Search Results for: Life Coach Marketing Plan

How to Develop a Life Coach Marketing Plan

If you’re thinking about developing a marketing program for your coaching business, you need to begin with a life coach marketing plan. Some life coach marketing plans are short and to the point, others are hundreds of pages thick and cost thousands of dollars to produce.

Regardless of the scope of your marketing plan, you must keep in mind that it is a fluid document. Every business needs to have a well-structured plan that is based on thorough research, competitive positioning and attainable outcomes. Your plan should be the basis for your activities over the coming months. However, you should always be willing to enhance or redirect your plan based on what produces results.

Life Coach Marketing Plan Basics

The following are a few things that you should keep in mind when developing a life coach marketing plan

  • Market Research

Collect, organize, and write down data about the market that is currently buying the coaching product(s) or service(s) you will sell. Some areas to consider include:

  • Market trends, patterns, and dynamics
  • Customer’s taste and preference
  • Popular coaching products and services that are trending
  • Demand and supply
  • Competition in your coaching industry
  • The current state of the coaching industry

If you analyze all of the above, you’ll be able to create a good marketing plan.

  • Target Market

Once you’ve done a thorough market research, find a niche or target market for your coaching products or services and write a description about them.

  • Products/Services

When creating your coaching products or services, ask yourself these questions: How does your product relate to the market? What does your market need, what do they currently use, what do they desire above and beyond current use?

  • Competition

There is always competition in the coaching market, hence you need to develop a unique selling proposition, i.e., doing something different from your competitors to stand apart from the crowd.

  • Market Strategies

A marketing plan is all about promoting your life coaching business. You must write down all your promotion strategies and marketing strategies in your marketing plan. There are various strategies that you should consider:

  • Advertising – print media, radio, television, magazines
  • Networking – go where your market is, e.g., coaching seminars, events, or parties
  • Direct marketing – brochures, flyers, sales letters, newsletters
  • Website – blogs, videos, social media
  • Write articles, give advice and become known as a coaching expert

 

  • Pricing

From the information you’ve collected, determine the price of your products or services. Set a fair price according to market trends and what your target market is willing to pay.

  • Budget

Budgeting is very important in any marketing plan. A budget will decide what marketing strategies you can afford, how you can advertise your service, what you can do in house and what you need to outsource.

  • Marketing Goals

Define your marketing goals in your marketing plan. Marketing goals are your targets that you want to achieve. For example, as a life coach you want to gain 30 new clients per month, or you want to satisfy all of your old clients with your services. Goals can be anything, but you should work hard to achieve them.

  • Monitor Your Results

A life coach marketing plan is nothing without proper monitoring. You must analyze whether your strategies and plans are working or not. You have to decide whether your old plans are good enough to achieve your goals, or you have to create new ones.

By taking into account the above, you are in a much better position to promote and sell your coaching product or service. Successful coaches continually review the status of their campaigns against their set objectives. This ensures ongoing improvements to your marketing initiatives and helps with future planning.

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

 

Free Sample Marketing Plan + Life Coaching Template

Need a sample marketing plan + life coaching template? We’ve created a sample marketing plan template for life coaches that’ll help them create their own marketing strategy quickly. It is designed to ensure you’re thinking through all the important facets of marketing a coaching business.

Free Sample Marketing Plan + Life Coaching Template

A marketing plan is a comprehensive document or blueprint that outlines a business advertising and marketing efforts for the next quarter or the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame. A marketing plan also includes a description of the current marketing position of a business, a discussion of the target market and a description of the marketing activities that a business will undertake to achieve its marketing goals. This sample marketing plan + life coaching template has a formal structure but can be used as an informal document which makes it very flexible.

It helps you:

  • Define what makes your coaching product or service different from the competition and understand why that matters to clients.
  • Set specific goals, like increasing sales by a certain percentage or reaching a new target audience and decide on a strategy for achieving those goals.
  • Determine where your brand fits in the market—what are the needs of your target audience and how do you meet them?
  • Keep your brand consistent across all marketing platforms—does everything reflect the same mission, vision, and values?

