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?

Business Plans for Life Coaches: What Do They Include?

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 is your product or service?

This is the first question every life coaching business plan should answer. You must explain in clear, concise language what you plan to produce or what service you plan to provide. You will also want to include why you’ve chosen this particular product or service.

Who are your customers?

After you’ve explained your product or service, the next step is to identify who you plan to sell your product or service to and why. You need to clearly identify your customers in terms of demographics (age, sex, language, country, state or city, income, etc.) in order to properly target your advertising, packaging, pricing, etc.

What makes you different?

You need to identify the “primary factors” that will make your coaching business different than other businesses you’ll be competing with. What niche are you targeting or what do you plan to do to fill a particular void in the market that you’ve identified?

What are your expenses?

Your start-up expenses include any equipment that you need, for example, a computer and a portable projector, before you can get up-and-running, while examples of your day-to-day expenses are staff costs, electricity bills and Internet bills.

The importance of your business plan as a motivational factor in running or starting your life coaching business cannot be underestimated. You will find that your commitment as a life coach continues to build as you collect information, research and write each section.

Your business plan will act as a guide and help you measure where you expected to be against where you actually are. It will help you take corrective action when needed.

Sample Business Plan Structure

Using sample business plans and their structure, along with studying as many business plans for life coach examples as you can, will provide you with the necessary framework to consider your business from every possible angle.

Not only will referring to a sample structure help you with any areas you haven’t fully thought through, it will also provide you with a good idea of what makes a good business plan, and what doesn’t.

All business plans for life coaches should include at least the elements listed below, and perhaps additional sections depending on your coaching niche.

1. Executive Summary
2. Company Background
3. Products or Service Overview
4. Unique Selling Proposition and competitive advantages
5. The Marketplace
6. Operations
7. Leadership and management profiles including professional competencies
8. Professional Support
9. Risks and Threats assessment
10. Financial forecasts including key assumptions
11. Relevant appendices

Collecting the relevant information for all the sections is time consuming and sometimes difficult. The Internet is always a good place to start your research. When you do your research online, look up for market research reports and investigate competitors.

Coming up with the necessary financial forecasts may represent a significant hurdle. If you are not familiar with spreadsheet software, you have two choices — pay someone to put part or all of the plan together for you, or make a small investment in some business planning software.

The advantage of using a professional is you will get the benefits of their experience, combined with a professional looking plan.

The disadvantage is that it won’t be easy to make changes because you will not have been as involved in its preparation. Hence, you won’t be as familiar with its contents as you should be. Make sure to learn the contents well.

One final tip though, remember it’s the quality of the information you put into it that determines what comes out.

TIP: How to Keep Business Plans for Life Coaches Simple
Businesses can carry complications within the internal workings. Due to this, you should keep your life coaching business planning as simple as possible. To keep your business plan simple, try the following:
* Use skills, hobbies, and personal knowledge to begin your life coaching business planning around.
* Utilize tools, resources, and equipment that are already in your possession to apply towards your life coaching business.
* Use a location or workspace that is already suited to your business needs, such as a home office, garage or basement.

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

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 there. It’s really that simple!

Coaching Business Plan Template: Do You Need One?

For business planning, there are really three alternatives:

1) Crafting your own coaching business plan from scratch.
2) Hiring a coaching business plan writer or business planning consultant.
3) Using a coaching business plan template to write your own business plan.

Each alternative has its own advantages and disadvantages.

Writing your own business plan from scratch gives you the freedom to format and arrange the plan in any way that you see fit. On the other hand, doing financial projections, which are necessary for the purpose of budgeting and financial planning, can be difficult to do without a coaching business plan template, or at least financial projection spreadsheets.

Hiring a business plan writer who is generally well-versed in business planning will allow you to prepare a comprehensive business plan that takes everything into account. The disadvantages to having your business plan professionally written are the expense associated with the initial plan, and the limitations that exist in regard to changing it as your business evolves.

Coaching business plan templates are relatively inexpensive or free when compared to hiring a professional business plan writer or consultant. Generally, business plan templates can be downloaded or purchased online, but some established life coaches go the extra mile and include coaching business plan templates as freebies to their clients or part of their offering.

The Advantages of Using a Coaching Business Plan Template

A coaching business plan template does have many advantages. A good coaching business plan template has the headings and categories already set up for you. Some business plan templates include guidance throughout the business planning process that explains what to include in each part of your business plan.

It is also easy to do financial projections using a coaching business plan template, whether or not you understand accounting. Most templates include sections for start-up costs, income projections, a balance sheet, and a projected cash flow statement. All you have to do is enter your figures into each section before calculating the final figures. This makes the process of projecting your financial plan a breeze.

Another huge advantage of a coaching business plan template is that when you use it to create your own business plan, you can make changes to it anytime you need to. It doesn’t become a stale document that sits on the shelf and collects dust. A business plan should be always evolving. You should update your business plan frequently and include new goals, objectives, and milestones. You should also adjust your financial projections occasionally for the purpose of budgeting. A coaching business plan template makes all these easy to do.

If you choose not to use a coaching business plan template and to create your own business plan from scratch, you will need some guidance unless you are a professional business planner yourself. The Small Business Administration at sba.gov has some excellent resources and guides about business planning. If you hire a professional business plan writer, do review their qualifications and references. It is also important that you understand exactly what is included in the business planning services they are offering.

To learn more about how to generate an endless wave of high paying coaching clients, get your FREE Instant Access to our “Life Coaching Business Blueprint” video toolkit when you go HERE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

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 […]

Continue reading...

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 […]

Continue reading...

How to Create a Health Coaching Business Plan

How to Create a Health Coaching Business Plan

Running a health coaching business is no child’s play especially when you are new to this niche, therefore it’s essential for coaches to have a solid health coaching business plan. The Basic Definition of a Business Plan A business plans plays a vital role in achieving business objectives, helps in determining budgets and expenses, and […]

Continue reading...

Important “Business Plan for Coaching Company” Know-How

A business plan forms the crucial foundation of your coaching company and it is essential for any coach to have “Business Plan for Coaching Company” know-how. Regardless of how big or small, your coaching company is going to be, you need to have some sort of plan for your future. Having a business plan will […]

Continue reading...

Coaching Business Plan – Simple Sample

Need to write a coaching business plan? Simple samples and templates are available online for easy reference. When using free samples from the Internet, make sure they are comprehensive and geared toward a coaching business. Though many samples are general in nature and can be used for most any type of business, if you can […]

Continue reading...

How to Write a Business Plan for Life Coaching

How to write a business plan for life coaching. If you are starting out as a life coach, or if you are already a life coach but one without a business plan for your practice, then this brief tutorial will provide you with a few starting pointers for writing a business plan. And yes, you […]

Continue reading...

4 Reasons Writing a Business Plan for Life Coaching is a Necessity

Writing a business plan for life coaching is not hard. It’s not completely easy, but it certainly isn’t so difficult that it should be avoided. A business plan is crucial to the success of your business. Coaches need business plans, too! Running a business is a “no-excuses’ endeavor. Don’t start making excuses with a business […]

Continue reading...

SOAR or SWOT in a Leadership Coaching Business Plan?

A leadership coaching business plan is essential for anyone starting a leadership coaching practice. It serves as a founding document and a handy reference guide going forward. Don’t start your business without one! A Leadership Coaching Business Plan Should be Comprehensive Don’t skimp on your plan! Take your time and make it as comprehensive as […]

Continue reading...