Coaching And Consulting

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.

Cited Sources:

Expert Guide: How to Start a Coaching Business (2022) | Stewart Swayze

Online Coaching 101: How to Start a Coaching Business [Guide]