5 Tips To Setting Up Your Coaching Business | Coach Training School
There is a famous and powerful quote by Antoine de Saint-Exupéry that says, “A goal without a plan is just a wish.” Every coach’s goal is to create change, impact people, and help people be their best. But without a plan, a coach’s goal is nothing but a wish. The following article has been written by Heather Stuart, an alumnus of our Coach Training School.
By creating a step-by-step plan to start a coaching business, a coach will be more efficient, effective, organized, strategic, decisive, motivated, and focused on the goal of making a difference in the world. In the wise words of Margaret Thatcher, “Plan your work for today and every day, then work your plan.”
Tip#1: Remembering the “WHY”
The most crucial aspect in starting a coaching business is remembering the “why.” At our Coach Training School, we always say that if there is a question about your direction or a decision, returning to the “why” is the only way to know if it is right. Having the “why” will make business planning and strategizing a much smoother process because it acts as the beacon or billboard for the purpose. Starting a coaching business will be a challenge, but returning to that fundamental “why” will help any passionate coach stay motivated to keep moving forward.
Tip#2: Setting up for Success
It might seem that a client is all a coach needs to have a business, but the reality is that a successful, purposeful, and goal-driven coach requires a few other things as well. Here are the essential items a coach needs to set their business up for success.
- A marketing plan for starting building an audience
- Knowledge of local regulations on business licenses, insurance, and other requirements
- Required technology (i.e, Zoom, digital signature platform, payment collection method)
- Systems to track your progress and keep organized
- A coach for a coach. Hiring a coach can help support your continual forward momentum as a coach yourself
- Dedicate time to further your education and knowledge. Never stop learning
Many shiny things (new apps, platforms, systems, etc.) will be dangled in front of a new coach to start, but keeping things as simple as possible will help prevent you from becoming overwhelmed.
Tip#3: Address the internal challenges first
Some of the biggest challenges a coach could face when starting a business are the internal battles. Those struggles could be limiting beliefs, fear (of failing or succeeding), imposter syndrome, ego, and inflexibility, to name a few. If left alone, these struggles could cause inaction, confusion, frustration, misdirection, unfocused behaviours, failure, and more. They might even come up whilst you’re in Coach Training School. The only way to make sure these internal battles don’t get in the way of having a successful coaching business is to address, unpack, and resolve these issues at the core. Other challenges will come up, but when a coach knows those inner battles and knows when to use the tools they have, those other challenges won’t be such a big deal.
Tip#4: Financial projections? Not the place to start
Without any historical data and reporting, financial projections might prove difficult and de-motivating initially, especially for coaches who aren’t motivated by money. However, when starting a coaching business, every coach’s critical requirement needs to be a measurable goal. Whether that is money earned, the number of clients served, impact, etc. Once the business grows, financial projections will become very important. These projections will help indicate if the business is moving in the right direction to achieving the financial goals. If adjustments are necessary, the coach can confidently move forward to ensure success. To start, though, focus on a goal that inspires and motivates forward momentum.
Tip#5: Marketing and organization tools
When starting, a new coach’s time is spent mostly on marketing. We’re covering so many insightful tactics in our Coach Training School, but here are two useful tools to help make marketing easier.
Canva – visual content creation app: creates digital images to feature on almost any platform. Also includes features like logo creation, stock images, brand packages, and more. There are free or paid package options.
Planoly or another social media posting app – scheduling app where a coach schedules posts for social media to allow more time for networking, learning, and developing other aspects of the business. There are free or paid package options.
The last tool is taking it back to basics: life coaches need to utilize a good calendar. Having a good calendar is vital. Not just having one, but using it for everything. Jay Shetty addressed this in a past Q&A session, saying, “If it’s not in your calendar, it’s not important to you.” So, if it’s important, put it on the calendar. Mealtimes, breaks, self-care, meetings, continued learning, etc. Stay organized, and stay focused on what’s really important.
There is a shift happening in society. Now, people are becoming more aware. People want more out of life, and people are starting to understand the value of having a coach. If there was ever a time to start a coaching business, start impacting people’s lives, and start changing the world, now is that time. Here is a question to ponder that many coaches ask clients: “What is stopping you?”