Starting a new career can be both exhilarating and scary because you don’t know what to expect. Thankfully, the life coaching industry has been growing steadily because people are learning the value of investing in themselves–and others. But before you ask what a life coach makes, you should know how much it costs.
Before you become a life coach, you need to undergo the prerequisite training, be it through the best online life coaching programs or in person. While it’s not required, there are various benefits of a life coach certification, which of course come with costs of their own.
Understanding the Cost
It’s easy to jump right into a new endeavor without knowing the costs, but it’s better to be prepared financially than risk being surprised when the cost is higher than what you expected. We’re going to break down costs into four categories—registering your business, marketing your brand, acquiring business insurance, and investing in scheduling software.
Registering Your Business
You need to register your business if you want to be seen as legitimate–being registered is also important in case someone decides to take legal action against you. Registering your business as an LLC costs around $100 to $150 annually.
Business insurance isn’t mandatory when starting a life coaching business, but you want to rest easy knowing you’ll be protected if something happens to your business. You should consider business insurance even if you’re operating your coaching from the comfort of your home—this includes insurance on data, which is one of the most important assets you’ll be collecting from clients. The price of business insurance is based on how comprehensive it is and the insurance company you chose.
Marketing and Creating Your Brand
The only way you’ll succeed as a life coach is by having clients. As such, you should plan to spend money on marketing. There are many ways you can market yourself, including by hosting free training sessions and webinars.
Content marketing is another effective way to market your life coaching business–you’ll want to establish a blog, which comes with a variety of costs, such as purchasing a url and web hosting. You may even end up hiring a blog writer if you don’t have the skills to do it yourself.
It’s not uncommon to receive an overwhelming number of clients at once. As such, you should consider investing in quality scheduling software to ensure you effectively track everyone and provide them with the best service possible. Scheduling software will also reduce the need to worry about matters such as invoices and contracts.
Other Costs of Becoming a Life Coach
Other costs that you should expect to incur can include:
- Becoming certified
- Employee salaries
- Social media management
- Cost of office equipment
Now that we’ve covered the bases, it’s up to you to work on the final details. The two most important costs to consider are your office space and your marketing—the rest can come later. Looking for more in-depth guidance? We’ve got you covered at Symbiosis Coaching.