As a life coach, you have the opportunity to make a real difference in people’s lives. If you’re thinking about starting your own life coaching business, there are a few things you need to know.
10 Steps to Launching a New Life Coaching Business
1. Choose Your Type of Life Coaching Business
The first step in launching a life coaching business is to identify the type of life coaching business you want to launch. You might choose from the following types among others:
- Health and wellness coaching
- Relationship coaching
- Career coaching
- Business coaching
Learn more about the types of life coaching businesses.
2. Name Your Life Coaching Business
Give your life coaching business an identity so people will think of it as a well-known and respected brand. You can take the name of your life coaching business from your industry, focus on a geographical location, or use your own name among other options.
The main goal for naming your life coaching business is to make it sound appealing and trustworthy so that more people will be inclined to work with you.
3. Determine Your Life Coaching Business Model
There are several possible types of business models for a life coaching business including:
- Solo life coaching businesses
- Group life coaching businesses
- Life coaching franchisees
- Online life coaching businesses
No matter which model you choose, make sure that it aligns with your business goals and the services you offer.
Read more about choosing the right business model for your life coaching business.
4. Choose a Legal Form for Your Business
By incorporating your life coaching business, you will limit your liability. You can incorporate as a Limited Liability Company (LLC), a C Corporation (C-Corp), or an S Corporation (S-Corp). Or you can operate as a sole proprietorship.
The business structure you choose for your life coaching business will determine the amount of taxes you pay and which state or federal tax forms you need to file.
Read our article comparing the most common life coaching business structures.
5. Write a Life Coaching Business Plan
All life coaching business owners should develop a business plan.
A business plan is a document that outlines the goals, strategies, and operations of a business. It can be used to secure funding from investors or lenders, as well as to guide the day-to-day operations of the business. The business plan should include information on the company’s products or services, market analysis, financial projections, and management team among other things.
When developing your life coaching business plan and strategy, you should think about the following questions your customers might have:
Questions customers might have include:
- What are the life coaching services you offer?
- Who is your target market?
- How will you reach your target market?
- What are your pricing structures?
- What are your long-term and short-term business goals?
Read our article about how to write a life coaching business plan.
6. Apply for the Necessary Permits and Licenses
There may be required licenses and permits you need to obtain before launching your life coaching business.
For example, if you will be coaching clients in person, you will likely need to obtain a business license from your city or county. If you will be conducting business online, you may need to obtain a permit or license from the state in which you reside.
You must also register your life coaching business as a legal entity with the state where you plan to do business. You can simply file an online form through your Secretary of State website.
Registering with the federal government is also essential so you can properly pay taxes for your business. You will also need an Employer Identification Number (EIN), which you can apply for at the IRS website, if you plan to hire employees.
Read our article about obtaining the proper life coaching business licenses.
7. Determine Your Budget & Apply for Funding as Needed
In developing your life coaching business plan, you will figure out how much funding you need to start and grow your business.
If you have your own funds to invest in your life coaching business, you may consider taking advantage of that. In addition to your personal funds, other forms of potential funding for your life coaching business include traditional bank loans, SBA loans, credit cards, angel investors and family and friends.
Read our article about how to fund your life coaching business.
8. Get the Technology & Software Needed to Run Your Business Efficiently
When you start your life coaching business, it’s essential to have the right technology in place to maximize efficiency. You definitely need a computer with Internet access, and accounting software for tracking expenses and revenues.
You may also want to invest in a Customer Relationship Management (CRM) system, which will help you keep track of your clients, appointments, and payments.
Read our article about the technology and software you need to run a life coaching business.
9. Market Your Life Coaching Business to Potential Clients
Before selling your services, you must let the world know you exist. The first step is to create a website so people can learn more about your services and how they benefit them.
After you launch your website, start promoting it through social media channels like Facebook, LinkedIn and Twitter. Also consider networking with other people in the life coaching industry through social media and blogs so they can help share your business.
