Starting a health coaching business is a big step that can be life-changing for you. Therefore you want to take your time to ensure you are on the right track and make the right decisions.
Here’s what to expect from this post. First, we will review the steps required to set up your business. Then we get into the resource section that can help you understand more about the health coaching industry. These resources will be useful now and when your business opens to the public.
Steps to Starting a Health Coaching Business
1. Make Sure Running a Business Is Right For You
Owning and operating your own business takes planning, effort, money, and many long hours. For example, you may be interested in coaching, but when it comes to running a business, it might not be your cup of tea.
You must understand what you are getting into and the expectations needed to run a business.
For more, see Business Startup Considerations.
2. Research
Business Research
Research is one of the most important parts of starting your business. Without it, you will be taking steps blindly. Performing the right research will give you the clarity you’ll need to make good decisions and take the right steps.
The most important research you can do is to talk to the right people. The right people are those experienced in the health coaching industry. I have an article that will give you an inside look into the business you are planning to start, and I recommend you spend as much time as possible on this process to get the inside information you need to succeed.
See An Inside Look Into the Business You Want To Start for more.
Target Audience
To set up and market your health coaching service, you will have a better chance of succeeding if you understand your target market. It’s worth the time and effort it takes, and you’ll be happy you did.
For more, see, How To Understand Your Target Market.
3. Setup Considerations
It’s important to have a vision for the setup of your business. The clear your vision, the easier it will be to set up and keep you from wandering from idea to idea.
It’s important to have a vision for the setup of your business. The clear your vision, the easier it will be to set up and keep you from wandering from idea to idea.
For clarity, you can ask yourself questions like the following.
- Are you planning on a home base business?
- Will you operate your business coaching people one-to-one?
- Are you planning to coach in a group setting where you need a classroom setting?
- Are you planning on a corporate setting where you’ll offer services to large companies?
Your plans may change as you’re conducting research, and that’s OK but for now, start with one vision.
4. Choosing The Right Business Location
Your chosen location is important because you want to open in a location with demand for health coaching services. Otherwise, it doesn’t make sense to open in an area with no demand.
On the other hand, if you’re opening in an area where the market is saturated with health coaching services, it can be difficult to get a piece of the market.
For more, see Choosing The Best Location for Your Business.
5. Choose a Business Name
The name you choose for your business today is the name you’ll have for as long as you own that business.
Business names rarely change, and you’ll be investing a lot of money in marketing that name; therefore, take your time and choose a name that’s catchy, appropriate, memorable, and available for registration. Of course, you’ll also want a matching domain name for your website.
For this important step, see How To Register a Business Name. Also, check out the latest search results offering Name Ideas for a health coaching business.
6. Business Registration
For the step, you’ll need to focus on registering your business; depending on the size of your business will indicate what type of structure you’ll use. Again, there are various structures, each with pros and cons.
The link below summarizes what you need to know and what structure to choose. First, see the article below, then speak with a professional, such as an accountant or lawyer, to get the right advice.
See, How to Register Your Business for all the details.
7. Create Your Corporate ID
A corporate ID consists of a collection of components, such as your logo, stationary, business, sign, promotional items, business cards, etc.
Your corporate ID is the face of your business, so you want to ensure you use a professional graphic designer when creating it.
See A Complete Introduction to Corporate Identity Packages for more.
8. Estimating Your Start-up Cost
When estimating your start-up cost, it must be within range because if you estimate too high, your venture may look risky to lenders, and if you estimate too low, you could run out of money before you open your business to the public.
Start by listing everything you need to open and operate for a few months.
For example, your list may include but is not limited to the following:
- Business registration
- Insurance
- Training and certification
- Lease
- Corporate ID
- Website
- Marketing
- Operating cost for 3 months
- etc.
As you make your list and get pricing, other issues will appear, and you can update your list.
For more, see, Estimating Start-up Costs: Are you Missing Anything? Also, see, Business Expenses To Consider.
9. Writing a Business Plan
A business plan is a critical document for business owners. It keeps them on track. Therefore, you should review your business plan every few months and update it as necessary.
