Having coaches help keep businesses from failing and costing people money that many can not afford to lose.
Brandon Miller started his business in organizational strength development and in an interview, he gives some insights as to how he succeeds.
Brandon says when he started his business his biggest questions were around growth and defining what the business had to offer to the market. He recommends the books Learn Startup, Leaders Eat Last, Destination Unstoppable, and Profit First as great starting points for anyone considering starting their own business.
Brandon met his business partner in a “mastermind group”. This group helped them establish a group of trusted advisors from the start. Annually, Brandon and his partner sit down with an advisory board to review the business. They also sought out people who were ahead of them in their field to get their advice “Version 1 is better than version none”, is a saying that Brandon and his partner go by. They decided to get out into the market before they had fully formed offerings so they could let the market teach them what they wanted and needed. Brandon says not to overthink what you will offer before you get going.
As a SCORE Mentor one of the major concerns I see when I counsel people who want to start a business is how they are going to succeed in the market. What Brandon and his partner did, was to get out into the market and learn from similarly situated companies already in the market and learn from them.
One of my current clients here in Maryland is getting market reality advice from a successful startup in Georgia. The Georgia company owner who is in the same industry is telling my client some of the realities of succeeding in the marketplace. My client has seen companies in the industry who are failing and understands the reasons why they are failing and is putting those learnings into the business plan to use going forward.