The short answer is, “No.” You can effectively launch a coaching business online without a single dime. All you need is a computer and an internet connection, which does cost money, but we’re assuming you have those two components already.
Starting on a Shoestring
Many a coach got their start just offering advice about their area of expertise to friends. The friends make progress, they start referring clients and the business is off to a great start. Clients can pay you via a Paypal account, which doesn’t cost anything to set up. They do take a fee out of each transaction, but you don’t need to pay for an account, unless you add on extra services.
That said, it’s best if you save a few dollars here and there to invest in some tools that are going to make marketing and growing your coaching business a whole lot easier. For instance, you can spend a lot of time making appointments with clients, or you can invest in Acuity.com or Timetrade.com which will give your clients a link to self-schedule appointments. This will save you hours of back and forth phone calls or texting in your business.
You also could spend all of your time promoting your business on your personal Facebook page or Twitter, or you could invest a bit of money in a domain name, hosting and a nice looking WordPress theme. For just a few dollars a month, you can have a professional site that positions you as an expert who can help high-end clients.
You can also spend days and weeks searching for information about how to set up your new website, scheduling tools, e-mail, etc. or you could purchase a step by step guide that shows you what to do. You could also spend a small amount of money on a virtual assistant who can get you up and running very quickly.
Making Your Business Grow Faster
You could spend years learning how to create a profitable coaching business or you could hire someone who has succeeded in their coaching business to mentor you and hold you accountable. Your business will succeed 10x faster with a good coach.
If you are just starting out, you may not have much money spend right away. But, think of the money you would have to spend to have a job. You need new clothes, travel to and from work, meals etc. These are ‘expenses’ of having a job.
Investing Your Money Wisely
We recommend establishing a business budget and begin to set aside a bit of money each month to build and grow your business. Think of the money you spend to grow your as an ‘investment’, not an expense. Unlike a job with ‘fixed’ expenses, you can scale the money you spend with the money you make when you are growing your own business.
The faster you grow your business, the faster your business will be able to support you.
Not sure where to start? Take my free assessment and find out. You might even qualify for a free one-to-one session with me.