Hahaha…got you with that one. 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.
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.
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 is 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
What did you learn from completing this exercise? Are you ready? Share with us below.
Share with your friends.
Click here to Join The Health Coach Group on Facebook to talk about it.
I am ready! Need to brush up on my business skills!
Cathy, you are brilliant! Thank you for this workbook! I will be sharing and putting into practice!
That is great to hear Johanna!
Gonna get my hands dirtay, cannot wait.
Have fun Hayley!
Hi Cathy. Thank you for the clever blog title and for “keeping it real”. I’ve had my own business for over a decade. First, as an independent contractor offering my services at various gyms and yoga studios, and then as creator branding my own programs. You are right, daily investments of time, energy and drive are accomplished. Thank you as well for espousing the benefits of business planning. I have always been a visionary and now I am receiving support for successful strategy and implementation.
Great reality check. It’s true, a dream is a great place to start. But if your dream is only about sitting back and enjoying your own business, it won’t go far. Running a business is hard work, but ideally you are so motivated and excited by your dream, you stick it out through the toughest times.
Plus the more hard work you do up front (like the worksheet), the better poised you will be for success.
I am so thrilled to be part of a group who has such a desire to see change in the world! That will happen as we coach our clients, one person at a time, the ripple effect! Kudos to Cathy as she has tirelessly worked on these programs and put key people into place! Thank you!
While lying on the beach? Why yes please! 😉 Cathy, thanks for that great list of the advantages and disadvantages as it helps put into perspective for future coaches what’s coming up ahead in their journey as entrepreneur.
As an entrepreneur my plan IS to have a successful business I can work from the beach! And, to get there I had to have (and still do have) a solid and flexible business plan. It outlines a clear direction with enough flexibility to evolve as I grow. Thanks for these great tools. I’ll save you a spot on the beach!
Pamela! I happen to know you work for your time on the beach! You deserve it too.
Your post just reminded me of all the reasons I love being my own boss. I really wouldn’t trade it for anything!
Right Christie! I can’t imagine either. I don’t think I would make a very good employee either. After 32 years…I’m kind of bossy.
Hi Cathy
I’m not able to download the work book. Can you help pls.
Thanks
I really need to brush up.
Disadvantages:
•Large financial risk – Without risk there is no gain!
•Greater legal liability – I’ll be smart and cross my T’s and dot my I’s!
•Longer hours – I am OK with this!
•More stress – I have ways to management my stress and a very supportive and encouraging wife!!!
•Minimal income at times – PRAISE GOD for dual income household!
•Less time for coaching (business duties) – OK one draw back but I love all aspects of running a business.
•Need to satisfy customers – I love working with clients!!!
•Management responsibility – Have managed all my life in corporate American., and I am the best employee to manage!
•Less Flexibility – I am all about quality time!
•Economic Influence on income – American’s spend money on health care!
Hi Cathy when I tried to download the workbook it just takes me back to the university. Where do I find it?