Here's Your Game Changer for Starting Your Own Elevator Business

Thinking about flying solo? This is my game changer when taking the leap to become an elevator entrepreneur. Starting an elevator business is not just about installing your own elevators and maintaining them; it's about building a company from the ground up. It’s about managing cashflow, hiring the right people, and providing consistent, outstanding service that leads to long-lasting relationships with your customers. You are responsible for the safety of your employees and the riding public. YOU are now the leader. Understanding your new role in your endeavor will determine how successful you can be in this industry.

For entrepreneurs who choose to fly solo, there’s a multitude of pitfalls you could fall victim to. From navigating complex regulations to securing financing, your path to success can be steep. As a leader, we must always be willing to learn more and to ask for help before we need it. This is where business advisors and mentors come in—offering invaluable guidance that can make the difference between an operation struggling to stay afloat or creating a thriving elevator business.

Why Do I Need a Business Coach?

Starting out alone in the elevator business can be daunting. Thankfully, there are many others who came before us and have created successful, well-respected elevator empires. Think about it. How many elevator companies can you name off the top of your head? 5? Maybe 10? How much hard work do you think it took for those leaders to take a start-up and turn it into a household name? Every one of them had to start somewhere. Chances are, that journey included a mentor that was able to offer them guidance. That advice played a vital role in how their company evolved into a thriving elevator business.

In a recent episode of the Elevator Entrepreneur Podcast, I had the pleasure of speaking with Bill McGrath. His story provides proof of the common struggles many others may be facing as new business owners in the elevator industry. Bill discusses his journey from field technician, to management, and finally having the guts to launch his own company, South Jersey Elevator. Bill quickly realized, like many other elevator entrepreneurs, that he couldn’t rely on just his technical expertise if he wanted his business to be successful.

“When you’re an employee your whole life and you’re used to getting a paycheck every Friday, it’s a shock to the system when you start your own business and realize you’re now responsible for everything—from cash flow to customer relationships.” 
The Elevator Entrepreneur

Does this story sound familiar? You may be finding yourself in the same boat as me and Bill did. Who do you turn to when you’re now the one running point for everyone else? This is where your business coach comes in handy. Google can be a great resource for this information, but it will not replace experience and expertise. Finding someone knowledgeable in the elevator industry, who has seen it first-hand, could prove to be your biggest asset and your best investment yet.

What Should You Look For in a Business Coach?

Your potential business coach is out there, waiting for you to seek their guidance. They’re in the business of mentoring because mistakes are always being made in this industry, and that’s okay. What’s not okay is making the same mistake over and over again and expecting a different result—or however Einstein says it. If you’re starting to think this sounds like you, let me give you a few insights to look for when considering a business coach for your elevator company. This way, you can mull it over before you begin your search.

• Industry Experience: If you’re just starting out, you should be on the lookout for a coach with a strong background in the elevator sector. Maybe they owned an elevator company or were an affiliated partner in some way? Regardless of their background, they should understand the technical, regulatory, and market dynamics in our line of work.

• Proven Track Record: Seek someone who has successfully coached businesses in the elevator space or in similar industries. If you’ve found your potential business coach, you should be seeking testimonials that give more detail into their effectiveness and how they work with their clients. As industry leaders know, reviews matter. Word of mouth, it matters. If you find a mentor and you’re ready to take the next step, ask around about them.

• Specific Expertise: This ties into industry expertise. Maybe you’re a more seasoned elevator entrepreneur and you feel strong in the operations and maintenance side of things but you lack in the sales or finance department. Your potential coach may be someone who is not in the elevator industry, but has a specific niche like finance or sales. Finding an effective strategy for your elevator business does not have to limit your business coach options.

• Coaching Style: Not everyone clicks. This sounds obvious, but it can be overlooked when desperation starts to set in. That is why it’s important to seek out help before you need it. Focus on finding a coach whose style resonates with you—whether it’s hands-on guidance, an advisory role, or a focus on strategic thinking. If you’ve already been in this boat and it didn’t work out, maybe you just weren’t the right fit. It happens. There’s plenty of fish in the sea, am I right?

There’s a business coach out there for everyone, you’ve just got to know what to look for. And if their style doesn’t match yours, keep going. Bill told me he quickly turned down a coach when the first words out of his mouth were, “I’m expensive.” He said that was the end of the conversation. Boom. Done—and on to the next one!

How Do I Find a Business Coach?

The truth is, everyone in our industry has found success in being mentored. You have to be teachable in this line of work and you have to be willing to adapt. If bringing in outside help is beyond your comfort zone, as Bill said, you’ll have to figure it out. Some helpful places to start:

• Ask Your Buddies: Now, Bill said trying to get in touch with someone else’s business coach is like trying to ask for their girlfriend’s number—not going to happen. So maybe you could phrase the question in a different manner. Reach out to those you respect in this industry, and ask to be pointed in the direction of someone they’ve connected with that can offer guidance. Most people can recall those that played a vital role in the success of their own business.

• Online Platforms: I know… social media can be tedious but it can also be a great resource for those that utilize it properly. You don’t have to be tech-savvy to create a social media account and start searching for business mentors. LinkedIn is a great place to start. Coaching directories and searching for profiles with elevator industry-specific associations can be just as helpful.

• Trust Your Instincts: Ultimately, choose a coach you feel excited about working with—someone who inspires confidence in their ability to help you grow. If your gut is telling you something is off about a potential coach, follow that feeling. Follow it until it leads you to someone better.

The good news is, you are in the driver’s seat when considering taking on a business coach. Bill mentioned to me that he was running a family business, and having someone on his team who was family-oriented and could help him navigate family dynamics in a professional setting was very important to him. He found his match and made a life-long friend out of the deal.

If you take away anything from the information I’ve given you, it’s to focus on these 3 things when you consider hiring a business coach:

1. Find someone you feel comfortable with discussing any and everything.
2. Ensure this person aligns with your mission, vision and values.
3. Collaborate to create a strategic plan you can both agree to commit to.

If you’d like to watch more of what Bill McGrath has to say about business coaches, click the link above or download our Elevator Strategic Hub App and stay tuned for more exciting Podcasts and helpful blogs about how to grow your elevator business.

As always, stay safe out there, and I will continue to empower my fellow Elevator Entrepreneurs.