Are you trying to do all the things needed in your business in an effort to save money?
Let’s face it, it can be hard to admit you need help. Especially as a small business owner. But honestly, if you continue to try to be everything to everyone, you will start to feel burned out, and possibly come to resent your business.
There is a lot of discussion online right now about the importance of finding your business niche instead of saying “I want to serve EVERYBODY.” Sure you want clients, you want to make money; but too often business owners tell themselves it’s better to appeal to a wide variety of prospective clients rather than a select few.
But here’s a question for you:
Do you want to be known as Walmart? Or do you want to be known as Neiman Marcus?
Think about their respective business models for a moment. Walmart appeals to everyone due their prices and variety of inventory, but their business model depends on the sheer number of customers to make their profit. Where Neiman Marcus, on the other hand, appeals to a very specific demographic. That specific demographic has the disposable income and does not shirk at Neiman Marcus’ retail prices.
The result? Neiman Marcus can make the same (if not more!) profit as Walmart by serving a more specific and selective customer base.
So, what does this have to do with what you don’t know about your business?
Simple.
Business owners can’t possibly know EVERYTHING there is to know about business, as well as knowing EVERYTHING about their chosen niche.
And this is where business coaches shine! Business owners should be more focused on their business niche, providing relevant services and products; whereas business coaches have a greater understanding of best business practices and work with businesses in a multitude of niches.
For example, if you’re trying to learn everything you can about efficient back-end processes, you’re taking time away from your revenue-generating marketing efforts to your niche customers. A business coach can give you advice about efficient back-end processes, plus help you implement them while you continue with your marketing efforts.
Think about the makeup of a large corporation. Does the CEO or president know EVERYTHING there is to know about the day-to-day operations or process of the company? Doubtful. That’s why they hire CFOs and department heads, to focus on their own specialties and make recommendations to the CEO/president.
Consider the same for YOUR business. YOU are the CEO/president of your business. And hiring a business coach will give advice, strategies, and steps to help you yield the most profits from your business.
