We LOVE our business coaches at In The Know Legal. Yes, coaches, plural.
We know we couldn’t have even dreamed of, let alone built, In The Know Legal without their guidance, support and accountability. And because we know and appreciate how important the right coaching services can be for entrepreneurs (and really anyone who needs some support and accountability), focusing our first set of business templates and packages squarely on coaches was a no-brainer. It’s our way of supporting our coaches – and any and all coaches – as they work to build and grow their own businesses.
If you are ready to become a business coach, how better to serve your clients than by first making sure you are walking the walk and not just talking the talk? Whether you are offering health & nutrition, life and personal, or business coaching services there are some integral, yet easy, steps to take to get your coaching business off the ground and flourishing – all while protecting your interests and assets:
- Create a coaching business plan. You can’t start anything without a plan. This is truly square one. Just as you will be guiding your clients towards their goals, your business plan will guide you to yours. Plans can, and should, evolve with your business as it grows, but starting off without a map is a bad beginning.
- Figure out your niche. You can do ANYTHING, but you can’t do EVERYTHING. And that’s true with coaching. What skill sets, life experience, and unique perspective do you have to offer your clients? Who are those clients? You can’t serve everyone and anyone, so figure out who your clients are and focus there.
- Contracts are a good thing. Create peace of mind with the right legal documents. Client service agreements are an important tool in your business – to create clear boundaries, expectations, and responsibilities for you and your clients. Since you will be working closely with businesses as clients, your agreement should also protect your valuable intellectual property, and your client’s confidential information. Knowing that you value and will protect your client’s sensitive information builds trust. Having clear boundaries creates mutual respect.
- Selecting an entity. A proper legal entity creates a legal barrier between your business debts and obligations, and your personal assets. Because the type of entity you form will have tax consequences and benefits, it is important to talk with your CPA and local counsel about setting up a legal entity (such as a corporation or LLC) and what the tax consequences will be.
- Insure yourself. Having an entity and adequate insurance in place is a one-two punch for protecting your business and assets. The goal is to separate and protect – which applies to money, too. Keep your business and personal funds separate.