Being a life coach means helping people achieve their personal and professional goals. That’s why it requires excellent interpersonal skills so you can connect with people, understand them, and help them grow to their potential.
One benefit of being a life coach is that while helping people grow, you also learn and grow. Over time, you sharpen your skills, allowing you to help more people reach their potential.
However, life coaching is more than just helping people. It’s also a business opportunity. Life coaches can take advantage of their skills to start a business and generate income. The life coaching industry has had a steady annual growth of about 2.2% between 2014 and 2019, which shows that it’s a venture worth your investment. (1)
There are various ways to get coaching clients. But like any other business, starting a life coaching business and making it successful can be challenging.
1. Enroll in a Coaching Course
There’s no governing body that requires life coaches to be certified or to have certain credentials. So, anybody can be a life coach. However, a life coaching course, such as the iNLP Center coaching course, will give you an added advantage over other life coaches.
The training course will help you pick a niche and specialize instead of working as a general life coach. This is important since people will look for specialists, such as business, personal life, or spiritual life coaches, instead of a general one. (1)
Moreover, one major question that aspiring life coaches have is, do you need certification to be a life coach? As earlier stated, no governing body requires life coaches to have certification, and anybody can be a life coach.
However, when you get certification after completion of the course, then your credibility as a life coach significantly increases. This will boost your businesses, which is why it’s often considered the first step when pursuing a life coaching business. (1)
2. Create a Business Plan
Life coaching is a competitive industry, so it’s best to have a business plan, which will also serve as a roadmap for your business. Typically, a business plan will contain the following items:
- The niche you want to specialize in.
- The products and services you’ll offer
- Your marketing or advertising strategies.
- Any challenges you’re likely to face in the businesses, as well as all the possible solutions.
You can also include items such as competitors’ profiles and pricing strategies. After developing a business plan, you can now rest assured that you’re working with a viable business option. Since the plan includes the challenges you’re likely to face, you’ll avoid some common mistakes that first-time business owners are likely to face. (2)
3. Make Your Business Legal
After setting up a business plan, you need to make your business legal. First, you should have a business name. You should brainstorm through different names before settling for one. When choosing a business name, you can also check if the domain containing that name is available. This is because your website domain name should match your business name to facilitate easy searching. (3)
Secondly, you should define your business structure. You can register it as a sole proprietorship or a limited liability company (LLC). A sole proprietorship is suitable for life coaching businesses because the business is low risk, and the model involves fewer costs and paperwork to set up. (2)(3)
On the other hand, LLC may cost more and more paperwork to set up though it’ll offer the protection of personal assets in case of a financial or legal dispute against your life coaching business. However, whatever business entity you choose, you should also check other state or local regulations that may affect your business. (3)
4. Develop an Online Presence
Most businesses are moving to the internet for good reasons. So, you should definitely consider moving your soon-to-be life coaching business. Before getting your first client, you ensure that you reach as many people as possible and provide all the information about the businesses you offer. That’s why you should consider developing a website and social media pages to connect with potential clients.
A website is essential because of the following reasons:
- Potential clients can check your websites and the services you offer even without meeting you physically.
- You can use your website to convey your legal terms and conditions. This way, clients can check and agree to the terms before seeking your services.
- Collect names and emails to build your email list for future marketing.
On the other hand, social media sites will help build your online presence by interacting with potential clients through social media engagements.
5. Purchase Equipment
After developing an online presence, clients may start seeking services if they’re interested. So, you should prepare to receive them. This means you have to get the right equipment for your business.
First, you’ll only need to start with an office space because a physical office helps build trust among your customers. It’ll also help provide privacy during the coaching sessions. (2) Recently, however, more life coaching sessions have been done online.
This means you should also make sure you have suitable instruments to support online sessions, such as cellular or landline access and internet connection. You should purchase a teleconferencing service to ensure clear online communication with your clients. (2)
6. Market Your Business
Marketing your life coaching business is an essential step towards growing and making more money. So, look into the different marketing strategies available. First, you can start by networking offline and online.
This will help you find your clients in your existing network. Secondly, you should also tap into social media marketing due to the high number of users, which means a high chance of getting a client. (4)
You can also offer discovery calls and free workshops to provide good value to potential clients. Once they see what you’re doing, they can turn into paying clients over time. (4)
Life coaching is a good business opportunity that allows you to gain money while you help other people reach their potential. However, like any other business, it needs to be done right, or it’ll fail. The above step-by-step guide will help you start and run your life coaching business. If the guide is implemented well, then the business will go places.
- “How to Become a Life Coach: 8 Steps to Build a Successful Coaching Business”, Source: https://www.activecampaign.com/blog/how-to-become-a-life-coach
- “How to Start a Life Coaching Business”, Source: https://www.zenbusiness.com/start-life-coaching-business/
- “ULTIMATE GUIDE: HOW TO START A LIFE COACHING BUSINESS”, Source: https://www.sallyannmiller.com/start-a-life-coaching-business/
- “A Beginner’s Guide To Starting A Life Coaching Business”, Source: https://www.moneyandmimosas.com/savemoney/a-beginners-guide-to-launching-a-life-coaching-business