Wellness coaches guide clients toward better health and happiness. But we often neglect our own finances. Building a coaching business requires planning and possibly lending. Overlooking personal money management risks your dreams.
As coaches, we discuss exercise, nutrition, and mindfulness. But money stresses impact health too. You need to review your spending and savings first. Build an emergency fund, and pay down debts. Prepare paperwork – taxes, licences, insurance. And know your numbers before launching a practice.
Many new coaches struggle financially. New coaches often struggle with money. Building a client list takes time. Think realistically about start-up needs – website, advertising, equipment. Save what you can first. If you are still short on cash, a small business loan can help.
Bad credit makes borrowing tough. If you need a loan with bad credit, some online lenders work with lower scores. Compare loan terms carefully – higher rates mean the lender is taking on more risk. Use loans only when needed at the start.
1. Types of Bad Credit Loans
| Loan Type | Description | Typical Interest Rates | Loan Amount Range |
| Payday Loans | Short-term loans to be repaid on the next payday | Very high (200% – 1500%) | £100 – £1,000 |
| Personal Instalment Loans | Medium-term loans with fixed monthly payments | High (20% – 100%) | £1,000 – £25,000 |
| Secured Loans | Loans secured by collateral such as a car or property | Moderate (5% – 35%) | £1,000 – £50,000 |
| Guarantor Loans | Loans backed by a guarantor with good credit | High (20% – 50%) | £1,000 – £15,000 |
2. Essential Tax Tips
Here are some deductions you can claim:
| Expense Category | Description | Deductible Amount | Notes |
| Training and Education | Courses, workshops, certifications | Up to 100% | Must be relevant to the profession |
| Marketing and Promotion | Website, advertising, promotional materials | Up to 100% | Keep receipts and invoices |
| Equipment | Yoga mats, weights, fitness trackers | Up to 100% | Must be used for business |
| Travel | Mileage, public transport for work | Approved HMRC rates | Keep detailed records |
| Office Supplies | Stationery, software, furniture | Up to 100% | Only if used for business |
Managing taxes well lets you focus on your passion – helping others. Follow three key guidelines to avoid money stress:
Know Due Dates
Mark deadlines for returns and payments in your calendar. Set reminders so you file on time. Late fees create unnecessary costs.
Track Expenses
Keep good records of allowable purchases like training, work travel, and office items. These help lower your tax bill. Review guidelines on deductibles annually as rules often change.
Hire an Advisor
Unless you enjoy paperwork, work with an accountant familiar with coaches’ needs. Let them handle forms correctly while you handle clients. Paying a professional saves time and lowers errors.
Staying current on tax responsibilities keep your coaching practice running smoothly. Follow these principles to enable directing energy toward changing lives through meaningful work.
Smart money management and planning create peace of mind and support your calling to serve wholeheartedly.
3. Emergency Fund Building
| Source | Description | Estimated Amount |
| Regular Income | Allocate a percentage of monthly income | 5-10% of income |
| Tax Refunds | Deposit tax refunds directly into savings | Varies (average £1,000) |
| Bonuses | Use work bonuses or performance incentives | Varies |
| Windfalls | Deposit unexpected windfalls (inheritance, gifts) | Varies |
| Reducing Expenses | Save money by cutting non-essential spending | £50-£200 per month |
Prepare for the unforeseen by saving steadily to build a rainy day fund. Financial advisors suggest having 3-6 months of living costs set aside in case of crisis – illness, job loss, or car troubles. This backup plan provides a sense of control.
Set up auto transfers from each paycheck to a separate savings account. Start small if needed – 20,20,50 per month. Ease is key – even tiny amounts add up over 12 months into a safety net protecting from unpaid bills in tough spots.
Hard times happen unexpectedly. Tap rainy day savings to cover costs if you cannot work or must pay medical bills, car repairs, and so on. This allows focus on getting well rather than fretting over making ends meet.
As the fund grows via auto-deposits, worry less about surprise expenses throwing off your budget. A strong emergency account relieves money stress when the unforeseen strikes. No one achieves perfect finances overnight – be patient with yourself while progressing steadily. Small repeating steps done with care let you weather life’s storms with less chaos.
4. Continuing Education
Growing skills to better serve clients requires investing time and cash. Factor learning costs like course fees, books, and travel expenses into your annual budget. Set aside funds monthly through auto-transfers so education dollars accumulate across the year.
A learning budget funds enrichment serving your purpose rather than creating money stress. Cost compare programs offering credentials important to ideal clients. Weigh budget impacts like how new training aligns with your niche and rate structure over time through more specialised work.
ROI on new certs and skills
Some professional development generates strong returns – you earn back your investment through higher fees within 1-2 years. Calculate the breakeven point based on potential new business from upgraded abilities. If the numbers work, it makes smart money sense to train further in specialising your offerings.
Access scholarships and grants
Look beyond your wallet to fund growth. Many associations and training firms offer partial scholarships, payment plans, or needs-based assistance so coaches invest in continuing skills. Grants help certified mindfulness teachers or health psychologists afford advanced programs, for example. Seek fee discounts from respected schools with required certifications that serve your coaching goals.
Build emergency savings and pay down high-interest debt. You can create a spending budget that works for your situation – track expenses for 3 months to know where money leaks. Then, prepare for the start-up costs of launching a coaching practice by living below your means.
5. Getting Funding
If you are short on cash to launch a coaching practice, small business loans help you with the expenses. Loans prime the pump until you start earning consistent pay after several months of hard work.
Banks often need two years of self-employed tax returns to qualify borrowers. Therefore, new coaches should look into online lenders focused on flexible lenders.
Search “loans for start-ups near me” and compare five lenders on factors like:
- Interest rates
- Approval requirements
- Time to get funded
Conclusion
As wellness coaches, we consider the whole person – mind, body, and spirit. But sound finances also enable health. So make smart money management part of your total well-being plan.
Growing a practice serving others requires looking after your needs first. Make savvy financial steps now to support personal and professional well-being. Stay focused on health – your money plan allows directing energy toward fulfilling work rather than worrying over bills. With realistic planning, you can serve clients wholeheartedly for years to come.