Learn how to start your own consulting business!
March 16, 2022, 10:13:18 PM
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STEP 1 - DEFINE YOUR SKILLS, NOT EXPERIENCE
A skill is "the ability to do something well; expertise." You need to identify four sets of skills:
Skills you have to run your coaching business
Skills you don't have to run your coaching business
Skills you have that will benefit you as a coach or in the coaching process
Skills you don't have as a coach
STEP 2 - START DEVELOPING A COACHING NICHE
Finding profitable coaching niches can be difficult. When you start, you’ll want to remain broad. You’ll want to coach everyone.
STEP 3 - LEGALLY INCORPORATING YOUR COACHING BUSINESS
It's critical to understand the differences between business structures. Your business structure will determine which applications to submit to your territory, state, and federal government.
STEP 4 - SETTING UP YOUR FINANCIAL ACCOUNTS
Opening a business banking account is an essential step in starting a coaching business. By having a separate business banking account, you’re separating your business funds from personal funds.
STEP 5- UNDERSTANDING YOUR POTENTIAL EXPENSES
Differentiate between needs versus wants. What do you really NEED to start up? What can you purchase later when you have more cash flow (wants)?
STEP 6 - BUSINESS LICENSING & COACHING CERTIFICATIONS
Coach training programs and certifications add to your credibility.
STEP 7 - PURCHASING YOUR BUSINESS INSURANCE
Business insurance for most coaches won’t be different from any other business. Whatever you do, don’t skip purchasing insurance. Without insurance, you could find yourself in financial trouble.
STEP 8 - UNDERSTAND YOUR TAX LIABILITY
Talk with your financial advisor and accountant. Set up a bank account that, if possible, automatically transfers a certain % for taxes into a separate account.