When it comes to business, we recommend having both an industry specific coach and a non-industry specific coach.
We talked before about the value of hiring a business coach because she will always assist you with growth, clarity, stressors, accountability, and revenue. If you feel lost in your business plan and tired of the grind OR are soaring to unanticipated success, a business coach is by your side to help you clarify the way forward, offer constructive criticism, and cheer you on.
Your industry-specific coach can really get in the weeds with you by helping you understand the history, nuances, and needs of your industry. And, they can also help you work through obstacles and challenges that only businesses in your industry face.
You never want to miss opportunities to find ways to diversify and maximize your efforts with other revenue streams. Outside viewpoints may also give you insight on how what you are doing could be useful to another industry.
What about a non-industry specific coach? Why do you need one of those?
We’re glad you asked!!
Ultimately, the goals, no matter the industry, are the same. There are basic business principles and ethics that all industries follow. Everyone wants to build a quality business with a good reputation and high profit margins.
A non-industry specific coach will call these best practices and proven tactics to your attention and demonstrate how to apply them to your business. You never want to be so focused on your industry that you forget business basics.
When you have a coach who specializes in your industry, you glean amazing details and insights. These sessions can allow you to become more of an expert in your field, tackle the hard issues facing your industry, and develop your niche and specialization.
On the other hand, if you have a non-industry specific coach, you can get a broader worldview regarding what is happening in the market and what consumers are up to in general. You can have a big-picture view of the entire business world by connecting with leaders from other industries. This, in turn, allows for unique solutions and fresh ideas that you could become the first to implement in your own industry.
Every CEO wants to diversify their revenue streams, and it’s important to have outside industry view points in order to truly achieve this. For example, many business owners enter real estate. Why? It’s a legal and popular way to funnel earnings and reduce tax liabilities. It’s also common for business owners to tap into passive income industries like digital product sales, vending machines, car washes, subscription / membership services, coaching, speaking, etc. Learn how other high achieving women business owners / CEOs do this by connecting with leaders in a variety of industries.
Yes, hire an industry specific coach and get involved with people who do what you do. Then, make sure you keep that broader perspective of business in general, marketing strategies, diversifying revenue streams, creating a unique identifier, and so much more by working with a non-industry specific coach. The short of it is—you need both!
Of course, that’s why we created SOWBO—to be that business coach that enables members to keep a clear perspective and to always feel like they have options to diversify, pivot, and grow. Join Insider membership now!