Business Plan for Coaching Practice: Opening Line Ideas

Business Plan for Coaching Practice: Opening Line Ideas

There it is, a Microsoft Word document with the title “Business Plan for Coaching Practice”. That blank screen with the little blinking line. And everything sounds so mundane.

Business Plan for Coaching Practice: Opening Line Ideas

Kathy Jones will provide the best health coaching service in town. (Yawn.)

I researched the coaching industry and found that it is fail-proof. (Yawn.)

We came together to form a really good coaching practice. (Yawn.)

Everybody knows why everybody is here but is it possible to come up with a better opening line?

Business Plan for Coaching Practice: 9 Places to Look for a Great Opening Line

Even the most prolific writers get blank screen-itis. To help you get your creative juices flowing again, here are some places to look for inspiration for your business plan.

1. Your competitors’ websites. Somebody spent a great deal of time and effort into those websites. What do the headlines say? Is there a nice phrase that catches your attention and gives you some ideas that can be applied to your business plan?

2. Industry ads. Who better to put on your side than Madison Avenue advertising executives? Real pros have been at work here. They have had to distill major ideas into a few lines and catchy phrases. Study your industry publications for jewels that you can pick off their pages.

3. Your own Eureka! moment. When was it that you just knew that the business strategy was going to be a reality? When was the moment that you really caught the energy of the idea? Capture that moment and put it into print. It might just capture an investor or two, as well.

4. A video of your favorite comic. There may not be any good lines you can use, but you will be amazed at how laughter releases your creative nature.

5. Blindly typing. Close your eyes, then start typing. Type for about ten minutes, anything and everything you can think of about your business. After ten minutes, look at it. What is it in the stuff that you wrote that you felt was so important that you just had to get it down in writing? If it was that important, odds are you’ve found your key idea.

6. Tell a story. Grab your favorite aunt or uncle, or just imagine them, and tell them the story of your business. What you tell them is probably what you need to tell the investor as well.

7. Skip the introduction. Sometimes the first part is better written last. Go to the biographies or the industry information, or the financials. Go where you feel the strongest pull. The area that has the greatest pull is probably the area that you need to promote the most anyway.

8. Meditate. For those adept at visual meditation, visualize the finished business plan for coaching practice in front of you, wrapped inside a box. Open it up and see what’s there.

9. Shift into disaster mode. Imagine that a disaster of some sort is about to strike, a hurricane or an earthquake perhaps. If you could save only one piece of your business, what would you save? If it’s your patent, then that is probably the most important part. If it’s your Director of Marketing, well, so be it. Whatever it is, decide why that piece is important so it may be what your introduction should focus on.

There is no right way or wrong way to write a business plan for a coaching practice. There is only your way. Each and every business plan discovers its own written path. Yours is there too.

By the way… you’re invited to claim your FREE step-by-step “Life Coach Salary Secrets” video toolkit. Just go HERE now to get your Life Coach Salary Secrets.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

 

Life Coach Business Plan: 5 Reasons Why You Need One

Life Coach Business Plan: 5 Reasons Why You Need One

When you’re starting a coaching business, do you really need a life coach business plan to do it? Let’s face it: You’re excited about getting your business started and the last thing you want to do is spend weeks or months crafting a business plan.

Life Coach Business Plan: 5 Reasons Why You Need One

As the world of business has gotten less formal and the pace at which new businesses are opening has sped up, many entrepreneurs have begun to wonder whether a business plan is necessary anymore or as outmoded as the floppy disk.

Why You Need a Life Coach Business Plan

You may think you’re making it easier on yourself and saving time by skipping the business plan. In reality, taking the time to do the hard work now and crafting a business plan will make your life much easier and save you tons of time later on. Here are a few good reasons why every coach needs a life coach business plan.

1. You Need a Management Tool
A business plan is an important ingredient to the success of any business. It will help you improve your chances for success and avoid making serious mistakes. The following are some of the pertinent questions you need to ask yourself when drafting your business plan:

  • What does it take to succeed in life coaching business?
  • Do you have the necessary skills, talents and experience?
  • Can you afford to take the risk and what’s your risk tolerance level for failure?
  • Is there a market for your products or services, and if so, what’s your target market?
  • What is the revenue potential for the business? Can they meet your financial expectations and requirements?

