much about how business works before setting off on your own.

Also, talk to people who are already in business and learn from them. There is as much value in “learning before you earn” this way- and you just may find a good mentor who can guide you on a path that will lead to business success.

Owning a business may be the first step on the path to freedom, but if you don’t know what you’re doing, you can end up with a mountain of debt and legal issues you may never escape. That’s why you don’t want to rush into anything without being better prepared.

All the best,
Brad Sugars

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In a partnership should one person be working ON the business while the other is still working IN the business in terms of operational side or should both be working on the business or should both share part of each role?

Monday, June 6th, 2011

A partnership is like a marriage: great communications, shared workload, compassion and empathy are needed at all times for it to succeed.

There are lots of stories about partnerships that broke down, so if you plan for any eventualities and spell out the role that each partner will play, you are more likely to be successful. That said I’m not a big believer in partnerships.

I’ve found that partnerships aren’t usually equal and one partner generally contributes more to the success of the business than the other, leading to issues down the road.

Sure, leveraging silent partners to add capital to your business can be helpful, but active partners in the business can cause more trouble than it’s worth, even if you share the same vision and goals.

To get back to your question, working ON the business is really about creating systems under which your business will run. Working IN the business is about being a member of the business’ team and handling day to day functions that an employee can handle.

So ask yourself a bigger question, what goals and dreams do the owners have? How will your partnership help you achieve those dreams?

If the goal of the business is just to generate income, then an owner working “IN” and the other working “ON” the business may be OK to support that goal. The reality however is that the “IN” the business role for any owner will be a constraint or limiting factor for the full potential of business.

At some point other pressures will present themselves if the roles and deliverables are not clear. Sure, if one owner’s has a critical or unique skill they can use “IN” the business, then, for a time working in the business can work for a time. But this situation may be a problem when bigger picture issues come up.

If the owner’s dreams and goals are to build a business that can be replicated, expanded, franchised or sold, then both owners working “ON” the business should be the goal, provided they are pulling in the same direction.

The skilled “IN” owner needs to be replaced in that role so they can also focus “ON” building a more valuable business.

If you must have a partnership, I recommend that BOTH partners work ON the business. It is sometimes said that partnerships are the only ships guaranteed to sink, so it might be better to take the “IN” owner and make them a manager or paid employee, leaving the “ON” decisions to one owner who can create a clear vision of the business he wants.

All the best,
Brad Sugars

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