7 Tips for a Business Plan for Coaching Practice

A business plan for coaching practice is essential to business success in the highly competitive coaching industry. If you don’t make one, you start one step behind your competitors. If you create one, you begin at the same starting line; if you write a great one, you might even be started out one step ahead!

Business Plan for Coaching Practice

Business Plan for Coaching – PracticeNopporn Suntornpasert © 123RF.com

Ready, Set, Go to Coaching Success

There are so many different ways you can increase your chances of success as a coach. One of the first steps happens before you even open your doors.

Write a business plan. For coaching practices, or for any type of business, a business plan will serve as a foundational document and a source of inspiration. It provides a handy reference guide as you move forward and gives you a written document on which to base future decisions in your practice.

7 Tips for a Business Plan for Coaching Practice

You’re ready to sit down and start composing a business plan. Oh, where oh where to begin?

Don’t let a temporary case of writers’ block or the inability to find a starting point delay or deter you. Just start! Start in the middle, start in the end, start anywhere!

Here are a few quick suggestions to help you start and finish a business plan.

  • Use a template for a business plan. For coaching practice business plans, don’t expect it to be a breeze. But, when you use a template, you instantly have a framework into which you can put the details of your own unique business. You can find free samples and templates all over the Internet.
  • Give yourself plenty of time. Most people don’t create a good plan in one day. It may take a few days or a few weeks. Give it time and you will come up with something valuable and workable.
  • Focus! Don’t write while doing something else – multitasking isn’t a good thing when writing a plan. Have a quiet space and allot some time to the endeavor.
  • Use an accepted analysis method like SWOT or SOAR. SWOT stands for strengths, weaknesses, opportunities, and threats. SOAR stands for strengths, opportunities, aspirations, and results.
  • Make it comprehensive but not overly long. One page probably won’t make the grade; a forty-page document is mostly likely overkill! A few pages with several sections should suffice for your business plan. For coaching practice plans, sections can include Administrative, Mission Statement, Vision Statement, Values, Target Market, Marketing, Alternate Streams of Income.
  • Ask your peers. If you have good relationships with other coaches, it’s wise to show them a draft of your plan. Experienced coaches can often provide valuable insight as to any missing information or details.
  • Goals matter. Write down some specific goals. When coaching your clients on goals, you may be telling them to create SMART goals. You should do the same in your business plan. For coaching practice plans, SMART goals are: Specific, Measurable, Achievable, Relevant, and Time-bound. A few different goals will serve as motivational tools as you move forward in your coaching career.

Give this strategy a try and see for yourself that it works. If you liked this coaching tip, leave a comment or use the handy bookmark buttons below to share it with others on Facebook, Twitter, Digg, etc. Thanks!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

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