How To Start A Career Counselling Business
Why Career Counselling Business?
Career counselling is a good business idea. It can be very exciting starting a private practice that provides counselling to clients. It is an opportunity to assist people on your terms and conditions, to investigate and try new remedial techniques, and to design and set up your business in a way that fits with your way of life.
It can also be scary. Yes it can. You might know how to support and counsel clients, but running a business may be an unfamiliar territory to you because you have little or no experience.
Now you have selected the idea you want to translate into a profitable business, should you now take the bold step to actualize it. It may not be obvious to you now that there is more to starting a business than registering it with the authorities. What we have done here is to put together a guide to starting your career counselling business. This guide will put you in the right path: The steps will ensure that your new career counselling business has a road map, properly registered and complied with the law. The guide is as follows:-
- Set a plan for your career counselling business
- Register for taxes, permits and insurance
- Open a business bank account
- Establish your Web Presence
- Brand your product/service
- Promote and grow your business
- Launch your business
STEP 1: Set a plan for your career counselling business
Set out a clear plan for your business and work towards achieving your goal. With the plan you will be able to set clear achievable goals and discover some unknowns. Some of the important topics to consider in the plan are as follows:
How much is the start-up capital and what the working capital should be?
What niche of the total market you would like to serve?
How does a career counsellor make money?
Which name have you chosen for your business?
What will be the projected income and expenditure in the first year of operation?
What are the costs involved in opening a career counselling business?
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Usually, therapists don’t need a big office to operate but only a waiting room and an office with a desk to do their work. Should you get an office, you will need a Certificate of Occupancy that states you have complied with all zoning and building standards. Costs for this will be dependent on the neighbourhood you choose for the business. Counselling business with just one or two people in the practice can sometimes be operated in your home, with the result that you can save a considerable amount of indirect costs. In this case, you will need to see your local authorities to be on the safe side in meeting the safety regulations of the area you choose to do your business.
What are the day today expenses for a counselling business?
Career counselling practitioners should budget in the following expenses:
Annual rent/license
Stationery and other administration supplies
Electricity/water rates.
Insurance
Replacement of office equipment.
Cost of maintaining website
Which target market you intend to serve?
Some people won’t benefit from seeing a counsellor because their mindset is that a counsellor will not offer them anything. But people who are suffering from dejection, worry, resentment issues, or other psychological or interpersonal problems can all get support from visiting counsellors regularly. However, stigma is still attached to counselling services in certain areas of life. These areas may include people who are open to the idea of getting outside help for improving themselves, parents who hope to correct behavioural issues in children when they are young, or those who were compelled by the courts to visit a counsellor.
How does a career counsellor make money?
Counsellors earn money by billing clients for their time. Career counsellors need to set their fees based on the value placed on their experience, in addition to the overhead costs incurred by the business.
Give your career counselling business a name?
Choosing a business name differentiate your business from competitors. After selecting a befitting name for your career business, you should find out if the chosen name is available for a business name, web domain and if available, register them as soon as possible.
When the registration of a domain name is complete, you can begin setting up a professional email account. (@mycompany.com). Google’s G Suit provides a business email service that is available with some valuable tools.
You must also choose the legal form for your business such as sole proprietorship, limited liability company (LLC) or partnership. Partnership is recommended if you are setting the career business up together with someone else. The advantage of sole proprietorship is concerning operational autonomy and flexibility as well as simplicity of organization and management. The main disadvantage is that the liability of owners is limited and they can be sued in their name. The LLC however has the attribute of limited liability and perpetual succession but the cost of procurement is higher than sole proprietorship.
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What is the projected income and expenditure?
The determining factor whether to carry on this business is to estimate the future income and expenditure of the career counselling business. The income will consist the registration fees charged while the expenditure will include all setup cost as well as the recurring expense for about one year. To determine whether the business is going to make profit or loss is to subtract the total projected expenses from the total projected income. The result is either profit or loss.
Step 2. Register for taxes, permits and insurance
Before launching your career business, you must register for taxes, both federal and state. To register, you will need to apply for an EIN, and it is free of charge. You can procure it through the IRS website by mail or fax.
Some states require permits and licenses to operate a career counselling business. Failure to obtain the required permits can land you into paying heavy fines and/or can lead to the closure of your business.
Additionally, to be able to practice as a career counsellor, it is expected that you should have a professional background. Even the employees should all have a Master’s degree before they can be licensed to practice.
However, an entrepreneur can begin practising by securing an office space and then engaging a licensed professional as a counsellor. If this is the case, as an entrepreneur, you need to be empowered financially, people skills, and execute marketing programmes that will bring in clients. The quality of business partners and employees you are expected to have, is of course going to be dependent on the volume of business generated.
You will need to be insured as a business owner. If you decide to engage employees, it may be legally required to obtain compensation insurance.
Read Also: What You Must Do When Starting a Business
STEP 3: Open a business bank account
For the protection of your assets, you must use a dedicated business banking and credit accounts..
When you separate your account from your business account, you release your assets (your house, car, household equipment, and other valuables) from any risks of law suits, should you be sued.
Besides legal protection, it makes recording of business transactions, and filing for tax purposes easier..
Step 4. Establish your Web Presence
A business website is the best way to promote your business at the outset, because it exposes your business and let’s would be customers to learn about your outfit and the services you provide. You can also use the social media with engaging contents to drive traffic to your site.
It is more likely you are not a web designer, so you must engage a website designer to produce for you an interactive website – with your profile photo, bio, and engaging and relevant contents. Use any available means, direct and indirect ads to drive traffic to your site.
Step 5. Brand your product/service
Branding defines the services you offer, differentiates you from your rivals and provides you with a memorable identity. A strong brand matched with quality service will help your business stand out from competitors.
Step 6. Promote and grow your business
Professionals are right when they say more business is going to come from referrals rather than high profile advertising. But you need to generate initial customers who will provide the referrals before relying on its effect. So concentrate on creating an interactive website, driving traffic to it, passing out sales literature and setting out how you do business and why people should patronize your business.
To have your customers keep on coming back, is to create rapport and maintain cordial relationship with them, while promoting progress in whatever form at the slightest opportunity. However, the better way to promote your business and get results is to produce customers who are better than what they were before seeking counselling.. Examples are more students gaining admission, healthier lifestyle, securing new jobs and having rest of mind.
Step 7. Launch your business
Career counselling is better suited for those who are well organized in their lives by helping others get organised in their own lives. It is recommended for those who like helping others find their best selves. In a typical day, a career counsellor is likely to be doing any of the following:
- Letting potential patients complete registration forms
- Responding to patients’ enquiries
- Registering patients
- Analysing patients complaints
- Counselling patients
- Going over past treatment plans
- Follow-ups with recent patients’ treatments
- Marketing the business
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Growth potential
While the need for counsellors may be higher in certain neighbourhoods, the potential for growth of counsellors is on the rise regardless of where you live. Traditionally, patients visit counsellors’ offices for one-on-one or group therapy; there are many other ways to administer mental health services to patients. Online counselling and normal private sessions are growing, and it is up to you to explore the growth opportunities.,
Conclusion:
Career counselling requires skilled professionals for the job to be done. A master degree and PhD is a pre-requisite for a licensed psychologist. Therefore, intending candidates for career counselling should be aware of the high academic standard required in this profession. The only alternative open to potential practitioners is to hire a qualified counsellor who is licensed to practice, but enough financial resources must be available to take care of the initial set up expenses as well as the on-going working capital.
