5 Steps for Starting a Coaching Business

Life Coaching

In the previous blog we outlined the steps for becoming a coach.  Now let’s explore how a coach starts a coaching business.  Once again there are 5 Steps:

1.     Vision and Mission – the vision and the mission of a business provide the direction and focus plus serve as a tool for decision-making.
a.     Reason – a vision statement describes the desired outcome that results from the work of the business.
b.     Purpose – a mission statement describes the purpose of the business in terms of the work.
2.     Business Plan – a formal plan that includes information on the business as well as the management, budget, and goals.
a.     Administration – the portion of the business plan that outlines the structure, management team, advisors, and ongoing oversight of the business.
b.     Budget – the budget will include the upfront start-up costs and then show expenses as they occur plus income when anticipated for expected cash flow.
c.     Goals – the portion of the plan that lists the specific, measurable goals of the business.
3.     Marketing Plan – part of a Business Plan and because it often involves a complete area of work, the Marketing Plan is often also a stand-alone document.
a.     Website – this includes addressing the budget, timeline, objectives, design, and intended use as a marketing tool of the website for the business.
b.     Social Media – a listing of which platforms will be used, the reason for the selection, the focus of the messaging, the goals for impact, and the schedule for posts.
c.     Networking – goals in terms of events or online platforms for networking, reaching out to contacts, and defined messaging.
d.     Speaking – goals for the number and type of speaking engagements plus the plan for converting leads.
4.     Passion – this is the foundation of the commitment and energy for the work and supports results when marketing.
a.     Love the Work – identifying the reasons for doing the work as well as what you love about it informs your dedication and focus.
b.     Express the Passion – showing and sharing your passion creates buy-in for prospective clients.
5.     Commitment – starting a business takes time, energy, and money.  It may also (usually) involve time, energy, and money from stakeholders.
a.     Action Plans – list the steps that will be taken, how they will happen, and by when.
b.     Follow-through – define how you will ensure accountability.

In support of coaches starting a business, graduates of the Center for Coaching Certification are provided a multitude of tools including:

·      Process for writing vision and mission statements plus listing and defining core values.
·      Recordings on the Business of Coaching and Marketing Your Coaching Business.
·      Monthly Q&A call.
·      Business and Marketing Plan outlines and a budgeting worksheet.
·      Resources on websites and social media.
·      Creating a listing in an online, searchable directory for coaches.
·      The opportunity to register as a coach in the coaching firm Coach-123.

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