How to build a coaching business which gives great financial rewards as well as satisfying everything that is important to you is one of the biggest challenges facing most new coaches.
If you are a coach you have almost certainly entered the profession because of your love for the work you do, your desire to help people and to see others grow and develop. And that is a great start however your passion may be over-shadowing the need to really consider whether you can make this a viable business proposition.
I know many coaches who have left secure employment and set up on their own and within a short time found that they are barely scraping enough money to pay their expenses, let alone provide a comfortable income. If you have a coaching practise you now have a dual role: one to be a great coach and two to run a business. Many coaches new to business underestimate the time involved in running the business side of things and many also find that they have to get involved in activities which they don’t enjoy such as managing finances, marketing and selling their services.
Just some of the key questions you need to ask yourself at the outset are:
Is running a business for me?
How much money do I need to earn?
What else is important to me?
Who will pay for my services?
Who am I competing against?
What will make me more attractive than my competitors?
How much do I charge?
What are the costs of running a business?
How will I attract and secure new clients?
Whether you like it or not the hard truth is that you need to do some sort of business plan which will really help you to think through all of these questions and examine your business proposition.
In this section I have put together a number of pages that will not only help you to put together a business plan but also will help you build a coaching business that will be both financial rewarding and personally satisfying.