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

 

 

 

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