In 2022, there were over 52,900 certified life coaches across 168 countries in the world. Life coaching is one of the fastest-growing industries in our country, and it’s easy to see why. Many people feel like they have no direction, and could really use some advice.
Perhaps you’ve had a knack for making good decisions, and would like to share your knowledge with others. In that case, becoming a life coach can be a successful venture.
Don’t just jump into it though. Read on to see how to start a business as a life coach.
Find Your Niche
You can always be a general life coach, but it’s better if you narrow things down. It’ll be easier to attract clients, as they’ll see that you have a specialization and are an expert in the area, rather than a generalist.
Some niches to explore include:
- Relationship and family
- Career
- Finance
- Mental health
- Health and wellness
- Spiritual
Think about where your passions lie and what existing knowledge you have. This can help shorten the time it takes to start your business.
Get Certified as a Life Coach
There’s no law stating that you need to be certified to become a life coach. However, as with most other professions, it’s a good idea to take this extra step since it’ll put you a level up from your competition.
For the best results possible, look for accredited certification programs. Not only will you learn the necessary knowledge and skills to be a fantastic life coach, but you’ll also boost your credibility.
Do note that it can take up to 24 months to receive certifications with certain programs, so plan ahead accordingly.
Write Out Your Business Plan
Life coaching is an interpersonal occupation, but at the core of it, it’s still a business. This means you need to have defined operational plans to ensure you have the best chance at success. Plus, if you want to get investors and register certain business structures, a business plan is required anyway.
Think about what goals and strategies you want to employ, as well as what your target market is. Come up with a pricing list too, which can be determined from your expected cost of a life coach company. From there, you can also make financial projections.
If you’re struggling, there are templates online for reference. You can make an appointment with a business advisor too.
Work on Branding
For your life coach business to take off, you’ll have to market it efficiently. And you can’t market it without working on branding.
First, pick a name that’s simple yet catchy. Check that it hasn’t been taken yet in your state. It’s best to reserve the name while working on branding, so no one steals it from you.
Next, design a logo that matches the name, and is also simple yet memorable. Keeping things simple is key to making positive and strong impressions on consumers.
Now that you’ve developed a company identity, create a website that reflects this. Getting social media accounts is great too, as you can continue branding and marketing there as well.
Register Your Life Coach Business
Whether or not you’ve reserved a business name, you should register your life coach business next. The main structure choices you have are sole proprietorship, limited liability corporation (LLC), and corporation. If you plan on working by yourself, then a sole proprietorship should suffice.
However, it’s not a bad idea to check out your other options too. A business advisor can go over all the pros and cons so you understand which is best for you.
Depending on the business structure you choose, you may have to apply for an employer identification number (EIN), which is like a Social Security Number for your company. This will allow you to apply for bank loans and open business bank accounts.
Open a Business Bank Account
If you’re a sole proprietor, you’re not required to open a business bank account. However, we recommend that you do that. It’ll be easier to keep your personal and business transactions separate, so tax reporting is simpler.
The good news is, you won’t need an EIN to open a business bank account as a sole proprietor, so long as you don’t have any employees.
Set Up Your Business
As an individual life coach, you have lots of freedom and flexibility as to how you serve your clients. You can either rent an office space, use your own home office, or even go to where your clients are, whether that’s in their own homes or a public space.
In any case, make sure you’ve got the proper equipment and setup. At the very least, you’ll need a quiet and private space for sessions. And if you’re starting an online coaching business, it’s essential to have a good-quality webcam and microphone, as well as a well-lit space.
Market Your Services
You’re ready to take on clients, so get the word out! It’s a little harder to market services instead of products, but it’s not impossible.
Think of your unique selling points (USPs) and hone in on those instead of making generic claims. Use these USPs on paid ads and social media posts. Get your followers to do free advertising for you by offering giveaways of free sessions.
Giving people a look into your personality and coaching style works too. You can do this by writing posts, taking photos, and creating videos that walk people through a “typical day at the office,” or discussing how you handle certain life scenarios. They’ll connect with you better and realize that you’re a good fit for their needs.
Now You Know How to Start a Business as a Life Coach
Now that you know how to start a business as a life coach, you can start this exciting new chapter. By creating some excellent foundations for your company, you’ll hit fewer snags in the future. And as a result, you’ll have unforgettable experiences and a rewarding career guiding people through tough crossroads.
For help with your company formation, sign up with Business Anywhere. We’ll get you up and running in no time.