I would love to have your opinions on this. I took a career break sometime in 2014 for my MBA, upon finishing I tried to find a job but nothing was coming up so I decided to start a growing online retailing business while at it in 2015. I was at the same time volunteering for a non profit organisation to help coach SME's which I am still doing on the side for free. I now have a 17 month old baby with no support so I'm having to look after my child alone and cannot afford full-time day care for her nor afford to hire a nanny as hubby has taken time off work for study abroad so financially things are down. I'm looking to get back into work, but numerous applications have failed, my side business is not generating profit yet enough to take care of needs, part of it is because I'm not promoting it as I should due to fear of potential employers finding out as I still want to go back to paid employment. I'm considering starting a coaching service to sme's & startups to earn some money. My question is how will recruiters and employers view this? Should I continue to wait to get a job which I don't know when? Hopefully by the end of next year when hubby is done we can get a nanny or have baby go to full time nursery. The coaching service will still require me to go online since most businesses success now depends on the internet to grow. Recruiters ask me about the gap in my CV and I explain but some are not willing to go forward due to this - I never mention my side business, I talk about my voluntary service to the non-profit organisation. Please I need advice from anyone who has run a business and went back to work or from HR managers, hiring managers and recruiters. Will my side business and coaching service hinder me from getting the job I want? Should I promote my business online that will require my personal brand to be active to support the business as well.
Catch 22? Not at all...You need to project your weakness ( according to you) as a strength. Be open and bold about your online business. It is work experience and not a career break! You take that experience to the companies who are in the same line of business and you are very exciting for them.
Please dont waste your time with recruiters. They have fixated ideas and mandates and can rarely identify or appreciate real talent.
You need to get rid off your baggage you are carrying in your head. Your non-profit work would never become a business as your target customers cant afford to pay. Keep it that way and continue doing good karma.
Join relevant LinkedIn groups based on your business and connect with like minded people. Target businesses in the same domain and directly contact them seeking appointments with hiring managers. Go as an entrepreneur and explore synergies.
There is no shame in saying that your business did not work. But analyze why. If you feel that it is only because you did not promote it actively, then please go ahead and promote the hell out of it. Being an entrepreneur is the best work experience any employer can get as you would know the entire business cycle.
You never know, your promotion, done in the right way may actually create more jobs!
Answered 5 years ago
There are quite a few things to consider here. I am both a recruiter, and I have taken time off work to start a business and then gone back to work.
I think I can definitely be of help. Now have you been on a break for 4 years? If your resume is indicative of that, I can tell you right now no recruiter will move forward with your application. It makes their job more difficult trying to sell their client someone who has not worked for long. It will not matter what you say they will look for someone easier to pitch.
Now you say you only have your volunteer exp on your resume. That is a signal to recruiters that you may not be employable. That is clearly not the truth, but because you are not being transparent as to ALL what you have really been up to, they will make their assumptions. I say put everything on your resume. Headhunters use key word searches and you may be reached out to about SME opportunities, even if their junior at least your back in right? Not only that, it’s clear you want to provide. Put faith in yourself and go all in! You can’t sit around and wait.
Now from a non recruiter POV, I can tell you that the easiest way to get back to work is to speak to past employers, or professors. They know your skill and work ethic, because they know you personally (huge advantage) . You can have a real conversation and they can potentially offer you a comeback. That’s what I did and it worked out perfectly. But this is bc I left on good terms.
I hope this helps. I am available if you want to talk more strategy. I have been there and I know it isn’t easy, and I didn’t have a young one. I can tell your passionate about a solution. Everything will work out when you believe in yourself.
Answered 5 years ago
You're going to have to make a decision to commit and make one of your business work and or go back to work. I'm not making that statement from an employer won't or will hire you; I'm saying it from you only have so much time standpoint. As for is it ok? That's honestly going to depend on your employer. I also don't think there is a problem with saying you took time off to start a business and it didn't work out, in recognition of your gap in employment.
