How to Start a Small Business Coaching Business Plans

How to Start a Small Business Coaching Business Plans

Are you looking for How to Start a Small Business Coaching business plans? In this article we will go through the important elements of a How to Start a Small Business Coaching business plan.

How to Start a Small Business Coaching Business Plans

But first, let’s define what a business plan is. Simply put, a business plan is a written document that contains the future plan of your business. That includes key aspects of the business, what you plan to do and how you plan to do it.

Business plans are critical for any business and very helpful for both business owners and those who read it. The main reason for creating a business plan is to display your business idea, vision and plan to potential investors. Getting someone to invest in your company is difficult, in fact it is difficult even to convince them to set up a meeting with you. A business plan is the first thing you need to send investors to convince them to set up that meeting with you. Additionally, business plans are also used for attracting new employees, estimating the future of the business, dealing with suppliers, and simply to have a good overview over the business.

How to Start a Small Business Coaching Business Plans – Things to Consider

To write an impressive small business coaching business plan, you need to understand what a good business plan content is. There are three different parts to a good business plan:

The business concept. The business concept is the first part of the small business coaching business plan. Here you discuss your business structure, the coaching industry, your coaching service or product, and how you will turn your business into a success.

The marketplace section. The marketplace section is the second part of your business plan. Here you’ll describe your target group, who your target group is, where it is, why they would buy from you, and so on. Furthermore, you’ll go in depth with the market situation, the competition and how your small business coaching will be positioned in the market.

The financial section. The third part is the financial section. This will be the numbers section, where you turn your idea into numbers and estimations. Here you will show your budgeted income and cash-flow statement, balance sheet and other financial ratios.

To break these three primary parts even more down, there are seven key components that all How to Start a Small Business Coaching business plans must include. These are:

1. The Executive Summary
2. Your Business Description
3. Your Market Strategy
4. An analysis of the competition
5. Your Business Development Plan
6. Management and Operations Plan
7. Financial Statements

Typically, a business plan is somewhere between 15 to 20 pages. It can, however, be shorter or longer than that. The length will depend on your business concept. Maybe you are planning to start a very simple small business coaching business that doesn’t need a lot of explaining. Alternatively, you could be starting a complex business that needs a lot of pages to fully be explained.

There are also many types of business plans – working plans, mini plans, and presentation plans. A working plan is simply a tool you can use to operate your coaching business. A mini plan is a shorter version of your actual business plan which highlights key matters like business concept, financing needs, marketing plan and financial statements. Meanwhile, a presentation plan stresses on good design and impression as it is used to show to bankers, investors and others outside the company.

With this basic guideline, you now have a better idea of what to include in a small business coaching business plan to make a convincing statement and proposition to the potential investors.

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 videos.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Creating a Step by Step Coaching Plan

Creating a Step by Step Coaching Plan

Before effective coaching can take place, a step by step coaching plan must be established. Rather than you writing a plan, both you and the person you’re coaching need to jointly identify a set of goals and activities. This ensures that both parties will be invested in the plan’s success and move you away from the coach/client relationship and towards the peer-to-peer relationship of coaching.

Creating a Step by Step Coaching Plan

Understanding Your Client’s Coaching Needs

Coaching focuses on developing, not “fixing” the person being coached. It is a fluid relationship that can be initiated by either the person who sees an opportunity to help (the coach) or by the person looking for help (the coachee). 

One of the keys to successful coaching is the ability to foster self-motivation. This requires a coach who understands the elements of motivation and de-motivation in their coachees and their impact on behaviours. Creating a coaching plan can help establish clear expectations that are communicated well and supported with timely oversight.

A Step by Step Coaching Plan

Regardless of whether you’re coaching an executive who aims to excel at work or an individual who is facing a midlife crisis, formalizing a step by step coaching plan is useful. When goals and expectations are clearly defined in the coaching plan, your coachees are given the tools to perform above their previous potential. Here’s how you can develop your step by step coaching plan:

  1. Set the tone. If you’re initiating the relationship, know that coaching isn’t a sign that the coachee is lacking in some skill or doing something wrong. In fact, coaching means that you see hidden potential in the coachee and are invested in their success.
  2. Establish the goals. You and your coachee must set the goals for the relationship. As the coach in the relationship, you have two responsibilities in goal setting. One is to identify the goals you would like to see the coachee achieve. The other responsibility is to solicit from the coachee what goals they want to work toward. Without your active solicitation, you may end up being the only person setting the goals, which moves you back to the coach/client relationship.
  3. Set responsibilities. The two of you must then decide how you can help each other develop. As a coach, you have an additional responsibility beyond what you agree to in this part of the plan. You must also model the desired behaviors you want to see—you must “walk your talk.” If you don’t model the behaviour you want to help develop, then your credibility and your effectiveness as a coach are diminished.
  4. Define the process. At a minimum, the two of you must decide when, where and how often you’ll meet to check in with each other. One caveat: coaching isn’t about friendship. You can be friendly, but coaching is about improving performance. As part of deciding how you’ll work together, you must also decide how you’ll address conflict or disagreement.
  5. Acknowledge the results you will get. You’ll probably learn a great deal from the coaching relationship. Make sure that you acknowledge the benefits that you expect to get. For instance, being able to have “difficult” conversations (conversations that include constructive criticism) is an invaluable skill. If you intend to develop that skill as part of this coaching relationship, point out that you will be using this opportunity to practice in a safe environment.
  6. Establish benchmarks. The plan must include clear “measures of progress” or benchmarks and a schedule of when those measures will be met. Benchmarks provide both of you with markers to determine how well things are progressing. However, be aware that not reaching the benchmarks isn’t a sign of failure—it just means that things might need to be adjusted or course correction may be needed.
  7. Review the relationship. When looking at a course correction or a major achievement, take the time to assess if the coaching relationship should continue. If you decide to discontinue the formal coaching relationship, be sure to debrief both the work you did together and how the coaching experience played out for each of you.

As successful coaching collaborations grow and thrive, your work becomes more productive and less stressful—knowing that all your coachees are being given the tools and following your step by step coaching plan to take things to the next level. Ultimately, your role as a coach is to create individuals with improved skills who can thrive in life or at work.

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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