Everyone from all walks of life always want to improve themselves, and some struggle to meet that goal. This is when life coaching comes in. Life coaching helps an individual realize the changes they want to see in their life. Clients can share with their life coach the issues they are currently going through, be it related to health, relationships, careers, or various other aspects of their lives. In return, a life coach can help set the client’s motivations and goals, go through important decisions with them, whether that’s business or personal, and many more. Life coaching is a career worth pursuing if you’ve already met your goals and are passionate about helping others meet theirs.
Below are some tips that you can check out as you ponder starting a life coaching business:
- Choose Your Business Niche
There are several coaching niches to choose from, such as weight loss, career, relationships, fitness, parenting, and so on. When choosing a niche to dive into, select one that complements your skills. This may sound constricting but, in actuality, this is a smart way in not just gaining clients, but also securely keeping them in your roster. Marketing intangible products is hard enough, and can also be costly as you need to determine a client’s problem in a current situation and sell them a future resolution. This is why finding a niche plays a significant role in a life coaching business. The aspects of your clients’ lives that require fixing are the factors that drive them to invest in you, the solution. That said, you may need to expand your specialties by obtaining accredited training to cater to a wider client base.
By establishing yourself as the go-to person for a particular set of problems, you can also come up with specific and effective ways to market your business. For example, a business website lets your potential customers visit your company and see the services it offers. Although marketing a coaching business doesn’t necessarily have to be expensive, it has to be creative. For startup businesses with a startup budget, writing articles, creating clever business cards, networking, giving presentations, and being active on social media can be your best tools in gaining prospective clients without hurting your pocket. Leverage the power of the internet. With advancements in technology these days, you can take your coaching business marketing strategy to the next level.
- Own Your Business Name
Your business name should emanate the unique aspects of the service you’re offering. Most importantly, it should also capture you as a person. Deciding on a name can be an unnerving job, but this step can help immensely in your marketing. Using your own name as a brand is one of the quickest, easiest, and smart ways to go about it. It can stimulate a top-of-mind awareness among your clients, both current and future ones. By using your own name, your business becomes the first thing your clients think about when it comes to life coaching. Aside from that, using your own name gives you the flexibility to add products, programs, or change the type of coaching you are offering. You can do all that and skip the daunting task of creating a totally new identity.
When you have a website for your life coaching business, using your name also simplifies the purchase of a domain name. On the other hand, if your chosen business name is still available as a domain, it is highly recommended to secure it early. Eventually, when your business grows into a firm, you can just add “& Associates” after your name. But if you wish not to associate your name with a brand, the next ideal thing to do is to give it a name that conveys the solutions your business offers. Those who have been successful in becoming life coaches own a name that communicates their ideals to clients, as well as the solutions they offer.
Your clients are essentially paying to have a good working relationship with you, so it is important to choose the right name, which can pair your service and face with strong visuals that ties together your brand.
- Identify Your Business Structure
Just like any other business, your coaching practice will need a system to manage coaching session times, track referrals, expenses, payments, etc. You also need to determine how you are going to set your business up, whether that’s as a Sole Proprietorship, Partnership, LLC or Limited Liability Company, Corporation or Cooperative. Each structure has varying legal protections with different tax obligations. Legal liability and taxation are the two essential factors you need to consider when choosing your structure. The best person to reach out to regarding this is your accountant.
Insurance is also a must for those who provide coaching services so they can shield themselves from anything that might be done on behalf of their name. For business owners working on their behalf, you must check if insurance is mandatory in your state. This may also be a legal requirement if you hire employees. Find time to look into liability insurance for life coaches, and on the type of coaching plan you are offering.
- Create an Ergonomic Space
Face-to-face or one-on-one is the conventional method of coaching often used. Since the business is all about building a relationship, working with clients in person has been the ideal setup. But as innovations in technology continue to advance, web connectivity became the more preferred method. This offers convenience for both the client and coach, providing a wider spectrum and broader reach. But no matter where you choose to run your coaching business, whether that’s at home or in an office, you need to design your workspace ergonomically. It won’t just be about supplying the necessary furniture and equipment, but also making it look safe, comfortable, and welcoming, especially if you are doing face-to-face coaching.
Below are the advantages of choosing between a home or office setup:
- Home
With a home setup, you can avoid the commute, thus maximizing time. Instead of wasting time sitting in traffic, you can use it to prepare before the client arrives. You can also take breaks anytime you want unless you are in the middle of coaching. You can work late and yet still able to spend time with family. You can also eat and cook at home. That’s savings from eating outside, all while staying healthy.