Answered 5 years ago
1) Get a domain with your name
2) Start a blog (I would recommend Wordpress.org) - DIY
3) Read this: https://www.digitalmarketer.com/blog/customer-value-optimization/
Un abrazo ;)
Answered 5 years ago
Hi. A lot of information here...how about if we start to break down into small pieces?
1) You have a baby at home with no one to take care of it
2) You have a 4 year experience gap
3) You are not sure if you want to be an entrepreneur or an employee
4) You need/want a certain amount of income
Is this so? Out of all 4, the least of your problems is the 4 year experience gap...I am being serious here. I could tell you to start working part-time, but I am not sure if this will cover whatever financial expectations you might have (although it will solve your baby issue). I could advise you to start working as a temp somewhere, but you may not make as much money as you need/want. Those 2 options will get you a job in no time...but then it comes the question: are you ok with having someone bossing you around? Or do you enjoy your current freedom as a business owner? If you love your freedom, if being with your child as much as possible is something you are not willing to give up, then being an employee will bring nothing but frustration down the road...
You should also be prepared to those "tricky" questions about your 4 year employment gap...pay attention, it was an employment, not experience gap...being an entrepreneur gave you a whole new set of skills and competencies you wouldn´t have otherwise...so when asked about that, be ready to answer back with everything you experienced and learned during that time...
But right now, you need to focus on what you really want so your energy flows in the right direction.
Feel free to contact me if you need some support with the decision making process. I have a few exercises that might help you
All the best!
Answered 5 years ago
Speaking from purely an HR lens, much depends on the jobs you're applying to and the relevancy of your side business(es).
Many people have gaps in their resume. If it is relevant to the job you apply to, no one bats an eye. For instance, taking time for your MBA for some jobs is a win, yet for others not so much. Taking time to raise a family is a reasonable gap, I would just call it out. The only fear they will have is whether you're 'current' with skills so if you have been volunteering in your chosen field, all good, put both - you can explain in the interview focusing on your awesome skills in time management, juggling competing demands and dealing with ambiguity :)
I took 9 years to raise my family! I know....9!! In that time I also started my own HR consulting business and then when I was ready I applied to do the very work I did on my own in HR. So I showed the business AND home maker in my resume. That is some years back now but I've seen many do the same quite successfully.
Your side business COULD be seen as detrimental if the employer perceives you still will continue to work on the side while gainfully employed - you're likely to get passed over then. Unless the job you're applying to is in the same field and the work has been keeping you current, it is all in how you write it up.
Last thing I would say is if you're promoting your side business online, expect a future employer will find it. Find a way to incorporate it...don't try to hide it. We really don't like fabrications and I have terminated people for misrepresentation.
At the end of the day, your resume is the data they have to figure out whether you "can do the job" they are at search for. Ask yourself how relevant is your information for the job? Stick with being honest or it will bite you down the line.
Hope that helps, happy to chat further.
Answered 5 years ago
On your resume, you can always put self-employed to discuss your "gap" in employment. Here's an example from mine:
Writing/editing coach currently Lexington, KY
Guide people through the process of becoming successful freelance writers and editors.
Led one client through the entire process of writing and self-publishing his book, “The Blessings of My Storms,” which has become successful in Kentucky and beyond.
I have been successful in both self-employment and the traditional workplace as well as explaining gaps in traditional employment on my resume, in my cover letter, and during interviews.
We can chat on a brief call to discuss your situation further.
Answered 5 years ago
Great question! Here's your #1 issue - FOCUS. Doing 2 things (job/coaching business) at the same time is pulling you in opposite ways.
Close your eyes, take 3 deep breaths. WHAT IS THE ONE THING WOULD YOU LOVE DOING ALL DAY EVERY DAY? If you're not passionate about who you serve a coaching biz will burn you out before it gets off the ground.
Check out James Altucher's book Choose Yourself https://amzn.to/2vIcAuD. This explains everything you need to hear right now.
