How to start a life coaching business

Determine Your Business Costs

You can start a life coaching business on a budget, especially if you run the business from home and already own a computer with internet access. Average startup costs range from $5,000–$15,000, which may include one-time costs such as: Initial training and certifications.

This is because of the way corporations are taxed. A life coaching business might benefit from starting a corporation if outside investors are important. Any life coaching business that doesn’t need outside investors will do better at tax time by choosing an LLC.

Many life coaches work one-on-one with clients over the phone or in person (usually includes weekly sessions) while others create courses that they sell. Some do a combination of both. Sometimes coaches get paid by the hour and other times by a set program fee.

Life coaching is the perfect business idea for those that are passionate about helping others and are exceptional communicators. Some of the benefits of starting a life coaching business include: You can run your entire business from home, coaching clients over the telephone. Your earning potential is high.

Life Coaches in the US industry outlook (2020-2025)

Although growth in the overall economy will lessen the need for industry services to a degree, continued struggles along numerous segments of the economy, coupled with higher disposable income as a whole, will increase demand.

According to the ICF, active coach practitioners are serving 11.7 clients at a time. For life coaches with 10+ years of experience, the average number of active clients is 15. But for life coaches with less than a year in practice, their average is 6 clients.

“The best way to get your first coaching clients is to tell some friends what you’re up to and would they like to do a session. Then at the end either sign them up or ask if they know anyone who could get value from your coaching. Friends are always the easiest way to start.”

Life coaching is legit.

It’s not a pyramid scheme and you can build a sustainable business without having to coach other coaches.

Anyone can call themselves a life coach. But to really be one and to make a living as a coach, you‘re going to have to be an action taker. This trait is one that all successful people have. If you want to be a life coach, you‘ll need to just get started somewhere.

Yes. You can be a life coach without a certification. There are currently no existing regulations that you are required to meet before you can call yourself a life coach.