Are You Ready to Start Your Coaching Business?

If you are planning to start-up a new coaching business, you will need to take steps to build your brand, optimize workflow, bring in new clients and increase revenue. Starting up a new business can feel overwhelming, so it is essential to carefully research the process to make sure everything goes as smooth as possible. Here are three things to consider in the process of setting up your own coaching business:Identify your nicheStarting up a coaching business in a specific area is certain to achieve a more successful outcome compared to trying to market a generalized service. A full coaching business can be applied to most areas such as life purposes, relationships, health, business and career. The ability to solve a specific problem will help to gain a lot more permanent clients.

If restricting a business to a single niche at the start feels a little confining, you can start to expand your services at a later date when your business is established and you have built up a solid customer base. In the long-term you want to establish your business as the go-to destination for a solving a specific set of problems.Claim a solid business nameIn the process of claiming the right business name you want to capture something that highlights the unique aspects of your service or simply you as an individual person. When it comes to brainstorming ideas, try to avoid limiting the branding and marketing options, especially if you plan to expand the services offered in the future.A popular option with a coaching business is to use your own name or a nickname. This is a great way to visually associate you with the services offered. A further practical reason to use a personal name is that is will simplify the process of purchasing a domain name for your website.The type of coaching offeredA coaching business is a relationship-oriented service and many coaches prefer to work in a face-to-face environment. But, there are other options such as web connectivity which can be extremely convenient and gives the much broader reach.

A further consideration is working from a physical office or from home. An office location for the business is certain to help give the professional appearance and certain to appeal if planning to host workshops or group coaching. However, the ability to invest in an office will depend on your startup budget. The option of coaching from home will appeal to many and has the obvious benefits of no lease contract, no sitting in traffic, and the ability to work odd hours without difficulty. But, it is essential to set up the separate home office area that does not impact other areas of your life, such as household distractions, dogs, kids, etc.

Who’s Financing Inventory and Using Purchase Order Finance (P O Finance)? Your Competitors!

It’s time. We’re talking about purchase order finance in Canada, how P O finance works, and how financing inventory and contracts under those purchase orders really works in Canada. And yes, as we said, its time… to get creative with your financing challenges, and we’ll demonstrate how.

And as a starter, being second never really counts, so Canadian business needs to be aware that your competitors are utilizing creative financing and inventory options for the growth and sales and profits, so why shouldn’t your firm?

Canadian business owners and financial managers know that you can have all the new orders and contracts in the world, but if you can’t finance them properly then you’re generally fighting a losing battle to your competitors.

The reason purchase order financing is rising in popularity generally stems from the fact that traditional financing via Canadian banks for inventory and purchase orders is exceptionally, in our opinion, difficult to finance. Where the banks say no is where purchase order financing begins!

It’s important for us to clarify to clients that P O finance is a general concept that might in fact include the financing of the order or contract, the inventory that might be required to fulfill the contract, and the receivable that is generated out of that sale. So it’s clearly an all encompassing strategy.

The additional beauty of P O finance is simply that it gets creative, unlike many traditional types of financing that are routine and formulaic.

It’s all about sitting down with your P O financing partner and discussing how unique your particular needs are. Typically when we sit down with clients this type of financing revolves around the requirements of the supplier, as well as your firm’s customer, and how both of these requirements can be met with timelines and financial guidelines that make sense for all parties.

The key elements of a successful P O finance transaction are a solid non cancelable order, a qualified customer from a credit worth perspective, and specific identification around who pays who and when. It’s as simple as that.

So how does all this work, asks our clients.Lets keep it simple so we can clearly demonstrate the power of this type of financing. Your firm receives an order. The P O financing firm pays your supplier via a cash or letter of credit – with your firm then receiving the goods and fulfilling the order and contract. The P O finance firm takes title to the rights in the purchase order, the inventory they have purchased on your behalf, and the receivable that is generated out of the sale. It’s as simple as that. When you customer pays per the terms of your contract with them the transaction is closed and the purchase order finance firm is paid in full, less their financing charge which is typically in the 2.5-3% per month range in Canada.

In certain cases financing inventory can be arranged purely on a separate basis, but as we have noted, the total sale cycle often relies on the order, the inventory and the receivable being collateralized to make this financing work.

Speak to a credible, trusted and experienced Canadian business financing advisor as to how this type of financing can benefit your firm.