{"id":3707,"date":"2012-11-28T06:03:54","date_gmt":"2012-11-28T06:03:54","guid":{"rendered":"http:\/\/centerforcoachingcertification.com\/coachingblog\/?p=3707"},"modified":"2022-09-13T20:04:45","modified_gmt":"2022-09-13T20:04:45","slug":"considerations-for-starting-a-coaching-business","status":"publish","type":"post","link":"https:\/\/www.coachcert.com\/coachingblog\/considerations-for-starting-a-coaching-business\/","title":{"rendered":"Considerations for Starting a Coaching Business"},"content":{"rendered":"<p>This is 2 in a series of 24 blog posts on Business and Marketing.<\/p>\n<p>When you are starting a business, <a href=\"https:\/\/www.coachcert.com\" target=\"_blank\" rel=\"noopener\">coaching<\/a> or otherwise, a first step is figuring out a name.\u00a0 This sounds obvious \u2013 do think about it.\u00a0 Sometimes people use their own name.\u00a0 What are the pros and cons?\u00a0 If your name is known and recognized positively, this can be an advantage.\u00a0 If your name is unknown, it may be perceived is a small, independent start-up and some wonder if you will stay in business.\u00a0 When you name your business, what does the name mean to others?\u00a0 Do they know what kind of business it is?<\/p>\n<p>The next consideration is the type of ownership.\u00a0 Local and state laws vary so it is important to find out requirements and implications.\u00a0 For example, some find a license, partnership, or DBA is fairly simple and inexpensive.\u00a0 Others explore types of corporation because while it may require an extra hour or two of work and a few hundred dollars more, a corporation is separate which means your personal finances are then separate from company finances in terms of liability and bookkeeping.<\/p>\n<p>Once you have your <a href=\"https:\/\/www.coachcert.com\/training.html\" target=\"_blank\" rel=\"noopener\">coaching<\/a> business established legally, most banks will require an Employer Identification Number, EIN, along with your business organization papers to set up an account.\u00a0 The EIN is free and is basically the IRS version of a social security number for your business to track it and use on tax returns.<\/p>\n<p>A question many consider is whether to have insurance as a <a href=\"https:\/\/www.coachcert.com\/training\/certified-professional-coach\/program-overview.html\" target=\"_blank\" rel=\"noopener\">professional coach<\/a>.\u00a0 Of course the ideal is that because as a coach you do not give advice, there is no reason for it.\u00a0 The reality is there is risk, so it is about weighing the cost of insurance against that risk.<\/p>\n<p>Explore professional services including legal and accounting.\u00a0 Knowing your options now whether you wait to engage these services or not makes it easier when you do decide you want to work engage professional services.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is 2 in a series of 24 blog posts on Business and Marketing. When you are starting a business, coaching or otherwise, a first &hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,40],"tags":[70,125,52,59,69,119,48,71,85,50,54,55,118,115,117,57,87],"class_list":["post-3707","post","type-post","status-publish","format-standard","hentry","category-business","category-tools-and-techniques","tag-achieve-and-sustain-excellence","tag-be-a-business-coach","tag-build","tag-business-2","tag-business-development","tag-career-coach-certification","tag-coach","tag-coach-marketing-strategies","tag-coach-training","tag-coaching","tag-coaching-business","tag-coaching-services","tag-executive-coach-certification","tag-icf-approved-coach-training","tag-life-coaching-certification","tag-part-or-full-time-coaching-business","tag-professional-coach","latest_post"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/posts\/3707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/comments?post=3707"}],"version-history":[{"count":4,"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/posts\/3707\/revisions"}],"predecessor-version":[{"id":10538,"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/posts\/3707\/revisions\/10538"}],"wp:attachment":[{"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/media?parent=3707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/categories?post=3707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coachcert.com\/coachingblog\/wp-json\/wp\/v2\/tags?post=3707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}