If you know where to look, you will find that there are plentiful funding sources available to support your coaching business and the investments you make as you build your business.
Many of these funding sources also offer special opportunities for women-owned, BIPOC-owned, LGBTQIA-owned, and/or neurodivergent-owned businesses. This resource serves as a compilation of ideas for finding support on your journey as an entrepreneur.
Research shows that the companies that achieve the most productivity and success are the ones that invest in the success of their employees at work and in life. More and more companies are therefore offering stipends for expenses related to health & wellness, and both professional and personal development. Below are examples of stipends you may want to inquire about with your employer; we have also included a template of an e-mail you may send your employer about supporting your investment in your coaching certification.
Learning & Development Stipend
A learning & development stipend is a form of popular funding that companies offer their employees. These funds are designed to be spent on learning initiatives that are most relevant to the employee, their skills, their career goals, and their needs. These funds can typically be used to pay for educational coursework, coaching, books, and conference fees.
Health & Wellness Stipend
A health & wellness stipend are funds given to employees to purchase health and wellness initiatives that are aligned with their desires and their needs. Many companies offer these stipends as a benefit to their employees, however many employees are not aware of this possibility. Stipends can be given out on a monthly, quarterly, semi-annual, or annual basis. These kinds of stipends are not traditionally a part of Health Savings Account (HSA), Flexible Spending Accounts (FSA), or health insurance, and are typically taxable.
Companies like Microsoft, which offers employees 800 USD per year, and Webflow, which offers employees 200 USD per month, are but a couple examples of the many companies that offer stipends to their employees. It is possible that coaching or related training may fall under this category of funding.
Sample Letter to Your Employer
If you’re interested in asking for your employer to assist you through a potential professional development budget, below is a sample letter you can use to request assistance. Simply delete these italics, fill in your information in the brackets, and press send.
Dear [Insert HR manager’s/Supervisor’s/Owner’s name],
I am reaching out to discuss growing my mindset and goal-setting skills through a training and coaching program at Yes Supply. Yes Supply offers this rigorous International Coaching Federation accredited training [women/people/term of your choice] like me.
I am eager to participate in the certification program at Yes Supply in order to work on building a solid foundation for my goals at [Employer’s name] and for my overall self-care. Research shows that coaching programs like these result in 70% improvement in work performance, among many other benefits (Source: ICF, 2009).
To provide a bit of background, Yes Supply is a highly regarded, world renowned company with a stated mission to train its students with state-of-the-art, evidence-based tools to support mindset and goal-setting. It is a leader in the realm of personal and professional advancement of [women/people/term of your choice].
Enrollment in this program costs [price]. I would like to inquire about whether any support is available to assist me in completing this training.
I appreciate your time in reviewing this request. Please let me know if you have any questions. I’m looking forward to discussing it further.
Thank you, [Insert name]
Tax Deduction for Work-Related Educational Expenses
Depending on your individual situation, it is possible to write work-related educational expenses off your taxes. To do so, you must first have your coaching business registered with your tax entity [for example, in the United States, the Internal Revenue Service (IRS)].
To determine whether the Yes Supply certification may qualify for a tax deduction in your specific situation, you can review this information directly from the Internal Revenue Service website. Additional information is available online for tax deductions that may be available to residents of Canada, Australia, the United Kingdom, and the Netherlands.
Please note that all regulations are subject to change, and that taxes should always be discussed with a tax professional.
Tax Deduction for Work-Related Educational Expenses for those Identifying with a Disability
Those identifying with a disability may have additional tax-deductible options available to them, and are potentially eligible to calculate and submit their work-related educational expenses on Schedule A (Form 1040), Itemized Deductions and attach Form 2106 to their tax return.
Please note that these regulations are subject to change, and taxes should always be discussed with a tax professional.
Grants are funds that do not need to be repaid, but must be applied for to receive. In some cases, the awarding body is a private company, or a national, state, or local government or association. At the time of this writing, there are hundreds of grants available to entrepreneurs, many of which focus on women-owned, BIPOC-owned, LGBTQIA-owned, and/or neurodivergent-owned businesses.
Below are a few examples of popular grants disbursed on up to a monthly basis. For more local sources, search for your local small business association, which may have grants available only to local entrepreneurs, and therefore receives a smaller pool of applications.
Examples of Private Grants for Entrepreneurs
Amber Grants for Women: The Amber Grant is a grant awarded monthly, in the amount of 10,000 USD. Additional smaller grants may be awarded monthly as well. Additionally, one of the 12 monthly recipients will be awarded an additional year-end grant of 25,000 USD each December. Women can apply at the Amber Grants for Women website.
Tory Burch Foundation: The Fellows Program from the Tory Burch Foundation is a year-long program that offers a fellowship of virtual education, networking opportunities, and intensives along with a 5,000 USD grant. Winners are also invited to the Tory Burch offices for workshops and networking opportunities.
Example of a Private Grant for BIPOC and/or LGBTQIA Entrepreneurs
SoGal Foundation has partnered with brands like Winky Lux, bluemercury, twelveNYC, Twilio, and other sponsors to provide several 10,000 USD and 5,000 USD cash grants to black women or nonbinary entrepreneurs. Grant recipients also receive mentorship and help navigating the world of entrepreneurship, and access to the SoGal Foundation and SoGal Ventures teams.
Government Grants for Neurodivergent and/or Disabled Entrepreneurs
The United States government offers grants for disabled persons for starting a business. Additionally, the Small Business Administration (SBA) grants list and Department of Health and Human Services for private foundations and organizations offer funding specifically for neurodivergent and/or disabled entrepreneurs.
The Canadian government offers similar grant opportunities, as do the governments of the United Kingdom, The Australian Government, and the Dutch government, to name a few.
