You need a plan in order to make your business idea a reality. Your coaching business blueprint will guide your business from the beginning to ensure your success.
First Steps of Business Model
Name your business – using your real name or a name that identiﬁes your services.
Choose a name that can grow with you and define your focus accordingly as to local, international, or international attention.
How expansive do you envision this?
Can your business name withstand international scrutiny?
Finding a corresponding URL name, even a misspelled one, is a necessary presence today.
Also, buy your name as a domain name.
Tiers of Business Formats
Hang out your shingle and take personal checks as a solo entrepreneur
Legally set up a sole proprietorship as doing business in your state in your business name, The advantages of this business model are the setup
•Is more professional
•Allows payments are made to business name
•Could be eligible for PayPal business account.
•The accounting separates the personal expenses from the business expenses.
- Limited Liability Corporation (LLC) – the beneﬁt is that you receive the liability protection of a corporation, but the tax beneﬁts of a sole proprietorship. Cost could be between $500 to $1000 for setup and paperwork fees.
- Limited Liability Partnership (LLP) – Two or more coaches working together. Each partner is responsible for mistakes, and tax liability doesn’t cross over to partner.
- If unsure, start as a sole proprietorship and carefully investigate the pros and cons.