Sample Marketing Plan + Life Coaching Template: Main Components

The five key components of a life coaching marketing plan are:

  • Value proposition

Value proposition is the part of a marketing plan that explains how the company will provide its product or service to its clients.

In the context of a life coaching company, the value proposition answers the question: “Why should I trust you with my most important and personal goals in life?” No matter what the product is for a business, the value proposition typically addresses its quality, price, and convenience. In a life coaching marketing plan, it is particularly important to explain how your coaching will be high-quality, affordable, and convenient.

Another component of the value proposition is differentiating yourself from your competition. Make sure you know who your competitors are and how you are different from them. If you are not different enough, figure out how you can tweak your program or course so that it is better than your competitor’s.

  • Marketing Goals + Objectives

Goals are how you know your business will be successful. They are not just dreams, but defined targets that you set for yourself and then actually reach.

The first step in goal setting is to determine what you want from your life coaching business. Do you want to coach a certain number of clients? Do you want to be able to take a specific amount of time off each year? Do you want to earn a certain amount of money by a certain date? All of these are valid goals.

  • Target market

Your target market is the group of people that you want to sell your coaching services to. They are the people who will be interested in what you have to offer and will be motivated to pay for it.

To identify your target market, you’ll want to think about who you want your clients to be. What are their demographics? What are their lifestyles like? Do they have challenges or goals that you can help them with? How do they find information about life coaching services?

The more precisely you can define your target market, the better able you will be to tailor your coaching business marketing plan to meet their needs and interests.

  • Marketing Activities

Once you have determined your target market, the next step is to detail the specific activities that you will undertake to achieve your marketing goals and objectives. 

What steps or activities will you undertake to achieve your marketing objectives? These may include print advertising, online advertising, sample lessons, mail-outs, giveaways, media releases, events, developing a website, creating a blog, getting active on social media, public relations, branding and artwork, or publications.

As you create these activities, keep referring to your target market—it will help you to assess which activities are worth the time and effort to implement.

  • Budget

You will need to create a budget and stick to it. The more thorough your budget is, the better. You will want to itemize all your expenses, including costs for things like your website, marketing materials, client acquisition, and more.

It’s also a great idea to set aside some money for emergencies that you didn’t think of. For example, set up a rainy-day fund for unexpected expenses like car breakdowns and last-minute trips on short notice to see clients and family members who are having emergencies. It’s important to set aside some money for situations like these. 

Once you’ve sorted these five things out, always remember, all plans in a marketing plan should remain flexible (and adjustable) as you are often working with assumptions. The more planning you do, the better you will become at predicting who your clients are and what they need. However, as you are learning the needs of your market—it is fair to say that some of your assumptions are going to fall short of expectation, therefore continue adjusting your plan until it works for you!

SPECIAL BONUSIf you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit.  Go HERE to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

A Business Plan, Life Coaching Training & More

A business plan, life coaching training…These are the things you need to be a coach. Are there other things that you need to be a successful life coach? To help make the process easier, we’ve put together a guide to everything a life coach needs to be one!

Business Plan Life Coaching, Life Coaching Business

A Business Plan, Life Coaching Training & All That Matters

  • A business plan

Even though coaching is considered a more personal and informal type of business, it’s still important to have a game plan in place before you begin working. A business plan gives you the chance to get your thoughts organized and helps you stay focused on the most important aspects of your coaching business. Having business plans for life coaching ensures that you don’t forget any important details and enables you to stay on track.

Your business plan is your roadmap that will enable you to navigate the various aspects of becoming a life coach, such as obtaining the proper coaching licenses, setting up a coaching business and website, setting coaching fees, and marketing your business for success. It will also help you make important decisions about your coaching business, such as how many clients you can handle, what types of clients you want to work with, and the coaching specialties that you want to focus on.

  • Coaching training and education

Coaching is a rapidly growing field that continues to evolve as new technologies and techniques become available. To keep pace with these changes and stay competitive in the modern coaching world, life coaches need ongoing coaching training and education to adapt to these new techniques and technologies. But coaching education and training aren’t just ways for life coaches to enhance their skills and stay relevant in an ever-evolving industry.

