Trying to figure out how to start a coaching business?
Starting any business can be challenging as it involves a lot of decision making and it is difficult to figure out where to start.
To make the process of starting a coaching business easier for you, we have created a step-by-step one-page checklist.
Let’s dig in!
Starting a Coaching Business Checklist
Here is a checklist outlining the main categories and key points involved in starting a coaching business. Answer these questions to get started.
What will be your coaching niche?
The first and most important thing is to decide whether you want to become a life coach or a business coach. Once you’re clear on the type of coaching business you’re looking to start, you’ll have a strong foundation.
Next, answer the following questions.
What will be your coaching niche?
Who is your target audience?
- Young adults
- Fitness freaks
How will you make your clients’ lives better?
For this, you’ll have to pick out the following:
The more solid foundation you have of all of the above, there will be higher chances of starting a coaching business that is not only successful but also has the real potential to help people.
What will your business structure be?
The most important thing to cover next is the legalities such
- Legal structure
- Business registration
- Obtaining the coaching license and other permits
- Business bank account and numbers
This can be a rather boring process but should not be ignored or put away for later. It is important to figure these things out in advance to avoid any legal issues.
Planning a business structure and launch can be one of the most enjoyable things to do although it involves a ton of decision making.
Define your mission, vision, and values
- What is your mission statement?
- What are your ethical values?
- Can you explain in 1-2 lines what you do?
Following each step of the checklist will make the next one easier, for example, if you have already picked out a niche, who your target audience is, and what service will you be providing.
Defining your mission statement and establishing a one-liner should not be difficult.
Have you conducted market research?
Conducting market research is important for various reasons, such as understanding
- Whether the service you’re looking to provide is in demand?
- Who is your competitor?
- What are industry standards, packages, and pricing?
- Should you market your business locally or globally?
You’ll get answers to all of the above after doing thorough market research; also, it will help you find the gaps and generate ideas to cause disruption in your coaching niche.
Marketing and sales strategy
Marketing your business is just as important as launching it. If you don’t promote it, no one will find out about it. Therefore, it is important to decide on a marketing strategy.
- Get a professional coaching websites
- What will be your call to action?
- What channels are you looking to promote it through?
- Optimize your social media according to your coaching business
- Join relevant groups
- Opt for joint ventures
The options for marketing and sales strategies are unlimited, you just need to decide what works the best for you depending on your target audience and replicate better what your competitors are already doing rather than reinventing the wheel.
Set financial goals
There are two aspects to finances when it comes to business, setting financial goals, and setting a budget.
Setting a budget is important so you don’t go overboard with things. You already know what you can spend on the following
Similarly, setting financial goals will help you escalate your business and aim for excellence because you know you want to achieve X figure coaching business in X time.
Package your service
Packaging your coaching programs can be a key element in your coaching business; if they are not clear to both you and your potential customers, you may lose business to your competitors.
Here are a few things you should consider looking into.
Coaching package structure and pricing
Determine what your coaching packages will look like and what their prices will be.
- See whether you want to charge by session, hourly, or monthly
- Are your prices marketing competitive?
- How many coaching programs will you be offering?
Some more key points to consider
- What will be the duration and frequency of your coaching sessions?
- Will you be offering personalized coaching programs?
- Consider offering an introductory discount to get a head start in the market
It is very important to package and market your coaching programs nicely. The more clear deliverables there are, the better it will be for you to manage expectations and deliver quality results to the client.
Marketing your coaching business
No one will find out about your business if you don’t market it. Here’s a checklist you can follow to get the most results out of your marketing efforts.
Developing a brand identity
Before you start marketing your business, it is important to develop branding for your business so your marketing outlook can be the same throughout.
- Create an aesthetic logo after deciding on a business name
- Your website should have both the logo and your brand mission statement
- Create and maintain an online and social presence through professional websites and social media channels
- Map out the marketing channels you will be using to promote your businesses
Some of the marketing methods that generally work and you should not skip are content marketing, SEO, networking, referral programs, and joint ventures.
Every successful business has systems for every area, such as marketing, sales, delivery, etc. These systems help to automate the process and save time rather than starting from scratch every single time.
Client onboarding process
Your client onboarding step should be as clear as 1,2,3 so you don’t get stuck here every time
- Include all forms
- The contact information you need
- Similarly, your appointment booking and scheduling system should be in place.
- A system for progress tracking
- Maintaining confidentiality
- Will you be coaching via Zoom, in person, or through other channels?
- And delivering results
Building a support network
Building a support network or a community is very important for any business to thrive, especially if it service-based online business. Here’s what you can do to leverage this to the best
- Establish relationships with coaches and other professionals in your field
- Join other coaching associations such as ICF, ACC, etc
- Become a part of their online communities and other professional networks for coaches
- Connect with coaches on LinkedIn and other such platforms
- Seek mentorship or coaching supervision to enhance your skills
A support network can become a great source for your business success as it can present you with many opportunities and referrals.
Continuous Professional and Skill Development
Coaching practice and skill development is a lifelong journey. No one can ever say they know it all or that they have learned everything.
However, to make it simpler for you, here’s a simple checklist that you can keep in mind to enhance your professional development over time along with your practice.
- Stay updated with coaching trends
- As well as industry standards and best practices
- Attend relevant workshops, conferences, podcasts, and training
- Continue learning by getting enrolled in relevant short courses or programs
- Embrace positive criticism to help you improve your practice
- Encourage your clients or colleagues to provide honest feedback
- Listen to relevant podcasts by industry experts
You and your business will grow with experience and continuous learning over the years.
Starting a coaching business involves careful planning, ongoing learning, and adapting to the needs of your clients.
This checklist provides a starting point to guide you through the key aspects of setting up and running a successful coaching business.
However, to maintain a coaching business, you’ll have to continuously optimize and review your strategies. Such as whether or not your marketing strategy is working, is your coaching practice up to the industry standards, and so on and so forth.
If you need help with getting started and need a coaching website, feel free to get in touch with us and schedule a free call.