Years ago, when I was first starting my coaching business I was in an online conversation about the importance of choosing a niche for your business rather than just saying, “I want to serve EVERYBODY.” Of course, you want to make money so instinctively business owners tell themselves that it’s better to appeal to more people than a selective few. But somebody in the conversation responded by saying, “Do you want to be known as Walmart or do you want to be known as Neiman Marcus?”
The point is Walmart appeals to everyone, but they depend on the sheer volume of customers to make their profit. Neiman Marcus, on the other hand, appeals to a very specific demographic which has the disposable income to spend and they don’t shirk at those retail prices. So, Neiman Marcus can make the same profits as Walmart by serving a more selective customer base.
A similar argument can be made for why business owners should work with business coaches: owners can’t possibly know EVERYTHING there is to know about business as well as knowing everything about their chosen niche. There’s just not enough time in the day and you’d stretch yourself too thin.
Owners are more focused on their business niche (rightfully so) providing relevant services and products for their customers whereas business coaches have a greater understanding of business practices overall and work with businesses in many different niches. If you’re trying to learn everything you can about efficient back-end processes, for example, you’re taking time away from your money-making marketing efforts to your niche customers, which could negatively affect your profits. Whereas your 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 large corporations. Does the company president know everything there is to know about the inner workings of the company and the daily processes? Probably not, that’s why there’s a CFO and department heads; they focus on their own specialties and advise the president, who then makes decisions based on that input. The same can be said about your company; you’re the president of your company and your business coach can advise you about which steps will yield the most profits.
If you’re ready to work with a business coach, I’ve got some openings in my calendar for new clients so call me to book your discovery call.
