How Much Does It Cost To Start A Coaching Business?
Assuming you're actually qualified to coach someone on something, the good news is the greatest expense of starting a coaching business is a bill you've already paid.
The years of experience and perhaps degrees and professional training that you had to invest in to acquire knowledge that you can use to coach someone to achieve a result is the greatest expense your coaching business will incur.
You've already paid that bill.
Now, it's about the details of actually starting the business, which includes registering a company with your local municipality, getting a website registered, hosted, and designed, getting email service, getting a CRM system, creating marketing materials.
And on and on...
DIY or Do You Want Help?
How much this will cost you is going to be greatly determined by how much of this do you plan to do yourself and how much will you outsource (pay someone else to do)?
You could probably DIY everything for less than $1000.
But that means you're doing it all by yourself, which you'll soon learn is a false economy because it will usually take you ten times as long to produce a result that's not even half as good as if you'd handed the work off to someone else.
And all the while you're taking ten times as long to produce inferior results, you're not making any money.
So if you're thinking about starting a coaching business, go into it with the mindset of building a BUSINESS where you put other people to work, rather than creating a set of jobs for yourself that you're not qualified to do, won't have time to do, and aren't even interested in doing.
And we're not even talking about the cost of any business coaching and/or coaching training & certification programs you may feel you need.
I'd say budget at least $5000 if you want to get help and get things done quickly and correctly the first time.
You won't need all that money up front, but that's a good guideline to keep in mind.
Budgeting For The Life You Want
Remember, this is an investment in the better life you want to create for yourself.
You've spent far more money on material things (your car is an easy example).
And how much did your college degree cost?
Don't get cheap when it comes to building your future.
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