Business Coaching

What are the things you need to accomplish before setting up your own business?

A business isn’t something you can rush into…it takes preparation and planning to make it work. And then, you have to work on it — not in it — to get it to succeed.

Who better to share the best To-Do list of what to check off your list when becoming an entrepreneur than Brad Sugars? The founder and chairman of ActionCOACH and contributor to Entrepreneur.com came up with a checklist every entrepreneur should have. Read it here.

We’v all heard the expression that time is money. But new research shows that for potential customers, time spent waiting could mean they’ll spend their time – and money – elsewhere.

A study done by Professor Dan Zakay at Tel Aviv University shows that even if people have committed to buying a product, a long wait time or a long line to buy could reverse their decision.

“When people are waiting in line, they have already committed to buying something, but because they don’t like to wait, that commitment can change,” Prof. Zakay explained to PhysOrg.com. “The value of waiting, so to speak, is worth billions of dollars. Clients are easy to lose and hard to keep, especially when customers call in to buy something.”

Customers want to feel like the company they’re waiting for feels their time is valuable. There are some clever ways to make customers feel this way; for example, at amusement parks, lines for rides should be fragmented into segments, so the line doesn’t look as long as a long, straight line might be.

To avoid losing customers, incorporate Zakay’s findings into your own business. Even letting customers know they might have to wait a bit or giving them coffee or cookies while they wait could go a long way, therefore, retaining their loyalty.

Remember, it’s not always about the product itself…customer service is a very important part of business, too.

Despite the luge tragedy, the Olympics will go on.

The tragedy of the Olympics luge accident is sad, but the games must go on.

To say Nodar Kumaritashvili’s death was an unfortunate start to the Olympics would be an understatement. Due to the luger’s untimely death, changes have been made to the men’s luge; it will now start lower down the track, where the Women’s Luge and Double Luge begins, causing the lugers’ speed to be slower.

Even though this tragedy happened, Kumaritashvili knew the risks involved with the sport he loved. He told his father he’d risk his life for his shot at Olympic gold. He believed “what will be will be” and at the very least, he died doing something he loved.

Though loosely related, this tragedy does relate to business. Who wants to work so hard at something, put just about all they have into something — whether it’s a sport or a business — if they don’t like it? When it’s something a person is passionate about, even the hard times don’t seem so bad. That’s why, though it’s sad, Kumaritashvili’s parents have some peace in knowing he died doing something he loved.

Many business owners start businesses because it has to do with something they love. Maybe they’re selling something they’re passionate about, or they love to help people. No matter what, if your business is now something you dread instead of love, you might benefit from a free business coaching session. Figure out where you “fell out of love” with your business, and bring back that spark!

People become business coaches for perks like flex work hours.

It’s a story that’s becoming fairly common — people leaving careers they’ve had their whole lives to follow their true passion — but often times, even though people leave careers to start their own business in something that’s been a hobby for years, they still need help.

The Wall Street Journal recently published a story about high-powered executives who left their careers to, for example, start their own restaurant or work for a nonprofit. Even though they were executives at one point and know exactly what needs to be done in order to make their businesses successful, sometimes — as business owners might know — it’s easier said than done.

A lot of people the Wall Street Journal interviewed also wanted to work less and have more time for friends and family, and with their career changes, some have been able to do just that.

Said Rick Walleigh, 59, who left his management position at a tech company for a position in a nonprofit, “Work is a lot more fun if you’re not the one who is ultimately responsible for everything.” Walleigh now works 25 hours a week as opposed to 60-70 hours a week at the tech company.

Read the full article here. ActionCOACH and Brad Sugars is mentioned toward the end of the story because, let’s face it, lots of people become business coaches after long careers with other companies at other positions. Set your own hours and help other professionals in situations you once experienced — there’s lots to gain from a career change like that.