Once you’ve got the itch to ditch corporate life and start your own biz, there is seriously no looking back.
It’s so freakin’ exciting! 💃🏽✨
You can start dreaming up all the amazing things you’ll accomplish as CEO of your dream biz.
If you’re in this exact spot right now and ready to get started, you are in the right place.
But, friend, do NOT get ahead of yourself. 🙅🏽♀️
YES, building your own biz is exciting, but if it’s not done properly all those dreams can come crumbling down in the blink of an eye.
That’s why we’re here.
This week, we’re talking about the top 5 to-dos when starting your coaching business.
We wanna help you lay a rock-solid foundation for your new biz so that you can keep growing and thriving for years and years to come.
Anyone else getting impatient?!
Let’s get going!
1. Pick Out a Name
First things first, you’ve gotta pick a business name.
Listen, don’t stay up all night trying to figure this out.
You can always use your own name or a variation of your name. That way, no matter how your coaching business evolves and changes over time, your name can stay the same.
If choosing a name that’s different from your personal brand is helpful to encourage that divide between work stuff and life stuff, do that!
There is really no wrong way to go about this.
If you are feeling in any way unsure about what direction you are headed in with your business, just keep it simple. ✅
You got this. And if you need a little extra helping deciding, we’ve got a blog post on the ultimate guide to choosing a name for your coaching business to help you out!
2. Form a Business Entity
Once you’ve picked a name for your new biz, it’s time to form a business entity.
You can choose from either an LLC or a corporation.
In the coaching space, we touch on a lot of different areas — we work with our clients on many personal topics such as business, finance, health, wellness, mental health, mindset, fitness, and more.
And with all of those things comes a lot of liability if things go south. 😳
We do NOT want you on the hook personally if one of your clients interprets your fitness coaching as medical advice or your money mindset work as financial advice and decides to seek damages.
By having a business entity in place, you avoid commingling your funds. That way, your personal assets are not on the line if anyone is seeking damages from you in the event of a liability issue.
Remember that work/life divide we talked about before?
This is especially important when it comes to finances.
So get that separate entity set up and you’re good to go.👇🏽
3. Have a Rock Solid Contract
When you’re starting to work with clients, this is a crucial step in protecting your coaching business.
Not only does a solid contract protect you from legal liability, but it also sets clear boundaries with your coaching clients.
This is your chance to communicate what your boundaries and policies are in order to reduce the risk of disputes or miscommunications between you and your clients.
Let’s be real, these miscommunications can be quite costly.
They drain your time, energy, and sometimes even money. They are NEVER fun. 😩
SO save yourself the hassle and make sure you are crystal clear with your expectations from the get-go in a rock-solid contract. ✅
If you want to purchase one of our lawyer-approved, plug-and-play contracts, check out our contracts for coaches and entrepreneurs here. We’ve got something for everyone!
4. Decide on Your Offers
Now it’s time to think about exactly what products and services you want to offer your clients.
What level of transformation are you looking to deliver?
Some people will tell you to focus on one offer when you’re getting started, while others will say to make a tiered set of offers. That often looks like creating low-ticket, medium-level, and high-level offers that all compliment one another.
Maybe you want to start by creating digital products like a template, an e-book, or a self-paced course.
Maybe you want to start a group coaching program that allows you to work with multiple clients in a single setting.
Or maybe you’ve been dreaming of working with clients one-on-one to provide the highest level of transformation. ✨
It all depends on what works best for you, your ideal clients, and your lifestyle.
5. Do Your Research
Here’s a little tough love for you today my friend:
There is no excuse for you to have unanswered questions. 🙅🏽♀️
There is so much information available online when it comes to starting your coaching business and building out offers.
So get out there and start learning what is already being done in your industry so you can be EXTRA innovative and offer something new and exciting to your clients.
Create your own lane.
Don’t feel like you need to do what everyone else is doing just because your research has shown you that it’s working for them.
You’re a completely different human being! Give ’em something new to work with. 💃🏽✨
Yes, it’s important to look at the market and see what’s working and what solutions are being provided for what problems, but it’s just as important (if not more important) to create something unique to YOU.
Don’t get distracted looking at how green the grass is everywhere else.
Focus on watering your own grass.
Your dream business will be better for it. ✅
It’s Time For Your Legal Level Up
There is nothing better than starting your dream biz.
So the best thing you can do is to set yourself up for success by laying a flawless foundation to grow your business.
Don’t screw yourself over at this stage of the game with sloppy contracts and blurred lines between work stuff and life stuff.
You are the real deal!
So it’s time to start acting like it. 💃🏽✨
And hey, it can be hard to see yourself as the real deal this early in your business journey, but nurturing your business when it’s still getting off the ground will pay off in the long run.
And of course, we would never make you do this on your own.
If you are starting a new coaching business you’re gonna wanna check out our Coaching Contract Templates. We’ve got ’em for one-on-one or group coaching scenarios and they are totally lawyer-approved and completely customizable.
Check out our ready-to-use, lawyer-approved, plug-and-play legal contract templates! So you can upgrade your client contract while staying Profitable & Protected™✨
Not sure where to begin? We’ve got you. Grab our FREE Legally Launch Handbookto get the legal lowdown on everything in entrepreneurship, without the confusing mambo jumbo. We’re serving it up straight & to the point. (Heads up: It’ll forever transform the way you view your client relationships!) Grab your copy now.
*The information presented in this blog post is for educational & informational purposes only. This should not be a substitute for customized legal advice from a licensed professional in a private setting. If you need legal advice, please consult with an attorney. This is not a law firm.