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Thinking about starting a coaching business, huh?
Well, it might just be for you if:
- You have a passion for helping others achieve their goals.
- You have a proven track record of measurable results to draw from that you can use to help other people achieve success.
- You’re organized, focused, and motivated to be your own boss
The online coaching business has been picking up steam in recent years, and for good reason.
People want to learn how to do things in an easy-to-follow, step-by-step manner. Sometimes just getting the information isn’t good enough. We need someone to take us by the hand and say, “This is how I did it. And you can do it, too.”
Types of Coaching
There are a few different types of coaching to consider, including:
- Business coaching
- Wellness coaching
- Financial coaching
- Life coaching
- Career coaching
- Skills coaching
- Spiritual or Religious coaching
Whatever type of coaching you decide to do, make sure it’s something you have an interest in or passion for. The last thing you want to do is start a successful coaching business that doesn’t fulfill you.
Yeah, the money may be great, but you won’t be truly happy. And that’s what ultimately matters.
What’s Your Earning Potential?
Coaches have a wide range when it comes to earning potential because how much you earn is completely up to you.
It’ll all depend on your level of dedication, what type of coaching you choose, how much you work to get clients, and how hard you work to keep them happy.
The Institute of Coaching recommends pricing your coaching packages based on factors like:
- Who your target client is
- Where they live
- How often you want them to pay (daily, weekly, monthly)
- What pay is based on (hours worked, performance-based, etc.)
Since coaching is a billion-dollar industry, you could stand to make at least six figures if you put in the work. A female business owner I knew made six figures coaching other people in the best business and marketing practices. She went by The Six Figure Chick on Instagram and she had invaluable lessons to teach others and did so through her coaching and masterclasses.
Anything is possible as long as you work hard and believe in yourself.
You. Can. Do. This.
So set some monthly income goals and start crushing them.
Set some SMART goals for your business so you know what you’re aiming for and what steps you need to take to get there.
But you probably want numbers, right? I know I would.
So, here are your precious numbers.
How to Start Your Own Coaching Business From Home
Starting your own coaching business can seem like a scary thing at first, especially if you’ve never gone into business for yourself.
But that’s something you just have to get past if you want to be successful.
There are going to be moments where you feel like giving up, quitting completely. But if you do that, you won’t ever feel the sheer joy of doing what you love and helping others in the process.
So, if you’re ready to take the leap, here’s what you need to do.
Create a Plan
Anytime you start a new entrepreneurial endeavor, it’s best to create a business plan that can guide you through the process of growing your business. With a plan in place, you’ll know what your marketing activities will be, how you’ll scale and grow your business, the methods you’ll use to generate revenue, etc.
Once you’ve created your business plan, you can set it in motion by taking the necessary steps to get your business up and running.
In your business plan, you’ll outline what goals you have for your business growth. You’ll also come up with the:
- Mission Statement
- Business Summary
- Legal Description
- Competitive Edge
You’ll also have to think about your target market, your marketing channels, and your accounting methods.
H4: Determine Your Ideal Clients
Start thinking about who your ideal clients are and make a list. You could even go as far as creating a buyer persona for who your ideal clients are.
Are they doctors that need help paying down medical school debt?
Are they recent college graduates that need career guidance?
Are they stay-at-home moms that want to transform their lives and follow their bliss?
Whoever your ideal client is, you need to identify them and create your marketing content based on that. Who are they? What are their likes? Dislikes? Challenges? Needs? Goals?
Once you’ve figured that out, write it all down and keep it in a place where you can always refer back to it later. I like to look at my buyer personas when I’m crafting a new piece of marketing content.
That way, I know exactly who I’m talking to, what kind of language to use, what kind of examples to bring up. It helps me tailor my marketing message so that it resonates with my target audience.
H4: Create a Website
If you’re going to be coaching people, you’ll need a website that tells them exactly who you are and why they should trust you.
Your website is another way to sell your services.
In other words, make sure it’s designed to sell you in the best possible ways. That might mean making sure your copy is clear and concise and making sure there’s plenty of white space (no long, chunky paragraphs).
It might mean using subheads, high-quality images, and whatever else you think you need to sell your services.
Make sure you have the following pages:
- About Me
As an online coach, you don’t need to have an extensive website, but you should have a blog if you plan on using content marketing to drive traffic to your site and raise awareness about your business (which I highly recommend).
Get yourself a domain name from Name Cheap and get hosting through a hosting company like Blue Host, Site Ground, Host Gator, or Hostinger.
RELATED: How to Start a Blog
All of your website copy should be focused on the customer (or potential customer). It should not only use the word “you” in the copy, but it should also focus on how you’re going to help THEM.
So many business owners make the mistake of thinking people want to know all about them on their “About Us” page. And while that’s true to some extent, you should also do your best to focus on how you can help them – how you can improve their lives.
So while it’s okay to tell your story, you should tell it in a way that puts the customer at the center of attention.
For example, you could start off by telling people who you are and how you help people.
Ex: I’m Mary and I help people build financial literacy through education and motivation.
