Part 2–Becoming a Coach: Consider what it means to own a business

Post Date: June 25th, 2010

Part 2 – Are You Thinking of Becoming a Coach: Consider what it means to own a business

 

Looking at your current skills and background are also important (in addition to getting trained in coaching skills).  If you’ve always been in a job working for someone else, I highly recommend reading Michael Gerber’s book ‘E-Myth Revisited’.  In that book he talks about three areas of owning a business (the ‘technician’, ‘manager’ and ‘entrepreneur’ roles), and has the reader think about different aspects of owning a business that they may not have otherwise considered.  He also highlights the value of systematizing for consistency and for creating value for to ultimately being able to sell your business down the road. 

 

While there are some ‘in house’ coaches (meaning they work for a specific organization), most  coaches own their own businesses or partner with a few other coaches to form a company.  As a sole proprietor (meaning you own your own business), you will need to do a few things, including:

 

·         Determine if you need to have a business license (usually at the city level)

·         Perhaps file a fictitious business name (also known as a ‘dba’ meaning ‘doing business as’)

·         Set up your financial and record keeping systems

·         Learn how to market your business (generate prospects)

·         Close the business (have clients hire you for your services)

·         Purchase liability/E&O (errors & omissions) insurance

·         Create a Coach Agreement and business documents

·         Have a legal advisor review your business documents

·         Of course have a business phone line, computer, internet connection, etc.

 

And many other things. It can be helpful to conduct information interviews with successful coaches to learn ‘what a day in the life of’ is really like. 

 

Finally, hire a coach and experience the power of what it’s like to be coached!  How can you utlimately sell something you haven’t actually experienced?!

 

If you’re serious about coaching, email today to schedule a consultation at gaf@personaljourneycoaching.com.

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