You’re on the verge of starting your own business coaching business. You’re ditching your 9 to 5 job to pursue your passion to help other people achieve success in their businesses. It is an incredibly exciting and liberating time. If you do it right, business coaching can be as lucrative as it is rewarding.
It is important to remember that a coaching business is a business. You are starting your own small business. Starting a business involves planning, setting up systems and processes, creating a brand, defining your niche, marketing, financial decisions, finding premises, buying equipment and winning customers.
This is Business Coaching 101…
Write a business plan
Your business plan will be the blueprint of your business. It’s a roadmap for how you will structure, run, and ultimately grow your new coaching business. This roadmap will help you to determine how much capital you will need to get started, where this capital will come from, your goals and business objectives, and what needs to be done and by when.
Manage your money
Starting a new small business has many challenges, one of the most pertinent being to raise sufficient working capital to fund establishment costs, inventory and operational costs until you are turning a profit. You should set a budget, be strategic about your spending and have basic financial and accounting know-how to ensure that you can manage your money. If this is not your forte, consider consulting a professional to help you manage your finances.
Set up your business
Registering your business is the first step towards making it real. You’ll need to get an ABN number or an ACN number from the Australian Business Register. You’ll also need to register a business name after checking that it’s available.
You must decide how to structure your business. In Australia, there are four options – sole trader, Pty Ltd Company, Partnership and Trust. The best one for you will depend on your personal circumstances. Speak to a local lawyer or accountant to determine the best way of structuring your business and also for advice on other legal, tax and compliance matters. Visit https://business.gov.au/Planning/Business-plans/Starting-a-business-Checklist for a checklist to guide you through the steps of setting up your coaching business.
Create your workspace
You need a place to conduct your business. Decide whether you will work from home, rent an office or purchase one. From there, purchase equipment, install phones and internet, and hire support staff, depending on your business model.
As with any business, your coaching business needs a brand and must be marketed to have visibility, attract customers and grow. Your marketing must be aligned with your business goals and tuned to niche markets you are targeting. Identifying your niche ensures that you can leverage your strengths while also lessening the complexity of your marketing efforts to attract the type of customers that you will love working with. Investing in a franchise like ActionCOACH means you already have the backing of an established organisation with a recognised brand. When you become an ActionCOACH, you can expect support with marketing and sales. You will also have tools and resources at your fingertips to develop a marketing plan and budget. You don’t have to start from scratch.
Choose your coaching model
Most coaching businesses start with a one-on-one business model. That’s when you work privately with your clients to help them get the best results possible through customization and support. As an ActionCOACH you are not limited to a one-on-one coaching model. There are several models and complimentary services that you can offer. You could choose one-to-one coaching, group coaching or online coaching for instance. You may even decide to offer a hybrid of these.
Set up your systems
Running a business is a juggling act, especially as a new business owner. Almost every aspect of your business is your responsibility so it can be difficult to keep up with business operations, marketing and finances. Create systems, processes, templates and be organised from day one. As an ActionCOACH, you have access to ActionCOACH’s proven systems, tools and processes. You also get administrative support. What this means is that you have the foundation in place to get up and running quickly. Importantly, you can focus on what you do: coaching.
Evaluate your skills – honestly
Most business coaches will have had some level of training and experience in management, marketing or commerce. Many have successfully started and operated other businesses. Look at where your skills are lacking and seek professional training and development to address the gaps. Perhaps you lack operational skills to run a business? Perhaps you need coaching skills so that you are able to effectively teach and mentor your clients?
As an ActionCOACH, you will receive training running your own business and becoming a fully-fledged, capable coach.
One of the best ways to become a good coach is to be coached by, and learn from, a coach who has built a coaching business just like the one you would like to build. With ActionCOACH you will get personal coaching each week. Your coach will mentor and support you on your road to business success.