Is Starting A Life Coaching Business The Right Move For You?
Life Coach Business Overview:
Sometimes it’s good to be able to talk to someone who you don’t have a personal connection with. By talking to someone about your problems, your goals, your hopes, and your dreams, you can often get a new perspective on life.
People use life coaches for the same reason that they use sports coaches: they want someone to work with them, encourage, and guide them.
Coaches have “clients” instead of “patients.” Instead of telling clients what they should do, you will act as a facilitator to help them figure out solutions for themselves.
The job of a coach is to listen, ask questions, and to give feedback and give guidance. With help, your clients can see things in a way they might not have seen before and they can figure out new ideas and directions for their life.
Many people see a professional psychiatrist for this, although sometimes you can get the best advice from someone who simply has a sound head on their shoulders. If you decide to get started, you will want to first decide how to let people know that you are available.
A good tactic is to waive your fees for the first session. This allows them to come in and get to know you, talk about their goals and issues, and listen to any feedback you may have to give them.
Employee and Job Consideration During The Start-Up Phase or In The Future:
Approximate Daily Hours Needed:
When starting, you should decide what hours work best for your schedule and for your prospective clients.
Not everyone may be able to take time off from work who wants to use your services, so having hours at different points of the day may be helpful.
Equipment, Supplies, & Services During Start-up OR In The Future:
Monthly Expenses and Operating Costs To Consider:
Approximate Minimum Startup Cost:
Bare essential – If you start from home, you do not need there is not necessarily any startup cost. You would do well to turn a separate room into an office space where your clients would feel more comfortable, so you may want to spend money redecorating that room into a professional yet relaxed setting.
As a life coach, you may decide to assist anyone who wants coaching or choose to specialize in coaching people in a specific area, such as:
- Environmental impact
- Time management
- Weight management
- Work/life balance
Pros and Cons:
- You will get to spend your days talking with people, listening to their stories, and encouraging them to be the best that they can be.
- You may run into opposition from people who feel that because you may not have a degree in counseling or be a licensed psychiatrist, you are simply not qualified.
Type of Customers:
Many people who use a coach are already successful but want to achieve more. Senior executives, for example, often want the unbiased feedback a coach will give them through executive coaching.
Other people want a coach to assist them in achieving a more rewarding job, better relationships, more free time, or to improve some other area of their life. They may have difficulty setting goals or finding the courage to do what they want instead of what others expect of them.
Successful companies (such as Kodak, IBM, and Marriott) hire corporate coaches to help employees achieve greater success in a variety of areas.
In addition to executive coaching, many corporate coaches get paid thousands of dollars a day for leading training programs to help employees reduce burnout, improve customer service, get along with co-workers, and maximize performance.