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You’ve Already Got a Business Coach – YOU!

being your own boss
Every time you set goals and generally act like a boss, you’re serving much the same function as a business coach.

Ever since EzyLearn’s early days, when we still had our training centres in Sydney, I’ve always gained a real buzz out of helping our students start their own businesses. I still do, which is why I recently presented a seminar at the Reinvent Your Career Expo and why EzyLearn has partnered with the StartUp Academy.

The StartUp Academy is a start-up incubator for entrepreneurs who want to work in industries currently experiencing rapid growth — like the work health and safety industry, for example — but who also want to have balance in their home and work life; to be their own bosses.

EzyLearn has chosen to partner with the StartUp Academy because I love the idea of giving entrepreneurs the support they need — not just to start their business — but to continue to support and coach those entrepreneurs, even once their business is established.

Training and Coaching

In many ways, I see this as an extension of what we’re already doing at EzyLearn, but with the focus on business coaching. I’ve never really considered myself a coach, even though I am in the training business and love helping small businesses, whether in bookkeeping, website design, administration, or any other field, to become more profitable and successful. The more I think about what coaching is, though, the more I realise many people are already business coaches.

Just this week, I sat down with one of my employees and we nutted out a plan for the week, which included some goals we wanted to achieve and strategies for achieving them. This is coaching. Being a boss and setting goals for your business, yourself and your staff (if you have any) — and then holding yourself accountable by ensuring you achieve them —  is business coaching.

Bosses are Business Coaches

A fundamental part of being a successful business owner is planning and setting goals, which is something I’ve talked about on this blog before and which we cover in the Small Business Management course. If you can set goals for your business and work out strategies to achieve them — and then ensure you achieve them — you’re not just your own boss, you’re also your own business coach.

Perhaps the hardest and scariest part, though, is the start-up phase. Not every business owner hits the ground running. In fact, most entrepreneurs don’t. The StartUp Academy knows that most entrepreneurs, when they have to go it alone, make mistakes, which is why they provide all the training and support entrepreneurs need to avoid most of the mistakes new business owners make.

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If you’re reading this blog, it’s because you’re interested in the idea of being your own boss, and you’re not one to shy away from setting goals and being responsible for achieving them. So if you’re looking for a low-risk business opportunity, I recommend having a look at the opportunities currently being offered by the StartUp Academy, and perhaps one day we’ll get to work together.

— Steve Slisar: CEO, EzyLearn

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Entrpreneurs Share: Why All Businesses Need an Exit Strategy

Exit strategy
Plan from the outset where you want your business to go.

Perhaps to some it sounds a little pessimistic to talk about having an exit strategy for a business you haven’t yet started, however, an exit strategy is actually a very wise move. We talk all about the things you need to consider when starting a business in our Small Business Management Course, but of equal importance is how you’ll end the business, which is something you need to consider when writing your Business Plan.

How Will You End It All?

Knowing how you’ll exit your business when the time comes will determine a framework for how you’ll set up your business up in the first place. This could involve creating a name for your business, rather than using your own name, so that you can sell your business later without having to relinquish your right to use your own name.

Exit strategies have never been more important than they are today when it’s not uncommon for a start-up to be sold maybe two or three years after its inception. Take Flickr, the image hosting website, as an example of case in point; it was only 18 months old when it was sold to Yahoo! for $30 million in 2005.

Three Key Reasons to Have an Exit Strategy

We spoke to our network of fellow entrepreneurs and business owners recently, and they gave us three reasons every business should have an exit strategy.

1.    It gives you a roadmap: Mark Darling of Sip Water says: “Begin with the end in mind.” Operating a business without an exit strategy is like going on a road trip without taking a map. “How are you going to get there if you don’t know where there is?” The smaller things tend to fall into place much more easily when the bigger things have been decided.

2.    It’s motivating: “When you’re working towards a specific goal, it really helps you to stay motivated on those days when everything seems to be going wrong,” says Vic Cherikoff of Australian Functional Foods. Your exit strategy helps you to put certain problems in perspective.

3.   Get the best sale price: “Knowing when and how you will sell your business can help you think about what you need to do to maximise your business’s value,” explains Robert Crane of CIA OPS. Without an exit strategy, you may find yourself accepting fire sale prices just because you want to exit your business quickly. Having an exit strategy helps you avoid this.

Having an exit strategy is just as important as having a start-up strategy. But that doesn’t mean you have to follow it down to the letter. Like most things in life, often the best-laid plans don’t actually go to plan, but having a framework to work off will help to make your business more successful and ultimately, more profitable in the long run.

You can find out more about writing a business plan in our Small Business Management Course by clicking here.