Expert Guide: How to Start a Coaching Business (2022) | Stewart Swayze

Here’s an example to illustrate my point. You can choose your own $/hour increments but think about it this way.

• Highest Priority – A task that costs or generates $1000/hour

  • If possible, do it yourself

• Medium Priority – A task that costs or generates $100/hour

  • If possible, do it yourself first

• Low Priority – A task that costs or generates $10/hour

  • Immediately delegate to a freelancer or find a way to automate

I’ll share with you examples from my business:

• Manually posting my content on each social media channel, $10/hour task

  • Solution – Automation through Buffer

• Logo Design, $100/hour task

  • Solution – Hired a Freelancer

• Strategy Sessions & Sales Calls with Prospects, $1000/hour task

  • Solution – My highest priority

From writing to graphic design and even bookkeeping, you can find excellent freelancers on Fiverr that can perform almost any task you need (learn more).

When hiring freelancers, conduct “video” interviews and consider a tryout period. Most importantly, provide exact instructions and detailed information on the final product you expect.

Ask around in your network and social media if you want to delegate a high-quality task. Sign a contract that clearly states the scope, terms, and expectations.

Last, in the US, there are IRS and compliance requirements for contractors. These requirements are designed to protect the contractor and you. Ensure you read over the compliance requirements from the IRS website.

Seek legal advice if you have any questions.

STEP 15 – DEVELOP A COACHING BUSINESS PLAN

You need to be able to explain your coaching business to yourself before you try to explain it to anyone else. It’s your business. It’s your coaching business plan. Write it yourself.

Start with the simplified business plan discussed below, then add more details as you progress.

Alex Genadinik has written 20 books and produced over 100 business courses, including a few best-sellers on business plans. Alex has a simplified “3-Sentence Business Plan.”

Write concise but detailed answers to these questions:

1. What is my product or service?

2. What steps do I need to take to grow my business?

3. How will I finance my business during the startup phase?

As your coaching business develops, refine, or add to your answers. Measure your business plan in sentences, not in pages. You want a business plan to be a flexible resource, not a big-ass book you never touch.

STEP 16 – COACHING PRICING: HOW MUCH SHOULD I CHARGE FOR COACHING?

How much should I charge for coaching? This is a question I hear all the time. You get all sorts of answers but no real explanation for pricing coaching services.

Life coach pricing or any other type of pricing for coaching can be difficult. But, hopefully, I can clear that up a little below.