10 Things to Consider When Starting a Coaching Business
10 Things to Consider When Starting a Coaching Business
“Your business is a vehicle by which you live your soul’s purpose.” Cindy Turner
- The idea. For every good idea you have, there are hundreds of people out there who have the exact same idea…did someone else already beat you to the punch?
A prudent approach is to research your idea from top to bottom looking to see if your idea already exists. If it does, it’s certainly not the end of the world. Simply ask yourself if you can find a unique angle or a different approach to the idea.
- 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 own 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?
- Who will you serve?Who is your target market? Before you begin creating a marketing strategy, you will need to define your target market. Your target market is the specific group of people you want to serve. Describe your ideal customer. The clearer you are about who you’re going to serve, the clearer you can be about your branding, your marketing, your pricing — everything. Be as specific as you can about your customers and learn as much as you can about them.
- Why me? How will I stand out? Customers will only stop buying from other businesses in favour of yours if you offer something better or different. Your USP(unique selling proposition) defines what is special about your offering; what customers can’t get elsewhere. How can you bring your uniqueness and strengths to the fore as a point of difference?
- 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 CPA 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.
- Get Your Advisers in Place. You’re not an expert at everything.Source your advisers early and get them involved in the set up 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.
- 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.
- Show Me The Money.We all need money to survive. Do you have cash reserves that will tie you over and allow you to fully launch into your business or is a slower step-by-step approach more your style? How much income do you anticipate making? Is it realistic?
- Packaging Your Services.What services will you offer and how will you package them? Will you be doing one to one, face to face training or online offerings? What will you include and what will you charge? Having a clear outline of your offerings and associated contracts at the ready is key to give confidence that you are ready.
- Client Attraction.How will you attract customers? What is your go-to-market strategy? Never assume that customers will be beating down your door as soon as you open them. You will need a clear strategy to let the world know what you’re doing and how they can work with you. This will involve an online component where you will need to consider having tools to attract and build trust with your prospects such as an eBook, checklist or offering of relevance to them.
Books to Read
The E-Myth Revisited, Michael Gerber
Find Your Why, Simon Sinek
Selling the Invisible, Harry Beckwith
Best of luck!
P.S. When you’re ready… here are 3 ways I can help you grow your coaching business:
- Grab a free copy of my Coaching Guide
It’s the 11 steps to building a profitable coaching business with soul. — http://coachcentral.com/successfulcoachingbusiness/
- Join the Coach Central community and connect with soulful coaches who are already growing their business
It’s our Facebook community where go-getter coaches learn to leverage their strengths, increase their impact and have more freedom. https://www.facebook.com/CoachCentralInc/
- Work with me
If you’d like to work directly with me and my team to scale your coaching business… just reply to this message and put “Private” in the subject line… tell me a bit about your awesome coaching business and what you’d like to focus on together, and I’ll be in touch shortly. Or if you’re ready to get extraordinary results, book in for a complimentary 30 minute Business Accelerator Session today. http://coachcentral.com/30-minute-session-booking