Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

Equipment & Supply Expenses

$63

$200

Software Expenses

$162

$3,094

Advertising & Marketing Costs

$0

$2,800

Training & Education Expenses

$0

$850

Total Startup Costs

$6,199

$41,911

Calendly

calendly.com

2,228

I Will Teach You to Be Rich

iwillteachyoutoberich.com

23,230

E-commerce Mentoring

e-commercementoring.com

24,025

Farnam Street

fs.blog

25,191

Seth's Blog

seths.blog

30,035

Just One Dime

justonedime.com

36,898

Smart Marketer

smartmarketer.com

46,337

Pela Case

pelacase.com

53,814

eBiz Facts

ebizfacts.com

54,097

Entre Institute

entreinstitute.com

57,789

Fizzle

fizzle.co

69,743

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Rewarding work

Starting a business coach can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

Meaningful business connections

You never know who you will meet as a business coach. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Low margins

The gross margins for your business coach are typically around 46%, which can make it more challenging to incur new expenses and maintain profitability.

Stressful work

This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.

Niche Market

A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.

Churn

In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible.

Time commitment

With becoming a business coach, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.