- 1 How To Start A Life Coaching Business
- 1.1 1. Plan your business
- 1.2 The cost of starting a life coaching business:
- 1.3 The ongoing costs for a life coaching business:
- 1.4 What will be the target market?
- 1.5 What will be your charges?
- 1.6 Set your financial goals for the business.
- 1.7 2. Set up the business
- 1.8 Pick a name for your business:
- 1.9 Decide the business entity:
- 1.10 Register the business with the state:
- 1.11 Get the Employers Identification Number:
- 1.12 3. Get the required license and permits from the state:
- 1.13 4. Get the occupancy certificate:
- 1.14 5. Get business insurance:
- 1.15 6. Establish a web presence:
- 1.16 7. Promote your business:
How To Start A Life Coaching Business
1. Plan your business
The first step to succeeding in any business is planning the business before taking any steps. It’s may sound like it’s not that significant but trusts me it’s the most important step of opening any business.
See when you plan the business you come to know a lot of things which will be required to start the business (which you may not know before). And secondly, it’s also important that you understand how things would work out so planing the business will give you an idea about that too.
So we would recommend you to sit and take a notepad and outline the requirements of your business as well as write down all the steps that you will need to do. To help you further, we have written down some things which should be a part of your business planning.
The cost of starting a life coaching business:
The first and the most important thing that you will need to plan is the financial requirements for your business. We don’t need to tell you why it’s important! The operational cost may involve furniture, computer, marketing cost, insurance, etc. This may also include the cost of outside meetings with your clients that is the coffee shops, business centers, etc.
Although the operational cost for a life coaching business is not that high and it’s can be started with your savings or minimal loans.
The ongoing costs for a life coaching business:
The second thing you need to plan after figuring out the operational costs is the ongoing business. The ongoing cost can include the costs which would be required to run the business. For example, utility bills, rent, insurance, salaries of staff, etc are included in the ongoing business. And that’s what you need to calculate and see if it’s doable for you.
What will be the target market?
Although a life coaching business sounds like you will be helping all the people with all kinds of their problems. But sometimes, life coaching businessmen find a niche and their target customers and improve themselves to help a particular type of customer. For example, you might wanna help those who are depressed about the current status of their life that is they haven’t achieved anything yet or you might be good at helping the already successful people who are struggling in their life. Or you can choose to help all the people and their all kinds of problems by hiring different life coaches under you.
What will be your charges?
Now it’s kinda an important question because at the end of the day you do want to make money and earn a profit. So you will have to find a way by which you can decide your charges.
Here you might need to conduct research and see what your competitors are charging and why they are charging that price. Your charges may include your expenses as well as your abilities to solve a problem. See if you think you are pretty good then you can set up a high price. The bottom line is, the charges for a life coaching business vary from each other and they depend on many factors. So consider those factors and decide a fee structure.
And if you still struggle with deciding the fee you can always take professional help and come up with fee structure.
Set your financial goals for the business.
When you start a business or start anything for that matter you do have some expectations for it and its important you meet them for your own minds’ sake. So we would recommend you to write down your expectations in the business planner. This will motivate you to work hard and do better so that you can achieve the goal.
2. Set up the business
Now that you have planned your business thoroughly it’s time that you take steps and start the business for real. We have written down the major steps that you need to take in order to establish your business.
Pick a name for your business:
Well, you do need a name for your business and we know there are people who have already thought of a name. But if you still haven’t picked up a name for your business we would want you to decide the business name. But be cautious with your business name because it’s not something which you can take lightly, there are many things you should consider.
We would suggest you name the business which is hopeful and gives a positive feeling to your clients. And the most important thing you need to consider is that it should be available as a .com domain because you will have to make a business website.
Decide the business entity:
The business entity will decide the business nature and the structure for your business so you do need to be careful when you divide the business entity. There are major entities such as a corporation, LLC, etc.
The LLC it’s the most common type of business identity these days because it prevents you from being personally liable when anything goes with your business. But you can decide which do best for you by looking into the other business entities and their purposes. Here too you can hire a lawyer to help you with.
Register the business with the state:
Now that you have decided the name and the business entity it’s time that you finally register the business with the state. It’s like establishing your business’s foundation.
After you have registered your business, you will need to register for the taxes. Because every state has its own tax policies and you are bound to pay the taxes legally.
Get the Employers Identification Number:
Employers Identification Number is very important for any business because it will help you to conduct the business and identify your business. You will require this when you register for taxes or opening a business account.
3. Get the required license and permits from the state:
Every business requires a license and if you are conducting the business without getting the license you are actually committing a crime and you can be fined for it too. You will also need some permits to run the business smoothly in your state. Keep in mind that license requirements also vary from one state to another so make sure you have all the necessary licenses and permits.
4. Get the occupancy certificate:
A life coaching business does require the certificate for occupancy so make sure you have that before you set up an office or lease a building.
5. Get business insurance:
Business insurance is definitely the need of the hour because no one would want to deal with any kind of damages, legal matters, and pay for them. So business insurance will prevent you from being personally liable when you get sued or face any other problems. There are different kinds of business insurance present so make sure you have the right one’s so you can conduct the business carefree without being worried about what can go wrong with the business because you are unprepared!!
6. Establish a web presence:
It’s important that you make your presence digitally. And starting a business website is the first step to do that. You will have to understand that people Google everything before they can trust anything. And if they don’t find a business website it may make them trust you less.
Your business website should have all the information regarding your services which you provide and maybe the fee structure. This would also help you with describing your brand and give a tough competition to your competitors.
7. Promote your business:
One may feel, how can they promote their life coaching business, the answer would be just like you would do to other businesses. There is no doubt that word of mouth will do a great job (that is when your existing clients tell people about you). But before you have enough clients you have to consider the marketing strategies.
There are numerous kinds of marketing strategy and you can see which one does well for your business. There are traditional marketing strategies such as posters, giving out the flyer, asking your friends and family to give a referral, etc. And there is the social media marketing via the internet. The latter will expand the reach while the former will invite the local people to visit your life coaching center/institute!