You've already found out that if you are waiting for a "job" to choose you you may be waiting a very very very long time. So why not choose yourself, especially in the mean time?
Polish up your personal brand so that resume gaps are explained by working in your coaching biz which includes non-profit consulting as a way to give back, which is clearly important to you and should be to any future employer worth you.
Change your mind, change your future starting today.
YOU ARE WORTH IT.
There's only one of you in the whole world - any employer will be lucky if YOU CHOOSE them to work "with" (not for).
Position yourself as "the chooser" and make employers/clients apply to work with you. Can't hurt if you are getting only a few nibbles on your resume anyway right? All it takes is attracting one big fish with the right bait.
Every smart person has multiple streams of income these days (aka side hustle) - position this as a benefit to a future employer because of your drive and lessons learned that you can bring to their biz.
That's it for now - got to get back to helping clients do less, better! Talk soon.
Answered 5 years ago
This is a situation that is hard to see over when you are knee deep in it. I have been in a similar situation. There are 3 separate questions you seem to have.
Situation 1: Updating your CV
1. Take a step back and look at what you have been up to.
2. Re-look at what you have been up to from the lens of what you want to do next (your next position) including running your own own business.
3. Translate that to work experience / skills. Experience and adding value to someone / an organization even when done at no cost is valuable experience.
4. Craft your CV from that point of view.
Situation 2: Starting your own business.
1. Apart from the usual you will need to do to get the business up and running like your list of services and fees, request key person you helped to write you a testimonial. If Linkedin is big where you are, get it uploaded on Linkedin.
2. Ask each and everyone for a referral
3. Jump in 1000%
There is a possible 3rd area you may wish to explore. Starting your own business while looking for full-time employment.
Call me if you think I can be of service to you.
Answered 5 years ago
To start a coaching business when you are still headhunting keep these points in mind:
STEP 1 - DEFINE YOUR SKILLS, NOT EXPERIENCE: One of the first things you need to do is understand your skills. And I’m not talking about your “work experience," as written on your resume.
A skill is "the ability to do something well; expertise." You need to identify four sets of skills:
1. Skills you must run your coaching business
2. Skills you do not have to run your coaching business
3. Skills you have that will benefit you as a coach or in the coaching process
4. Skills you do not have as a coach
Take some time. List all your skills. Once you develop a good list of skills. and identify any immediate gaps. Develop a plan to fill those gaps. As an example, bookkeeping a skill gap for me.
STEP 2 - START DEVELOPING A COACHING NICHE: Finding profitable coaching niches can be difficult. When you start, you will want to remain broad. You will want to coach everyone. Do not do this. Niche your ass down. If you want to get coaching clients fast, find a coaching niche early in the process. Learn how to find a profitable niche as soon as possible. Remember, the "riches are in the niches. “Knowing every want, need, and desire of your niche will simplify your business processes and marketing. Not to mention, a detailed coaching niche will help you:
a. Increase your satisfaction, expertise, and your rates
b. Identify Ideal Clients
c. Create Buyer Personas
d. Tailor Content Marketing & Sales Messaging
e. Target Ads to Prospects
f. Develop Coaching Packages & Programs
When developing your coaching niche, consider the following questions, BUT from your customer's perspective:
a. Understand - What are your strengths and weaknesses according to your niche/client’s perspective?
b. Consider - How can you help your established network? Are you always asked for the same advice or to use the same skills to solve a problem?
c. Envision - Who is your ideal customer? Who do you want to coach? What makes your heart sing?
d. List - 5-10 of your personal and professional values - Personal Development, Authenticity, Fame, Contribution, Happiness, etc.?
e. Write - Your definition of success personally and professionally. Do you want to be a millionaire? Do you want to start as a solopreneur then grow your coaching business by hiring employees? Do you want to live by the ocean?
f. Consider - How do your values align or conflict with your definition of success? If they conflict, do you need to change your Definition of Success?