Coach training can also help coaches improve their confidence level and increase their ability to help others. By enrolling in coaching education and certification programs, life coaches can master the skills they need to become effective coaches. Coach training can help coaches improve their communication skills, learn new ways to motivate and inspire others, and take an active role in others’ personal and professional development.

  • Character traits

To be an effective life coach, you need to have some key qualities. These aren’t necessarily the skills that make you a good coach—instead, they’re the qualities that will help you become a great one. Some of the essential character traits include:

Confidence – Confidence is probably the number one trait every life coach needs to succeed. If you don’t have confidence in yourself, every other trait on this list will be difficult to bring out. Without confidence in yourself, it will be nearly impossible to connect with your clients and help them move in a positive direction. 

Honesty – Honesty is a quality that every coach should have, but few do. Life coaching is all about inspiring your clients to be the best versions of themselves. Part of that is being open and honest with them. If you’re leading them down a path that isn’t right for them, they won’t succeed. Part of being a good coach is knowing whether or not your client is ready for the next step and then letting them know. 

Empathy – Empathy is the ability to “walk in another person’s shoes” and understand where they’re coming from. It isn’t something that we all have naturally, though. Instead, it has to be something we actively work on developing. The more empathetic you are with your clients, the easier it will be to help them move forward. 

Humility – Humility is the ability to recognize and appreciate your own weaknesses. It doesn’t mean that you’re fake or that you don’t believe in your own skills. Instead, it means that you are constantly improving yourself and are always looking for ways to make your coaching better. You don’t ever rest on your laurels; instead, you’re constantly looking to get better and make your coaching more effective. 

Professionalism – All this talk about character traits and personal growth aside, professionalism is also an essential part of life coaching. You need to present yourself as a professional coach to your clients, and the way you do that is by being professional yourself. This means dressing appropriately and being polite at all times. It also means being prepared for your sessions and never letting yourself get flustered or upset.

Strong support network – As an independent life coach, you may not have the same workplace support which employees in an office would have. This can make times of difficulty or burnout feel like a lonely place, and affect your ability to be a good coach to your clients. When you’re faced with challenges as a life coach, you need to have a good support system in place to reach out to and talk with people who know what you do. Your support network can help you deal with the following issues:

  • How to handle client difficulties
  • Your feelings about the work, yourself or the clients you work with
  • Questions you have about how to progress with your coaching
  • The challenges of running an independent coaching business
  • And anything else that is keeping you from being your best self

There you have it—a business plan, life coaching training and the personality traits you need to be a life coach! Concentrating on these three elements will give you a good head start in your journey as a coach and you will find that all other attributes necessary to make you successful will fall into place naturally.

SPECIAL BONUSIf you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit.  Go HERE to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

All About Sample Business Plans for Life Coaches

Sample business plans for life coaches are business plan templates that detail the financial, operational, and marketing strategies of a life coaching business. They also outline the plans of coaches on how they plan on making money, growing their business, and turning a profit.  

Sample Business Plans For Life Coaches, Life Coaching Business

A business plan template is a ready-made document that contains all the information that a business owner will need to draft a business plan. This includes details such as the start date, the end date, the name of the company, the goals, the objectives, the market research, the financial forecasts, and much more. 

What is included in a business plan template?

A business plan template should include all the necessary information to draft a business plan. Some of the basic sections that should be included are: 

The Company Background: A brief overview of the company, including its current status and history. 

  • The Business Plan Overview: What is the scope of the business? Is it a new company or an established company? What is the market opportunity? What are your goals and objectives for this venture?
  • The Market Research: What are your competitors doing currently? What are they not doing that you will do to beat them in the marketplace? How can you leverage on any weaknesses in your competition’s marketing strategies?
  • The Marketing Strategies: Do you have any specific marketing strategies planned out to give yourself an advantage over your competition?
  • Financial Forecasts: This section includes projections for the next three years on monthly income, yearly income, and future profit. It also includes projections for sales volume and expenses.

Why use a business plan template?

