Providing coaching services is a business. Sometimes it is a business within a business where the coaching is done by employees for employees of a company. Other times coaching is a free-standing part or full time business.
If the coaching is within a company, the set-up includes determining how it is managed. For example, coaching may be an HR function, Organizational Development program, Management Initiative, or offered through an EAP. Each of these departments has parameters for how they manage their work. Understand how coaching is managed within your company.
If you are a coach offering services independently, research and take the steps to form a business to avoid the possibility of operating a business in violation of the requirements within your home state. Consider also how your business structure influences banking and business insurance.
Most often researching the requirements in your state is a simple as visiting the website for your Secretary of State. Read about your options, what is necessary, and how to take the appropriate steps. Options generally include a sole proprietorship, a partnership, or a type of corporation. The appropriate steps generally include registering the business and paying taxes.
For excellence in coaching, decide how you are structuring the business and management of your coaching services. Take the steps to set-up the business side of coaching before offering services so that when you coach, you are managing your services appropriately.
