If you have ever wondered how to start a life coaching business, you need to listen carefully. Life coaching businesses come in all shapes, sizes, and niches.
Whatever stage of life you’re in, owning a business can be one of the most rewarding experiences you’ll ever have. Starting a life coaching business is not for everyone though. It requires inspiration, hard work, planning, and persistence.
Need a Fresh Start? Here’s How to Start a Life Coaching Business
It doesn’t matter what your niche is, you can start your own successful life coaching business. Follow this simple guide to learn how to start your life coaching business.
The inspiration of having your own life coaching business can range from not having a boss, to making more money to improving the local community, to other motivations. Whatever the reason, having strong inspiration will help you get through anything, including starting a life coaching business.
After you’ve been inspired to start your life coaching business, brainstorming is a good next step. What do you like doing? What does the world need? What can you provide that other coaches can’t or haven’t? After you have a bunch of ideas, jot them down in a notebook. It is, after all, the unique idea that often makes a coaching business financially successful.
Finding out what potential competitors are up to can give you ideas and also help define how your coaching business will be different from others. Conducting a market research can help determine what products and services to offer. Furthermore, reading up on how to start a life coaching business as well as a variety of business topics, like advertising, marketing, management, unique selling points and more, can give you a huge edge.
Most businesses require some sort of funding to run smoothly. Estimate how much you will need to invest upfront to start your life coaching business. After making estimates of your start-up costs, you will have a goal as to how much you will need to run your business.
If your new coaching business is going to be your only source of income, it is best to have at least two years of savings to allow your business time to become profitable. If you have another source of income, such as a part-time job, then you may have more flexibility in allowing your business the time it needs to float on its own.
Sources of funding can come from savings, bank loans, friends and family, investors, donors, credit cards or other options. It seems better to overestimate your needs than to underestimate them and be left with not enough cash.
How will your coaching business make money? If you are planning to sell a coaching program, how much will actually be made from each sale? When making this calculation and factoring in cost estimations you can then determine how much needs to be sold to break even.
There are hundreds of laws that pertain to running a business. Consulting a lawyer will help protect your business with properly written contracts, terms of services, nondisclosure agreements and the likes of such. It is safer to have the confidence of having consulted with a lawyer than to wait until you really need one when the damage has been done. A poorly written contract, or no contract at all, can cost a business huge sums of money.
Having employees opens the door onto new realms of legal issues including workers’ salaries, payroll taxes, rules regarding minimum wage, overtime, record keeping and so on. Engaging a human resource specialist to handle these factors is very helpful to companies employing more than 10 people.
Software like QuickBooks and Quicken can help you keep track of business accounts much more easily than without. Still, using a good certified public accountant is highly recommended for helping uncover expenses and rebates and giving you peace of mind should you ever get audited.
A successful life coaching business doesn’t have to be a big business, but it can be if you choose. Remember, the hardest part of starting any business is getting started, so you must make a commitment to the success of your new coaching business. Always remember, it does take time to establish a life coaching business, no matter what niche.
Writer, Coaches Training Blog community