Episode Details

Welcome to The Wise Practice Podcast! In this episode, we have an exciting guest, Katie Read, who is not only a keynote speaker at the Wise Practice Summit but also a remarkable individual. Whitney Owens, the host, and Katie share a special connection as they both understand the challenges of being moms and entrepreneurs. They have supported each other through their journeys, and their trust and friendship have blossomed. Let's dive into their conversation about starting a coaching business and discover some valuable insights!

A Journey of Necessity and Passion

Katie's transition from being a therapist to starting a coaching business was a result of various life events. Moving to a new state and becoming a special needs mom made her realize that her previous work schedule was no longer sustainable. She needed to find a way to contribute to her family's income while accommodating her children's needs. Initially offering marketing and copywriting services, Katie discovered her passion for helping therapists expand beyond traditional practices. She found joy in assisting entrepreneurial therapists with their marketing, adding coaching as a service, or venturing into online courses, retreats, and conferences. Katie's enthusiasm is contagious, and she firmly believes that therapists possess unique abilities to create impactful coaching experiences for their clients.

Understanding the Difference: Coaching vs. Counseling

"People always want to know the difference between coaching and counseling," says Katie Read, a therapist, and coach. She explains that while coaching is unregulated and anyone can claim to be a coach, therapists have an ethical code to follow. As a therapist, even when working with coaching clients, you still adhere to the same ethical standards. Read emphasizes the added layer of responsibility that therapists have in their coaching practice.

Therapists can use their expertise in coaching, addressing non-clinical levels of need. Read provides an example of treating anxiety in therapy clients versus coaching clients. The interventions used may be similar, such as cognitive-behavioral therapy (CBT) exercises, but the level of need differs. Therapy clients may have clinical anxiety while coaching clients might have specific, non-clinical anxiety related to public speaking or dating. It's crucial for therapists to be observant and refer clients to therapy when necessary to maintain an ethical coaching practice.

Setting Up Your Coaching Business

When it comes to starting a coaching business, Read advises therapists to separate it from their therapy practice. Having a separate business entity, such as a separate LLC and bank account, helps protect both the therapist and the public. While some therapists may consider adding a coaching page to their therapy website, it's safer and more informative to create a distinct coaching business with its own website.

Read acknowledges that building a website from scratch may not be necessary initially. Therapists can start by leveraging social media, networking locally, or engaging with other business groups. The key is to protect and educate both the public and yourself, so keeping the two businesses separate is crucial.

Knowing the Rules and Insurance Needs

When adding coaching to their practice, therapists often wonder if they can still refer to themselves as therapists. Read explains that while some states have specific rules regarding advertising, it's generally acceptable to mention both therapy and coaching. However, therapists should check with their individual licensing boards to ensure compliance with any restrictions.

Therapists should also consider obtaining liability insurance for their coaching business. Read highlights the import