Business, life and career coaches are used by people from all walks of life, from entrepreneurs and business professionals to recent college graduates and people changing careers. Career coaches guide individuals as they select career paths and determine which industries to enter. They also help create resumes, cover letters and portfolios. Business coaches push entrepreneurs to achieve success in their business ventures, while life coaches help individuals achieve personal pursuits.
Items you will need
Target market profile
Obtain education and training for coaching. While no license is required, there are a variety of professional coaching programs that give participants the knowledge, skills and techniques necessary to successfully start a coaching business.
Determine a niche within the coaching industry you can build your business upon. From working with recent law school graduates looking to land their first job with a firm to assisting stay-at-home mom's with creating work-at-home opportunities for themselves, there's a variety of markets a coaching business can serve.
Research competitors in the area you plan to serve and identify trends in the niche industry you plan to target. Create unique selling proposition statement after compiling and reviewing your research, outlining how your business is different from the competition.
Come up with a list of services the coaching business will offer. Options can include time/work balance, budgeting, time management and even developing communication skills.
Create a target market profile that represents your ideal client. Indicate information like their occupations, education level, marital status, hobbies and interests, goals and income level. The profile should not only list demographic information. Explore the core concerns of your ideal client, the reason why they seek coaching assistance and what they're looking to get out of the coaching experience.
Write a business plan for your coaching business. Include a start-up budget in your plan which identifies the supplies and equipment you need to start your coaching business.
Register the coaching business as required by your state. Opt to register as a corporation or limited liability corporation, since there's risk involved in coaching individuals on their lives, careers and other personal pursuits. LLC and corporation status protect businesses from being personally sued should a client decide to file legal action over advice they are given. When registering your business, have a potential business name selected.
Determine whether the business will operate out of your home or in a leased space. Begin to set up your office space with a desk, chairs, book case, filing cabinets and desk accessories.
Protect the coaching business further by obtaining professional liability insurance and drafting a coaching agreement and contract that outlines the services the coaching business plans to provide and a liability clause.
Work with a graphic designer and web designer to create a logo, business card, letterhead, blog and website for your coaching business. Include tips and ideas on your blog for potential clients.
Market the coaching business by joining local business associations and organizations to networking with fellow entrepreneurs. Offer free seminars in the communities you plan to target. Hosting seminars gives you an opportunity to share information with potential clients and spread the word about your business.
Degrees in counseling, career services, sociology and counseling are beneficial to individuals starting a coaching business.
The coaching industry is self-regulated and does not require licensing. Be sure not to misrepresent yourself as a counselor, psychologist or therapist unless you have those credentials and licenses.