A business plan template is a great way to ensure that you have all the necessary information before writing a business plan. This way, you will be able to avoid missing any important information and not forget anything you need to include while drafting your plan. 

Sample business plans for life coaches make it easy for you to draft your business plan.  Additionally, a template can help set up a timeline for goals and objectives and also highlight the importance of research in creating a successful business plan. 

There are many resources online where you can find sample business plans for life coaching for free or at low cost. Investing in a template is worth it because it saves you time and helps guide you through the process of drafting your plan.

Types of sample business plans for coaches

Startup business plans

A startup business plan is a roadmap for your business, detailing how you plan to become profitable and scalable. A startup business plan typically includes:

  • A company overview that highlights who you are and what you do
  • An overview of your product or service 
  • The risks involved in your venture and how you plan to deal with them 
  • Details of the startup costs, financing needs and funding plans
  • Competition and marketing strategy 
  • The team behind the project
  • Funding requests, including investor contact information

Strategic business plans

A strategic business plan is a document that outlines your company’s goals and the strategies to achieve them. A plan will typically include marketing objectives, an overview of the market for your products, financial projections, and a timeline for achieving certain milestones. It will answer the most important questions of your future. It will provide you with a clear sense of direction, meaning, and fulfillment.

Business growth plans

A business growth plan is a detailed strategy that helps you reach your long-term goals. It lays out your goals and how you’ll go about achieving them. A business growth plan can help you identify opportunities, create goals, and keep track of progress. You’ll be able to identify your priorities and figure out how to best allocate your time. You’ll also be able to see which aspects of your business are working well and which would need improvement.

Once you’ve determined the type of business plan you’d like to create for your coaching business, you can easily draft them by referring to sample business plans for life coaches.

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

A Sample Business Plan for a Life Coach Going Solo

This article outlines a sample business plan for a life coach planning to start a sole proprietorship. Many people would like to start this business but they do not know how to go about it. By looking at this sample or other sample business plans for life coaches, you will know what to do and kickstart your life coach business.

A Sample Business Plan for a Life Coach Going Solo

Sample Business Plan for a Life Coach: Highrise Life Coaching Center

EXECUTIVE SUMMARY 

Offering life coaching services for individuals and businesses, Megan Bishop has achieved a successful path of her own. From business owner to speaker, from blogger to published writer, and from high school teacher to life coach, Megan is always reaching for new goals that inspire her. 

She offers thoughts and techniques on how others can find their own paths as well, using goal setting, motivation and accountability in order to help others achieve deep inner peace. Megan is the owner of Highrise Life Coaching Center.

OBJECTIVES

  • To help people improve their lives or perform better in their careers.
  • To help people eliminate or manage their depression and help them develop ways to enjoy life again.
  • To help people solve problems about their finances and provide them with solutions that will help them attain peace of mind.
  • To guide young people and adults on how to have healthy relationships that won’t compromise their mental health. 

MARKETING STRATEGY

Megan plans to advertise on local community online websites and forums. She will also be posting flyers in local businesses, putting her handouts at local chiropractic offices, doctors’ offices, personal trainer facilities and more. She will also promote her business through social media such as Facebook, Yelp, Twitter, Instagram and many more. Family members and friends will help spread the word about her business as well. To get the most clients, Megan plans to have as many networking events that she can manage/attend. There are always events going on throughout the month such as chamber of commerce meetings, exercise classes, etc.

TARGET MARKET

Highrise Life Coaching Center will provide five different types of one-on-one coaching packages to any person 15 to 65 years of age in the greater Seattle area who is seeking help with personal or professional development issues such as goal setting, time management, stress reduction, etc. The target market is large enough to support Megan’s coaching business. Even if she serves only 25 clients per month, she will earn an extra $7500 per year in gross revenue from the services she provides.

OPERATIONS AND MANAGEMENT

Since Megan’s life coach training center is a sole proprietorship, she will be operating the center herself. She will receive calls in her office through a 2-line telephone system. She will use high-speed Internet, free voice-over-Internet protocol phone service or cellular phone, laptop computer and fax service for communication with other people.

FINANCIAL PLAN

Highrise Life Coaching Center will get its startup funds from the Bank of America Community Development Program which supports businesses predominantly owned by women and people of color. 

