5 Tips for Setting Up Your Business to Earn 6 Figures
As a solopreneur, coming up with a viable business idea that earns you a six-figure income is the Holy Grail. Life, business, and wellness coaches offering their services online can ethically achieve this by adhering to 5 key points.
Hire an Attorney
Your brand name, logo, tagline, and website encompass everything about you. It’s your intellectual property and you want to protect it from unscrupulous people who will try to steal it. Hire a business attorney to help you get a trademark and copyrights to this intellectual property. This gives you the exclusivity over the use of the trademark in the coaching niche.Your branded graphics, webinar recordings, e-books, presentations, and blog posts are protected by copyright law. In addition to this, speaking to an attorney can be helpful in figuring out the legitimate way of preparing contracts, getting licenses and permissions, filing financial records, and what kind of entity to set up (ex: LLC, sole proprietor, corporation, etc.).
Start Collecting Your Dream Team
Even if you’re just starting out by yourself right now, at some point you’ll want to add some products or expand your services. If you start taking notes now about how to hire contractors and create a database of contractor names, you’ll be ahead of the game when the time comes.Creating an expansion plan before you need it will save countless hours of stress. Start talking to business owners who have hire contractors and listen to what they have to say regarding the hiring process and how to work successfully with a team. This type of networking also helps you expand your name recognition while meeting other business owners. You never know when these contacts will become clients, customers, or referral sources.
Set Firm Business Hours
How and when can your clients access your services? Do you have opening and closing hours or are you available 24/7? Do you operate on weekends and holidays? Use your social media platforms and website to notify existing and prospective clients of your business’ operating hours. Include this information in a welcome kit for brand new clients. Post these hours on your website. It’s up to you to set the boundaries so you can work efficiently and also enjoy some time off.
Set Office Protocol and Procedures
How will your clients get billed? When will you schedule your coaching calls? When will you market your business? When will you focus on creating products? Plan a weekly schedule for your calls and creative work but also look around at other procedures you need implemented, such as determining who will answer your phones or assist with customer service. Will you send out an email newsletter? Do you have time to write that or do you need to outsource it?
Speak to a Certified Public Accountant (CPA)
As a life, business, or wellness coach, your mind is preoccupied with the day-to-day operation of your business. You need someone to step back and objectively look at the bigger picture. A CPA will comprehensively assess your taxes and finances so you can minimize tax deductions or avoid a tax audit from the IRS. In addition to this, CPAs can help you draft a budget or recommend the ideal bookkeeping system.
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