5 Reasons Why You Need a Coach Business Plan

Do you need a coach business plan? Most of the experts will say that all businesses need a business plan, but does that include coaching practices? Does that include someone who just wants to hang out a shingle calling themselves a coach? You bet it does!

Coach Business Plan

Coach Business Plan – MICHAIL PANAGIOTIDIS © 123RF.com

Why Don’t All Entrepreneurs Have a Business Plan?

Research has shown that many entrepreneurs fail to create a business plan. This research also shows that a business plans greatly improves the odds for a business to succeed. It helps to develop a successful new product, organize a company, obtain capital and funding for their company, and helps to generate sales over the years.

But, is it important for a small, one-person coaching practice to create a coaching plan before stating?
Even though most coaches won’t need to raise capital or funding, or develop a product (at least, initially), or organize a large company with many employees, a coach business plan will still help you reach success and prosperity.

Don’t skip the important step of writing a business plan when starting your business!

5 Reasons Why You Need a Coach Business Plan

Here are the reasons a business plan is needed for all coaching practices, large and small:

Define and Review

Writing a plan forces you to define and review your business concept, organization, and goals all at once. You can include the vision and mission statements, and a list of values by which you will run your business. These serves as reminders for as long as you coach about the reasons you are a coach, the way you will conduct yourself as a coach, and the manner in which you will run your coaching business.

Define and Analyze Your Target Market

Many coaches fail to define their target market. They just become a coach with no thought as to who they will be coaching. Writing down your thoughts on a target market and making a quick analysis of that market (is it large enough, is it defined, can they afford your services, do you have the outcomes they are seeking?) is crucial to your success.

Think About Marketing

Most coaches ignore marketing, but if you want to succeed, you must make marketing a priority. Writing a marketing section in your coach business plan forces you to detail marketing strategies and think about how best to market your services. This section should also include ways to assess and measure marketing strategies.

Monitoring Progress

Since your business plan contains your goals, both sort-term and long-term, you can easily monitor progress by looking back to your coaching business plan. You’ll instantly know where you stand compared to your predictions or goals. It’s a great assessment tool!

Reference Guide

A business plan serves as a handy reference guide. It’s like an instructional manual for your coaching practice. Whenever you need to assess or reassess something in your business, you can look at your coach business plan for motivation, inspiration, satisfaction, or a plain old kick in the butt!

By the way… you’re invited to claim your FREE step-by-step “Life Coaching Business Blueprint” video toolkit. Just go HERE now to get your life coaching business blueprint videos.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

FREE Video Course: How To Build a High Paying Coaching Business

Comments

  1. Marian says

    Having a business plan is really important if you want to be successful. These are really great take-away key points, thank you!

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