Jobhop Jobhop's blog : Starting A Coaching Business: What You Need To Consider
Starting a coaching business is no walk in the park,
but you can create a business you are proud of with hard work and preparation.
Coaching is a great business to get into if you have the skills and talent for leading others.
There is a lot to consider to be successful, from branding to developing a good learning management system (LMS). If you are starting your own coaching business then look no further as this article goes through everything you need to consider.
Find Out What Skills You Have And What Skills You Need
Starting a coaching business does not just require coaching skills. You need to know how to run a business, how to deal with accounting and taxes, how to market your business, and much more. Don’t let this put you off, though, as there are many excellent programs out there that can help, as well as delegating these jobs to others. When starting a coaching business, there are four sets of skills you need to define:
- The skills you want to have as a coach
- The skills you already have to run your business
- The skills you don’t have to run a business, such as accounting or marketing
- The skills you already possess which are beneficial for coaching others
Be honest with yourself here, as only you know what skills you need to develop. Look at other coaches and what you think makes them successful. Take some online courses to develop your skills, such as a beginner’s guide for social media marketing or anything else you struggle with. Improving and refining your skills as an entrepreneur is a key to success.
Choose Your Coaching Niche
Finding the right niche as a coach can be difficult, but without it, you may be destined to fail. With so many coaching businesses out there, you need to find something that makes you stand out from the crowd and get noticed. Whilst a niche may limit your market, it can also help you to attract clients quickly and get you off to a good start.
A niche will also assist you in defining a target audience and what they want, need, and expect from your coaching packages. Some popular niches include wellness, career, health, relationship, and much more. Your niche should be something you are extremely passionate about and already have experience in, as this will ensure you can sell your business well. Many ex sportspeople go into coaching when they stop competing, and many concentrate on mindset coaching. When you love your business, you are more likely to be successful.
Identify A Business Name And Branding
The next step is identifying a business name and creating your branding. They need to represent your target audience and what your coaching business does, people can then easily identify your business. Try to make your business name the same as your domain name, which means you should check to see if your business name is available before going any further with this. There are many free and cheap domain checkers online.
Develop A Good Learning Management System (LMS)
As a coaching business, having an online training platform will allow all your clients to receive the same training, in a way that is accessible to them. With so many people living busy lives, having a platform that is available at any time is beneficial. You can’t be available all the time and whilst live 1:1 and group sessions are a must, having a good LMS system will set you apart from your competitors.
To create an LMS for your coaching business, you need to understand the features of a good LMS. Some people do not know how to work online platforms, which can make learning difficult, so it has to be easy to use whilst providing lots of helpful information. This gives you more time to work on your coaching business rather than repeating the same information to every client. Make sure to personalise your LMS with videos and other resources that you have created.
The Boring Stuff
Now we have all the exciting stuff out of the way, it is time to get to the nitty-gritty. As a business, you will need to register as self-employed in the UK. You should get business insurance, as this can protect you in case anything goes wrong. You must keep track of your finances, as you need to file a self-assessment tax return at the end of the tax year.
You may also want to consider your retirement and whether to set up a retirement fund, especially if coaching is your only source of income. Although not legally required, it is a good idea to improve your credibility with a coaching certification.
Starting a coaching business is as much about your business acumen as your skills as a coach. Define your niche, create your name and branding, and develop a good LMS to be well on your way to a successful coaching business. Keep improving your skills and you'll keep improving your reputation as a coach.