'Put Me In Coach' - I'm Ready For My Business To Grow: Tips From A Growth Coach On How To Finance A Business Idea And Profit
 by: Pamela Neely

As an executive manager on the fast-track in corporate America, I have always wanted more out of my career. After each accomplishment, I've always been ready for the next challenge in life. I have more than 20 years of experience in a variety of departments – human resources, operations, business development, training, sales/marketing, leadership communications and strategic planning in the home building and building products industry.

In April, 2007 the manufacturing company I was working for landed our biggest account – a big-box retailer, which put us on the map. Within a two year time span, we were a growing force to be reckoned with and I realized that as we took control over our competitor's market share we would be bought out. It was then I said to myself “If this happens, what is my next career move?” My professional career had always been driving me, but I was never in the driver's seat. And then the idea came to me to open up my own business. I had always had a passion for helping other's improve their bottom line – Why not “coach” businesses how to boost financial profits and increase personal fulfillment during this sluggish economy. At 39, this was the first time I had made a career decision based on what made me happy.

The next hurdle I had to overcome was how could I financially start my own business without draining my family's savings? I learned about Directed Equity, a business capitalization program that could provide my business start-up through my 401K. If you have money in a 401K, IRA, profit-sharing, or annuity plan, a self-directed 401K program will allow you to use money locked in your retirement plans to capitalize your business. The money can be used for initial franchise fees, equipment, lease-hold improvements, working capital, or other expenses. Best of all, the program allows the use of your retirement money without the taxes and penalties that can cost you up to 50% of your money if taken as a distribution.

In today's economy, a self-directed 401K program is a great way to use your funds and invest in yourself. What better motivation to make your business successful than to hold yourself accountable financially.

As a small business owner and coach, I empower not only my clients, but myself to develop and implement a business plan. Business owners need to be proactive and seek out a mentor before becoming so overwhelmed that they loose sight of the big picture. It is also important to realize that strong business plans and exit strategies are critical in surviving this economy. The following are tips I share with my clients to develop a road map for success:

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