Megan’s coaching program fits this requirement as her initial clients will be life coaches, some of whom are women business owners. The Bank of America’s funding will be used to help Megan with marketing and promotion, the establishment of a website for her life coaching center, and for printing costs for business cards and letterhead that will promote both Megan individually as well as her new training center.

BUDGET 

Advertising in local newspapers: $200/month

Advertising on local radio and TV stations: $400/month

Public speaking engagements: $50 per engagement

Flyers: $100 for initial printing costs

Grand opening event: $250

TOTAL MONTHLY BUDGET: $1000/month

Conclusion

This sample business plan for a life coach planning to start a sole proprietorship entails all the essential elements that a small business could have. However, it is crucial to do a thorough research before starting your coaching business.

By the way… you’re invited to claim your FREE step-by-step “30-Days to Become a Coach” video toolkit. Just go HERE now to get your 30-day coaching blueprint videos.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Need a Life Coaching Business Plan Sample?

A life coaching business plan sample will help you answer all your questions about how to start your own business. There are many perks of starting and operating a business, but there are also some major challenges. The benefits and challenges must be weighed carefully before making any final decisions. 

Need a Life Coaching Business Plan Sample?

This guide helps you learn how to start your own life coaching business while eliminating any unpleasant surprises. Feel free to go through it as many times as you need for it all to sink in. To make it a realistic sample we have chosen a fictional company X-Life that is going to sell life coaching training services over an online platform.

X-Life’s Life Coaching Business Plan Sample

1. Executive Summary

This business plan outlines X-Life’s operations, strategy, and plans for growth. X -Life provides life coaching training services over an online platform. The company started its operation in January 2021 and is located in New York City, NY. 

Our founders are Elena Monroe (CEO) and Sally Jensen (COO). We have 10 employees today; all of them have experience in marketing or sales. We are at stage two of our three-stage business model. 

Our unique selling proposition lies in offering customers customized training based on their individual situations, needs, and goals. At X-Life, we value customer satisfaction above everything else! To offer highly personalized training, we use technology to its full potential by connecting coaches with clients through videoconferencing technology.

2. Company Overview 

X-Life offers customized training programs designed by experts based on client needs. While other companies offer general advice, we want clients to be confident that they have selected personal growth services based on an understanding of their specific challenges and opportunities. 

We connect individuals with talented life coaches through videoconferencing technology at affordable prices. Elena Monroe (CEO) founded Company X-Life in January 2020 after she had been working as a life coach for more than two years. Her first client was her best friend who came to her for help after ending up in debt due to unemployment, unpaid bills, and medical expenses. Together they managed to get rid of all debts within eight months!

3. Target Market Analysis

Our target market is middle-class, college-educated people with an interest in starting their own business. Middle-class people are more likely to be interested in obtaining additional skills that help them become more productive at work and less stressed outside of work. Life coaching can help one do both. 

Among those who have heard about life coaching, many associate it with personal growth seminars for women or new age gurus who want to make money by providing advice on self-improvement. We want to correct these misconceptions by explaining what life coaching really is: a customized program designed by experts who consider your needs and situation.

4. Market Trends

The life coaching industry is growing and evolving rapidly. According to recent research, there are well over 50,000 life coaches in the United States, with that number expected to grow exponentially over the next few years. 

Traditionally, people sought out face-to-face sessions with a professional coach who offered advice on aspects of their lives such as career choice or financial planning. Today people can seek out online services without even leaving their homes! This new way of doing things makes online training services more accessible than ever before and opens up huge potential for X-Life’s operations to take off as soon as we get our business model right! 

To build X-Life’s brand, we need to be viewed as an expert in life coaching, an industry we are helping evolve by providing highly personal training based on individual needs. We want people who seek out online training services to turn to us first when they decide they want to coach. It is important for us to target not only individuals but also organizations that can use our services as well.

