Talking about people who are exceptionally good in business, Michael E Gerber, author of "The EMyth Revisited" says they "aren't so because of what they know but because of their insatiable need to know more".

Life Coaches are introduced to this book early in their training and I've identified 11 steps which I have found relevant in setting up a coaching business:

1. Know yourself. Your business is a true indication of who you are. If you are disorganized your business will be disorganized, if you are a technician and really know how to do something, people will come to you for advice.

2. Understand that just because you're really good at what you do doesn't mean you have what it takes to be an entrepreneur or start your own business. According to Gerber, most people start businesses because they know as much if not more about the product, and the technology behind it, as the boss does and they think it would be easier to work for themselves.

3. Recognise that in order to start and run a business (big or small) you need to be an entrepreneur (dreamer), manager (organizer) and technician (doer). Most people fit into only one category and then, after they start their business wonder what on earth they are doing there.

4. Identify which of the three above you are really good at. You may need to involve other people to take over those areas which you aren't able to handle.

5. Train everyone involved in your business. Don't assume that because they come to you with qualifications, they know what to do. Involve them in the process of setting up systems, get them thoroughly familiar with the systems you use and how they work within your business, then TRUST them.

6. Take responsibility for keeping up to date with the latest processes, technical information and business trends. No-one else will.

7. Review your business performance regularly. It helps to set benchmarks which measure quality and quantity so you can see how you're going and what is stopping you from meeting them.

8. Plan to sell your business not your product. In other words, set up your business using technology and systems which would appeal to a potential buyer. When it comes to selling, everything will depend on whether the buyer feels they can reproduce the product you sell.

9. Pay attention to detail. If you invite emails, make sure they are answered within 24 hours. If you have a product, make sure it is the best that anyone can buy. Customers love it if you remember their names too!

10. Create your business using systems which mean that even if you have to be away, the business will run smoothly without you. A simple thing to start with is ensuring whoever answers your phone does it the same way every time.

11. Have fun! If you're not having fun why bother? Thousands of small business owners are working themselves into the ground trying to do everything needed to keep their businesses running. They are not making any money and the stress burns them out very quickly.

Suggested Reading ‘Breadwinner A Fresh Approach to Business Success' by Tom O'Toole founder of the Beechworth Bakery.

Author: Michael Gerber

Penny Paxman is a Life Coach. She reads all the time and surrounds herself with books to the point where she even has a weekly radio programme called Book Mania. In her blog she will introduce you to books she has read as part of her amazing journey to becoming a Life Coach. Her business is Ticks Life Coaching and currently, she is working with people affected by the bushfires in Victoria in 2009. She can be contacted at This e-mail address is being protected from spambots. You need JavaScript enabled to view it