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The Dangers of Starting Your Own Coaching Business

Mar 28, 2008
Hey! When you finally decide to go for it, please don't do what Christy did. Christy Brainer, one fine day, left her secure job as a librarian and decided to start up a life coaching business of her own. The young lady was enthusiastic, but her sense of planning was poor. Unfortunately in a couple of weeks she had to start hunting for a new job because her life coaching business shut down even before it could officially kick-off!

Well, let's not get into the details of how and why it all happened. No, we are not trying to scare you. All we are trying to say is it is important to plan well and stay organized.

On that note, let's take a look at the factors we have to pay attention to while setting up our very own Life Coaching business. And oh yes, it is obvious that finances are primary and no investment is possible without it.

1.Naming the Business
Now this is totally dependent on you and the attitude you want to display. It could be a thought or idea that expresses your brand identity like "A Better You", or you could name your business after you, "James McCauley's Life Coaching".

2.Company Formation
The safest way to commence your business would be to form a separate LLC business, even if yours is a part time business. This is so that your day job and personal assets are safe even if someone sues you! It's important to keep your business separate from your personal life. You must at least register for a tax ID number. This is important to proving how long you have been a business when getting a loan.

Get yourself a new phone number before you start your business. This is a great way of ensuring that your personal and official calls are separated. Get two lines. One for your home and the other for your office room. If you can afford it, get a phone line with an answering machine.

While meeting new people you need to hand over credentials or ID so they remember who you are, what you do and how they can get in touch with you. This is when you need business cards and letter-headed papers. You can also create a brochure about your services. Get them professionally designed and printed. They won't cost much and create sufficiently good impression on potential clients.

Once you start your business, you may have to check client emails. Buy yourself a computer with Internet facility. Computers can be very useful in doing a lot of paperwork, calculations and record-keeping for business. Your investment would be worthwhile. Get a computer from a trustworthy company and pick up a printer if possible. Get a fast and reliable ISP (Internet Service Provider). You are sure to get great deals from various firms.

A website goes a long way in covering areas where you cannot make your physical presence felt. Moreover, prospective clients can get all the information they want about you from your website. It will be like a shop window to your business. At a time when every business organization goes for one, it will be against your credibility to not have a website.

7.Online Payments
How are your clients going to pay you? While some clients may pay by check or cash, most would prefer to use his credit card to pay you. Plus, since you will coach many people long distance on the phone, paying by cash or check becomes problematic. The easiest way to handle this is to set up a free Paypal account.

Get your website an autoresponder that ensures that all visitors to your site are tracked and you can follow up with them as many times as you want. Do you know that it takes nearly 7 follow-ups to finally be able to sell something to your potential client and make a conversion? How do you propose to do that if you don't have their email address and contact details? Once the list of your clientel increases, you will not be able to manually send information. Autoresponder does that for you in a matter of seconds.

Play safe and get insurance. Take up Home Business Insurance that will safeguard your equipment, and looks after issues like sickness, jury service and theft. You should also go in for Professional Liability Insurance since this covers you at times when someone sues you for breach of copyright or for what you have voiced, among others.

Advertising is a crucial aspect to render publicity to your business. Try the following so you can bring attention to your business:
* Direct mailing
* Speaking
* Articles
* Magazines
* Newspapers
* Networking
* Pay per click

11. Accountants
From maintaining your records to minimizing your tax outlays, accountants can be really precious! Get one as soon as you start your business. Trust me. It's worth the investment.

Go over what you came across in this article and plan your business accordingly.

Think up names. Arrange for your business essentials. Plan your timing. Once you are done with your strategizing, see how it looks and whether it's just how you want it to be.
About the Author
Craig Miller is known as the Cake Coach, and he helps coaches learn how to have their cake and eat it too. If you want to accelerate your coaching business, then check out www.thecakecoach.com.
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