Tweet

How to start a coaching business

Guest post by: Julie Melillo

Article Overview: To become a successful life coach -- whether that is a business coach or personal coach -- is not as easy as it may look. Find out how to do it the right way and avoid scams. Julie Melillo is a successful business and personal coach in Manhattan, who has been a coach since 2005. To become a successful coach -- whether that is a business coach or personal coach -- is not as easy as it may look. The internet is full of "become a coach quick" links, that promise you large amounts of money over night. As we all know, that simply isn't how the world works -- coaches have a lot of competition. However, you can create a thriving coaching business, but it is no different from any other business -- you must build it solidly from the ground up if you plan on having your coaching business thrive.

How to start a coaching business

To become a successful life coach -- whether that is a business coach or personal coach -- is not as easy as it may look. The internet is full of "become a coach quick" links, that promise you large amounts of money over night. As we all know, that simply isn't how the world works -- coaches have a lot of competition. However, you can create a thriving coaching business, but it is no different from any other business -- you must build it solidly from the ground up if you plan on having your coaching business thrive.

Before you begin, ask yourself these questions. If the answer is "yes," you may be a great coach! If the answer is "no" you may want to consider another profession.

• Can you endure working long hours alone on your business?

• Do you love working with people?

• Are you naturally empathetic and patient?

• Does inspiring people make you excited?

• Can you keep good records and stay organized with details?

• Can you also excel at always seeing the big picture?

• Is potential for people something that thrills you?

• Can you endure several years of financial uncertainty?

• Are you willing to invest money in your coaching business, even thousands?

• Do you have a love of coaching that enables you to continue on despite all odds?

• Is building long-term, deep relationships with your business clients something that makes you feel good?

• Can you show up on time to sessions?

• Are you good at scheduling?

• Can you learn sales, marketing, writing and all aspects of running a business?

1. Determine what coaching is -- you won't know if you want to become a coach unless you understand the main skills you will use. Will you enjoy the work? If not, you won't have the passion to endure your first years as a new coach. Some skills that are important are reflective listening, being able to see the big picture, being empathetic, creating new ways of looking at a problem, being patient -- you will not be allowed to jump in and "solve" a client problem, but instead help them to solve their own problem. Do you enjoy building in-depth relationships with your business clients? Do you enjoy the big picture and creating new possibilities for people? Can you support a person even if their beliefs or goals are NOT what you'd ever want to do or even think is a good idea? You must be able to take your client's viewpoints as truth and not interject your own outlooks -- which are not relevant for the client. Can you keep quiet about your own life and focus on the client instead? Or must you bring yourself into the conversation? If you can't focus on the client, you probably won't enjoy coaching.

2. Find a good coaching school -- this is optional. You are not required to have certification because the government doesn't regulate coaching. However, learning skills are essential to learning to become a great coach. Your natural instincts may help, but there are various tools, processes and approaches you'll need to learn to be able to get fast results for clients. Satisfying your clients will be what separates you from other new coaches -- these are learned skills. Many colleges now offer coaching programs as well, such as NYU. Look for an accredited program in your state. You may also benefit from joining the International Coach Federation (ICF) -- they will have a chapter in your city or state. For example, I have been a member of the NYC ICF chapter.

3. Practice -- after achieving your certification, practice like crazy. Dedicate as much time as possible to learning your craft. This will build your confidence and you'll begin to understand the value you are bringing to clients. This is a great time to make mistakes, learn from them, and continue to grow. Do as much no-cost coaching as you can stand. When you are so tired of working for free, and can't wait to begin to charge, you will know you are ready!

4. Find clients -- this will be your hardest step, even harder than learning a whole new profession! Which is no small undertaking of course, and will take you years to perfect. Marketing, including advertising and PR are your friends. Get books, take classes, do anything you can to find out how to build your marketing plan and constantly improve it. That said, avoid any program that promises to get you clients over night -- you are building a business and it takes time -- avoid scams, as they will cost you more money than you will make -- marketing is not easy and don't expect overnight results. That said, getting clients is possible with hard work. You will put in a lot of effort and time for every new client you win.

