Written by Kristen Hubbard, Author, Speaker, Entrepreneur, and CEO Hill Country Chiropractic Clinic, PLLC.
I was sitting at my desk when the phone call came in: “Kristen, now that you finish your studies, we’re calling you about our student loan payment plan, your payments start next month. As of today, you have $250,000 outstanding in loans…”
I was down to earth. Not only was I out of school and broke down, but I had no idea how I would be able to make a monthly payment of $250,000. I couldn’t even pay the interest on it!
Just a few months ago, I graduated summa cum laude and dreamed of opening my own business. I sat now paralyzed with the realization that starting my own business might not be as possible as I had hoped before.
Questions flooded my mind. How do I start paying off my loans? And Are you trying to get financing for a project? where do I start? What is my first step? How does it all come together? Who do I ask for help?
Of course, you’ve heard about all the coaching groups and mentoring programs out there. My social media is constantly filled with business experts talking about “how to start a seven figure business”. They all seemed to be saying the same thing, and me He knew I needed help. My question was, how do I know which one to choose?
Since I started my first multimillion dollar business in 2017, I’ve spent over $150,000 on coaches and programs to date. I can honestly say that almost every one of them, with the exception of a few, left me with a bad experience.
What I am sharing with you today is something I wish I had known when I was first looking to hire a coach. If I had known this simple strategy, it would have saved me time, stress and thousands of dollars.
Do I have to have a business mentor?
This is a question I hear all the time, “Do I really need someone to tell me how to do this?”
Yes and no. Let me explain.
The following is based on data from the Bureau of Labor Statistics, as reported by Fundera: Of all new businesses started, about 20% will fail in the first year. By the end of the second year, more than 30% will fail. By the fifth year, half of them will have stopped working. By the ten-year mark, only 30% will remain, which is a staggering 70% failure rate.
For me, failure was not an option. As Eleanor Roosevelt said, “Life is like skydiving; you have to do it right the first time.”
I began researching and studying some of the most influential companies in the world and the people who started them. What is the common denominator between them? Many of them came from humble beginnings. Many of them were self-made. Each of them had a guide.
Then I thought to myself, “If all these very successful people had mentors, wouldn’t they?” So the question shouldn’t really be “Do I need a mentor to help me start my business?” rather”Which Guide Do I need help starting my business? “
Before hiring a business coach, be sure to follow this simple strategy.
Did they do it themselves?
The first question you should ask a business coach who says he can take you down to seven numbers is, “Did you do it yourself?”
More than once, you will hear the answer “number. “ They may even try to quickly get off topic and will try to change the direction of the conversation, saying something like, “Well, I didn’t, but the clients you coached have!”
Well, well, what if those clients were actually running a really successful business? it again, “have you done it?”
If yes, then ask “Can you prove it?”
Are they currently doing this?
The next question to ask is: “Are you Still You have that seven-figure business? “
If they answer “no,” start by asking yourself why? Why don’t they have that seven-figure business anymore?
The savvy entrepreneur knows that they are only one or two employees away from making their business fully automated and run by someone else. Once they have someone else running the day-to-day operations, they will have complete freedom to go out doing whatever they want, like training.
This is a reasonable question: Why would someone close or sell a company that was making so much money? The most logical answer: He wasn’t actually making much money.
Finally, ask yourself That last question: Would you rather learn from someone who did, and still does, or from someone who says they did, but doesn’t have that business anymore, and now “teach” others how to do it instead?
By taking the time to ask these simple questions, you’ll quickly discover mentors who have already built the business you want to build.
Again, this is something I’ve personally experienced. If I had known to ask these questions when I was first, this would have saved me from many bad experiences.
I hope following this simple strategy will help you navigate through the overabundance of business gurus out there, find the mentor who has done it, still do it and will show you how to do it too.