Startup 101: Fundamentals for Starting a New Business

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<<<<If you are or want to be a LIFE COACH, we have an advanced version of this course called “Business Fundamentals and Startup Life Coach Certification”, which you can enroll in instead.>>>

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Welcome to the Startup Fundamentals for a Health or Life Coaching Business course!

• Are you passionate about starting and growing a successful business?

• Do you want to elevate your purpose and your desire of helping others to the next levels and would like to become an entrepreneur but don’t know where to start?

• Do You want a hands-on, Practical guide to use to set-up your health or life coaching business?

• Do you want to learn what would be the best legal business structure to use, what accounting systemsto employ and what you need to consider when opening a business bank account?

• Do you want to learn about different possible business loans and other business money options?

• Would you like to know how to choose your perfect health or life coaching business name and registering it with the authorities in your state or country?

• Do you want to learn about available Business Funding methods, both private and institutional, about business credit and creditworthiness, as specific necessary tools to your business success?

• Do you want to be prepared for business tax seasonand be aware of all the benefits and all small business tax deductions you can apply to your health or life coaching enterprise?

• Are you concerned about potential business Liability and are you interested in finding out more about the legal aspectsof being in the business as a health or life coach?

• Do you want to set up healthy and strong roots for a successful business life coaching practice by knowing and implementing the correct business principles, by learning how and why to create a business plan – in any format: traditional or simple, as well as why a strategic plan is a must for your business’s growth?

• You have a dream to own a profitable health or life coaching business and you would love the help of an A to Z course on how to make this happen and how to make money with it?

• DO you want to learn how you can create your legacy and protect your intellectual property, by understanding trademarks and copyrights?

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Being a successful entrepreneur in a health and life coaching business becomes much easier and satisfying when you have the right knowledge and structure in place.

IN THIS COURSE YOU WILL:

Develop a strong foundation of business knowledge related to the health and life coaching enterprises especially focused on the details of setting up your business properly, planning for your success from the start, understanding business accounting and the importance of the numbers.

Learn how and why to plan for your business’s future, developing a strategic business plan, as well as financial projections for a traditional business plan and different business strategies.

Develop a strong understanding and knowledge of the business legal aspects, taxes and insurance –needed in order to be successful and to grow your revenue and profits.

Know to calculate your health or life coaching business startup costs, as well as your monthly personal livings costs so you are not take by surprise my unexpected expenses.

Learn about business assets, liabilities and owner’s equity, where to find them on the financial reports and why are they important.

Learn the difference between sole proprietorships, corporations, partnerships and LLCs,how they are taxed and what advantages or disadvantages they offer in the long run.

Preform your business SWOT Analysis to determine your strengths and where do you need improvement or help in your journey.

Prepare for growth to overcome potential business challenges that may appear along the way.

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In summary, this Startup Fundamentals for a Health or Life Coaching Business course will provide the following:

• The necessary business tools needed for starting your own health or life coaching business

• How to build your Business Plan and which plan format to choose from as a coach entrepreneur

• How to create and read financial statements for your life coaching business

• How to plan for success from the start and overcome personal fear and other obstacles

• How to structure your business entity and make it profitable

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Excerpts from the Course:

Section 5: BUSINESS ESSENTIALS – Taxes and Insurance

Lecture – Tax Deductions for a Small Business

“…will talk about the write-offs commonly available to small businesses that are organized as sole proprietorships, partnerships, or limited liability companies (LLCs). Some of these are directly related to running a business, and some are more personal deductions that a small business owner should be aware of because making the most of all your available tax deductions can save you hundreds—even thousands—of dollars when is tax time. We’ll get into details, but first, let’s look at a real example.

Jennifer is a self-employed, sole proprietor life coach who made $60,000 in self-employment taxable income in 2020. For simplicity we will say that she is single, not married with no children and no other types of taxable income to take in consideration. This is her full-time occupation. Based on her income, she must pay 15.3% self-employment tax plus income tax based on her individual tax rate – we’re assuming she doesn’t live in Florida or in another state without income tax. Therefore, the self-employment tax on $60,000 is $9,180 and the income tax is $4,865, for a total of $14,045 that she needs to pay in taxes at first glance. But Jennifer likes the idea of not paying in taxes more than necessary, therefore, in January 2021, Jennifer went to see an accountant for the first time and by looking at her books, the accountant identified $6,000 worth of contractor expenses that Jennifer’s business had in 2020. These expenses count as tax deductions and reduce Jennifer’s net self-employment income to $54,000 instead of the initial $60,000.00. Now, with $54,000 in taxable self-employment income, Jennifer has to pay $8,262 in self-employment tax and $4,200 in income tax, for a total of $12,462. That’s $1,583 in savings after including the contractor tax deduction. What other tax deductions are there?***”

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Section 2: BUSINESS ESSENTIALS – Planning the Business

Lecture – The Executive Summary

“Here’s a suggested format for an executive summary:

1. What’s the business idea, what problem does it solve and how does it fit into the marketplace?

You’ll need to explain why your idea has merit and how it can solve a common problem by making things easier, faster, or cheaper for the prospective customer(s). No matter how brilliantly crafted, written and presented your business plan is, it will be difficult to win your investors, and customers, with a bad idea. Therefore, you want to wow them first with your idea! If they’re not interested in your idea, no matter how well is all written or what your financials are, they won’t help.

2. How much will it cost, and how much financing are you seeking?

Provide a short explanation of how you’ll use any financing you seek. Tell investors why you need the money. Nobody wants to lend you money if they don’t know exactly why you need it. It’s not necessary to get into much detail here—just make it clear that you need it for this, this and that. You should also let the reader know how the investment will help the company grow and/or increase its profits. Why else would you be seeking funding? The best use of somebody else’s money is to buy or build something that will make more money, both for you and for that person.

3. What will the return be to the investor? Over what length of time?

In your executive summary, consider the following:

• Friends and family want to get their money back, but often are not very interested in timing and returns.

• Bankers look for free cash flow to pay back the principal and interest of their loan. They also look closely at management experience and marketing. They may ask for collateral. By law they must be conservative, that is, risk averse, so they are not great candidates for risky financing.

• Angel investors look for moderate rates of return, usually above the prime rate, plus some capital appreciation. They sometimes want to be involved at a hands-on level.

• Venture capitalists seek annual compound rates of return in the area of 35 to 50 percent per year. They seldom want to go longer than three to five years to cash out. They always want to know what the exit strategy is.

  Don’t forget yourself: It’s a rare company that doesn’t have any investment from the entrepreneur or entrepreneurs who started it.”

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This Startup Fundamentals for a Health or Life Coaching Businesscourse is taught by Sanda Kruger, Natalie and Joeel Rivera and the Transformation Academy. Sanda Kruger, is an entrepreneur with more than 20-year experience in business development and project management in the fields of life, health and fitness coaching. She is also a real estate investor and a banker, who learned outstanding adapted business strategies, sales and marketing techniques, communication, and goal setting skills, hands-on, through life and work experiences. All these she has applied successfully numerous times in her career. This practical expertise, her personal desire to continuously learn more, to grow and be better than yesterday, together with a business education achieved in both the United States and Europe and with a history of work in the American banking industry – offer Sanda a well-rounded perspective on business, finances and how to set herself up for success and bring her to the point in her life when she feels ready to live her purpose of sharing knowledge and guide others throughout their journey.

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Frequently Asked Questions

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