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Starting A Business: Your Personal Board of Directors

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Thinking of leaving behind a salaried position to go solo? Being self-employed or setting up a new business can feel isolating, but it doesn't have to be. Here's how to establish your own personal support group.

Starting your own business can be lonely and frustrating. You have a huge list of things to do and it feels like a big mountain to climb, so support is hugely important. Your local Business Link can help with networking events and relevant training opportunities. A business coach can also work with you on developing and building your business. Some entrepreneurs find it really useful to set up a group that meets regularly to focus on their coaching business. It can act as your own 'personal board of directors' (also known as your personal council, mastermind group or success team).

How to create your personal success team

Think of people you know who are successful or who have great contacts or who are expert in some area relevant to you. For example: accountant, business owner, marketing person, journalist, website designer, business coach. Ideally, you want people you know and like, who are enthusiastic about your business idea. Talk to each person individually about your business first to ask whether they fancy being on your board. Next, invite them all to meet up informally in a quiet pub or cafe. Or if you like cooking, invite them to your house for a meal. Explain to the group the current status of your business plan and ask them for ideas.

  • Do they have any suggestions for improving your business or business ideas?
  • Is there any way they'd like to help?
  • How do they suggest you promote your service or products?
  • Can they suggest any good contacts?

Health and wellbeing coach, Carol decided to set up her own personal council very early in her business. Her vision included creating a chain of high-end health spas. She invited a personal trainer, a chief executive of a local authority, a G.P., an independent financial adviser and a PR professional. They were all business contracts or friends of friends and they met monthly at Carol's home for the first six months. Each month they focused on a different aspect of Carol's business. She got many ideas and new contacts and felt very energized by the whole process. She provided refreshments during the hour-long meeting.

It was agreed to keep the meetings short and focused. Sometimes some of the group stayed around longer to chat with each other, after the business was complete. After six months Carol's group met quarterly for a year and occasionally thereafter. They enjoyed the opportunity to be creative and to meet people outside their own network.

I have found that people are often flattered and find it exciting to meet up with people from different worlds and to brainstorm ideas. It's a creative process and has advantages for all concerned. You can decide with your group as often as you want to. Every couple of months works well. but some groups meet weekly, some monthly. It's up to you!

Go on, take a deep breath and give those contacts a call!

Do you know of other different ways to make the most of your personal network and contacts? What do you do to maintain consistent contact with them? Leave a comment below.

Forever Scottish and based in the seaside town of Brighton in the U.K., Marianne Craig has been working as a coach for more than eight years. She specialises in coaching people who feel they are at a crossroads in their career and their life, and has developed the pioneering Firework Career Coaching Programme www.coachlifeandcareer.com.

Marianne coaches you through a structured step by step process, helping you discover a fulfilling career and life path, and to complete an action plan. Marianne is currently working on a project offering low cost coaching to social entrepreneurs and social activists. See www.miruscoaching.org Email coach@coachlifeandcareer.com
 


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