3 Business Plans for a Life Coaching Business

3 Business Plans for a Life Coaching Business

If you are thinking about starting your own coaching business, one of the first things on your itinerary should be coming up with a smart and solid business plan for a life coaching business. Without this plan, you will have trouble raising capital for your new business, you won’t have a good idea of what your goals are, and you will generally be like a ship at sea, without a compass and without any sense of direction. 

3 Business Plans for a Life Coaching Business

It might be a cliché to say, “Those that fail to plan, plan to fail”, but it is as true now as it has ever been. Take the time to come up with a complete and thorough business plan and you will be that much closer to success when it comes to the starting of your company. Banks will take your business more seriously, you’ll be able to convince investors to part with their money, and you may even be able to take part in government programs to help your business get off the ground.

Elevator Pitch Plan

Before you get started, you should know there are different types of business plans for life coaching businesses, and each of them has its place on the road to gaining capital for your new business. If you are just starting out, you would be wise to draw up three separate business plans, each of them being used at various points along the way. This will include the initial elevator pitch plan, which is more or less a teaser, with the purpose of getting the attention and interest of those with money to invest. Sometimes investors are leery of start-up entrepreneurs and do not want to waste too much of their time listening to an initial pitch. This is why the elevator pitch plan is so valuable. You should be able to get across the salient points in less than five minutes, which may be all the time you’re afforded.

Oral Presentation

The next step would be to brush up your oral presentation skill. This is important as you’ll be called upon to deliver an oral presentation if bankers or investors love your elevator pitch. This presentation, while maintaining the rules of professionalism, will be more strongly focused on entertainment and excitement values rather than the boring crunching of numbers. Charts, illustrations, and a commitment to keeping your energy level high (but not too high; bankers and investors don’t want to see a clown show) will be the best way to present this plan.

Business Plan for a Life Coaching Business – The Written Plan

If your oral presentation is successful, bankers and investors will then want to see the third type of business plan, which is the written plan. Depending on the type of coaching business you plan to open, this plan could be anywhere from ten to a few hundred pages long. Any questions a banker or potential investor would have will be presented in this plan. If your writing skills are not particularly strong, you may want to consider hiring a professional to write the business plan for your life coaching business. This will be the last step to procuring capital, and you will want to make it the best plan you possibly can.

Several examples of well-written business plans are available on the Internet. You can find them with a little search engine research. The more you can learn before writing a business plan for a life coaching business, the better. The money is out there, waiting to be scooped up, but you must put your best foot forward if you want to get a piece of it.

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

 

 

 

Life Coaching Practice Business Plan Basics

Life Coaching Practice Business Plan Basics

When starting your coaching practice, you should develop a life coaching practice business plan and research your options thoroughly. Making smart decisions and following your business plan each step of the way can help you create a steady stream of income. Operating a life coaching practice will require hard work and effort. You will not become wealthy overnight. It will take determination to succeed as a life coach. The amount of money you make will be directly related to the amount of work you are willing to put it.

When writing your business plan, include both short and long-term goals. Determine how you will achieve these goals and put your plan into action. As a coach, you will have to distinguish yourself from the competition if you want to succeed. Apart from identifying your competitors, you should also know your target market. 

Starting a coaching practice is one of the most exciting and challenging endeavors you will ever undertake. A sound life coaching practice business plan and the will to succeed will set you apart from the competition. Choose the products or services you provide carefully and ensure that your services will be needed over the long term. A coaching business is an excellent way to gain independence and financial freedom. A sound business plan and a strong work ethic are all you need to succeed.

Your Life Coaching Practice Business Plan Will Become Your Partner

If you are starting a new coaching practice, despite the work involved, a business plan can prepare you for the obstacles ahead and help ensure your success. Having a written business plan forces you to contemplate possible obstacles to your business and prepares you to find solutions that will help you to overcome them.

If coaches are going to look for investors to invest in their businesses, it is quite likely that they will be required to have life coaching practice business plans. To find investors or get a bank loan, bankers will want to see that you have the experience or resources to run the business. They will also want to see your projected income as well as your suggested repayment plan already laid out. Taking the time to do this is not only important for them, but it gives you a measuring tool to verify if your coaching business is growing properly. A business plan can gauge your success and help you determine how well your business is doing.

It is probably wise to familiarize yourself with a business plan’s layout as this will not only help you to provide the necessary information, but may encourage you to try your own hand at it. Some of the topics you will be required to explain in your business plan are your market, customer, competition, marketing plan, and research & development along with financial forecasts. If you have never written a business plan before, you can hire someone to write one for you.

Your business plan will become your guide and silent business partner – indicating where you need to improve and helping you stay on track. Make it a priority to have this crucial road map for your coaching practice.

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

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