Most people who become life coaches don’t think about the business of life coaching when they first get in to the business. Most people only think about the coaching aspect of life coaching.
But, if you open your own practice, life coaching is most definitely a business. An extremely competitive one!
The business of life coaching is like any other business. It needs to be set up properly, promoted widely, and run smoothly for as long as it is in business. The business of life coaching is just as important as the coaching. Even if you are a great coach, if you don’t run your business correctly, you will ultimately fail.
Life Coaching is a Kick-Ass Life
Yes, being a life coach is wonderful. You get to set your own hours, work with wonderful people, help those wonderful people reach their goals and dreams, and make good money doing it. What more could you want in a career?
But, this kick-ass life is a business, and the business of life coach success means doing things the right way so you can realize your potential as a coach.
6 Keys to Success in the Business of Life Coaching
- Start slowly. This means that if you have a job, don’t quit it right away. Start your life coaching business on the side. Yes, this might mean that you work two jobs for a time, but the kick-ass life doesn’t always come easy. Don’t quit your day job until you see some results in your coaching business.
- Focus on one thing at a time. Start by focusing on what you need to start a business – business licenses, city permits, bank accounts, office space, office furnishings, and more. Take care of each of these things one step at a time. Once you have completed one task, move on to the next.
- The business of life coaching is no different than any other business – it is tough to do it alone. Having a partner, virtual assistant, web designer, or business consultant will make life easier. It’s almost impossible to do it all yourself in today’s complex business environment.
- Put money aside. Yes, you can start a coaching business with little out-of-pocket money, but it sure helps to put money aside for those times when you need it. You may need it for more education or certifications, marketing, more furnishings, or other expenses that may come along.
- One often overlooked item when starting a coaching business is insurance. Why would a life coach need insurance? General liability is sometimes referred to as “slip and fall” insurance and will cover any injuries that occur on your premises. Professional liability insurance, also called errors and omissions insurance will cover you if any claims are made due to your coaching. You might not think you need insurance, but without it you are naked and exposed.
- The business of life coaching is all about marketing and promotion. You can do everything else right, but if you don’t have an effective marketing campaign, your business will be on shaky ground. Almost every business needs to market their services or products, and coaching is no exception. If you detest marketing, hire someone who is good at it. Being a good coach is essential to owning a successful coaching practice, but if you don’t market and promote, no one will ever know how good you are! Your life coaching business is dependent on your ability to promote your services and let the people of the world know how much you can help them achieve their goals and dreams.
Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article…Thank you!
Writing Team, Coaches Training Blog Community