HOW MUCH DO YOU NEED TO OPEN YOUR COACHING BUSINESS
It’s less than you think
Is it possible to start without money? Yes!
But you need a plan.
First I want to address a “strategy” I see people using a lot: Do not use your credit card to start your business if you don’t have the money to pay your whole bill.
Never pay just the minimum!
And I mean it! Don’t start your biz in debt, please!
There are some business coaches out there asking you to put their fees on your credit card as an incentive for you to do the work.
Like “do it, you have a month, no excuses”. But if something happens, you will have $3,000 in debt on your credit card.
And if you don’t have money to pay, you can pay late fees of 30%. So, if you came across one of those coaches and you’re thinking about it, consider this the warning you needed to not do it.
Some links in this post are affiliate links, if you click and buy from it, I’ll get a small tip. No extra for you. They are marked with an asterisk (*)
| What’s my autorithy to say anything about this? |
I will tell a little bit about my journey here. In 2018, I left my job because I was so stressed about everything that was going on in that company. I was suffering with micromanaging that I think it’s one of the most damaging things a Manager can do with their employees.
I decided to open my own business, the Berry Nice Studio, a web & graphic design business with no planning, no idea what I was doing, buying courses with the money I didn’t have, believing in ads around the internet.
I got some clients but it was never enough. I had some family problems too. It was horrible.
I had no plan, I was applying for jobs, I was scammed by a horrible company, I got depressed and I forgot who I was. I was doing what other people expected me to do and I think it was one of the saddest years of my life.
Also in 2018, I created a blog called Little Time to Read Today, about books and lifestyle. There’s one post on that blog that gives me enough money on affiliate links to fund my business today (I am not talking about millions of dollars LOL it’s Amazon affiliate, 3% per purchase).
I added all that extra cash on my TFSA on WealthSimple* (you get $10 to start investing by clicking on this link: here my contribution for you business, $10!)
By the way, there’s no shame in finding a part-time job at Starbucks (like Vanessa Lau did) or sell stuff on poshmark or ebay to make extra money. You need time to work on your dream too.
Like my dad used to say, there’s no shame in working hard to be independent.
In the end of 2018, I got a job at a good company here in Winnipeg and although I love working there, I was always wondering if I should quit and try having a business again.
Like many, I lost my job due the pandemic. I spent 2020 doing 3 things: looking for a job, learning about myself/biz & making a plan.
I didn’t make my plan alone. I got myself into Bossgram Academy and it was the best decision of my life.
DIY my own business was one of the worst decisions I made and today I can see clearly that I didn’t save money, I postponed my dream in 2 years. Just because I was too close to what I thought people wanted from me, and I was stuck with all my limiting beliefs.
| So, what’s your plan? |
After you figure out what you want to do as a Coach, what kind of niche you want, nothing is stopping you.
Maybe, just your limiting beliefs.
There is only one item on your to-do list, and that’s “find a beta client”.
You don’t need a website when you are first starting out, I made a whole post about this here.
If you have no money, and you want to start your online coaching business, you don’t need office supplies, you will work from home with stuff you already have, you don’t need most of the stuff people say you need to open your business.
To be very basic here, you need a good internet connection, a laptop with a decent camera and a headset.
If you don’t have a laptop, use your phone (I know it doesn’t look professional, but you don’t need to explain anything to anyone)
Don’t create excuses! (the moment you have cash, you can buy your equipment)
You already have your internet, a phone with a camera. That’s Zero Dollars!
Put yourself in 3 Facebook Groups on your niche and make a post saying you need a beta client and go test your offer.
It really is that simple!
| How to deal with negative people in your life |
Every time someone decides to open a business, a bunch of family members or coleagues start to convince them it’s a bad idea.
Most people only know one way to make money: getting a job. And if you don’t have one, they think you need to be lectured.
They need to tell their opinions.
If you have these people in your life (I have), there are only 2 ways to deal with.
1. Suffer
Waste your time to change their opinions, cry, thinking of giving up, find a job, cry, etc.
2. Agree with them (on the spot)
I know it sounds awful, and feels like you’re giving up, but why would you spend time to convince someone with something they don’t have any say about it? Your life!
They: “I think you should find a job”
You: “I think you’re right. Thank you.”
And go open your business. End of story.
Prove them wrong.
You can laugh about it, I even made a reel about this!
| A plan |
I am not a Business Coach, but I had my share on starting from zero. Biz and Personal. Of course, this is not a real plan, but a starting point.
The first 3 things you need are free: A niche, your offer and your fantastic self!
Then you need a beta client to test your offer.
That beta client is free of charge, you can find them on Facebook Groups or maybe it’s one of your friends, or your sister. But you need an open channel of communication (what’s working, what’s not), so you can finally charge for it.
In Canada, you don’t need to register your business until you make 30k a year.
However, the moment you start collecting money from people, make sure you have a contract in place! This is a no-brainer.
You need to create a contract or an agreement, to make sure you are getting paid and your client is receiving what they paid for. But don’t copy one from the internet.
I don’t have money to hire a lawyer to draft a contract for me, I did what many people who is just starting do: I got a template, from a lawyer!
I got mine (Independent Contract ) from Kelli Jones, you can get yours here (she has a starter coach kit).
You can send the agreement via google docs, but my personal favourite is Honeybook *(It’s only $9 a month until you make 10k). They help you setup, it’s super cool! 🙂
Starting a business is probably one of the easiest thing of having a business. It's cheap too! Keeping yourself in business, that's the challenge! Click To Tweet
But don’t DIY everything. Unless you are a genius of business with support, you will need help and the more help you get, the easier will be.
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