A few things to consider when setting up a home office is finding a working area that separates your office from your kids, pets, laundry, yard work, and noises from the TV, blender, refrigerator, and such. Set clear boundaries that’ll keep you from entertaining any distractions or temptations that’ll take your focus away from your client. Your home office must also be always clean, organized, and private if you welcome clients for one-on-one coaching.
- Office
If your budget agrees with your preference, you can also invest in a physical office. Aside from the added professional appearance, it will also be an ideal venue if you welcome group coachings or workshops. Running a business in a physical office, however, will need separate phone services, utilities, and high-speed internet. You can opt to rent an office per hour, and there are a number of offices that allow startup businesses to do that. You can also share the office with another coach if your business is not operating full-time, and for as long as the lease allows.
- Be Certified
As they say, learning is a continuous process. The same holds true for life coaching businesses. Even if you have already mastered your niche and have gone through every material, gaining additional knowledge and skills is always a good idea. The training involved will show you techniques that’ll polish you to become the best at what you do. It can help shape your mind to start thinking like a successful coach, which can guide you in pursuing your personal and professional ventures. Apart from that, credentials will also boost your client’s confidence in you. It will help you stand out from all the self-proclaimed life coaches. Your credentials can help convince your clients to trust the legitimacy of your business.
Apart from gaining credentials, when you’re a certified life coach, you’re eligible to join organizations of life coaches, which can serve as your support group. As you help others in their goals, you’re also gaining insights like best practices from other life coaches.
- Fix Your Professional Fees
There have been countless books written and seminars conducted about setting fees. This is one of the things you need to establish when starting. Fees can affect the number of clients you will be attracting. This is going to be a common—if not the first—question that will be asked by your potential clients. Regardless of the type of coaching you’re providing, it is crucial to get your fees right.
The factors influencing a coaching rate involves the following:
- Coaching skills background, which includes your experience, credentials and certification level, and the level of your confidence
- Method in delivering your coaching program, which can be face-to-face, via Skype or phone
- Chosen niche
- Type of clients, which can be high-paying or budget clients
- Demographic of your clients
In other words, it all depends on how you showcase yourself in the coaching marketplace, and if your target market can afford or are prepared to pay. The payment can be arranged hourly, which is common in most corporate coaching setups, or monthly for a series of sessions.
That said, the question now is whether you should publish your coaching fees or not and save it for later. This is a common dilemma among startup life coaches. The good thing about being upfront about it in your website or brochure is that it tells your potential client right off the bat what kind of fees they should expect, saving you from that awkward conversation about money at the end of your introductory piece.
The downside, however, is that you’ll lose the chance to discuss the value of your wonderful service that led to that rate. Potential clients may even reject you before speaking to you. But this can be remedied through a compromise by publishing different programs with their corresponding fees so the clients can have options. Variations can be for the length or number of sessions in a series, or an email or phone consultation will happen in between sessions. You can be creative in structuring your program, which will suit the different needs and budget of your clients.
In addition to fees, the startup expenses for coaching business usually are low, but they still need ample consideration. The ongoing costs include but are not limited to:
- Internet service
- Phone service
- Insurance
- Marketing
- Transportation
Coaching businesses that choose to hire employees may also incur expenses for labor, utilities, and rent. While this is not required, creating a support team is beneficial not just for coaching businesses, but to any starting business for that matter. This usually includes people for legal advice, accounting, and taxes. These people can help mitigate the stress and surprises that can happen along the way.
Although the marketing team is optional, it is never a bad idea to leave the job to professionals. This can include a web developer, graphic artist, and copywriter. Their marketing skills is an investment that will brand your service. While it is an additional cost, this will save you from tons of hours and thousands of dollars wasted.
Conclusion
Like any other enterprise, starting a life coaching business is not a walk in the park but there are ways you can follow to organize processes, minimize costs, and ensure your success. As a life coach, it is also essential to portray an image of success since success is what you’re selling. First impressions matter when meeting a potential client so as an aspiring life coach, you ought to look professional and act professionally. Keep in mind that preparations may be good, but it doesn’t always end with that. Just like learning, finding clients and providing exceptional services are a continuous process. That’s the key to earning positive feedback and becoming valuable to your clients. The more valuable life coach you are, the faster your business will prosper.
