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Are You a Hobbyist, or a Business Owner?

Do you even know?

Do you even realize how this one, single insight can impact the level of success you have in your business and with your coaching?

If you don’t know this answer or don’t even realize the importance of this distinction, then you may be hitting upper limits of your level of success and not even realize it. If that is the case then no matter how great your efforts, no matter how impeccable you implement the best strategies you will not be seeing the results you desire.

There are two potential levels at which you can participate in being a business owner as a coach. That of a Hobbyist. That of a Business Owner.

Hobbyists can articulate a general direction for their business. They grasp the idea of business discipline, but tend to think it’s too early to get it fully under control – or feel they don’t have time. Hobbyists’ planning, goals, priority-setting and sense of business purpose also tend to be less focused, more difficult to understand.

Business Owners, on the other hand, can clearly define how they will make a difference in the world, and who they will serve. They know it takes a thriving, profitable business to create that difference. Far more than Hobbyists, they have practical, well-grounded faith in the discipline and the systems that build greatness in any business. Because they are clear and specific, Business Owners’ strategies, articulation, priorities, choices, goals and even words have more impact.

Are you a Hobbyist, or a Business Owner?

How The Hobbyist Will Experience The Business of Coaching:

1. Business and client support is reactive versus proactive. They figure out the answers as they go.
2. Jack of all, master of none.
3. Provide the support to their clients on a situational basis. Things are unique to each client and situation and often done differently each time. There is customization in how they support and work with their clients because the hobbyist only coaches when they want to coach.
4. Run their business manually with limited technologies and support resources.
5. Coach few clients and continue to dream of having a deeper impact on the world.

How The Business Owner Will Experience The Business of Coaching.

1. Build a strong foundation up front for their business.
2. Collaborate with great people to leverage their own time.
3. Use the right technologies, tools and resources to simplify and automate tasks that don’t produce new business directly.
4. Use effective internal systems.
5. Use their systems consistently.
6. Coach more clients, make more money, and make a far greater difference in the world.

Both types are great coaches. And in our five years since founding The Coaches Console, we have also learned that Hobbyists share the dream, but not the discipline. Business Owners are different; they take disciplined action to make their dreams, and many more clients’ dreams, come true. It’s vital to your success to know which approach you desire and which approach you are taking each moment. Otherwise growing your business will seem like you are pushing a boulder up a hill.

It’s understandable if, as a Business Owner, you feel overwhelmed sometimes. There’s so much to learn, such an array of new skills to master. You’d be less than human to feel otherwise! Hobbyists feel that pressure too. The difference is in how they respond. Hobbyists think they need to learn every single thing, as in everything. They never will, of course, but they beat themselves up for not knowing it all, and even for having just “average” skills.

Really, the Hobbyist’s response to pressure is a kind of perfectionism: Like all forms of that Holy Grail, it’s not reachable. Not on this planet, anyway. Still, on and on the Hobbyists go, endlessly expecting what amounts to a long list of daily miracles, then blaming themselves for endlessly falling short.

Business Owners don’t attempt the impossible. Their outlook is a lot more useful, and healthier, especially on two points:

1. They’ve learned to be comfortable with the stress that accompanies life as an entrepreneur.
2. They focus on their greatest strengths, and find systems, tools and experts (assistants) to help them with the things they don’t do as well. They don’t waste time trying to learn things they’ll never be good at. Instead, they “leverage their community,” surrounding themselves – from the outset – with experts and resources.

Every single part of the Hobbyists’ business carries the same weight. They haven’t identified specific actions that bring new clients, business growth and income. Stress and pressure drive Hobbyists back into their comfort zone, where they keep on spending all their time and energy on the same things – the activities they know how to do and/or love to do. Business Owners, on the other hand, understand that running a business means wearing many hats, and that some actions help build your income a lot more than others. They know how to choose which hat to wear, and when.

Hobbyists know they need to market. They do learn specific strategies and try them out, here and there. But they don’t do it consistently enough, and they don’t create a system to help them market and sell.
Business Owners take a different view. They know marketing is the lifeblood of a healthy, vibrant practice. To them, “marketing” is a description, just a header referring to a more specific idea that they find far more important and exciting: Marketing is a conversation. It’s a way of helping others by sharing a great tool with them. And wanting to tell them!

