How much does it cost to start a life coaching business? – Life Coaching Practice Business Plan

Start-ups in this space generally charge a minimum of $5,000 for all the services. There are exceptions to this like companies that offer a full coaching program and/or coaching workshops.

Here is a chart listing some of the costs associated with starting your own coaching business:

Startups will also often require that you sign a nondisclosure agreement like this one. Here’s an example.

Why hire an accountant to help you start your coaching business?

An accountant helps make sure the firm you buy your coaching services from has appropriate tax ID information.

It also ensures that your accounting firm knows where each business’ income and expenses went in your early days.

If you are a startup, find an accountant that knows your business well and can get things set up in a timely manner. This is especially important if you want your coaching services to last.

Where can I get a certified coach to teach me coaching?

If you are in the startup market, an online coach or even a phone coach is probably the way to go. Some of the major online coaches include Michael A. Yassky, who runs the site www.coachme.com in which he teaches online training for life coaches and other professionals.

If you need a coach more to be your coach, a few of the leading coaches in the startup space offer these services.

Can money go up when I start coaching?

In a startup, you might start out with absolutely nothing when you get started. This is when you can choose to just do whatever it takes.

It’s a good idea to get some money up here in the beginning because there is no way to get paid back if the startup is not successful. But be sure to take that $5,000 and use it to pay for your early training.

Do you do my taxes?

If your coaching business is run and staffed by your employees you now have to fill out the IRS form 1099. You will need to use a firm for this because there is no filing fee for this.

But don’t worry. You don’t have to go to a huge tax liability as you would in other fields. You don’t have to pay taxes for the full amount of time that you invest in your coaching.

How do I learn more about life coaching and starting a business?

Read this book by the American University of Beirut professor of coaching, Mark A. Shue

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