To be exact, starting a life coaching business can be quite expensive. Not only should you be getting started on the right foot, but you have a responsibility to the client that you’re coaching. There are pros and cons to each of these. This one is going to be a bit longer than the others.
Let’s start by talking about the pros. First, you will begin with a much bigger audience. As mentioned, over the years, the number of people who have ever contacted me, through various platforms, was always much, much smaller than the people out there who are interested in my services right now.
As a result of this, it only makes sense that there are many more potential clients and sales opportunities. To give you an idea of the size of the potential opportunity, consider that my current clients range from 15 to 200 people from all over the country, each willing to give you a free seminar when they come to me. That’s not even including the people who have expressed an interest and bought my books for others. It’s really an incredible opportunity and I am just at the beginning of understanding exactly how important I think this is for future growth.
Next, and I think this is a much larger benefit, is that these people will be more in tune with the challenges in life, not just today (the problem). This would be the greatest benefit of starting a life coaching business. Many people don’t have the right type of challenges in life. Life is difficult, but at the same time, life is fun. You can make a career out of that, or you can be a family man who has an extremely fulfilling life.
Now let’s talk about the cons. First, it is not easy to generate money. Starting a life coaching business requires a significant amount of capital. Even though $250 may sound like a small amount, it is much bigger in a business venture than it is in a small company. With a small firm, only a few people understand the business well enough to make a profit. If it grows, you can expect to profit, but you cannot expect to make a quick buck. It takes time and a lot of capital to make business happen, and to ensure that you have your money invested in the right spot. It’s also important to give the client a true business purpose. A life coach whose client is an elderly, alcoholic woman who is living with her parents has been a godsend for many years because she can see what the client needs and has a
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