If you're looking to start a life coaching business, one of the first things you'll need to do is register your business with your local government. Registering your business will give it legal recognition and allow you to operate in your area legally.
Here are a few things to do when registering your life coaching business:
Determine Which Type of Entity You Want to Establish for Your Business
Depending on your business structure - such as a sole proprietorship, partnership, limited liability company (LLC), or corporation - there may be specific requirements and paperwork you'll need to fill out.
Select a Name for Your Business
Your business name should reflect what your life coaching business does and should be easy for potential clients to remember. Avoid names that are too long or complex. Check to see if the name you've chosen is available as a domain name so you can create a website for your business. You'll also want to see if the name is available to trademark. Once you've confirmed that the name is open, you can register it with your local government.
Get a Business License
Getting legal with a business license gives you the legal right to operate your life coaching business in your area. Applying is easy. You’ll just need to apply for a business license online or in person at your local city hall or county offices. The business license application process varies depending on where you live. You'll likely need to provide basic information about your business, such as your business name and address. In addition, fees ranging from ten bucks to hundreds depending on where you live, may be required.
Get a Tax Identification Number
You'll need a tax identification number (TIN) to open a business bank account and file your taxes. You can apply for a TIN online or by mail.
Open a Business Bank Account
Opening a business bank account will help you keep your personal and business finances separate. Having your license makes it easier to track your expenses and income, making filing your taxes simpler. You’ll need to provide your TIN, business license, and Articles of Incorporation (if you're incorporated).
Get Insurance for Your Business
Depending on the type of life coaching business you have, you may be required to carry certain types of insurance. For example, you may need to carry workers' compensation and unemployment insurance if you have employees.
Fill Out the Required Registration Forms
Depending on what type of entity you've chosen for your business, this will typically be either an application form or a business license application. Some local governments also require you to complete other documents, such as a business plan or insurance information.
Pay Any Applicable Registration Fees
These fees vary based on your location, but most businesses will be required to pay a one-time fee when registering their business with the government.
Wait until your registration is approved before officially launching your coaching business. Depending on your location, once the necessary paperwork is filled out and you’ve paid any applicable fees, it can take a few weeks or even months for your registration to be officially processed. However, once it is, you'll be able to start legally operating your business.
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