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What Type of Professional Coaching Business Should You Start?
There are several different types of life or business coaches. Here are some of the more popular options:
Family and Relationship Coaching
Life Potential Coaching
Fitness and Lifestyle Coaching
Executive Productivity Coaching
Business Financial Coaching
Executive Relationship and Culture Coaching
Validating Your Professional Coaching Business Idea
Remember, the ideas above are just a starting point. You can define and tweak exactly what type of life or business coach you want to be through conducting your own research.
Identify your coaching business’ unique selling points (USPs)
Understand your market
Look at who your competitors are in the space
Talk to clients
Your Life or Business Coaching Business Needs a Plan
You need to define how you’re going to run your coaching business, market yourself, get sales, make a profit and grow. This can only come about through creating a watertight business plan. It will help you get your thinking in order and show your commitment to your life or business coaching company.
You will need to look at financial projections for your coaching business. What are your expected sales and revenues? What is your profitability? How much money will you keep in the business to grow it? How much will you pay yourself and others?
We’ve got the perfect guide to writing your business plan.
Business plans do vary slightly, but they should all cover the following areas:
An executive summary with the most important points from your business plan
Your goals and what you hope to achieve with your coaching business
A description of your life or business coaching niche, background information and context
A market analysis and likely demand
An overview of how your life or business coaching organization is structured
Your business model
How you will market and sell your offerings
Financial projections, revenue and profitability
Right Business Structure
Setting up Your Life or Business Coaching Operations
Once you've legally created your coaching business, you’ll need to get some other things in place.
Location of Your Coaching Business
Marketing Your Coaching Business
Fitness and Lifestyle Coaching
Equipment for Your Coaching Business
Software and Processes
Life or Business Coach Qualification, Certification and Training
Rules, Regulations and Taxes for Your Coaching Business
You will need to explore local, state and federal licenses and permits, and we can also help out with researching your business licensing needs.
Taxes for Professional Coaches
Taxes are a fact of life if you’re in business, and there are various ways you will need to file and pay them. This can include self-employment tax, state income tax and federal income tax. Depending on where and how you’re selling products and services, you may also be liable for sales and use tax.
As a rule of thumb, we recommend holding back around a third of your earnings to pay your taxes. We can also prepare and file your tax returns for you.
Maintaining Your Professional Coaching Organization
There are certain forms and legalities you need to follow to keep your life or business coaching business in good standing.
File an Annual Report
Depending on the state you’re located in, you will probably have to file a report every year. This report tells the state about any major changes to your business, and we can file your Annual Report on your behalf.
Pay estimated taxes
Renew Business Permits and Licenses
File your taxes
Pay payroll and sales taxes
Prepare Your Taxes
Insurance for Your Professional Coaching Organization
Most life or business coaching organizations should have comprehensive business insurance. There are various types.
Workers Compensation Insurance
Home and Auto Insurance
General Liability Insurance
Useful Online Tools for Professional Coaches
Here are some really great online tools for managing your life or business coaching business. They will reduce the time you spend on administration, help you to collaborate with others and free up your time to grow and manage your new venture.
Helping other people make positive changes in their life or business is an amazing service. If you can find a great niche, understand your competitors and put together a solid business plan, you will have every chance for success.