If your coaching niche does not align to your values and definition of success, you will fail. You will fail to serve your niche. You will not be satisfied. You will not feel passionate about running your coaching business.
STEP 3 - CHOOSING COACHING BUSINESS NAMES: Get your creative juices are flowing. It’s time to pick your coaching business name.
1. Try to make your coaching business name unique, but somewhat related to your market, niche, or coaching program
2. Your business and domain names (URL/www.yourbusinessname.com) should be an exact match or remarkably close with one exception: You could use your name for the domain.
a. Example: My LLC is ShapeShift Lab LLC, but my domain name is www.stewartswayze.com. My brand is Swayze, my logo is Swayze, and all my marketing uses Swayze. Swayze is a recognizable name - a brand
b. But all my contracts are signed using ShapeShift Lab LLC
c. For personal reasons, I did not want my LLC to bare my name, plus if / when I expand my company, I can switch to using ShapeShift Lab. I have already purchased that domain name as well.
3. If your business name is unique, it will reduce the chances of another company slapping a trademark lawsuit on you
4. Keep your business name relatively short. Again, consider your future website URL. You do not want 30 characters before the “.com.” Nobody will remember that!
5. You can check domain name availability at Google Domains
STEP 4 - LEGALLY INCORPORATING YOUR COACHING BUSINESS: Once you have determined a business name, consider incorporating your coaching business. Many coaches spend too much time researching to find the right legal structure. I am not an accountant, nor a lawyer. I cannot provide accounting or legal advice. However, I will tell you to find a local lawyer or accountant to help you. It is critical to understand the differences between business structures. Your business structure will determine which applications to submit to your territory, state, and federal government. Below are the most common business structures as defined by the Small Business Administration (US):
• S-Corporation: "An S-Corporation (also referred to as an S-Corp) is a special type of corporation created through an IRS tax election. An eligible domestic corporation can avoid double taxation (once to the corporation and again to the shareholders) by electing to be treated as an S corporation."
• Partnership: "A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor, or skill. In return, each partner shares in the profits and losses of the business."
• Limited Liability Company: "A limited liability company (LLC) is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. The 'owners' of an LLC are referred to as "members." Depending on the state, the members can consist of a single individual (one owner), two or more individuals, corporations or other LLCs."
• C-Corporation: "A C-corporation is an independent legal entity owned by shareholders. This means that the corporation, not the shareholders that own it, is held legally liable for the actions and debts the business incurs. Corporations are more complex than other business structures because they tend to have costly administrative fees and complex tax and legal requirements. Because of these issues, corporations are generally suggested for established, larger companies with multiple employees."
• Sole Proprietorship: "A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner. You are entitled to all profits and are responsible for all your business's debts, losses, and liabilities."
STEP 5 - SETTING UP YOUR FINANCIAL ACCOUNTS: Once you have incorporated your coaching business, set up a business banking account. I am going to hope you selected a business structure other than a Sole Proprietorship. Opening a business banking account is an essential step in starting a coaching business. By having a separate business banking account, you are separating your business funds from personal funds. Separation of funds helps protect you from liability if someone sues your company. Co-mingled funds are also a huge red flag for the IRS. Here why you should have two different accounts:
a. Deducting Start-up Expenses: You can deduct start-up costs from your business during your first year.
b. Claiming Business Expenses as Deductions: If you use a business account, you capture all business income and expenses in that account. Much easier during tax time.
c. IRS Audits: If you co-mingle your funds, the IRS might deny deductions and business losses if your accounts are not separated.
The fees to open a business banking account can vary. Shop around for a business banking account.
Below are several types of financial institutions that offer business accounts:
a) Credit Unions: Could be an excellent option to start. Sometimes, Credit Unions are an inexpensive option with lower fees and competitive rates. But you should still shop around. Some have pricing models as high as larger institutions
b) Smaller Community Banks: a similar scenario to Credit Unions. Depending on your business, it could be essential to develop a “local” banking relationship. Expanding your network is never a bad option. Several local banks in my city put on networking events for businesses and entrepreneurs
c) Online Banks: If you are happy going online, you may find lower prices and attractive lending rates. However, you give up the personal relationship and potential networking opportunities
d) Institutional Banks: They will have every service that you need and then some. Do not shy away because you think they might have higher fees. Sometimes, the more volume, the lower the fees.
