A Lean Business Plan for Career Coach Firms

A Lean Business Plan for Career Coach Firms

What is a lean business plan for career coach firms? Lean business plans for career coaches are concise and to-the-point documents. All unnecessary details are trimmed off from a detailed business plan so that the document only contains the most crucial elements of success.

A Lean Business Plan for Career Coach Firms

A lean business plan for career coach firms revolves around the popular business plan strategy “plan, do, check, adjust (PDCA)” propounded by Eric Ries in his book “The Lean Startup.” It focuses on the key drivers of your business and find a strategy that will truly bring success.

A career coach should use a lean business plan not only to save time but also revise and readjust it as you try and learn new things. Continuous amendments of a business plan can give a business a better chance of succeeding.

How to write a lean business plan for career coach firms
A lean business plan consists of the following elements. These are extremely important ingredients of a lean business plan that you must include.

Identity
In this section, include a one-sentence overview of your career coaching business. Highlight the purpose of your career coaching business.

Problem
What problems are you solving for your clients? Are they having difficulty in finding the right career? Are they unhappy at work? Are they planning for a career transition?

Solution
What’s your solution to the problem? Describe your products and services here. You can also briefly describe how you will use different methods and career coaching techniques to help people transform their careers.

Business type and description
In this section, your plan should clearly indicate what type of business you are intending to set up. Sole proprietorship, partnership, or a Limited Liability Corporation (LLC) are three major forms of business. It is important to state your business type because tax and other financial implications are different for different business types.

Revenue Streams
How are you going to make money? There are several niches you can choose from if you don’t want to be a generalist career coach, for example, career coaching for women executives, career coaching for the retired, and so on. Next is to figure out how you’d package your products or services. Is it through face-to-face classes, one-off workshops or online sessions?

Market analysis and target market
You will provide a thorough analysis of the career coaching market in this section. You can highlight key aspects like growth potential, new trends in the market, and potential new opportunities presented by the market. You can also illustrate the target market that your career coaching business should focus on and capitalize on new opportunities.

Unique selling point
This section indicates what makes you stand out among hundreds of career coaches. It should explain why your target audience chooses you over your competitors. You can conduct a SWOT (Strength, Weaknesses, Opportunities, and Threats) analysis to determine your key strengths and draw on your findings to fine unique selling point(s).

Marketing
In the marketing strategies section, focus on how you will deploy different marketing strategies to draw more clients to your business by presenting different offers and enticing proposals.

Competition
Your business plan should also contain information about your main competitors, their strengths, fees, and most importantly, what makes you better than all of your competitors.

Finances
Financial planning focuses on how to generate revenue and capital to achieve your goals and objectives. You can describe all types of expenses and resources required for operating your business and how to afford them by generating enough revenue or capital.

The main difference between a traditional business plan and a lean one is that you’re not supposed to spend days, weeks, or months to come up with a lean business plan. Try and finish your first draft in under one hour. Write bullet points or short sentences on a sheet of paper. Then take a step back and see if the plan makes sense. Once you’re done, update and tweak the plan as you go along!

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

Get Inspired and Write a Career Coach Business Plan

Get Inspired and Write a Career Coach Business Plan

Developing a career coach business plan is the first step for career coaches looking to start their career coaching practice business. Well-thought-out career coach business plans, when properly implemented, can reap great rewards in the future. 

Get Inspired and Write a Career Coach Business Plan

Don’t know how to craft your career coach business plan? There is no need to be worried because we’ve got you covered. In today’s post, we are going to guide you on how you can write a business plan for your newly established career coaching business.

Important Elements of a Career Coach Business Plan 

Creating a business plan shouldn’t be a daunting task. This simple following will help you gather all the necessary pieces to begin successfully. Let’s get started.

 

Have a clear mission

A mission is basically a 1-2 sentence motto that shows what impact your career coaching business has on the world. To come up with a mission, focus on why your business exists and what it does for others. As a career coach, what is your mission? Is it to help remove barriers for people to embark on the career of their dreams, whatever that may be? Or is it to help others choose their career and help them discover the outcomes that they want in their career?

 

When writing a mission statement, keep it simple and don’t overthink it. It doesn’t have to be perfect. One memorable statement will suffice. Set a timer for 10 minutes and when the time is up, move on to your next task.

 

Who is your ideal client?

Clients are the lifeblood of any coaching business, therefore it’s extremely important to know who your ideal client is. An ideal client is the dream customer that you serve in your business. To find out who your ideal client is, it is important to think beyond demographics. Your ideal client may be a Millennial in their 30s, but if you dig deeper into the day-to-day frustrations, beliefs, mindsets, and lifestyles, this will help you identify and serve them much better.

 

One important thing to note when it comes to identifying who your client is. You may have heard about finding your niche or this saying, “if you try to target everyone, you’ll target no one.” Hence, do not be afraid to choose an ideal client that’s specific and within your niche.

 

Find out what problems are your ideal clients facing

The problems that your ideal client deals with are basically issues that they desperately want solved. Some of the problems may include being stuck in a sunset industry, not getting the salary they want, dissatisfaction or loss of motivation at work, a decreased work-life balance, etc. List down three of their biggest problems that keep them up at night.

 

To solve their problems, you need to offer solutions to their problems and help them envision what their life would be like if their problems were solved.

 

Process

Now that you’ve discovered the problems your ideal client is facing, you need to have a process that leads them to your offer. How are you going to get that ideal client from their problems to your solutions? The process is akin to a dish – you need a few ingredients that will make your dish palatable. Is it your coaching approach? A specific method you’ve developed? A proven framework? Your experience?

 

In the highly competitive coaching market, you likely aren’t the only career coach doing what you do. Take the time to craft your unique value proposition. What makes you stand and what distinguishes your business from others?

 

Marketing Strategies

As entrepreneurs in the 21st century, you have incredible marketing channels at your fingertips, most of which are FREE. Some of the more popular ones are:

 

  • Facebook
  • Instagram
  • Twitter
  • LinkedIn
  • TikTok
  • YouTube
  • Snapchat
  • Pinterest
  • Email marketing
  • Blogs
  • Books and magazines
  • Articles

 

You don’t have to use any of these, and you don’t have to do them all from the get-go. Pro tips: Know where your ideal clients are hanging out online and offline. Also find out how they gather information to solve their problems.

 

Financial Goals

Your next step is to come up with some financial goals. Where do you want your business to be in 5 or 10 years? And don’t just focus on revenue. Think about impact as well. How many executives, managers or CEOs do you want to positively impact? Don’t afraid to dream big here. Here are some examples of how you can come up with your financial goals:

 

1-year

  • $120,000 in revenue, team of 2-3
  • 200 executives, managers or CEOs served

 

5-year

  • $2,500,000 in revenue, team of 50-100
  • 10,000 executives, managers or CEOs served
  • Best-selling career coaching book
  • $20K in scholarship

 

Business plans don’t have to take months or even weeks to complete or be filled with a bunch of business jargons to be useful. All you need to do is balance business acumen with creativity. Now, get started and write your career coach business plan!  

If you’d like to learn how you can get started in Wellness Coaching quickly, check out this FREE step-by-step “ Life Coaching Business Blueprint” video toolkit. Just go Here now to get your Life Coaching Business Blueprint

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

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