The following is a paper written for Consulting and Auditing, where we formed our own consulation business.
Serena Simpson
Dr. Smith
ORCO 4500: Consulting and Auditing
18 February 2008
Life Coaching Consultation Business: Serene Spaces
Introduction
Serene Spaces is a freelance consultation practice conducted by Serena Simpson. The mission of Serene Spaces is to assist women in achieving their personal, professional, and spiritual goals by aiding them as their life coach. Literally speaking, the goal of each consultation is to aid the client in de-cluttering various aspects of their life, hence, making all spaces “serene” and calm.
Life coaches are equal partners who assist their clients to become the world's leading experts on themselves, and assist their clients to take the actions necessary to achieve their personal, life, business and/or family goals. Coaches focus their full energies and attention on their clients, by becoming the totally objective, nonjudgmental, supportive mirror into whom they really are and what they really want to do. Coaches provide life options, new perspectives, encouragement, and concentrated attention to give their clients the insight, and confidence to take life-improving actions towards their goals.
Services/Products Provided
Serene Spaces provides consultation services on an hourly basis. The initial first meeting between clients will be free of charge. We will pinpoint what areas need to be assessed and if, in fact, the relationship will be a good fit for both I and the client. We will go over fee charges, contract and confidentiality agreements, as well as determine what goals are in need of immediate attention. The follow-up to this free of charge meeting will consist of the signing of the contract, payment plan, and an outline for what needs to be achieved on a daily, weekly, and monthly schedule.
In regard to the products Serene Spaces offers, my initial goal is to provide a work book to my clients, so they can journal and record their progress in an artistic fashion. Creatively keeping up with their progress allows the client to take more responsibility and become more involved in the actual process of succeeding with the program. Also, this creative process will mirror what has already been done by Julia Cameron, with her Artist’s Way workbook, but will not in any way plagiarize her work. I want to recreate this process catering primarily to women with self-esteem and eating disorder issues.
Along with this workbook I would like to outline a book that will be published, and speak to various groups of women across the community. This will also aid as a free marketing opportunity, and will get my company name out.
When walking into my office, where the receptionist is, there will be aromatherapy products, journals, my book products, and other various items for sale. My office will always smell clean and will have classical music playing in the background. I want to create a serene environment for my clients as soon as they walk through the door. Whoever I decide to hire as my receptionist must be a cheerful, welcoming individual.
Location
Serene Spaces will be located in Cookeville Tennessee. Currently, a new office space location is being constructed just 1 mile off of I-40. Ideally, that would be the best place to begin setting up Serene Spaces because it is located next to a major interstate, and is also only a short distance from Tennessee Technological University. Marketing my business will be much easier in a high traffic, metropolitan area.
Types of equipment expected to be used for Serene Spaces will include: desktop computer, desks, chairs, printer, copier, Internet access, and computer software. Shelving will also have to be installed in order to display various items that will be available for purchase.
Marketing
Serene Spaces will target women, ages 20-45/50. According to the 2000 Census, 49.6 percent of the population in Cookeville in Tennessee is female, and the median age is 29 years old. This data represents a strong background for my target market. Not only that, since Cookeville harbors a university, there will be many young women on campus to market my mentoring services to.
After visiting the Putnam County Chamber of Commerce for more resources on how to begin my business, I would market my services on the campus Tennessee Technological University, not only with fliers, but also by informing professors of the new mentoring program that would be available.
Another option I could use is contacting the Cookeville BPW (Business & Professional Women), which is an organization that is committed to helping women achieve equality by promoting interests of business and professional women through advocacy, education, and information. Women in organizations such as this are strong leaders, and will aid in making an impact for a female based organization such as mine.
Start-Up Costs & Expenses
According to Allexperts.com, start-up costs of becoming a life coach are minimal. Primarily you spend your money on your website, telephone, computer, and training. Susan Dunn, owner of Emotional Intelligence Solutions, states that for low start-up costs you can begin working from your home, and if you wish to expand to an office you can. For what I want to do, which is form a personal relationship with my clients, it would be in my best interest to have my own office, so that I can set a professional tone, yet let my sessions take place in a relaxing atmosphere. Monthly rent on office space in Cookeville, Tennessee ranges from $3.5/SF/Year to $6.50/SF/Year (loopnet.com).
Other start-up expenses for equipment and tools would range from about $4,000 - $6,000, depending on what was chosen to fill the office space. Expected ongoing expenses would be office rent, Internet, telephone, utilities, and cleaning services.
Client Fees
Before just rambling off a fee, I would make sure the first visit with a new client would be free. Then, I would have a contract that catered to each client, depending on the longevity of their mentoring needs. Typically, I would charge $40 an hour for discussion, and if asked to speak to a group audience, I would start out charging $500 per presentation. If mentoring to a business professional over a monthly time span, I would charge $900 a month, and explain how much percentage her company would actually be saving instead of hiring someone who is inadequate. According to the CoachStart Program, typically you should charge US$1,200 for 3 months, or US$2,200 for 6 months. The 6 month rate works out about 10% cheaper. However, I want to offer a fee for my clients in my target market that I know they can afford.
Mission Statement
People often seek out a life coach because they are at a turning point in their lives. Life coaching is valuable; as it gives you time to reflect on who you are, what you want, and where you're going in your life. The mission statement for my organization is as follows:
“Serene Spaces is an elite female based organization specializing in the personal/professional development of women by mentoring to the individual based on her own personal needs. We will strive to clarify your purpose in life, look at unique solutions to various issues, overcome blocks that may keep you from moving forward, and take specific steps in order to help you achieve your goals. Overall, Serene Spaces will assist you in achieving a serene lifestyle.”
Professional Experience
Working for another life coach professional is crucial in learning certain skills before starting your own practice. Currently, Steve Chapman, owner of Broad Reach Strategies, would be the best organization to intern for in order to achieve those steps in setting a foundation of knowledge of learning how to become a life coach. Broad Reach Strategies is located in Silver Point, Tennessee, and there he assists business professionals in hiring the correct candidates to fill job positions within each company specific to that company’s current needs. Teleconferencing and online assessments aid in the progress of his organization. He also uses the “TriMetrix Expert” program to assist him in making these decisions.
Other than hands on experience, I believe it is important to obtain certain certifications. Before starting my own life coach consultation company, I would want to be certified by the International Coaching Federation (ICF).
Conclusion
In conclusion, after much preparation and additional life coach experience, Serene Spaces would be an excellent organization that would specialize in helping women achieve their professional and personal goals.