You also need to start gathering the materials needed to execute on your promotions strategy, which is your strategy for attracting new customers. Life coaching businesses should consider the following promotional strategies for which you should start getting prepared:
- Developing a promotional video
- Writing articles or blog posts
- Giving speeches or presentations
- Participating in podcasts or webinars
- Creating an email marketing campaign
- Conducting direct mail campaigns
Read our article about how to market your life coaching business for more tips.
10. Get New Clients & Grow Your Business
When you promote your services, you’ll start to get interest from potential clients.
Make sure you’re ready to serve these clients. Also, be sure to establish systems to ensure consistency and reduce costs. And be sure to find and train the right people to help you grow your life coaching business.
Starting a Life Coaching Business FAQs
Why Start a Life Coaching Business?
You might want to start a life coaching business for many reasons. Maybe you’re passionate about helping people achieve their goals and want to be your own boss. Or maybe you’ve been successful in your own life and want to share your knowledge with others so they can achieve the same level of success.
Whatever your reasons, starting a life coaching business can be a very rewarding experience. Not only will you get to help people achieve their dreams, but you’ll also be able to reap the financial rewards of owning your own business.
How Can I Start a Life Coaching Business From Home?
If you want to start a life coaching business from home, there are a few things you need to do. First, you need to make sure your home is set up in a way that’s conducive to coaching. This means having a dedicated space for meetings and appointments, and making sure you have the technology and software you need to run your business efficiently.
You must also market your business to potential clients and get the word out about your services. And finally, you need to establish systems and processes to ensure consistency and quality in your business.
How Can I Market a Life Coaching Business Online?
There are many ways to market a life coaching business online. One of the best ways is to create a website and promote it through social media channels like Facebook, LinkedIn, and Twitter. You can also consider networking with other people in the life coaching industry so they can help share your business.
What are Some Tips for Starting a Life Coaching Business?
If you’re thinking about starting a life coaching business, there are a few things you need to keep in mind. First, you must ensure you have the knowledge and experience necessary to be a successful coach. You also need to be aware of the competition and make sure you’re offering something unique and valuable to potential clients.
You also need to have a clear idea of your target market and their needs. And finally, you need to develop a marketing and promotional strategy to get the word out about your business.
Where Can I Find a Simple Checklist for Starting a Life Coaching Business?
A simple checklist to use when starting a life coaching business is as follows:
- Choose Your Type of Life Coaching Business: This should be based on what you are best at and how much experience you have. Remember to keep your interests, skills, and experience in mind at all times.
- Name Your Life Coaching Business: This should be done with care, as your brand is important for attracting the right customers. A simple, memorable name will go a long way.
- Choose a Legal Form for Your Business: Whether you choose to become a sole proprietorship, partnership, LLC, corporation or another option will depend on your business. Ensure that you are aware of all the implications of each type.
- Determine Your Life Coaching Business Model: Determine how your business will make money. Will you sell products, services, or a combination of both?
- Write a Life Coaching Business Plan: Your business plan will also help you determine what your start-up costs will be and will provide a roadmap with which you can launch and grow.
- Apply for the Necessary Permits and Licenses: In most locations you will be required to apply for a business license and/or permits before you can begin operations.
- Determine Your Budget & Apply for Funding as Needed: You will need to know how much money you have to spend on all of your business-related expenses before opening any doors. If needed, apply for a small business loan or other funding options.
- Get the Technology & Software Needed to Run Your Business Efficiently: You need to have the right tools in place to succeed. Implement software that will help you manage your time, contacts, and business operations in general.
- Market Your Life Coaching Business to Potential Clients: A solid marketing plan will be crucial to your success. It should focus on attracting the right customers so that you can provide them with the services they truly need.
- Get Clients & Grow Your Business: Once you have a solid marketing plan, it's time to actively pursue and secure those who could benefit the most from your services.
Summary
To start a life coaching business, you need to have the right skills and experience. You also need to be aware of the competition and make sure you’re offering something unique and valuable to potential clients. And finally, you need to establish systems and processes to ensure consistency and quality in your business.
Marketing your business online is one of the most effective ways to get started. But it’s also important to get involved with other business owners and entrepreneurs in the life coaching industry so they can help share your business. Keep these tips in mind and you’ll be on your way to starting a successful life coaching business!