Health Coaching as a Business

It’s Serious Work

I see these ads that promise 6 Figures working 10 hours a week.  There is no way…and if someone tells you-you can – don’t believe them.  It takes a lot of hard work.

It is possible, but not advisable to start a new health coach business without a thorough business plan.  A business plan helps a health coach establish such things as which health services will be offered, how many clients might potentially be interested in these services and the amount of financial resources that will be necessary until income starts coming in.

Planning formalizes the decisions and plans that surround the creation of the new business.  It helps to see if the idea is feasible and what might be required to make it work.

There are a lot of health coaches who don’t make it.  It may be because they’re unwilling to put the time into their business, often it’s because they just don’t know what to do. I’ve seen coaches who’ve spent a fortune to put their business together and somehow hit a mark and stopped.  They had it all put together and they were afraid to put the money into advertising….the final step and they were afraid.

There are also a lot of health coaches who are making it.  They’re conducting business, making money and changing the world. They have a plan and they’ve figured the advertising in, so instead of one more thing,  those are expected cost of doing business.

Cathy Sykora

Cathy Sykora

Founder, The Health Coach Group

Cathy helps health coaches build and maintain successful businesses that improve the lives of others.

Crazy Entrepreneurs

An entrepreneur is a person who begins and manages his/her own business.  She may work alone or hire employees.  A health coach entrepreneur often does things differently because they feel that they have a better way to provide health care services.

The main characteristic that will help sustain a business owner through all the crisis and decisions that must be made while owning a business is “drive”.   Willingness to work very hard.  Entrepreneurs commonly put in 12-hour days. 

Business owners are resourceful.  They seek out advice from books, consultants, their “tribe” – from any source that will help them to do a better job.

Successful owners of health coaching practices do have some common characteristics.  They have health coaching knowledge gained through education and work experience.

It is really hard to offer health coaching without knowing how to perform the services properly.  Many have worked for someone else, either as a health coach or in some other business situation.

Entrepreneurs are self-motivated.  Self-motivated people do not wait for their boss to assign them work.  Health coaches who need to be prodded into working will find it difficult to put in the time and effort necessary to operate their business.

Pros and Cons

Being the boss is fun.  It is also a daily gamble and a lot of really hard work.  Those who may be considering owning their own business have already met the first prerequisite and that is the dream.  Next, they must get the skills and background in health coaching and business that will make it easier for them to achieve their dream.

It’s wise to evaluate the pros and cons of having your own business.

Advantages

•Not having to report to a boss

•Personal satisfaction

•Being able to do health coaching on your own terms

•Potential for higher income

•Chance to create a difference in the lives of others

•Increased contact with clients, peers, your tribe, industry members

•Greater responsibility in decision making

 

Disadvantages

•Large financial risk

•Greater legal liability

•Longer hours

•More stress

•Minimal income at times

•Less time for coaching (business duties)

•Need to satisfy customers

•Management responsibility

•Less Flexibility

•Economic Influence on income

The Truth

You can get 5 new customers in 5 days. You’ll have to roll up your sleeves, get on the phone, conduct a workshop, send out some emails or cards asking for referrals and then talk to those referrals and turn them into paying customers.  It’s possible but it’s not easy.

You can do it, it’s fun for a true entrepreneur, so it’s not such a sacrifice to put in the time and money to get going.  Once you do get going, it will not be time to quit investing in your business, but it will be time for the revenue to exceed the expense and give you a profit.  Don’t stop then, you still need to work and invest, and your business should grow.

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