5. Define your ideal client -- define who your clients are and who you'd most like to help. Teenagers in bad relationships? Moms who are also business owners? Singles? Define who you help and your clients will be easier to find. Now you can market directly to those groups of clients -- view the media they use: read the magazines, books and watch the programs that they watch. Then use public relations -- submit press releases about your business to those media. Hire a copywriter or research how to write a press release yourself. Go to events where these people will be. Take out ads in a magazine or your local paper. Get a yellow pages listing. Create a web site for your business, a blog, a twitter page, a facebook page, linked in page -- and update these frequently. Attend your local chamber of commerce events. Use podcasts, articles you write, ebooks, video, newsletters, and in-person events where you can offer free sample sessions. And of course, always ask everyone you know, friends, family, co-workers, to refer others to you.

6. Set up your business -- once you have a few regular paying clients and are getting repeat business, you'll want to choose your business structure. LLC? Sole proprietor? S-corp? Find out which will work best for you. Talk to a lawyer or accountant -- you'll need to know which receipts you'll need to keep organized and you'll need to keep excellent records of all of your income (perhaps both personal and business income), as well as your expenses and which category they fall under. You want to ensure that every aspect of your business is legal and your taxes are paid -- if you make mistakes here they could tarnish your reputation! And you are a life coach after all! Your clients need to know you are a credible, solid business person. So pay every penny of taxes and any legal or accountant fees you need, even if they are expensive. It's worth your credibility for your clients to know you are reputable. Also ensure you are truly practicing coaching. It is illegal for you to call yourself a coach if you are using language or approaches too similar to psychotherapy and are not a licensed practitioner. You'll also choose the hours you will work, your rate, and how far you are willing to travel to see clients. You will also need to decide if you will be working from home -- if so, is it legal to operate a business from your apartment or home? Ensure you've found out that information before setting up a home business. You may also see clients at their workplace, at an office you rent, or you may do phone sessions.

7. Insurance -- you might want to consider purchasing insurance in the event you are sued. Of course, this would be a rare occurance. However, just as an owner of a shop wants to protect his business from customers who slip and fall in their store, you will want to protect yourself as well.

8. Reviews -- you'll want to collect reviews your clients write about you. Ensure your client has given you expressed permission to use these reviews in all media you plan on. For instance, if they write you a review for your brochure, make sure you get their permission to use that review on your web site as well.

9. Paper work -- you need to set up a file system for keeping track of your current clients, your archived clients, your prospects, even individuals who have called with questions about your coaching. Keeping this information clearly filed is essential. You'll need records of who you coached, when, for how much cost, and the number of minutes for each session. You'll also need to write your materials for your "new client" materials. Welcome letters, information about how your coaching works, etc. You will give this packet of information to your new clients.

10. Credentials -- you can earn credentials from the ICF and other organizations. It's debatable whether these credentials will help you build your business, but they may help you hone your coaching skills, build credibility and increase your confidence.

11. Hiring your own coach -- working with a coach yourself may help you surpass the emotional blocks of starting a business. It will also show you what it's like from the client's perspective and challenge you to grow (the same way you will be asking your clients to grow).

12. Never give up -- if you are dedicated to coaching, you will endure despite all odds. Your dreams of helping others achieve their potential will carry you past those lonely days at your computer, and those frustrating moments when all of the clients seem to be hiding from you.

If coaching is for you, it will be a fulfilling profession that grows with you. You will learn much from your clients and they will challenge you to continue to grow and develop as a coach. Never stop learning, and you will always have more value to offer to your clients. In a few years, you can expect to grow from a new coach to having a full schedule of interesting clients who pay your rent and more! However, be realistic about the time it takes to start any business. And the financial, and emotional sacrifices you'll need to make to build a strong foundation for your business. If you are dedicated, you can achieve exciting results with your coaching business!

