5 Things To Consider When Starting A Coaching Business

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We have all been there. We have a desire to help others so we enroll in coaching school and go through the work of earning a certification. This by itself is not an easy effort, it takes time and determination. Once we are done, we are on an adrenaline high and ready to open for business. What’s next? A website? Business cards? Masterclasses? After hours of research, numerous conversations (often with ourselves), and lots of purchases, we stop, feeling like we still do not have the tools to get started. But with all of the time, effort and money spent what are we to do?

A good part of my professional life is spent communicating with coaches around the world. I love the excitement of coaches that are just starting out and I am inspired by the diversity of niches and ever-increasing methodologies available to coaches today. No longer is it necessary for every coach to have a traditional website or business card right away, not when you can connect with clients on your social media page. With that being said I’d like to share 5 things that every coach should do when starting their business.

Coach

CoachingOften when people become coaches they are so busy learning how to be in business, they neglect working on their most important skill set…coaching. Most coaching schools and many seasoned coaches will tell you that one of the first things you should do after certification is to get at least 200 hours of coaching under your belt. Coach anyone that is willing to let you coach them. When you coach, you will develop your voice and your style. These are two major keys that will help you attract clients. You will also begin to solidify your niche. It is extremely rare that I meet a coach whose niche is exactly the same after coaching at least 200 hours. If you do not have that many hours under your belt yet – get started by coaching anyone that you can.

Spend Money Wisely

MoneyIt is easy to spend money building a business. Websites, business cards, lead marketing – whether you do any of these things yourself or enlist the help of others, the money adds up. Too often I ask the question “How much have you spent on your coaching” or “What are your monthly costs” and the coach cannot give me an exact number. This is not good. It is important to keep track of your money. When I started out in 2007, I had a set amount of money that I could spend on my start-up costs. This money would keep me in business for a certain amount of time. At the end of that, my goal was that the business would (minimally) have to pay for itself. Then after a set period of time, it had to bring in a certain profit. This method is simplistic, but it works. If you have not already done so, streamline your business costs and set financial goals that make sense for your first year in business.

Create a business plan

Most business owners create a business plan in order to apply for bank loans. Creating a plan for your business is a necessity even if you are not applying for a loan. The process of creating the plan will force you to take the time you need to truly think about your business. While creating a business plan you will establish time lines, budgets, itemize start up costs and expenses, research competitors, and even take a look at how to scale up. When I created my original business plan, while there were a few parts of the plan I omitted (I wasn’t applying for a loan) I ensured I had a complete marketing section where I discussed the tools needed and the methods I would use to market myself as a coach. This is a section that I continue to use a few times a year as I carry out my marketing plan.
For a lot of coaches, the idea of creating a business plan is like sliding your nails down a chalkboard. Please remember, if you are not applying for a loan, this project is just for you so go ahead and get creative with it. Make it colorful, create a vision board for it, do some mind mapping, whatever tools you want to employ. Just be sure to do the work of envisioning your business so you can execute the plan.

Join a Coach Peer Group

Coach partnersWhen you are a solopreneur, the support of a peer group is a game changer. A good peer group can help push creativity, offers support and accountability, and can share relevant information including leads. There are many ways to be a part of a coaching peer group. You can join a coaching group via social media, join a mastermind (this is usually a paid option), you can gather with a group of coaches you know, seek out coaches with the same alma mater, even try and find a meetup group for coaches. Coaches are everywhere.

When you are a part of a group take advantage of all of the freebies shared but keep in mind that in order for the group to be successful you must not use proprietary information without permission and it is important to give more than you get (my opinion).

Use Technology

If you want to ensure the efficiency of your business (and your time) embracing the use of technology is the way to do it. By using technology you can automate your redundant tasks (like sending welcome emails), use apps that will update all your social media at one time, host private webinars so you can coach groups and even put classes online to create a passive income. These are just the most common ways to use technology for efficiency. Of course you know that I advocate the use of coaching software to keep yourself organized and have the ability to coach anywhere in the world (Yes I’m talking about Life Coach Office!). Using technology in your business will save your time, help you become more organized, and will definitely make you look very professional.

Starting a coaching business can be a daunting task with many things to consider. By working with these 5 suggestions first, you will find that you will start your business sooner rather than later. You will feel more organized with a business plan and more supported with a peer group and your clients will be attracted to the confidence in your energy.
Kimberly Horvath

Kimberly Horvath

Kimberly Horvath has been coaching since 2007. Her passion is helping people discover their Spiritual DNA.

http://www.ignitedspirits.org/

Kimberly Horvath

Kimberly Horvath

Kimberly Horvath has been coaching since 2007. Her passion is helping people discover their Spiritual DNA.

http://www.ignitedspirits.org/

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