This is 6 in a series of 24 blog posts on Business and Marketing.
When you are starting a business, it is essential to plan for expenses and to set income goals. As a coach, this typically begins with coach training and then goes on to start-up, set-up, and finally operating expenses. For someone who decides to be a coach the cost of an ICF-approved coach training ranges from a few thousand on up to tens of thousands of dollars. (At the Center for Coaching Certification, the Certified Professional Coach and Certified Master Coach programs are offered.)
Start-up expenses for a coaching business include the cost of licensing or incorporation, establishing a banking account, professional liability insurance and possibly legal or accounting services. Next, plan for business office set-up expenses which may include purchasing furniture and equipment. Launching a website and printing business cards are essential basics. Regular expenses include telephone, internet, possibly rent and utilities, memberships, printing, postage, marketing, professional services, memberships, continuing education, product development, technologies, and materials. If you plan to take credit cards, do plan for those fees as well.
At the Center for Coaching Certification, all Certified Professional Coaches are provided with a spread sheet that is already set up for business and personal budgeting. In the spread sheet, there is a budget worksheet set up for monthly tracking with a weekly breakdown and one with an annual budget organized with monthly totals. When you budget, plan how you will track and use your budget and financial reports.