I Hired a Business Coach

starting-a-business-300x175As my regular readers may know, I decided to start a side business. I know that I will need to invest in my business venture if I want to see it succeed. The idea is scary and feels risky. Yes, even though I will be keeping my costs low, it is still hard to part with that money. It’s a risk.  Today I set aside the fear and made my first investment in my  tax prep business. I hired a coach to help me get started.

How I chose a business coach

When I started exploring the idea of running a tax preparation business, I looked online for other young CPA’s who had their own businesses. I wanted to connect with some of these individuals and ask them about their experiences. I happened to stumble across the website of a CPA who is now my coach. She is self-employed full-time as a CPA. I sent her an email several months ago asking her about her experience as a small business owner. She gave me a lot of insight and offered to coach. I realized that we had a lot in common and that her insight would be extremely valuable to me.

Why I chose to hire a coach

When I told my parents that I was interested in hiring a coach they first questioned why and told me that they didn’t think I really needed one. Do you really need to hire a coach? Will it be worth the money?

They’re probably right. I probably could start this business without a coach. I could do it and save myself some money. However, hiring a coach would give me more confidence and reduce my stress. There’s just something in my gut that just says to do this. Putting yourself out there as a business owner is a little scary. Having a coach makes me feel more prepared.

I hired a coach to help advise me through the set-up phase of this business. Tax return preparation is a highly regulated industry with high standards. I want to make sure I am setting up this business correctly. I think I’m taking all the correct steps, but having a coach who has already been there and done that gives me peace of mind that I am doing things right. I will use her feedback and advice to make sure that I am starting a great business.

What’s Next

Hiring a coach is just one step. After that, it’s time to take care of the technical aspects of this business. I have to register with the IRS and purchase a software license. I will be trying to get as much of this work done before 2015 as possible. After that, I will need to work on my marketing plan. Marketing myself is the part of the business that stresses me out most. Busy times ahead my friends!

Have you hired a coach to help your career? Was it a good experience? Would you hire a coach?

Comments

  1. I have not hired a career coach, a co-worker hired one and had them take test to see what they wanted to be, felt a little off to me. I would hire someone to help with my investments, I currently use a CPA, also a close friend. I prefer to have people around me that are smarter than me, so hiring a coach/professional in areas that are technical in nature I think is a great move.

    • Hiring a coach could definitely be a hit or miss experience. I really hope this coach helps me develop and grow my business!

  2. I think if it’s in your budget it’s a great idea! There are many little things that if I knew at the beginning would have saved me a huge headache. I can think of a million type coaches I’d hire now if I had it in my budget. For instance unitizing affiliate marketing better on my blog.
    Tonya@Budget and the Beach recently posted…Health & Wealth Challenge-Week ThreeMy Profile

    • I’m definitely hoping that hiring a coach will save me headaches in the future. With that said, this coach was definitely an investment. I spent a few months thinking long and hard about it. )

  3. Congrats on getting deeper into your new business venture. Whatever you feel you need to succeed is a good decision.
    Grayson @ Debt Roundup recently posted…Is Amazon Prime Worth the Money?My Profile

    • Thanks Grayson! I think it will definitely be nice to have someone to bounce ideas off of and make sure that I’m running this business correctly.

  4. I did hire a freelance writing coach who did help me in my start up process and was worth the investment. Just because you are knowledgeable in your field doesn’t mean that you can’t benefit from someone’s knowledge, experience and success.
    Kassandra recently posted…Sunday Sweetness Volume 7My Profile

    • I completely agree. I can prepare a tax return with my eyes closed (okay, exaggerating here) but running the business is something I don’t have experience with. I hope it turns out as well as your experience working with a coach has!

  5. I think it’s a great idea! I hired a freelance writing coach (same as Kassandra!) and it was definitely worth it!
    Kara recently posted…Keeping Thanksgiving SimpleMy Profile

  6. That’s awesome! I think if you are really serious about it and budget for it, it’s totally worth it. We all need a little help and a push here and there.
    Melanie @ My Alternate Life recently posted…How Much Should I Spend On My New Apartment?My Profile

  7. I think it will probably save you money in the long run because you will not make many of the mistakes new business owners make. Good luck with your business!
    Tre recently posted…EEK!!! Bad Investing AdviceMy Profile

  8. That’s a big move! Hiring a coach is something I haven’t done yet. I believe it’s really a risk and very tasky in terms of finding the right person on the basis of qualifications and experiences. Hope you picked the best. Maybe soon I will hire one if I badly need it.
    Jayson @ Monster Piggy Bank recently posted…Do you do comparisons before selling assets?My Profile

    • Thanks Jayson. I agree with what you are saying. You definitely want to make sure that you are working with someone that has the qualifications and the personality to be able to mentor. I think I found a great person to work with.

  9. I haven’t hired a coach just yet..I’m looking up to you, PF bloggers, as my personal coaches!
    How To Save Money recently posted…Save Money by Drinking WaterMy Profile

  10. Way to go!!! I love this! I haven’t personally hired a coach before but I cannot emphasize enough how much mentors have impacted my career as an attorney. I’m very grateful for all of them.

    • I am really looking forward to the experience! I agree, up until now, I’ve had a few informal mentors that really helped me create a vision for my career and understand the possibilities.

  11. How exciting! I think hiring a coach is an amazing investment in most businesses, especially when you’re new. They can give you some much needed advice, lessons, and perspective. I did hire a coach for freelancing and I don’t regret it.
    Erin @ Journey to Saving recently posted…Being Grateful: Fifty-Second Anniversary EditionMy Profile

    • Glad to hear you found working with one to be a great investment. I really hope I feel the same after working with my coach!

  12. I’ve gotten most of my biz help online, but I think if your biz is more complicated a biz coach is a fantastic idea! Can’t wait to hear more about how this helps you grow your business.
    Laurie @thefrugalfarmer recently posted…12 Christmas Gift Ideas for the Kitchen and for the KidsMy Profile

  13. The blog is really the only business I’ve had the past couple years, and I would say I have received informal coaching from a number of bloggers. Peter Anderson from Bible Money Matters really helped me at the beginning. If I launch another business, I would definitely consider hiring a coach. They can save you a lot of time and money (and maybe a few tires of frustration haha).
    DC @ Young Adult Money recently posted…Happy Thanksgiving!My Profile

  14. When I played poker professionally I hired a coach. I found that having someone to talk to who had previously been there and trodden your path before really gave you more confidence to believe in yourself and concentrate on the things you could excel at.

    If you don’t mind me asking, are you paying this coach hourly, or how is this set up? Even more personally, how much are you paying her?
    moneystepper recently posted…How Wealthy Are You? A UK-wide ComparisonMy Profile

  15. The cool part is, someday you’ll be able to coach someone else, so it’s really a long term investment! 🙂
    kay ~ lifestylevoices.com recently posted…About Us (Better late than never? Um …)My Profile

  16. I thought about hiring a business coach when I started my company, but I was kind of shocked at how much she was charging. I definitely see the value of a coach and as long as the cost benefit analysis makes sense for your business model, then it’s a great decision.
    Shannon @ Financially Blonde recently posted…Music Mondays – Most Wonderful Time of the YearMy Profile

  17. I think its a great Idea too. If it lies within your budget, I think its worth it. It avoids making some mistakes that we may have made in a new niche where we don’t have much experience..
    Amos recently posted…How Owning Your Home Will Change Your LifeMy Profile