How much does it cost to start an online coaching business?
Besides the obvious money and time that you’ve put into your education and other assorted qualifications- what investments have you made in your private practice to date?
Do you sublease your office?
Did you have to buy some furniture for your waiting room?
Maybe, you’ve had some other one-time expenses, too, like paying to have a logo designed or to have a professional guide you through the process of business entity formation?
Chances are, the upfront costs of getting your private practice up and running can’t compare to the quotes you’ve read for an online coaching business startup… From everything you’ve heard, it’s cheap, right? After all, there’s no lease to pay and none of the maintenance costs associated with keeping a physical location up and running…
The answer to “Is starting an online coaching business expensive?” is actually pretty relative, though.
Compared to the upkeep costs associated with your private practice, the costs of an online coaching startup might actually seem steep when you break it all down. There are both one-time and ongoing investments to be made that you may not have considered before. Software programs, team members, domain names, and advertisement don’t usually come free, sadly…
A coaching business does cost less compared to other startups, though.…
For example, if you were trying to start a retail business, you’d be looking at building up an inventory of merchandise and renting out a space to store it all. (Yikes!).
A coaching business startup can definitely leave you feeling like your money is going out, out, out, and that maybe it’s never going to come back in. That’s a scary feeling, but you have to invest in your business with the trust and knowledge that the ROI will come! First, you’ll break even, and then- eventually- the profit will start to roll in. It’s might not be as instantaneous as you wish, but that’s business for you; it just doesn’t work that way.
Trying to Cut Corners Will Cut Into Your Profits
Leave the limiting money belief that less is always more at the door! It’s fine to be frugal. Expensive doesn’t necessarily equal ‘good’, either. But avoid cutting corners by
- Not advertising
- Manually micromanaging lead generation
- Doing everything on your own
- Not investing in any CEO or leadership training
These savings ‘strategies’ will actually cost you more money than they will save you in the long run by undermining the effectiveness and efficiency of your coaching business.
Not to mention- these shortcuts will also cost you time (especially trying to do it all on your own). Wasted time inevitably leads to frustration… And, unfortunately, frustration is one of the biggest reasons I see coaches give up on their business before it even takes off!
There’s a Better Way to Build Your Coaching Business
The good news is that all of the skills necessary to build a thriving, impactful online coaching business are coachable skills! You can learn where to invest your money, why, where you can save money, how to think (and plan) like a CEO, and more – all in an engaging, in-depth, and fun group training alongside a small group of like-minded ladies also looking to up-level their coaching businesses.
My Mastermind Group Coaching program starts this Fall.
I’ve already gone through the trial and error necessary to learn to build a coaching business that exceeds your wildest expectations so that you don’t have to! So, take advantage of the experience accessible right at your fingertips and join the waitlist today. It might just be the best investment you ever make!