Business Owners think differently, choosing a “One-to-Many” mindset. That means they realize that, to double their practice, serve more clients and charge higher fees, they must leverage their relationships. So they build strong networks and partner with like-minded colleagues.

So are you a hobbyist or a business owner? The real question is: are you reaching the level of success you desire? If you are, then exactly where you are – hobbyist or business owner, is perfect. If not, take a closer look at the distinction to identify where you are and where you want to be. Then place your attention on closing that gap. As you do you will begin to have the desired impact you wish to have on this world.

Are you ready to become the Business Owner you know you can be? If your answer is yes, we invite you to join our Business Success Inner Circle of coaches, growing their businesses, and making a big difference and money too! We so believe in this business growth program we are offering the first two months FREE! Try it out, you will soon know if you are a Hobbyist or a Budding Business Owner!

Business Plan Writing Plan

A well structured business plan can provide in-depth understanding of your existing or proposed business. A wide vision will be provided, showing your own goals, objectives and information regarding your available finances and additional funds you will require. When drafting your own business plan, there are four key areas that require specific attention:

- The nature of your business /niche market

- Management of the business and entrepreneurs involved

- Market conditions in which the business operates

- Financial management, planning; risks and rewards associated with the total investment in the business

A professional business plan should incorporate a cover page which will include an executive summary and a business overview which identifies the business’ profile and the product or service associated with the company. This is then followed with a management section which presents any entrepreneurs involved and the management structure, after which comes the Market section made up as follows:-

- Industrial and marketing analysis

- Sales and marketing strategy

- Financial Statements and Projections

- The Legal and Regulatory environment

- “SWOT” analysis and risk/reward assessment

- Appendices with documentation in support thereof

An Executive Summary is arguably the vital part of any business plan. It is the media by which your strategy will be sold to the investor and is an overview of the entire business plan which should highlight the main objectives and provide summaries of each section associated with it. Therefore, even though it is set at the beginning of the document, it is presented at the end to rehash the essentials of the plan.

The business overview will require a business profile with thorough information on the background and history of your business, i.e: how was it formed and whether it is a new business or not. A mission statement must be also presented, as well as the long and short term objectives relating to the business’ growth. Development and possible exit strategies, such as going public or buying out investors are listed among these options. The second part of the overview will describe in detail, the product or service marketed by the business and any innovative features offered that give an advantage over the competition. Include the key technologies being employed, together with any current and future research and developments. The location and premises particulars are important factors and if applicable, any production facilities. These should be fully presented, with any relative and associated information.

All aspects related or associated directly or indirectly, are to be listed and an organizational chart should be included. Payment, incentives, share options, and conditions of employment relating to key management and directors, together with any management deficiencies, should form part of the presentation. A further highlighted aspect for inclusion, relates to the situation concerning current levels of employment, labor relations and union membership. All other pertinent facts involved with the operation of the business should be revealed and explained comprehensively.

The Market presentation should summarize the industry in which your company operates. Most of the facts you will present, may be researched from government statistics and trade organizations. Your summary should describe current trends and developments within the industry, including the major influencers and any industrial problems. You should also review influencing events, nationally and globally, together with the effects of legislation on the industry generally. The Market analysis and Sales Strategy will be given a full and in-depth presentation. Show future growth potential, with a complete analysis as to the overall trends and expectations. Your existing customer base must be listed and any orders or letters of intent must be shown in support. A comparison should be presented with your competitors, as to pricing structures, product quality, their service delivery and expectations regarding their reaction to your business activity in the marketplace. Adding to this is your strategy to increase and develop the present customer base, advertising and targets.

Your financial statements and projections should be summarized within the body of the business plan. A detailed analysis as an appendix should also be attached. This should show a historical finance performance with at least three sets of audited annual statements in support. It would be advisable in this respect, to consult your accountant or auditor. Legal and Regulatory Environment should display all legal documents, including licenses, copyrights and certificates associated with your business. “SWOT” Analysis and Risk/Reward Assessment, will provide definite information on possible strengths, weaknesses, opportunities and threats. Review the strategies carried out in respect of the risk factors and end your Business Plan document with Appendices and Support.

In order to get your business off the ground and see it reach its full potential, a professionally drafted and presented business plan is a must. In a society where competition within business is fierce, it is important that we do all we can in order to get our business off the ground and thriving as soon as possible.