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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!

ALL Businesses Need an EXIT Strategy

To suddenly realize you are at the point of wanting to exit your business, without really taking the time to prepare for the sale can be a huge and costly mistake. ALL businesses regardless of their size or type must have a competent EXIT STRATEGY! Some successful entrepreneurs choose their business carefully and plan an exit strategy from day one so when it is time to sell their business, they can make a profit.

Here are 14 various options to operate a business until the end:

1. Pass the business on to a family member

Did you know that more than 65% of family owned businesses do not survive to the second generation? This is why planning ahead is very instrumental. Family members are good starting point when you are looking for potential successors. To consider family in an exit strategy, make sure all intra-familial jealousies and rivalries are resolved since these will undermine any smooth transition and ensure the eventual demise of the company. Don’t just look into your immediate family, choose the best candidate regardless.

2. Sell the business to a partner

A partner typically knows the business the best and will most likely continue to grow and operate the business. When choosing this option, you may have to be flexible with your terms and in some cases even carry seller financing. This should not scare you since you believe in your business and your partner’s ability to continue operating the business successfully.

3. Merge with another company

Rather than selling your business entirely, there is always a possibility of merging with another company in the same business (Horizontal approach) or with your supplier or competitor (Vertical approach).

4. Sell the business to your employee

A current employee knows the business and more likely to preserve the business. To prepare for this, you may start selling shares in your company to your employees. One advantage of this is that regardless of number of shares you sell, you can still run the company as long as you desire even if you are no longer a majority shareholder. There are also tax benefits with this option, since you can defer capital gain taxes if you sell at least 30%.

5. Sell the business to a competitor

This might sound terrifying but when it’s time to sell, selling to a rival might be the best option since they are in the same industry and are aware of the growth potential of your business.

6. Take the business public

Offering company stock to the public is certainly a great wait to raise capital. Your business may need some reorganization before going public.

7. Sell to a qualified buyer

Having a qualified, able, ready and willing buyer who has prior employment or managerial experience is essential to a successful sale. A knowledgeable Business Broker can be invaluable in this process.

8. Sell to your trusted friend

A trusted friend similar to a family member has known you for years and appreciates the time and effort you have put into growing this business and would like to see its continued success and growth.

9. Sell your business to your accountant or lawyer

Both your accountant and lawyer are aware of true facts and figures and assets about the company and can put together a fair deal.

10. Sell your company assets

Rather than selling your business entirely, you may want to restructure and sell portions of your business and its assets.

11. Give your business to a charity and take a tax write-off

This will give you a great degree of personal satisfaction. Please consult with a financial advisor prior to choosing this option to ensure no negative fall-outs.

12. Run the business until the end

If you choose this option you are allowing fate to decide when you should quit.

13. Take a loss on your investment

In some cases, taking a loss on your business and letting it go bankrupt might be the best option.

14. Take on an advisory role

Consider a merger or acquisition that will allow you as the owner of the business to take an advisory role to ensure a smooth transition to a new buyer. Advisory roles offer a company owner a way to exit gracefully when it’s time to retire or due to a sudden illness.

Regardless of which option you choose, never simply just close the doors and walk away. Just remember that even if your company is losing money, YOU CAN STILL SELL YOUR BUSINESS AND MAKE A PROFIT!!!

For additional information, please contact Azi Manoussi, Business Broker at Prudens Business Advisors 310.622.8777 or [email protected]

How to Start an Ice Cream Business – A Simple Guide to Would-Be Entrepreneurs

Starting with a small business is indeed a good idea if you want to venture into being an entrepreneur. However, one of the most common dilemmas of many people is the type of business that you want to start with. If you want to start with something small, putting up an ice cream business may be one of your best choices.

If you are interested in an ice cream business, you can start by learning everything you can about the business. To help you have a good start, here are a few things that you may find useful in learning how to start an ice cream business.

- Decide on your product. Yes, an ice cream business sells ice cream but you have to create a product that can make your ice cream business stand out from the rest. You may want to put some distinguishing style, taste or packaging to your ice cream so you can offer something different to the market. Of course, one very important thing is to decide on a product that people would surely love.

- Research and study your target market. If you want your products to sell, you have to make sure that it is what your target market wants. Of course, putting a product for sale with only very few demands of it may make your business not so lucrative. A simple market research could be of great help especially if you are just starting. Competition is already there and getting into the picture without any preparations can be disastrous to your business.

- Make your business plan. Put into writing everything that you need to carry out for your business. From your budget to your marketing, it is important to put them in one document called your business plan. You also have to put your vision and goals in there to help you set the direction that you would want to bring your business to. Remember that this is one of the very important elements on how to start an ice cream business and make a good start as well.

- Decide on your budget. You can actually make a feasibility study as well and jot down everything you need for you to put up the business. If your financial resources won’t suffice, find ways to raise the needed budget for your business. You can apply for a small business loan, borrow from friends, or you can also opt for partnership in your business where you can share the cost as well as the profit with you partner.

- Plan how to market your business. Marketing is one very important element of any business and if you want to make your business grow, you have to plan and focus on your marketing and find ways on how you can reach out to your target market. If your plan does not work, find other strategies in marketing. Keep abreast of the competition in the industry. This will help you make plans and strategies that will allow you to make your business grow.

These are just a few of the things that you need to keep in mind on how to start an ice cream business. keep in mind though that in any business, there are risks and uncertainties that are involved and you must also prepare to face them as well.