Last, sign up for online payment processing so you accept credit cards and online payments. It’s not a bad idea to have accounts with several online payment processing companies. Conduct research and be aware of the service fees.
STEP 6 - AUTOMATE YOUR FINANCES: Let me give you a few other considerations on your finances. I have read many books, blogs, and resources. I have sat down with my financial adviser and accountant. I did not start this way but have transitioned into a systematic approach to my finances.
The MOMENT revenue comes into your business account do this:
a. Automate a 10% immediate transfer into a personal savings account
b. Automate a percent transfer into an account for taxes (know your state and federal tax rates)
c. Allocate or pay your fixed operating expenses
d. Allocate an amount to build up your business cash reserves
e. Allocate a percentage to contribute to your pre-tax retirement benefits
f. Anything left goes to salary, personal development, or re-investment in your business
STEP 7 - UNDERSTANDING YOUR POTENTIAL EXPENSES: I’ll do my best to provide the expenses most coaches will encounter, but your start-up costs will depend on you.
a) Equipment: Equipment lasts longer than a year. Typically, this includes your computer, extra monitors, all-in-one printer, and a work vehicle (if required).
b) Supplies: Business Supplies you typically consume within one year. These include furniture such as your desk and chair, paper, pens, printer ink, paper clips, etc. Supplies are low-cost items but can add up over time.
c) Real Estate: Your real estate expense will depend on your business and needs. Keep these expenses as low as possible. You have several options. If possible, work from home, a coffee shop, or bookstore. When you need an office, consider using a “day office” or co-working space. Companies like Regis offer offices you can rent by the day.
d) Insurance: Speak with an insurance broker for your specific needs. In general, most businesses will require General Liability Insurance. You might consider an Umbrella Insurance policy as well. I’d speak with your broker to determine if you need Errors and Omissions insurance (E&O). This type of insurance covers claims made by clients for inadequate work or negligent actions.
e) License and Permit Fees (Regulatory, Country, Federal, State): As previously discussed, you need to research any licensing or permitting requirements. Based on your needs, there will be startup and ongoing expenses.
f) Incorporation and Filings (Regulatory, Country, Federal, State): My advice, please incorporate. Don’t go into business as a Sole Proprietor.
g) Contractor Expenses: Do as much as you can on your own. You may need to hire a freelancer to perform services. Contractor Expenses could include a Virtual Assistant, a Web Site Developer, Marketing Services, Logo Designers, etc.
h) Website & Domain: Do NOT go into business without a website. Social Media sites alone (no website) won’t help you in the long-run. No matter what, you’ll have startup and ongoing expenses to keep your website up and running, plus secure a domain name. Consider using a DIY website service as Squarespace or Wix. Keep these expenses low.
i) Professional Services (Legal, Consulting, Accounting): If you haven’t figured it out by now, I highly recommend using local legal and accounting services. Using a company like Xero can help reduce your bookkeeping expenses. Xero provides accounting/bookkeeping software as well as other
STEP 8 - BUSINESS LICENSING & COACHING CERTIFICATIONS: Coach training programs and certifications add to your credibility. For example, I have a Professional Coaching Certification through iPEC. The International Coaching Federation developed a Training Program Search Service (TPSS) to help you find approved and some of the best life coach certification programs.
Are you required to have a coaching certification?
Could you still be a successful coach without one?
However, will a certification add to your creditability?
For business licenses, many cities or states require at least a general "business" license. Even if you are a Sole Proprietor, do not make the mistake of operating a business without checking local and state laws. If you plan to work from home, research zoning laws. Some cities restrict the type of work you can do from a home office. You can find resources through online research, a local lawyer, and industry associations. Do not let a simple regulatory or compliance mistake stop your coaching business in its tracks.