See how it talks about who Mary is, but also shows how she might be able to help you?
Keep that in mind when creating your website pages.
H4: Consider Coaching Training
While not required, getting training to be a coach can help you feel more confident when the time comes to teach your students. Also, if you don’t have much experience, you might not be able to convince potential clients of the value you could bring them.
If you think you need coaching training, find a suitable program by doing a Google search for some programs that teach the kind of coaching you want to learn.
It could take anywhere from a few weeks to a few months, depending on what kind of coaching program you choose.
H4: Come Up With a Coaching Method
How will you coach your students?
You obviously can’t just wing it. Your clients are likely going to be paying hundreds (and maybe even thousands) of dollars a month for your help, so you need to find a coaching method that’s going to serve you well.
You need to create the materials you’ll use to coach your students. For example, if you’re going to be a financial coach, you might create a form that collects information about their current finances, such as a cash flow statement.
Will you be using video as part of your coaching?
If so, now’s the time to start creating the videos.
You can use Canva or Snappa to create great content for your coaching sessions. They have hundreds – maybe thousands (gotta get back to you on that when I update this article) – of templates that can help you market your coaching business.
Create a Coaching Contract
A coaching contract can protect you in the event that a client decides to back out without paying, or if they ask for more than is expected.
Your coaching contract should lay out exactly what’s expected of each person who signs the contract.
It should outline things like:
- How often you’ll be in contact with your students
- What level of coaching they can expect (you can create tiers or packages)
- How long the business relationship is expected to last
- What kinds of things are prohibited from your sessions
- What things would lead to contract termination
Consult with a lawyer to make sure your contract is legally binding so that if you do end up in court, there are no issues on your end.
Start creating a template for what your coaching contract will look like once it’s complete. Check out some examples online if you’re unsure of where to start.
Name Your Prices
Once you’ve built your website, you can start thinking about what to charge people. While there are no hard and fast rules for setting prices for coaching, there are industry standards as you saw earlier.
That means you need to be somewhere in that range.
You know what the average annual salary is for several types of life coaches.
But, if you want to narrow it down even more, break it down and divide the annual salary by 52 and you’ll get the weekly amount you’d make.
For example, say the annual salary is $46,017. You’d divide $46,017 by 365, which is $884 per week.
You can also simply research what your competitors are charging by following them on social media (if they post their rates) or getting a few quotes from some of them.
Shield yourself from lawsuits or potential legal issues, legalize your business as soon as you can. That way, if anything happens, you know you’ll be protected.
Figure out what kind of legal structure would be best for your business by researching the different options. For example, there are:
- Sole Proprietorships
- S Corporations and C Corporations
- Limited Liability Companies (LLCs)
I recommend filing as a Limited Liability Company because it provides the most legal protection. NOTE: I am not giving legal advice. To figure out the best type of entity for the business you want to open, consult with a lawyer.
Once you choose the type of business entity you want to create, it’s time to file with your state department. I recommend using a service like Incfile to legalize your business because it’s quick and easy. I did mine on a Monday and the next day, my papers were filed and I had my Articles of Organization texted and emailed to me.
I printed them out and was ready to finish the rest of the steps I needed to complete to complete my LLC formation. Check with your state to see if any additional steps need to be taken after you file your Articles of Organization with the state (or the company you file through does).
Check to make sure there are no business licenses you need to operate your business in your state. The last thing you want is to realize you’re not in compliance and have to pay a bunch of fees.
So once you file your paperwork to incorporate your business, research what licenses you’ll need.
When I filed with Incfile, I was told there was one business license I might need.
So, I did some digging around on my state department’s website and found the license I needed and applied for it right away.
Considering Business Insurance
Going into business for yourself comes with its fair share of risks, including:
- Compliance risk
- Economic risk
- Security and fraud risk
- Financial risk
- Reputation risk
- Operational risk
- Competition (or Comfort) Risk
That’s why we need business insurance to protect us in the event that something unexpected comes up that’s out of our control. Business insurance can help you cover fees associated with these risks, so I’d recommend getting business insurance as soon as you’re fully up and running to avoid costly mistakes or oversights.
Promote Your Business
One of the final steps in starting a business is promoting it and there are tons of ways you can do that.
Find the marketing methods and tricks that work for you, rinse, and repeat. You can market your business using methods like:
- Social media marketing (advertising)
- Content marketing (my personal favorite) – blogging,
- Give away freebies/host contests
- Email marketing
- SEO/keyword research
- Influencer marketing
- Join a relevant social media group (and promote it with permission from admins)
- Google AdSense
Get creative with your marketing. You don’t have to follow all the rules or do everything exactly how someone else did/does it. Play around with it. Have fun. You might just discover a unique new way to market your services.
Are You Ready to Get Started Coaching Your Students to Success?
If you’re ready to finally get started coaching your students to success, start following my steps for creating a coaching business successfully.
Was this information useful? Did I leave anything important out?
Let me know in the comments and don’t forget to share with that friend that’s been talking about starting her own coaching business for months now. 😉