How to Avoid Starting a Failing Business - Pt. 1

The more business coaching I do, the more I am amazed at how clueless many people are who are involved in business startups. Some do so with a franchise opportunity, some decide on their own model. I'm not sure what its like in other communities, but within the last year I've been referred to more and more businesses that are under 3 years old that are struggling.

Maybe I should see it as a good sign for my business coaching business that I'm getting referred to businesses in need. On the other hand I really feel like the old TV commercial in the 70s for Aamco Transmissions which promoted regular auto maintenance service for oil and transmission fluid changes with the phrase "you can pay me now, or you can pay me later." The meaning was that it would cost very little to maintain your car on a consistent basis with regular service visits, or you could pay a lot later when your car transmission or engine fails and you have to have it rebuilt.

If these startup business owners would invest in an independent business coach and business consultant to get off on the right foot and to have an independent third party for feedback and most importantly regular accountability, they would have a much greater chance for long term success with less stress. Unfortunately, most choose to go it alone, or take the advice of their franchisor (if they buy into a franchise), or their accountant or attorney. This does not seem to be working.

Three of these such situations have been presented to me within the last 8 months, all of which are in such a state of financial distress there is no way they can afford to pay me for even my least expensive level of business coaching, and most need significant help way beyond that lowest level program I offer.

I'm in a quandry. All these people are business acquaintances I've come to know over the last few years of being in business with them and in the community. We come across each other at business networking events and on the surface, everything seems to be flowing just fine for them. But, just like the ducks you see gliding across the surface of a lake, they are paddling like crazy underneath to keep the doors open and the creditors off their backs.

I wish I could help them. They're good people, with great intentions and a great product for our community, and they deserve better, but I can't, otherwise I'll end up like them. I'm going to spend some time putting some thoughts together on how to avoid getting into this situation for next time...'til then, hang in there.