If you are someone who enjoys working with people and helping them reach their goals and potential; you certainly make a very good life coach. The best thing about starting your own life coaching business in today’s world is that you can start it small, i.e. you can start it right from your home using modern technologies. In fact, the modern tech has expanded your ability to coach people beyond the geographical borders. You do not necessarily require to have an office where you meet people in person; you can utilize the video conferencing facilities to offer face-to-face coaching to anyone anywhere in the world.
Let’s have a quick look at the industry to know how popular the life coaching industry is becoming and how one can find opportunities in the growing field. Well, the coaching industry has witnessed a rapid growth in the past decade; the estimated value of the U.S personal coaching industry alone is around $1 billion which is 33% of the global industry. The stats are highly encouraging for new coaching entrepreneurs, as the industry is expected to grow by 35% by 2022.
No wonder, that life coaching can be one of the best entrepreneurial opportunity for anyone with people skill. So, if you are the one and looking for an alternative to the 9-to-5 slog, becoming a life coach is the way to go. This article will discuss five important steps you should follow in order to start your own life coaching business.
1- Prepare Yourself as a Life Coach:
Well, anyone with people skills and the ability to help others can become a life coach, but when it comes to sell your services, you must present yourself as an authentic and certified life coach. No matter, how good you are with your skills, do take some courses and get certified. You do not necessarily require to attend a college for this, as you can find some really good courses online, like this one https://inlpcenter.org/life-coach-certification-online/.
Though the coaching profession isn’t highly regulated yet, and anyone can call them a coach, a certification can help you stand out in the crowd.
2- Prepare the Business Plan:
A business plan is a must for any type of business, as it is going to serve as a road map. You must outline your business goals, strategy and an action plan before starting working on building the actual business. So make sure to create one before working on a physical setup. You can always start with a one page business plan to get things moving, and create a detailed business plan in parallel.
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
3- Getting Legal:
In order to operate your life coaching business at fullest, you must fulfill the legal requirements by registering your business with the relevant state departments. Take your time to understand the business structure and finding appropriate business name. Follow the complete guidelines by SBA here https://www.sba.gov/business-guide/launch-your-business/register-your-business. Alternatively, you may want to get in touch with an attorney to help you set up.
In case, if you are a non-US entrepreneur, you must check the legal requirements in your country and proceed accordingly.
4- Getting Equipped:
Once you fulfill the legal requirements, the next step is to be client ready, i.e. having everything required to deliver the services. This involves everything from choosing the right equipment to online platform for your coaching business.
Whether you are starting a full fledged office or planning to have a home based service, make sure to furnish it with the tools of the coaching trade, i.e. a good phone and a headset for phone coaching, online platform, a website, laptop etc.
5- Working on the Outreach:
You are all set to provide life coaching services, but your business will not move to the next level without clients. So, to kick start your business, you must push the word out about your business. Start promoting your business online as well as offline, i.e. promote your business on social media, use Google/Bing ads, spread the word through print media and so on.
The Bottom Line:
Life coaching can prove to be a highly successful business. It doesn’t require much capital, and has low overhead costs. But it does require hard work and smart strategies to be successful!