Too many business owners tell themselves that they’re doing okay, really well even, so they don’t need a business advisor. Ask a really successful business owner and they’ll tell you that the best time to engage a coach is when things are going well. That is exactly when most owners get lazy, or careless, or complacent. The best benefit an owner receives from time spent with a coach is the obligation to support and justify your ideas and actions. A good coach is always asking you why…why do you do what you do, think the way you think, treat a person the way you treated them.

As an employee of someone else, you had to always be your best. After all, the boss was watching and that next promotion was on the line. Now that you’re the boss, avail yourself of a business coach and watch your performance improve. The ROI is amazing.

Every economic downturn generates a spurt of new business start-ups. Your experience as a senior manager may not prepare you for life as an entrepreneur. Here are 5 tips to get you started.

1. Why do you want to own a business? This is hard work, risky, and time consuming. If it doesn’t work out, you’re more stuck than you might realize.

2. What do you want to get out of ownership? Whether you want money, time, power, a legacy, make certain that the business you start can give you what you want.

3. Do you want to manage a business? Most people start a business for what the business does, not for the opportunity to manage a business. This is a recipe for disaster and disappointment.

4. Don’t think you can do it alone! Even if you do know everything you need to know, find an advisor to act as your devil’s advocate. In the corporate world, your boss and co-workers pushed you to perform better. It’s easy to get lazy and make bad decisions when your assumptions aren’t being challenged.

5. Plan for a year without income. The number one reason for business failure isn’t a bad idea or inept ownership. Companies just run out of money, then cut sales and marketing corners before establishing themselves.

Owning your own business can be the most rewarding thing you’ve ever done. But ownership is completely different than being an employee – at any level. Good luck!