Establishing a Business

establishing a businessImagine you did it – you completed you coach training and are a qualified member of the International Coach Federation.  Then you ask yourself, “Now what?”  You know you want to coach and you want to work independently.  What does it take?

To ‘be a business’ means have the appropriate legal structure.  For some this means filing with local or regional authorities as a sole proprietor or partnership and having a business license.  For others it means incorporating.  To get started, research the requirements and the types of business structures.  For example, in the United States each state has a Secretary of State website where you can read about options and file as a business entity.  The research and filing can often be completed in a matter of hours.

When establishing your business, the first or one of the first things asked is the name of the business.  Sometimes people simply use their own name.  The advantages of this approach include simplicity and when you are known the recognition.  Some choose a name and one advantage is creating something ‘bigger than’ so it is perceived as more than a single person business.  When choosing a name consider how it will be perceived by prospective clients.

With a business name and legal structure in place, having a Business Plan as a guide to what you do is very helpful.  How involved of a business plan is based on what is helpful for you and others involved in the business.

In addition to providing links to organizations that help with business planning, the Center for Coaching Certification provides tools, training, and more resources on the Coach Login page for graduates including a planning worksheet and an outline for a business plan.

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