2. You Want to Jump Start Your Coaching Business

Whether you’re a life coach, a business coach, or a health coach trying to break into coaching, a business plan acts as a guide to success. Developing your business plan helps determine your objectives and allows you to focus on the strategies and action plans necessary to accomplish those objectives.

If you’re looking to boost your coaching business, it’s time to answer a few questions in your business plan.

  • What are your goals for each month’s sales?
  • What are your resources, time available, equipment and advertising and promotional budget?
  • What barriers or challenges do you face?

3. You Want to Improve Your Company’s Operations

A business plan is a time and task-oriented plan that can be used to improve your company’s operations. It recommends actions that need to be taken and assigns responsibility. Some questions that need to be answered are:

  • How does our coaching company compare to leaders in its industry?
  • What are our management weaknesses and how can we make improvements?
  • How can we increase sales, serve the customer better, improve manufacturing efficiency, and increase the gross margin?

4. You Are Seeking A Bank Loan

A business plan can also be used to inspire confidence in your banker and convince her/him that your business is a good credit risk. It needs to be written very logically, with an emphasis on the financial projections and presentation of historical financial results.

A banker is looking for safety and a demonstration that your company can generate sufficient cash flow to pay the interest and the principal. A life coach business plan will need answers to these questions:

  • Will your company’s cash flow be stable enough to make the payments on the loan?
  • Are the long-term prospects of your business favorable?
  • Does your company have a reasonably good track record?

5. You Need an Investor/Partner

Your business plan must demonstrate considerable upside potential for the business. If the banker was content to get his money back plus, say 10% interest, the investor may want a return of 20% to 30% or more.

A coach’s business plan is competing with all the other plans submitted to the investor hence it must be written in an interesting manner to keep the reader’s attention. To attract a potential investor, you need to address the following questions:

  • Can your company grow rapidly?
  • Are the margins attractive?
  • Have you succeeded in other business ventures?
  • Is your market an emerging market, with a large and bright future?
  • How much are you willing to give up, both in equity and management control?

SPECIAL BONUSIf you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit.  Go HERE to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Get Your Life Coaching Business Plan Template Free

Get Your Life Coaching Business Plan Template Free

Business plan templates can save you big money and time if you are just starting out in business, hence it’s probably a good idea if you get your life coaching business plan template free on the Internet. If you do a search on the Internet, you will find loads of sites that offer you free […]

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Career Coaching Business Plans 101

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Most of us know what a business plan is but how do career coaching business plans look like? Career Coaching Business Plans: The Key Elements All good career coaching business plans have the same key elements that a normal business plan would have – an executive summary, a description of the company, management team information, […]

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Writing a Winning Career Coaching Business Plan

Writing a Winning Career Coaching Business Plan

Writing a career coaching business plan can be a lot of hard work or it can be great fun. You have so many ideas floating around in your head that it can be difficult to capture them all in a logical format and know where to start. However, committing time to write an effective plan […]

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Creating A Successful Business Coaching Plan

Creating A Successful Business Coaching Plan

If you are a business coach who is planning to set up a proper business, having a strategic business coaching plan is crucial to the success of your business. The creation of an efficient and effective business plan can mean the difference between having the need to work 70+ hours a week all year long […]

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Business Plans for Life Coaches: What Do They Include?

Business Plans for Life Coaches: What Do They Include?

If you are a life coach, have you ever wondered what should be included in business plans for life coaches? Coaches, here are some of the things you need to consider before crafting a business plan.. There are essentially four major areas which you need to firmly establish and include in your business plan: What […]

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Coaching Business Plan Template: Do You Need One?

Coaching Business Plan Template: Do You Need One?

A coaching business plan template is something that often gets overlooked and isn’t considered to be a necessity for some reason. However, when you start a coaching business, you need a business plan. Hence, it is essential and not a luxury. If you don’t know where you are going, you won’t know how to get […]

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How to Fill in a Life Coach Business Plan Template

How to Fill in a Life Coach Business Plan Template

What should a life coach business plan template cover? That’s a million dollar question. There are plenty of life coach business plan templates online but generally, they serve the same purpose — to ease a new business owner in writing a business plan through predefined sections like a description of the organization, market research, competitive […]

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Developing a Good Coaching Company Business Plan

Developing a Good Coaching Company Business Plan

There are many important things to consider when developing a good coaching company business plan, but the first step is to fully understand the main purposes of a business plan. The four main purposes of a business plan are as follows: 1. A business plan is a tactical planning and management tool for your coaching […]

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