The hardest part of starting a business is not coming up with your big dream or mastering the art of coaching. You’ve already got that covered. The hardest part is building a solid foundation for your business that’s aligned with your strengths and purpose so you can give yourself the best start for success.
As coaches, we are connected deeply to the work we do. We are driven by a deep desire to help others and make a bigger difference. To have an impact. Right?
However, running a coaching business isn’t easy. It’s not all champagne and chocolates. It takes real, hard work. There will be hard days where you’ll feel like throwing in the towel. And then there are the rewarding and oh-so-satisfying days where you’re reminded of why you chose this path to be a coach and do the work you do. You see, I believe:
It’s not a ‘job’, it’s a calling. So starting (re-starting) your coaching business on a firm foundation is business-critical. You wouldn’t build your dream home on sticks and stones so I trust you’d start your business with the best quality elements. And build your business to suit you and what you’re here to achieve.
Don’t make it hard for yourself, build your business so you have the least amount of resistance. Get into your flow, your natural rhythm, and operate your business from this energy state. This is your path of least resistance.
The reality is there will be daily challenges that get in your way and stop you from achieving success but if you align with your strengths and interests and minimise the parts you least enjoy, you will enjoy what you do far more and the results will follow.
You see, your coachee’s experience (CX) can never be greater than you as an entrepreneur’s experience (EX). Doing what you love and playing to your strengths are the best ways to increase your EX in order to maximise your CX.
(Entrepreneur Experience) EX = CX (Coachee Experience)
So, do yourself a favour and start your business with the best building blocks. And if you’ve already started your business and you’re looking for ways to strengthen and solidify what you’ve built, then consider the following:
10 Things to Consider When Starting(Re-starting) Your Coaching Business
1. The idea.
2. Be clear about your ‘why’.
Embarking on the road to being a coach is one that needs to be considered in detail before setting out. Being a business owner is not for everyone, it’s challenging, uncertain, it can be tough financially and it takes work. It’s not all champagne and chocolates. However, the upside is incredible satisfaction, control of your destiny, the ability to earn more than you would as an employee, and the freedom to run your business your way.
That said, you need to be clear about ‘why’ you want to start your own business, going into it with your eyes wide open. What’s your purpose for being in business? What is your message? What change are you here to effect? What is your desired outcome?
3. Who will you serve?
4. Why me? How will I stand out?
5. Business Structure and Security.
Deciding how to legally structure your business can be tricky. Will you be a sole trader, have a partnership, a trust, or become a company? They each have their pros and cons so it’s best to talk to a lawyer or accountant to decide which is right for you.
Your insurance is essential and needs to be firmly in place before you open your doors. If it’s not, you run a real risk. As a minimum, you will need Public Liability insurance — which protects you from people being injured on your premises. There are other, more specialised types of insurance covering everything from professional indemnity to income protection. Find a great insurance broker, specifically one that deals with businesses, and get advice.
6. Get Your Advisers in Place.
You’re not an expert at everything. Source your advisers early and get them involved in the setup of your business. Ensure you have a great accountant (ask other business owners for referrals), a great lawyer (especially if you are leasing a premises), a great coach to help develop your niche, branding and marketing plan ahead of time, and possibly a few other advisers like a graphic designer, website developer, IT consultant, etc. Invest in getting the right advice before you start your business and your chances of success will be dramatically increased and will most likely save you money in the long run.
7. Your Business Name + Brand.
Creating your brand is one of the most important things you can do in your business. You want it to be an accurate representation of you and your services.
Think long and hard about your name: you’re going to be stuck with it as rebrands are expensive. It’s best to make sure the web domain is also available too. Check at godaddy.com. Consider what your name needs to say about your business and also, what your prospects will be searching for.
The basics things you will need to get started are business cards, electronic letterhead, and a basic website or landing page. The rest can come later.