Business Plan for Life Coach Business: 10 Quick Tips

Business Plan for Life Coach Business: 10 Quick Tips

Are you thinking of writing a business plan for life coach business but are struggling to get started? If you are someone who is establishing yourself as a coach, the best way of ensuring that you will be able to take on the competition effectively is through the development of a solid business plan.

Business Plan for Life Coach Business: 10 Quick Tips

In this article, we’ll give you some quick tips on how to draft your first business plan. But first let’s get to the basics.

What is a business plan and why is it important for life coaches?

A business plan is a formal document summarizing how you are going to operate your business and how you will achieve success. It highlights the operational and financial aims and objectives of your business. In fact, a business plan serves as a roadmap for businesses to remain on the right track and prevents them from making the wrong decisions. 

It also guides you on how you need to operate your coaching business, how to enhance your revenue, how to access more resources and increase your business’s assets. Moreover, you always strive for the best when you have a business plan that clearly states your objectives, goals, and plan for growth as well as for development.

The main components of a business plan for life coach business

If there is one skill that a business owner should possess, it is the skill of planning. Planning is an essential part to your coaching business success. Before writing a business plan, you must know what should be included in the plan. The basic components of a business plan for life coach business are:

  1. Executive Summary – A brief overview of your coaching business’s plans and objectives. 
  2. Mission, vision, and goals – A mission statement highlights the purpose of your business and how you’ll help people. A vision statement illustrates where you want to be in the future. A goal is a description of broader outcomes that you want to achieve in the future.
  3. Management team – Highlights the key persons in your business and how you are going to put together a quality management team.
  4. Market analysis and target market – Provides thorough market analysis and pinpoints the target market you are going to focus on.
  5. Marketing strategies – Focuses on how you will use different marketing strategies to acquire more clients.
  6. Financial planning – Describes your financial plans

Quick tips for writing a business plan for a life coach business

Now that you have a better idea of what needs to be included in a business plan, the following tips will help you write a plan that better serves its purpose. 

  1. Know the purpose of creating your business plan – Be clear about the purpose of your business plan e.g., to attract investors, assemble teams, etc.
  2. Identify your audience – Identify to whom you are writing your business plan such as investors, management team, potential collaborators, etc.
  3. Be concise – Long business plans are less likely to be followed and are forgotten by stakeholders. Therefore, create a concise and lean business plan.
  4. Show your passion – Let your business plan exhibit your passion for your life coaching business to stakeholders and show why they should also be passionate.
  5. Provide supporting documents – Support your business plan with relevant documents such as the CVs of your management team.
  6. Reference data – Provide all the relevant data to back up your market research or claims such as information about the market, your audience, competitors, etc.
  7. Clearly state your points of difference – Don’t hesitate to state and reiterate why your life coaching services are different from other life coaches.
  8. Be objective – Being objective means clearly showcasing all the positives and negatives you discovered in your market research and analysis.
  9. Use plain and simple language – Write your business plan by using plain, simple, and clear language without using jargon and complicated terminologies to make it easy to understand.
  10. Don’t be afraid to alter your plan – Don’t hesitate to change your business plan as your business grows and evolves.

Starting your coaching business will not be an easy task — you must be dedicated if you want to succeed. But a good business plan will help you to maximize your business growth and profit. After you have written one, you will see how easy it becomes to run your business.

By the way… you’re invited to claim your FREE step-by-step “Master Coach Blueprint” video toolkit. Just go HERE now to get your master coach blueprint videos.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

A Lean Life Coach Business Plan – Free Sample

A Lean Life Coach Business Plan – Free Sample

Are you planning to start a new life coaching business and looking for a lean life coach business plan free sample? If yes, you are on the right platform.

A Lean Life Coach Business Plan – Free Sample

A business plan is the first crucial step you need to take if you are planning to start a new life coaching business. A well-thought-out life coach business plan set you in motion to achieve your goals effortlessly. A lean life coach business plan differs from a standard life coaching business plan. It is a formal document that is precise and to the point. All unimportant and unnecessary details are trimmed off from a detailed business plan so that your business plan contains only the most crucial elements of success.
Lean life coach business plan free sample: Unique Life Coaching
Here is a lean life coach business plan free sample using a fictional company called Unique Life Coaching.

Identity
Unique Life Coaching is a professional and licensed life coaching business. We specialize in assisting people to achieve their personal goals and improve their competencies, capacities, and productivity. The scope of our offerings covers personal improvement coaching, family and relationship coaching, and financial planning.

Problem
The Covid-19 pandemic has severely affected the world economy causing individuals and families to grapple with problems such as unemployment, low incomes, high expenses, and emotional issues.

Our Solution
Our proprietary solution, “Life’s a Beautiful Puzzle” is designed to help individuals fill in all the missing pieces in their life and transform it into a beautiful life. Unique Life Coaching will assemble a team consisting of professional and certified life coaches and financial planners. Our aim is to hire professional coaches with unique skill sets and vast experience. Our team members are driven to professional excellence by their zeal to help people transform their lives. Their vast experience and knowledge of coaching will help us guide clients to achieve their desired outcome through our holistic coaching solution.

Target Market
Our target market is people having issues with their personal, family, and professional life as well as their finances.

The Competition
Our competitors consist of life coaching firms of all sizes. However, our main competitors are ABC Coaching Firm and XYZ Coaching Agency, two coaching companies that have been around the block for more than 10 years. There are also some smaller competitors with a limited scope of offerings.

Revenue Streams
Unique Life Coaching will generate revenue by offering the following coaching services:
Personal improvement coaching
Family and relationship coaching
Financial planning

Marketing Activities
We will hire highly experienced marketing experts to manage marketing strategies. The team will also be trained on a regular basis and conduct the following marketing activities:
Email or mail out introductory letters along with brochures to households and key stakeholders.
Strategically drop flyers and business cards to offices, libraries, other public places, etc.
Print and electronic media advertisements
Social media advertisements
Encourage word of mouth marketing through satisfied clients

Expenses
Our expenses include:
Start-up costs such as course development and business premise
Materials and equipment costs
Business incorporation fees
Liability insurance, permits, and licenses
Website costs
Staff’s salaries for at least 2 to 3 months
Marketing costs
Additional expenses such as business cards, adverts, etc.
Miscellaneous expenses

Milestones
As the coaching business grows, the company will look to establish a branch in a neighboring city as well. Moreover, the company also intends to expand marketing activities to acquire more clients and increase revenue.

The above lean life coaching business plan free sample can be your guide to create your own lean life coaching business plan. There’s no one best plan for all coaching businesses. The best plan for you will depend on many factors, such as whether you have employees or not, what are your expenses, how much time you want to spend administering the plan, etc.

Special Bonus – Learn 32 ‘Guru’ Transformation Techniques when you click on the image at the top right. You’ll learn how to become a life coach in 30 days.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

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