Running Your Own Business
Running your own business may be an option for coaches, whether this is as a sole trader, partnership or larger registered company.
Being your own boss brings many advantages including being flexible and having control of who you work for. However, this also requires you to run the business as well as do the coaching, so you will need to get to grips with marketing, finance, company administration, tax procedures and more.
Starting a new business is both exciting and rewarding, but it is also full of challenges. The level of commitment that you will need should not be underestimated. The success of your business will partly depend on your attitude and skills. This means being honest about a range of issues - your knowledge, your financial status and the personal qualities that you can bring to your new business. A typical entrepreneur will have the following key qualities:-
Self-confidence - a self-belief and passion about your product or service - your enthusiasm should win people over to your ideas.
Self-determination - a belief that the outcome of events is down to your own actions, rather than based on external factors or other people's actions.
Being a self-starter - the ability to take the initiative, work independently and to develop your ideas.
Judgement - the ability to be open-minded when listening to other people's advice, while bearing in mind your objectives for the business.
Commitment - the willingness to make personal sacrifices through long hours and loss of leisure time.
Perseverance - the ability to continue despite setbacks, financial insecurity and exposure to risk.
Initiative - the ability to be resourceful and proactive, rather than adopting a passive 'wait and see' approach.
If you think that being self-employ or running a coaching company is for you, then you need to start to develop your business plan. Further advice on this can be sought from Business Link, or your local authority may have an economic/business develop team that can provide advice and support to new businesses.
Useful website for coaches running their own business:-
HM Customs and Revenue - for information relating to tax and guidance on the tax implications of employing staff or being self-employed
www.gov.uk - government funded support and advice service for businesses. Everything from starting up to running and developing your business
Contact: Garreth Roberts
Tel: 01482 244344
Mobile: 07860 954345