You’ll also need a business plan if you’re getting a business loan or planning on attracting investors. A financial institution will not even process your loan application without a professional business plan.
There are a few options for creating one, such as using a template or software, writing one from scratch, or hiring a professional writer. For more, see the link below.
For details, see How to Write a Business Plan.
10. Set up Your Banking
For this part of the process, you’ll want to choose a bank to deal with. When considering a bank, it’s more important to consider the banker you’ll be working with because your banker can help you with loan applications and financial advice and get you out of a financial pinch down the road.
You’ll need to keep your personal and business finances separate, and one of the best ways of doing so is to set up a business checking account.
In addition, you want to look at getting a merchant account so that your customers can pay using their credit or debit cards.
For more, see, How to Open a Business Bank Account and What Is a Merchant Account, and How to Get One.
11. Get the Funding for Your Operation
With the above steps completed, it’s time to make copies of your business plan and meet with lenders to discuss a business loan.
It’s worth noting that many banks will not process a risky venture.
A lender would rather fund a successful business with a good track record.
Even though getting a business loan is difficult, it’s not impossible when you have the skill to run a coaching business, a professional business plan, and the necessary collateral.
For more, see our article, Getting a Small Business Loan.
12. Software Setup
Your business will require software. In addition to software for health coaching, you will want to look at packages for managing small businesses, such as Microsoft Office and accounting software. I would consult my bookkeeper or accountant to determine which accounting software to use.
13. Get The Right Business Insurance
It is an absolute must that you have sufficient coverage to protect your customers, employees, and property. Any incident that occurs can put you out of business without sufficient coverage.
You will also want to look at liability insurance. Speaking with a competent insurance broker can help you choose the best insurance for your needs.
For more on business insurance, see What to Know About Business Insurance. You will also want to browse the latest health coaching business insurance search results.
14. Physical Setup
There are a few issues to attend to regarding the physical setup of your business.
Depending on your setup, you will want to create a space where you’ll be meeting with clients. Whether you’re operating from a commercial location or from your home, you’ll want to have a private space. In addition, you want it to be tastefully decorated to impress clients.
Your office is where you’ll be managing your business, and you will spend a lot of time there. So you want an office that’s fully equipped and organized to improve and ensure your productivity while working.
See, Here are Considerations for The Setup of Your Office for the details.
Your business sign is one of the first things customers see, and you want to ensure it’s well designed and incorporates your logo. For more, see, All About Company Signs.
15. Creating a Website
Your website is an important tool for your health coaching service. It can be used for marketing and as a way for customers to contact you. Your website should match your corporate ID and have a professional design. You can even implement a scheduling system within your website that allows customers to book appointments.
Register a domain name and sign up for a hosting account to ensure you have full control over your website. For more, see our page on How to Build a Website.
16. Create an External Support Team
A support team consists of people who are not directly employed by you. As a result, you use their services under a contract, on a retainer basis, or by the hour.
Each professional team member is hand-picked and tested before joining the team. Thus, you can rely on this team in a crisis, for advice, or when you’re planning to expand.
Your team may consist of a lawyer, an accountant, a marketing expert, a graphic designer, an IT specialist, a web designer, etc.
For more, see, Building a Team of Professional Advisors.
17. Hiring Employees
During the early stages of operation, you may be planning on doing everything yourself to keep your cost down.
Once your business grows, you may need to hire. Make sure you hire the right person for each position available and only hire for positions you need. The last thing you want is a bloated payroll that dips into profits.
For more, see, How and When to Hire a New Employee.
Considerations
You now have the steps needed to open your service. Next, we’ll look at a few points to consider.
Getting Customers Through The Door
Once your business opens, you are not finished, you need to get clients through your doors, and you must market your business.
That’s why we have a separate article to help you do that. See, How To Get Customers Through the Door to find a few ideas you can use.
Grand Opening
You can have a grand opening to bring awareness to your service. You’ll want your grand opening to make an impact. Otherwise, people won’t remember your business or attend your grand opening.
For an overview, see, How To Plan a Grand Opening.
