QUESTION: I'm just looking at the information on becoming a coach. I'm starting a women's company that offers consulting, training, classes, etc.
WHAT IS A COACH?As a coach, you are responsible for your students' success of their goals and dreams by providing conditioning, cultivation, preparation, and readying for them. A coach, a teacher, or a mentor should be someone who can assist others in realizing their full potential and achieving their dreams. For example, life coaches motivate individuals to set goals, be accountable, and practice their skills. You can be a life, spiritual, mental health, relationship, personal development, health and wellness, wealth career, work and business, or skills coach among other coaching such as pole dancing, consulting coaching, mentoring.
QUESTION: Do I need certification or a business license as a Coach or Mentor?
ANSWER: You don't need certification, but you do need licensing because you are a business. If you are a small business coach, you may just want to get a business license because all businesses need one, an EIN because you are an independent contractor (see below), and a business name registration because all trade names must be registered with a government official certificate.For example, if your name is Vince Lombardi and your business name "Vince's Academy," you need to register the name with a DBA, LLC or corporation. Furthermore, let's say you sell coaching books, shirts or other coaching related materials, such as nutritional or gym equipment stuff, you need a seller's permit to buy these wholesale, and collect sales tax when you sell them. Regardless, if you provide services in South Dakota, West Virginia, Hawaii or New Mexico, keep in mind that your services are subject to a sales tax also called excise tax. So you need to obtain a seller's permit to sell your services.
ARE MY SERVICES SUBJECT TO OTHER TAX? DOES IT REQUIRE AN EIN?You're required to claim your income from your coaching work and pay self-employment taxes. Additionally, if you earn over $600, you'll receive a 1099-MISC from your employer at tax time. To receive the 1099-MISC form, you will need to provide your EIN because you are an independent contractor.
ANSWER: Yes, you need a DBA, LLC or corporation for opening a bank account.
Q:I already have my 800#. I'll be back before I go to the bank for my merchant account to get my DBA from you....but I am not sure how I am going to set up my biz yet...LLC maybe still working that out...
ANSWER: The way to set up your business is by simply obtaining your licensing as described on this site.
Q:Furthermore, I will be going bigger next year....then bigger & more multifaceted each year after even if at 1st it is only online & an 800# I am a life coach digital & day to day products.....plus books am very happy to find your company so clean & clear...
ANSWER: Ok, if you sell books as a coach, you will need a seller's permit unless you sell digital online books only.
Q:I will return to take care of my needed setup duties... How much will it cost me? Ok, if that is doable..... Can I do it all at your site? Also, what is the cost of DBA too?ANSWER:
Yes, it is doable, and you can do it all at our site here online. The cost of the DBA is $49 plus state fee.
You will need a Business License that you can obtain here online. If you use a business name such as "The Holly Wellness Healing 4 U," you will also need to register the business name. You can also get a federal tax ID and use it as a business ID.
If you sell stones like crystal healing stones or any other tangible merchandise, you will need a Seller's Permit as well.
Finally, you can also incorporate your Life Coach Wellness or Healing Practice or form an LLC, even as a sole proprietor.
Life, Health Coach, Wellness or Healing Practice Licensing
You will need a Business License that you can obtain here online. If you use a business name such as "The Holly Wellness Healing 4 U," you will also need to register the business name.