Julie Melillo is a successful coach who works with entrepreneurs, CEOs, financial traders, artists and other business professionals in Manhattan. She has been a coach since 2005 and is certified. She's appeared on Life Coach TV and in City Scoops Magazine.

Related Articles
  Secrets to Filling your Coaching Practice
  8 Things that can lead you to start a Coaching Business
  So what differentiates a Life Coach from a Business Coach from an Executive Coach?
  Pushing Up Your Coaching Credibility
  Sales Team Transformation thru Coaching
  Finding the Right Business Coach
  What Coaching Isn't
  Sales Coaching - The Big Differentiator
  The 5 Benefits of Virtual Coaching Engagements
  Coaching A Perfect 10
  Real Live Coaching Call - Coaching a Salesperson
  Real Live Coaching Call - Coaching Salespeople
  The Coaching Imperative
  PERSONAL AND EXECUTIVE COACHING
  Performance coaching in the workplace
  Is Personal and Business Coaching Alive in Ireland?
  Five Essential Steps for Creating a Coaching Culture
  Does Life/Business Coaching Really Work
  A Business Tool That Can Lead to Financial Benefits
  Differences Between Psychotherapy and Professional Coaching

Article Tags: life coaching, start a coaching business



Related Forum Posts
Re: What's your Business, Ladies? - It was interesting reading about all of your businesses! I do business and relationship coaching for ambitious young professionals in Manhattan. I've been doing coaching since 2005. Before that, I was a freelance writer and wrote marketing materials. I also create painting which I sell online, but I've been too busy to paint for a while. I found that I really loved coaching the most, though I will always enjoy writing/painting just for myself. I find working with people one-on-one to be really energizing and inspiring. Tami, I'm curious how you got into coaching?
How did Jen get her business started? - Jen, Glad everything went well and that you're back doing what you love. I'm interested in understanding how you got your business started and how you progressed from your first service to where your business is today. i.e. did you start providing print design then introduced Marketing and finally business coaching? I read in another post that you're ballparking about $80K and to me that's good success that I'd like to apply to my world. Thanks
Rich Dad coaching - Hi, I've read reports like this before and I don't know whether they are true or not. What I do know though is about checking out any coaches before you hire them. These comments aren't a reflection of Rich Dad's coaching, just comments on being coached in general. Many companies that offer coaching are only offering you a way to learn their method of doing something. The coaches many not have any qualifications or skills in coaching they just know what they need to tell you to do. So, I suggest that you find out more about the actual coach you would be working with. What training do they have? How long have they been coaching? Often people get into a sales funnel and are offered expensive coaching as part of this, where they may be better to find a professional coach themselves who can offer excatly what you as an individual needs. Its also important to speak one on one with any coach that you may hire because there's need to be connection and someone you truly feel that you can work well with. Wendy
Starting an online business - [quote:rovby6rq]I have about 3000 dollar as my primary budget. I have a lot of interest to have a small business on the net and now I want to ask how can I start small business? which well strategies can be exists to start a business to achieve a goal? [/quote:rovby6rq] Hi, there I think everyone here would be delighted to help you start your business - give you tips, etc. But we need more info! Where are you based out of? Are you in the US, England, etc. Every country has its own rules for running businesses. What kind of online business did you have in mind. One that reflects your interests or just one that you hope will make money?
Business plans - [quote:2cj5vift]I wrote one and I did so because I feel that one needs to determine whether their business stands a chance at being profitable before they start-up.[/quote:2cj5vift] I would think that a business plan is all important. It's no sense trying to start a business on a wing and a prayer, you have to have all your financials and other details ready and easily accessible. And anyone who hasn't written a business plan to start with, should write one as soon as possible - just to have it documented how far you've come, and how far you want to go in your chosen field.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

How to Set Sales Goals that Work

THE “SECRET RECIPES” OF LEADERSHIP

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.