More Marketing Ideas
Marketing is a part of running a business. It’s ongoing and only slows down when your business starts to market itself due to referrals and word-of-mouth.
You can do many things to bring awareness to your business and for ideas, see our marketing section to spark your creativity.
Pricing
When you begin, ensure your prices align with your competition and do some research to decide what is fair for you and your clients. Prices can obviously be adjusted later, but at least start with prices within range.
See the latest health coaching prices and tips for setting your prices.
Challenges
Every business has challenges, and a health coaching business is no exception. Naturally, as you gain experience, you’ll discover the challenges, but why wait? Why not do some research to find out the challenges now, so you can prepare for them
See the latest about the challenges of running a health coaching business.
Resources
You have reached the resource section created to give you more information about the industry. Many of the resources lead to search results, and that’s by design so that you always have the latest, most popular information that’s never outdated.
Trends and Statistics
Trends and statistics are an excellent way to understand whether the health coaching industry is on the rise or declining. You can also pick up tips and insights you may not have considered.
See health coaching trends and statistics for the latest.
Top Health Coaching Businesses
I suggest you spend some quality time studying top health coaching businesses. to determine if you’re missing something in your business. You may also find something missing in the marketplace you can provide, giving you a competitive edge.
The Future of the health coaching industry
Researching the future of health coaching can provide you with an overview of what’s coming to plan ahead.
As an example, a breakthrough in software might occur. By keeping an eye on it, you can gain a competitive advantage and be one of the first to implement it.
Search results for The future of the health coaching industry.
Terminology
With experience, you’ll pick up the terminology used in health coaching, but the information is out there, and you can update your vocabulary now.
See the latest search results for health coaching industry terminology.
A Day In The Life
“A day in the life” refers to people posting their experience working in the health coaching industry. Although your experience won’t be exactly the same, it may be similar, giving you an overview of what to expect. Take a few minutes for an overview of others’ experiences in the field, and see the search results for a day in the life of a health coaching business owner.
Businesses For Sale
Before starting your business from scratch, why not take a few minutes to browse listings of health coaching businesses for sale? One of the benefits of buying a business is it comes with its client base, which gives you a headstart and allows you to start earning revenue from the day you take over.
For more on this topic, see Buy a Business or Build One and check the search results of health coaching businesses listed for sale.
Franchise Opportunities
Check out franchise opportunities in your area as well. Starting a franchise is like opening a business in a box, and you have a proven system.
Headquarters set standard operating procedures that should get you up and running. Of course, there are pros and cons, but it’s something to consider.
See What To Know About Owning a Franchise and the latest search results for health coaching franchise opportunities.
Knowledge Is Power if You Use It!
Naturally, the more information you have, the better off you’ll be starting and running your health coaching business. So, the information is out there, and this page makes it easier to find. But, using the information is up to you:
Forums and Groups
Forums are one way of connecting with clients and colleagues in the industry. By participating in discussions, you’ll get ideas for what people are struggling with and what you can add to your services
- See the latest search results for the top health coaching industry forums.
Courses
You can take a course from an educational institution or choose a self-study one. So why not take a few minutes to see the link below to explore what’s available?
- View the latest courses related to health coaching
Blogs
Subscribing to blogs can offer an ongoing flow of information. By using the link below, you’ll get a list of the top logs for the industry, and you can subscribe to them.
When the information starts to flow into your inbox, you can simply unsubscribe to those that offer little value leaving you with a list of blogs that are hand-picked by you and offer value.
- Health coaching blogs to follow
Books
Below, you’ll find a link to the latest publications related to health coaching on Amazon’s website.
- Books on Amazon related to health coaching
News
You can use the news to stay up-to-date with the latest health coaching industry news. Using a site like Google news allows you to set up an alert to get notifications anytime something new is covered by the media.
- See Google’s news search results related to the health coaching industry
- News search results related to a health coaching business
Videos
YouTube is an excellent source of information, tutorials, and entertainment. Even though most of the traffic is for entertainment YouTube has excellent resources for learning.
See the links below to explore videos related to health coaching