Start your coaching business
DISCLAIMER: All information outlined below is to assist you in getting started. Research further before making your own decisions. Recommendations are via coaches and not endorsed by Aspire Coach Training.
Start your own business course
- Search your Local Enterprise Office for virtual ‘Start your own Business’ training or visit https://www.localenterprise.ie/Discover-Business-Supports/Training-Programmes/Start-Your-Own-Business-Programme/
- Limerick LEO course is 4 hours and is €20
- Fingal LEO course is 3 hours per week for 5 weeks and is €100
- Topics include : Market research, Business Planning, Sales, Bookkeeping, Pricing, Tax,
- Legal, Marketing…
Business Plan
- Consider type of coaching, type of clients, time and expense to ramp, Vision/Mission, revenue, etc.
- Sample template from AIB – https://business.aib.ie/content/dam/aib/business/docs/help-and-guidance/Business-Plan-Guidance-CCABI-and-IBF-(Final-Version).pdf
- You don’t need all the sections for a Coaching business but gives you an idea
Accountant
- Helpful for setting up company, paying tax, doing annual returns, invoicing capability…
- Many will give a high level service and introduce you to some simple self-service Accounting software so the cost is lower
- To set up a company & manage accounts can cost between €500-1500 depending on needs
- Seek out local Accountants that are recommended or https://www.taxassist.ie/
- Recommendation 1 : BCA Accountants – contact is Caroline McGrath. Email : carolinemcgrath@bca.ie
- Recommendation 2 : Nadine Bragg. Email : nadine@jbyrneassoc.ie
Sole Trader or Limited Company?
- Consider which best suits you : Sole Trader or Limited Company – have a look at https://www.thinkbusiness.ie/articles/structuring-your-new-business/
Registering a company
- Consider name and potential for Website Domain: https://www.forbes.com/sites/allbusiness/2016/10/23/12-tips-for-naming-your-startup-business/?sh=251497b4904e
- Look up the CRO (Companies Registration Office) site for info https://www.cro.ie/Registration/Business-Name
- Setting up company costs approx. €300-500
- Most accountants can set it up. More info : https://www.companysetup.ie/company-formation-package/ OR https://accountantonline.ie/guides/company-formation/
Revenue & Tax
- Revenue overview: https://www.revenue.ie/en/starting-a-business/starting-a-business/index.aspx
- Tax obligations: https://www.thinkbusiness.ie/articles/understand-your-businesss-tax-obligations/
Should you register for VAT
- Worth considering if revenue expected to be > €50K annually
- Look at https://www.accountsplus.ie/need-know-value-added-tax-vat/
Banking
- Setup a business bank account and get online banking etc. setup
Small Business Loan
- Discuss with your bank. BOI : https://businessbanking.bankofireland.com/credit/business-loans/
- If a Limited company, can also consider giving a Director’s loan that the company will pay you back in time. Check with your accountant for help with this.
Professional Indemnity Insurance
- Required. Two good suggested companies : OBF (https://www.obf.ie/) or Balens (https://www.balens.co.uk/)
- Approx €150-200 annually depending on your needs
Logo / Brand Image
- Can use free software to create your own for example: https://www.canva.com/
- Recommendation: Jeri McMahon (jerimahon@gmail.com) Can build your brand image – font, colours, logo etc. Cost 80 euro per hour, usually takes 3 hours
Hosting, Website & Email
- Companies such as OVH, Blacknight, Hosting Ireland, Host.ie etc.
- Can get domain name, 5 email addresses, hosting of website and free WordPress or Wix (or equivalent) website building software for approx. €100 per year
- For Domain name, can choose .com, .ie or something else depending on your business name, price, availability etc.
Website
- ICF now offering members a starter website as part of their membership
- Set by step guide from Vikki Harris (Coach) : https://www.vickiharris.ie/post/mentoring-diy-method-to-get-your-business-website-live-fast
- Calendly is a good software package that adds Scheduling to you site. Visitors can click and arrange an appt directly to your calendar
- LEO grant details : https://www.localenterprise.ie/Discover-Business-Supports/Trading-Online-Voucher-Scheme/
- You’ll need to create the content for the website even if you hire someone to build the site. Takes time and effort but very useful way to think through your services and how you want to pitch yourself.
- Recommendation : Alessandra Dianin (Phone 089 9810270). Built Pamela’s website (https://pamelarenwick.com/), all the photos taken with an iPhone. Cost 20 euro per hour – expect to pay for 10-20 hours depending on what you are looking for.
Pricing
- Interesting calculation : consider income (after expenses), the number of hours you want to work and you can calculate a target € per hour that you need to earn.
- You will be doing preparation and wrap up work which you won’t be charging for so consider that in your calculation.
- Depending on the work, the € per hour varies (eg. life v career v Exec coaching etc. and also who is paying : Individuals v Companies).
- Maybe consider a portfolio of work so the € per hour evens out to a number you can live with
Marketing
- LEO (Local Enterprise) can also help with good Marketing courses and can even provide a Mentor https://www.localenterprise.ie/Fingal/Start-or-Grow-your-Business/Start-a-Business/Marketing-Your-Business/
- Article : 8 tips on how to market your Coaching business : https://clevermemo.com/blog/en/how-to-market-your-coaching-business-tips-strategies/
- Link to Google Ads coupon : https://ads.google.com/intl/en_ie/lp/coupons/
Tools for the Job
- It May be worth investing in laptop, sound equipment, software (Zoom, Calendly, Notes Plus etc.)
- Consider office furniture, stationary, broadband upgrade
- Memberships of useful organisations : ICF, Chambers of Commerce etc. Also attendance at conferences or events.
Elevator Pitch, Bio, Proposals & Contracts
- Prep your Elevator pitch and Bio
- Proposal : Outline who you are, your services and pricing when pitching after Chemistry meeting
- Contract : Your terms of Business that the Client signs after they agree to the Proposal. Complete before 1st session
Psychometrics
- If going down the career, business route, may be worth getting certified to deliver certain psychometrics
- Examples : Meyers Briggs, EQi, Insights, Hogan, Forte and many more. Maybe just get 1 to get started but not necessary. Bigger companies generally have their own preference