Have you been wondering how to start a coaching practice for some time now and not sure where to begin? I hope you will find this article helpful in getting started.
Benefits of Starting Your Own Coaching Business
The great thing about starting your own coaching business is that you get to craft a practice that fits your schedule, your style, personality, beliefs, and values. You can run your entire business from the comfort of your home office (low overhead costs), while you are still training or working towards certification, you can explore other streams of income to complement your coaching services,
Helpful Steps on How to Start a Coaching Practice
When starting your coaching practice, there are bound to be questions on your mind.
- Where do I start?
- How do I attract my target clients?
- Do I have to do any selling or marketing?
- How much do I need to get started?
It is very normal to have these thoughts and concerns; you are not alone in this.
As with any other small business, you will need to do your research thoroughly and figure out what you need to establish your coaching practice. Below are ten steps that will prove helpful to alleviate the fears and get you on your way to a thriving coaching practice.
1. Is a coaching business for me? – Personally, this should be the crucial first step for an aspiring coach/entrepreneur before moving forward. Why am I even trying to become a life coach? You must have a passion for helping others; an effective communicator and someone who enjoys seeing people’s lives transformed.
2. Business Plan: A clear plan is crucial to your business success. What should be included in this plan? your startup costs(which also consists of a budget to consider things like conferences, workshops, professional dues, marketing, etc.).Target clients, your expected return on investment (ROI), etc.
3. Training/Certification: To be a practical and relevant coach for your clients, you will need the proper training and possibly certification. There are quality training programs out there that you can enroll in without breaking the bank.
4. Register Your Business: Like any other business, registering your business as a sole proprietorship, LLC, etc. in your state of residence is extremely important. Once your business is registered, and you have gotten an Employee Identification Number (EIN) with the IRS and your business number with the state, you are on your way to opening up for business. It is also vital to obtain the necessary business permits; licenses are crucial to avoid any fines.
5. Establishing a Business Account: A checking account for your coaching practice keeps your finances organized and your business appearing more professional to your clients. Some coaches also set up a Paypal account because it’s the most widely used online payment system.
6. Accounting System – Creating and managing the books for your business is very crucial. You want to make sure you keep excellent records of all transactions done. Maintaining accurate accounts also makes annual tax filing easier.
7. Liability Insurance – Obtaining insurance is strongly recommended for business owners regardless of the goods or services they are offering. It just protects you and your property.
8. Build a Website – Establishing a presence online via a business website helps attract your ideal clients. It allows your clients to learn more about your business; the products & services offered. Social media like facebook, Instagram, etc. are also great platforms to attract new clients. As you grow your business online, also strongly consider connecting the traditional way. Attend networking meetings, conferences, drop off business cards at local establishments like your doctor’s office, daycare, community centers, etc.
9. Create Your Business Contracts – Business agreements protect you and help set the expectations for your clients. Your clients know what is expected of you and vice versa throughout the coaching relationship.
10. Build Your Brand – When you accurately define your brand, it will speak for YOU. Your brand is what your business stands for and how the public sees it. A strong brand will help differentiate your business from the competition.
So now that you have some information on how to start your coaching practice, are you ready to get started? If your answer is YES, then GREAT! Following these ten steps will at least help alleviate the fears you have in starting your own coaching business.
Writer, Coaches Training Blog community