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How To Realistically Set Your Fees - Part 2
Effect of Expenses
The last article examined how to calculate your realistic billable hours. If you remember, we arrived at approximately 1100 hours in a year. To earn our mythical $46,000 per year, you needed to bill at a rate of $42 per...
How to Start Your Coaching Practice
When you are ready to start your own coaching practice there are several steps that you will have to take. First, you should consider finding a qualified mentor coach that can take you under their wing. A coach without a coach unwilling to afford a...
Team Effort Pays Off for Entrepreneurs
Business owners should not be running the day-to-day activities within their companies. In order to bring small and medium size companies to newer and stronger levels, systems should be running companies. Owners must be in a position to step...
Terrible Meetings - Ten Ways to Spot Them!
Meetings are valuable components of organisations. Yet they need process, discipline and leadership/facilitation to work best. Working at getting them right is one of the most value-creating activities any organisation can embark on. But it doesn't...
What To Do When Your IT Project Is Late, Over Budget, and Looks Like It’s Never Going To Work
Here’s a scary statistic. According to four prominent research firms, only around 20% of all IT projects are finished in a timely manner. By “timely” the researchers mean without loss of quality or being over budget. They go on to say the...
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How to Start Your Coaching Practice
When you are ready to start your own coaching practice there are several steps that you will have to take. First, you should consider finding a qualified mentor coach that can take you under their wing. A coach without a coach unwilling to afford a coach of their own is a recipe for failure. This business coach should be someone that you can work well with and communicate easily. By finding a mentor coach you will be able to earn experience for your own coaching business while learning from someone who already has established a coaching business. Your coaching mentor may be able to help you set up your own coaching practice and develop your own marketing ideas.
Once you have earned your certification and have decided on what area of coaching you want to focus on it is time to gather material and resources if you have not already done so. There will likely be many resources available at the institute where you earned your coaching certificate. Some of these resources include:
• Coaching exercises. These exercises can be given to individuals and groups so that you can prioritize goals or rate the satisfaction of the client with his/her various areas of life.
• Coaching instruments. These coaching instruments can include tests to measure leadership, stress, personality, and goals.
• Guidelines on how to rate and access a prospective client. This is an important tool so that you can learn to determine what types of clients you want to work with.
• Software. There are many types of software that are available for you to use as a resource for your coaching business.
After you have collected tools and resources that you will use in your coaching practice it is time to begin the process of operating your business. There are many legal and financial decisions that you will have to make to ensure that everything goes smoothly. The most important thing you will want is a solid business plan to follow and adhere to. Without a business plan you will be making
hasty and uninformed decisions that may interfere with the success of your coaching practice.
If necessary seek the advice of a business consultant to make sure that you have taken the correct steps for formulating a successful business plan and have not missed any important items along the way. You should know how you are funding the startup of your coaching business. If you are financing your business startup be sure that you have all the paperwork and money in place before proceeding further.
Your business plan should include startup costs, overhead costs, expenses, and revenue. Since it is not likely that you will be able to accurately project what your revenue from clients will be, it is acceptable for you to include your pricing fees per client in the business plan. This will give you a solid idea of what you can expect from prospective clients.
Once you have a solid business plan you are able to start coaching. You will have to pay attention to many small details to make sure that your business is successful. This includes:
• Marketing your coaching business.
• Information packages, informing potential clients of your services.
• Pricing information.
• Follow-up referral services.
When you are successfully operating your coaching business it is important that you continue to pay close attention to the business details of your business. It may be easy to get wrapped up in the day-to-day enjoyment of working with your clients, but you must be certain to take care of business. If you find that you either don’t have the time to spend taking care of business details or that you lack the inclination or expertise, it may be advisable for you to hire someone to take care of this side of your coaching business for you.
About the Author
The Coaching Directory is the place to find a coach - business, executive or life. If you are a coach, submit your web site and start gaining clients.
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