How to Start a Life Coaching Business Online
Hi everyone, welcome back to another episode of What’s Your GamePlan. Today, I’m going to give you a quick start guide on how to start a life coaching business online. Over the last decade, more and more people are hiring coaches to help them accomplish their personal goals and achieve more in life. If you love motivating others and helping people win, then you can turn this talent into a profitable business. Here's how to get started.
Step 1 - Decide on Your Specialty
So, the first step to creating a life coaching business is to decide on your speciality. I'm sure you're not an expert in every area of life and a good place to start is to decide on where you can actually help. Many beginners choose to coach in an area where they’ve had the most experience. Some popular choices are diet and nutrition, relationships and marriage, or career development. After you decide on a specialty, you can proceed to Step 2.
Step 2 - Define Your Services and Prices
Life coaching usually isn't one size fits all type of business. There are a couple things you can do to make it easier on your clients to start paying you. First, you'll need to come up with life coaching packages to sell and a list of services you will offer. If you don't know how to do this, and you don't want to run the risk of "overcharging clients", just google "life coaching packages" and take a look at how other people are charging.
Most life coaches charge by the hour, but there are also many who charge a flat fee for one-on-one and group coaching. Don’t forget you can also charge by the session, by the month or host a coaching workshop event. Once you've decided on your services and pricing, proceed to step 3.
Step 3 - Register Your Business
Now, it's time to officially register your business. You won't be able to accept payment for services until you complete this step. You'll need to register & apply for a federal EIN Number, and form an LLC or Corporation. I recommend using MyCorporation, as they do have a variety of packages to choose from, but their most basic package will get you started right away.
Step 4 - Open a Business Bank Account
After you’ve chosen a name and registered your business, you can officially open a business bank account. It's pretty easy to open, but they won't get you set up without having the legal incorporation paperwork and the EIN number that I just spoke about. You can work with a local bank that you are already using or you can just choose a new one.
Step 5 - Buy Branding Services
This is one of the most important parts of creating a life coaching business, because it's your brand’s identity that will leave a big impression on your target clients. I recommend using 99designs because the process is quick and painless and you actually get what you want. For marketing materials, I like envato, because they literally have tons of graphics for each and every single kind of business, on demand. Life coaching businesses usually need to start with a logo, business cards, a pdf brochure, and some social media graphics. 99designs actually has what they call the ‘brand identity’ pack that will get you started right away.
Step 6 - Find Your Website Name
So the next step is to buy web hosting. I always recommend choosing Bluehost because they are the most reliable for e-commerce websites. You can check if your website name is available... for free and with their packages, you'll get bonuses. They’re giving a free domain, a free ssl, ad credits and access to 24/7 tech support. So, you really can’t beat it. Once you pay for a plan with Bluehost, you'll get your login credentials. You'll want to save that information and deliver it to the web designer in the next step.
Step 7 - Choose a Web Designer
If you don't know about Fiverr, it's a company that sells affordable web development and marketing services that get done really quick. You just type in what you want in the search bar, and it will reveal tons of people who are willing to help you get a website up in less than 3 days. Once you choose the person you want to work with, give them the bluehost details and communicate your vision and plans for the website.
Step 8 - Setup a merchant account
While they are working on your new website, you'll need to activate a merchant account for your customers to pay you through. Many businesses use paypal, square or stripe. I personally like Square, they make it super easy for me to accept payments online via my website, a payment link or even over the phone. An account with Square is free, so when
you sign up, give these details to the web designer to complete the integration process.
How Will You Make Money?
Congratulations on owning a life coaching business! I know you’re going to do just great and the people are going to love you! If at any point in the process,. ...you start having doubts, please reach out to me...I’m happy to help!
Ok, so now that you’re all set up, How will you actually make money? Here’s what you’ll need to know in order to take a check to the bank. Since you are a life coach, you can choose from a variety of services to sell. The most popular are one-on-one coaching, workshops, custom tailored programs, retreats and seminars.
All of these can be facilitated online, which makes it super easy to deliver results. To bring in extra cash, you can even sell digital downloads like e-books, guides, templates and video courses that help your clients achieve their goals. If you combine all of these options, you’ll have a six figure online business in no time.
Now, I know you're probably wondering...what's the price tag on this baby? If you are launching online, startup costs for this kind of business usually starts at $500-$1000 on average. But if you plan on leasing office space, or hiring employees to help you sell, be prepared to drop the big bucks!
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About Adella Pasos
This Entrepreneur and Marketing Expert has shared her passion for growing brands from the ground up. She’s worked with Startups, Small Businesses, Fortune 500 Corporations and Entertainment Talent to help them recognize the value of marketing, and give her clients the ability to access their niche market via online, social media, mobile, merchandising, and events.
She hosts the What's Your Game Plan TV show features: Free Expert Advice, and Growth strategies for Business Owners Across the Globe. Access thousands of FREE Tips, Trends & Tools to Move Your Business Forward!
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