How to Start a Life Coaching Business
Starting a life coaching business can be a difficult process. However it can also be rewarding. Keep reading to find out more.
A life coaching business is perfect for people who are passionate about helping others. Such a business can be risky because you invest so much of your time into it. However, it is extremely rewarding and can make you very successful. The internet has many resources that can help you start your business. However, it can be difficult and time-consuming. In this business, you are required to invent most of your services by yourself. Therefore, it is important to protect your brand, your payment and your intellectual property. You must also consider what information is necessary for your business and what isn’t.
Establishing a niche
It is difficult to market a generalised coaching services. This is because you are not selling a product or good. You are trying to sell an intangible product and a future outcome. Life coaches generally deal with people’s personal problems and give them advice. Therefore, you would need to highlight the problems that individuals experience. You would then need to demonstrate how you would help people overcome this. A life coach’s role is to help others. Hence, they need to have particular qualities that will make them appealing as a coach. They need to be trustworthy, organised and have problem-solving skills. You also need to identify how you are going to recruit clients for your services. Once you establish a niche, the rest will fall into place.
Claim your coaching name
It can be difficult to choose a name for your business. Essentially, your clients are buying a relationship with you as a coach. Therefore, it is important that you choose a brand that will reflect you. For example, your name or your nickname. This will best reflect your brand and help your clients remember who you are. Moreover, it will clearly establish you as the brand. Alternatively, if you want to reimagine a brand you can also do that. You can protect your brand by registering a brand name or trademark. Furthermore, you can also register your business name with the Australian Securities and Investment Commission (ASIC). Doing this will establish your business in the marketplace.
Identify your preferred business structure
There are several business structures you can choose from. They include a sole trader, a partnership and a company. You should choose which structure suits you the most and ensure you comply with their legal requirements. Moreover, you can choose whether you want to coach from an office or from home. There are pros and cons to both and you can choose which suits your vision more. Working from home can have many benefits. These include no need to travel, taking breaks when you want. You can also choose to work flexible hours. Furthermore, coaching from an office can be an extra expense. However, it can appear more professional to clients. It is also more efficient if you have staff working with you.
A life coaching business is great if you like helping others. Although it can be difficult and challenging, it can also be successful. It is important to identify a niche, a brand name and choose a business structure. Doing this will help your business’ prosperity. Contact a business lawyer for more information.
Aditi currently works in the Content Team as a Legal Intern for Lawpath. She is in her third year of a Bachelor of Law and Bachelor of Commerce (Accounting) at Macquarie University. She is particularly interested in Property and Criminal Law.