There are thousands of new small businesses created each year in the United States; some are successful, some are not. There is one element that greatly influences whether a new small business will have a successful outcome. The factor is a solid business plan.

The business plan should cover the business basics from goals to management, from marketing to operations. A business plan is a map for success, so don’t go lightly on the details. A good business plan should include the executive summary, a definition of operations, an outline of the marketing strategy, and how the small business will be financially managed.

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One of the distinctions that sets coaching apart from other types of consulting is that coaching specifically addresses the client’s sense of who they are in the world, and helps the client make life choices that are aligned with their personal values. In my opinion, there tends to be a split in the psyche of America between personal and career development. If you look in the index of your local telephone company’s Yellow Pages (TM) you can easily find “Business Services” and “Counseling Services.” In my local directory, I notice that the business advertisements use a lot of words like, “strategies,” “leadership,” and “business planning.” The counseling listings include, “addictions,” “crisis,” and “mental health.” All of those services are valuable, but where does the over-worked owner of an independent business, who is getting burnt out, and rarely gets time with loved ones, go for support? What about the sole-proprietor in a specialized service industry, like an alternative health practitioner, who is just starting to grow their business and wants to do so in a way that honors their belief system? What kind of support is going to best suit them?

It seems that many of the business consultants are geared towards the needs of larger, more corporate companies. In general, consultants are the resource one might use to learn how to set up and run a business or to delegate specific tasks to, such as webmasters, accountants, and the like. Counselors on the other hand, are the resource one might use for changing behaviors and healing personal issues. The small business owner may not need help managing a large executive staff, nor have terribly difficult personal problems for which they need to receive therapy. But that doesn’t mean that they don’t need personal support as they go about making the changes necessary to have a successful and profitable business. One of the beautiful things about coaching is that it addresses the client as whole and complete person. Life coaching may include the development of practical business skills, but it also includes the development of the person who is creating the business. Coaching is not just concerned with what a person does, but coaching enhances who a person is being while they’re going about the tasks of daily life. It’s personal empowerment in action.

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One problem that many small business owners run into is simply thinking too small. I often have readers writing to me asking for helping getting their business ideas off the ground. I also often hear from folks who have run their small businesses into the ground. There are five key areas where you can think too small — and doom your business to failure.

Niche Too Small

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