Here are a few things to do when registering your coaching business:
Determine Your Entity: Depending on your business structure - such as a sole proprietorship, partnership, limited liability company (LLC/LTD), 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 coaching business does and be easy for potential clients to remember. Avoid names that are too long, complex, or have awkward spelling. Check to see if your chosen name is available as a domain name so you can create a website for your business. Anywhere you can purchase a domain will have search capabilities for you. (I use BareMetal, personally) You’ll also want to see if the name is available to trademark or if it already has been. 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 coaching business in your area. Applying is easy. You’ll 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 if clients come to you or you to them. In addition, fees ranging from ten bucks to hundreds depending on where you live may be required.
Get a Tax Identification Number - this is dependent on where you live AND your business entity type.
You’ll need a tax identification number (TIN) to open a business bank account and file your taxes in the US. You can apply for a TIN online or by mail.
In Canada, as a sole proprietor, you can use your social insurance number (SIN), but if you gross $30,000 or more per year, you will also require a goods and services tax (GST) number.
*Note that you cannot collect GST if you do not have a GST number. If you opt to get a GST number, even if you make less than 30K/year, you are required to collect GST.
Open a Business Bank Account: Opening a business bank account will help you keep your personal and business finances separate. Your license makes tracking your expenses and income easier, 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 your life coaching business, you may be required to carry certain types of insurance. For example, you may need workers’ compensation and unemployment insurance if you have employees.
Pay Any Applicable Registration Fees: These fees vary based on location. Most businesses must pay a yearly fee when registering with their local government.
Wait until your registration is approved before officially launching your coaching business. Depending on your location, once the paperwork is done and you’ve paid any applicable fees, it can take a few weeks for your registration to be processed. However, once it is, you’ll be able to start legally operating your business.
