Coaching is a highly lucrative business model. As a coach, you are selling your expertise and personal time. If you are able to help people transform their lives, that is worth a lot to them. Becoming a life coach can also be incredibly rewarding. A life coaching certification can open the door to working in many different areas, but to be successful, you need to go deeper and identify who you want to work with.
Over the years, we have helped life coaches from all walks of life create their brand and grow their business. Additionally, learning how to establish business credit can help you get credit cards and other types of financing in the name of your company (rather than your own), better interest rates, higher lines of credit, and more. To keep initial costs low, most business owners use their personal vehicle, phone, and computer when starting out, and meet with customers in public places (for example, to purchase equipment or make routine purchases such as a laptop and office supplies, a business credit card can help you build your company's credit and spread out payments). Planning for this now will help you prepare for the unexpected and avoid common and costly mistakes that other first-time business owners make when they rush to get started.
The most common types of business structures are the sole proprietorship, the limited liability company (LLC), and the corporation. But wouldn't that be closely related to the umbrella of life coaching itself? What advice would you have more about this niche? When your personal and business accounts are mixed, your personal assets (your house, car, and other valuables) are at risk if your business is sued. While it could serve women and young adults, you may get better results for your business if you choose one. It doesn't take much, but just that extra clarification about what type of life coach you are makes a big difference.