STEP 9 - PURCHASING YOUR BUSINESS INSURANCE: Business insurance for most coaches will not be different from any other business. Whatever you do, do not skip purchasing insurance. Without insurance, you could find yourself financial trouble. We live in a litigious society. People sue for anything. I am not saying this to scare you. I am stating the importance of carrying insurance. At a minimum, you will need to have liability insurance. But, if you run your coaching business out of your house or use your car, you will need to consider separate coverage options. From there, your insurance coverage will be a personal decision. Just like your business account, shop around. Each insurance agent you speak with is an opportunity to learn more about what you really “need” versus what they are trying to up-sell. If you know anyone that is a coach, ask him or her for recommendations.
STEP 10 - PURCHASING YOUR HEALTHCARE BENEFITS: Purchasing health insurance is a lot easier than most coaches think. You already know the names of major health insurance companies. Most of those companies have individual policies. If you have a spouse and children, they’ll have plans to cover them as well. Go to their websites and do a little research.
In the US, you can also explore healthcare.gov. However, I have no idea how long that will continue. Plus, I found my health insurance was less expensive working directly with my insurance provider and not using healthcare.gov. Trade and Industry Associations sometimes have information on healthcare as well. Freelancers Union offers healthcare insurance. You can also find specialized agents through the National Association of Health Underwriters.
STEP 11 - ESTABLISH YOUR RETIREMENT BENEFITS: According to a US poll conducted by Greenberg Quinlan Rosner Research in 2016, 40% solopreneurs (some were coaches) do not have a retirement plan. Do not be in this group. Speak with your financial adviser and accountant. Set up a retirement account, even if you can only contribute a small amount for the first few years. If you are in the US, I will list two options for you to research, but speak with your financial advisor and accountant.
a. Solo 401Ks – Also called One-Participant 401(k) Plans by the IRS. According to the IRS: "The one-participant 401(k) plan isn't a new type of 401(k) plan. It's a traditional 401(k) plan covering a business owner with no employees, or that person and his or her spouse. These plans have the same rules and requirements as any other 401(k) plan." Find detailed information on Solo 401Ks on the IRS Website
b. SEP IRAs – Again the IRS definition is: "A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees' retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account, or Annuity (IRA) set up for each plan participant (a SEP-IRA)." Find detailed information on the IRS Website.
STEP 12 - UNDERSTAND YOUR TAX LIABILITY: What is the biggest mistake coaching make when running their business? Let me be frank and excuse my language a bit. You WILL get kicked in the ass if you do not set aside money for taxes. You’ll be rolling along, having a great year, thinking, “Damn, I made $120K this year! Freaking amazing! “Then, boom! It is tax season. But wait, you forgot to set aside money taxes. “I owe what in taxes? Oh shit! I’m short.” Your cash flow is crushed. Your bank account is empty. “Mom, dad, friend, brother, sister ... can I borrow some money?” Your mistake ... you generated a “pre-tax” revenue of $120K. THIS IS NOT NET INCOME! If you do not plan, set up your accounts, and automatically set aside part of your revenue for taxes, this can literally put you out of business. Done and dusted. This mistake happens all the time when someone transitions from employee to entrepreneur. Do not make this mistake. Again, talk with your financial advisor and accountant. Set up a bank account that, if possible, automatically transfers a certain % for taxes into a separate account. The moment revenue drops into your business account, transfer funds into separate accounts for taxes, savings, retirement, etc.
STEP 13 - TRACKING & MAINTAINING CASH FLOW: Cash flow, or the lack there of, can destroy your dreams in a flash. Know your cash flow inside and out. Keep your cash outflows as low as possible. From day one, you need to develop a system to track of your cash flow. Score has a 12-month Cash Flow Template that you can use. Here is a dilemma you might run into. Let us say you accepted monthly payment plans to close a few clients. Those payments come into your account on different dates throughout the month. But you have several significant business expenses that land around the same date of the month. Suddenly, the "timing" of the money coming into your bank account versus the timing of the money going out of your bank account is off. You have more cash flowing out of your account than going into your account.
