How do I start a coaching company with no money in my bank account? It seems ridiculous to be considering starting a business when you are facing financial challenges, but it is probable.
The “Pep Talk” – You Can Do it!
Coaching is one of those businesses that require minimal capital to establish. If you are genuinely interested and committed to building your coaching company, I can assure you that you can make it work with these simple steps.
Starting any business can be quite intimidating, especially if you lack the finances. Many successful entrepreneurs you see today started out with little cash, in their basements and garages. Shahid Khan, owner of the Jacksonville Jaguars and the soccer club, Fulham once was a dishwasher making $1.20 per hour and is now considered one of the world’s wealthiest people. You also have Oprah Winfrey, Ajit Nawalkha, one of today’s most successful business coaches, Starbucks CEO, Howard Schultz. The list goes on; these people started with little or nothing, and they became entrepreneurial success stories. And so, when you ask yourself again “how do I start a coaching company when I am broke”, remember these folks and be confident in your ability to succeed.
Taking an Inventory
To have a chance of effectively launching your coaching business with little or no start-up money, you have to take an inventory of what you currently have.
- Do you have skills?
- Do you have experience?
- Do you possess the right training or education?
- What are your assets or resources?
Once you take stock of what you have, you can proceed to the next phase to build your business.
How do I Start a Coaching Company? Simple Steps to Get You Started
Whether you have the money or not to build your coaching company, you must have passion. To become a success story, you must first be passionate about going into this line of work. You have to ask yourself why you chose the coaching profession and what you hope to accomplish.
Secondly, you must be hardworking and ready to commit to making your coaching business a success.
Coach Training/Education – On occasion, some coach training providers offer free or discounted training to individuals. Several free resources are also available online. Self-educate yourself by reading articles such as the ones on this blog site https://coachestrainingblog.com/becomeacoach/, read books on coaching, which you can find at major bookstores such as Amazon.com.
Coaching Niche/Specialty – Select a coaching niche that correlates with your expertise (i.e., your skills, training, and experience). Your target clients will significantly benefit from your knowledge, and the tendency to be successful in your coaching career is greater.
Business Plan – Draw up a business plan which should include what you hope to accomplish, your overhead costs and ongoing expenses, potential revenue, etc.
Register Your Business – It’s time to set up your business legally. First, create a business name that will define the services you offer. Next, get the registration done. If you need help determining which legal/business structure to use e.g. LLC, Corporation to register your business, you may consult a business coach or an accountant. Some agencies provide these services free or at a low cost. In addition to registering your business, you need a business license to operate in your city or town here in the United States and probably in other countries.
This is the step where you may incur the bulk of the start-up costs. However, do not fear; this is where you solicit help from your friends and family to come up with the money for your business registration, business permit or license, and other initial expenses.
Marketing Plan – Now that you have chosen your niche, it is time to devise a plan to locate your target clients; generate leads for your coaching company. Marketing or promoting your business can be as simple as having an active presence on social media, creating a business site, community involvement, your network, etc.
Your Network – To follow up from the previous point, take advantage of the network you have. Put your friends and family to work by helping you advertise your business on their social media, blog sites, and places they visit (for example, church, schools, beauty salons, coffee shops, fitness centers, etc.). They are your best advocates to get the word out on your new business for free.
Mentorship: Connect with business or coaching mentors. Without spending any money, take advantage of loads of free resources that give you access to successful coaches and entrepreneurs. They usually have excellent tips to share.
Work From Home – The great thing about the coaching business is that you can coach your clients remotely. Working from the comfort of your home involves little or no capital; the overhead costs are low. All you will need if you do not already have it, is your desktop or laptop, cell phone, noise-canceling headset, good internet connection and the ability to connect with your clients via video conferencing apps such as Zoom. You will require a space in your home that is free of distractions. And when you are away from home, you can take your business on the road. (working remotely).
How do I start a coaching company when broke? It is a question that any sensible person will ask himself or herself. Although establishing a company with little or no start-up capital appears inconceivable, it is attainable. With an entrepreneurial mindset, passion, and the right type of support and resources, you can achieve it. Lots of people have been where you are, and today, they are success stories. You can be one too!
Would you like an endless stream of new coaching clients? Simply click the image to the right and email and I’ll send you free videos with step-by-step blueprints for generating a massive income from high paying coaching clients.
Margaret K. Olubiyi
Writer, Coaches Training Blog community