by Terri Levine (USA)
The other day a coaching client asked me, ‘What’s the difference between owning a coaching business and owning a coaching company?’. Because this answer is so critically important to your success, I am doing a deep dive into this article.
I know that starting a coaching business or running a coaching business can sometimes feel daunting – and most coaches are running their entity as a business and not a company. Today, I present you with a guide to help you shift from owning a coaching ‘business’ to truly being the CEO of your coaching company. Reading this article will help see the distinctions between business and company and give you some guidelines to follow.
Let’s Start with The Question, ‘What Is a Company’?
At a basic level, a company is a separate legal entity formed from an association of people that engages in business. The members of a company share common goals and organise their skills and resources accordingly.
Companies can be structured in different ways; for example, a corporation, a partnership or a sole proprietorship. This then dictates what the company’s ownership structure is.
You may believe you own a coaching company because you set up a corporation, LLC, or you are a public company, a private company, a non-profit or any other type of corporate entity.
Just because you say you own a company, let’s see if you really do.
Answer these questions honestly:
When someone asks, ‘What do you do?’, do you say:
- I am a coach.
Do you engage in tasks that can be delegated, automated, or frankly don’t need to be done by you? (Such as…)
- Paying bills
- Posting on social media
- Answering emails
- Podcasting, etc.
Source: iCN Issue 35 (Business Coaching: Building your Organisation); pages 39-42
About Terri Levine
Terri Levine, PhD, is a business coach and the best-selling author of The Conversion Equation. She has appeared on every major television station, on the TEDx stage, and in publications such as Forbes and Fortune. Dr. Terri has worked with over 6,000 clients worldwide to create their coaching businesses to impact more people, create more income and have more time freedom.
She has created a movement at www.Heartrepreneur.com disrupting traditional marketing, advertising and selling methods. Her approach is doing business heart-to-heart with transparency, integrity and authenticity.
Daily she serves coaches with free training in her online group. https://www.facebook.com/groups/heartrepreneurswithterrilevine/