STEP 14 - BUILDING YOUR TEAM: You will need support, but not necessarily employees.
When you start a coaching business, you will wear different hats: CEO, CFO, CMO, COO, Head of Sales, etc. However, just because you are a solo entrepreneur, does not mean you can do everything. In fact, it is not advisable. Track your daily tasks. Assign dollar per hour increments to every task you perform. Once you build up some cash reserves, find freelancers, software, or automation to support your business. Here’s example to illustrate my point. You can choose your own $/hour increments but think about it this way.
1) Highest Priority – A task that costs or generates $1000/hour
a) If possible, do it yourself
2) Medium Priority – A tasks that costs or generates $100/hour
a) If possible, do it yourself at first
3) Low Priority – A task that costs or generates $10/hour
a) Immediately delegate to a freelancer or find a way to automate
4) I’ll share with you examples from my business:
5) Manually posting my content on each social media channel, $10/hour task
a) Solution – Automation through Buffer
6) Logo Design, $100/hour task
a) Solution – Hired a Freelancer
7) Strategy Sessions & Sales Calls with Prospects, $1000/hour task
a) Solution – My highest priority
8) You can find freelancers on Upwork or other freelancing sites.
When hiring freelancers, conduct “video” interviews and consider a try-out period. Most importantly, provide exact instructions and detailed information on the final product you expect. If you want to delegate a high-quality task, ask around in your network and social media. 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 – DEVELOPING 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 is your business. It is 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 start-up 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 on how to price 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.
STEP 17 - RECOMMENDED TECHNOLOGY AND RESOURCES:
a) Podcast: Content Marketing for Coaches - Learn to Grow Your Revenues by Attracting Customers Online.
b) Pricing: Here’s a Free Calculator to Determine How Much You Should Charge for Coaching - Click Here
c) Website: I have a DIY Website through Squarespace. I want complete control of my website. With Squarespace, I’m able to update and add to my site any time. Plus, it’s super easy! I did not have to learn code, hire an expensive website designer, and it already comes packed full of integrations. Wix is another good option.
d) Client Scheduling: Acuity Scheduling. Simple to set up. Great user interface and integrations. Plus, if you have a Squarespace account, they automatically upgrade your plan.
e) Social Media Scheduling: I use Buffer to schedule and automate my social media posts. Buffer has plenty of pricing options that will suit any budget.
f) Customer Relationship Management: I use HubSpot’s CRM. They have a free CRM for Small Businesses that is simple set up. I have found that their CRM has everything I need to track, organize and nurture my prospects and customers.
g) Graphic Design: Canva is impressive! Anything I say will not do it justice. It is so easy to design and create any type of marketing materials you need. They have all sorts of ready-made templates for you to use.
h) GIFs: Giphy has been around forever. If you use GIFs or want to create them, this is the place.
i) Free Stock Photos (and videos): I wrote a detailed article on finding cool pictures for Instagram. Although the title is specific to Instagram, you can use the resources for any social media platform: Free Stock Photo Sites.
j) Keyword Research: For Ubersuggest! It’s free and amazing!!! You can also add Keywords Everywhere as a Chrome or Firefox browser add-on.
k) Typeable/Editable PDFs: I am sure you create PDFs, but don’t want to spend a bunch of money to get Adobe Pro. Your solution: PDFescape. Create a PDF, upload it to PDFescape, and then select the areas you want to be typeable. Done!
l) Transcription: I use Rev for my transcription needs. If you create audio or video, you can use Rev to turn your clips into written word! Great for content repurposing.
m) Audio/Video Conferencing: Zoom. I have tried them all but have not found anything that is as good as Zoom for the price and options.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
Answered 3 years ago