An Interview with Roddric W. Sims, Founder & CEO, Sims Coaching Group
Roddric Sims’ resume is an impressive list of roles in sales, management, and recruiting. But after 20 years in Corporate America, he realized he was happier helping others than achieving success on his own. A coaching position at State Farm led to countless conversations with potential business owners about whether or not entrepreneurship was the right fit. Those conversations inspired him to write The 4 Es of Entrepreneurship, his guide to embarking upon the journey to successful business ownership.
And when an opportunity came for him to leave his job in 2018, Sims took his severance package and set out to launch a business of his own.
Today, Sims Coaching Group focuses on supporting entrepreneurs through coaching, consulting, and community. His straight-shooting direct approach with his clients earned him the nickname, The Reality Coach. We asked him to share some of his expert advice on achieving personal and professional success.
Why do you need a business coach?
Starting a business isn’t cheap, and failing can be even more expensive. Nearly 50 percent of businesses fail after the first three years. Having a coach can increase your odds of being successful. A business coach is a thought partner who will give you perspective. They’ll make sure you set realistic goals, help you put together a plan to achieve them, and provide objective feedback.
What does it take to be a successful business owner?
After coaching over 3,000 entrepreneurs, I’ve identified three things they need for long term success. You need a strong work ethic because being an entrepreneur is a 24/7 responsibility. You have to be able to multitask because depending on the type of business you start, you’ll have to do sales, marketing, accounting, and collections. And you have to be disciplined. Success is based on routine and habit. There’s no way around it.
How do you know if your business idea is a good one?
Some people say you should start a business that you’re passionate about. But the thing you’re passionate about is usually your hobby. And when you have to do it all of the time and your income depends on it, that hobby becomes your primary driver of stress. Also, even if your business is something you love, everyone else may not love it. If you’re making a significant investment of your time and money, you should have an objective opinion about your idea. That’s where a coach can help.
Why do you need a business coach?
Starting a business isn’t cheap, and failing can be even more expensive. Nearly 50 percent of businesses fail after the first three years. Having a coach can increase your odds of being successful. A business coach is a thought partner who will give you perspective. They’ll make sure you set realistic goals, help you put together a plan to achieve them, and provide objective feedback.
What does it take to be a successful business owner?
After coaching over 3,000 entrepreneurs, I’ve identified three things they need for long term success. You need a strong work ethic because being an entrepreneur is a 24/7 responsibility. You have to be able to multitask because depending on the type of business you start, you’ll have to do sales, marketing, accounting, and collections. And you have to be disciplined. Success is based on routine and habit. There’s no way around it.
How do you know if your business idea is a good one?
Some people say you should start a business that you’re passionate about. But the thing you’re passionate about is usually your hobby. And when you have to do it all of the time and your income depends on it, that hobby becomes your primary driver of stress. Also, even if your business is something you love, everyone else may not love it. If you’re making a significant investment of your time and money, you should have an objective opinion about your idea. That’s where a coach can help.
You have to know where the opportunities for success are. Businesses need to provide a solution for something people either can’t do or don’t want to do themselves. For example, cleaning companies are a good idea right now, because as the economy reopens, people are going to want their spaces cleaned regularly.
I’ve heard about tradespeople doing home repairs online. If someone can’t come out to and repair your toilet, they’ll show you how to do it online. Or customers can pay a flat fee to access a tutorial video. You just have to be creative.
Should you go into business with a friend or family member?
You need to be cautious. Before you bring on a partner, you should establish a unified vision for the business. You also need to consider that if the business fails, you could potentially lose the relationship. I’ve seen people get divorced or ruin a relationship with a family member because a business didn’t work out.
“Evaluate your marketing plan to make sure you have a strategy to retain customers.”
What advice do you have for people who want to give their business a boost during this time?
You’re in survival mode right now. And if you can survive this time, you could be very successful as things reopen. Use the time to get to know your community and let them know where you are. Your loyal customers will want to help you stay in business. You should also look at your budget and purge unnecessary expenses. Evaluate your marketing plan to make sure you have a strategy to retain customers. It’s always easier to get a customer to return than to acquire a new one. When customers think about the product or service you provide, you want them to think about you first. Your business needs to stand out in the blizzard of information that is out there.
What is your vision for Sims Coaching Group?
I started this business because I believe in economic development for our Black communities. Strong communities have thriving small business districts. You can see examples around the city in neighborhoods like Beverly and Hyde Park. We need successful businesses that can hire locally and keep the money circulating in the community. This business is a way for me to earn a living for myself and help produce more quality businesses in my community.