5. Product and Services 

The main offerings of X-Life are customized life coaching plans designed by experts based on client needs. Each coaching plan consists of individual training sessions: 4-6 per month for 6 months, at least one session each week. Each session lasts 30 minutes and is conducted online through video-conferencing technology. A typical session begins with an initial conversation where clients describe their current situation, goals, hopes, and concerns about their future.

6. Marketing and Sales 

X-Life’s marketing and sales strategy is designed to convince potential clients that we are an expert in life coaching and that our approach can help them reach their goals. We do so through direct advertising, social media campaigns, and word of mouth. To reach our target market, we advertise on television shows in which educated professionals participate (such as The Big Bang Theory). We will also seek out word of mouth by offering personal sessions at little or no cost to those who refer friends or family members who sign up for coaching.

7. Sales Forecast

Our sales forecasts depend largely on how many clients we can attract and convert into paying customers. We have analyzed data from other companies in our industry and have concluded that each client will pay $200 for each coaching plan. 

As of January 2022, we estimate that there are 35 million people in the United States who will be interested in online life coaching services. We expect an average of 0.1% of those people to sign up for life coaching plans offered by X-Life. This would bring in 3,500 clients per year, which at $200/client would bring us approximately $450,000 of revenue. Although such numbers might seem insignificant compared to large corporations like IBM or Boeing, they would more than meet expectations given our initial investment capital.

8. Funding 

The main source of funding for X-Life’s business operations is government loan/grant programs intended to support small businesses and promote job growth. We have applied for, and are expecting to receive, a $500,000 government grant by December 2022. This money will go directly towards startup expenses: we need to hire employees, pay leases on office space and equipment, purchase all furniture, and supplies necessary for operations, etc.

Final Remarks about Life Coaching Business Plan Sample

Life coaching business plan samples are a good place for anyone interested in starting their own life coaching service to start. We strongly encourage you to use these sample plans as guidelines for writing your own unique and complete life coaching business plan. As with any other important business documents such as company profiles or industry reports, it is vital that you write your own unique strategy so that potential investors can identify exactly what kind of company you want to run and how it will be managed.

Special Bonus – Learn 32 ‘Guru’ Transformation Techniques when you click on the image at the top right. You’ll learn how to become a life coach in 30 days.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

A Simple Business Plan Format for Life Coaches

We’ve put together this simple business plan format for anyone considering being a life coach. It is based on proven methods that have worked before, that will help you get your business started without forgetting any key steps. If you follow this format, you’ll be able to easily put together your own business plan for coaching with ease!

A Simple Business Plan Format for Life Coaches

What is your purpose?

Your purpose is what you want to achieve with your business. Why did you decide to be a coach? What do you want your coaching practice to achieve? If you can get really clear on what your purpose is, it will help inform everything else in your business: how it’s set up, how much money you want to make, how many clients you need. 

Start by brainstorming as many things as you can think of that describe why you wanted to start a coaching practice. (Or, ask friends and family if they have any ideas.) Write down every word that comes to mind—no matter how big or small it may seem! For example: Don’t just look at your list—process each word and idea so you better understand why you started a business in the first place. Which words represent something important about who you are and what inspires you?

Who are you serving?

It’s important to think about your target market, or who you are serving to determine how much of a demand there is for your coaching services. If you live in a small town and your target audience is people within 15 miles of you, it might be tough to generate enough business. Whereas if you have an online presence that can reach hundreds of miles away then you can reach a wider audience. Understanding who your clients will be will help you better serve them.

Where will you serve?

Write down a few potential locations you’d like to serve and what your services will entail. If none of them sound good, write down three needs that people in your area might have that you could help fulfill (and then, later, write a business plan to make it happen). You don’t need to limit yourself geographically. Maybe there are a few niches where your specialty would be particularly valuable. Think outside of geographic borders if necessary!

How will you serve?

Once you have your business idea, it’s time to start sketching out how you will go about providing value to clients. But, before you begin filling in these blanks, ask yourself a few questions: Who is my ideal client? What specific problem does he or she face? How much will I charge them per month and/or session? What are my qualifications to help solve their problem? Do I need any additional training? Will they be paying me upfront or overtime? Can I get insurance to cover me if something goes wrong with our work together? You’ll want to leave enough room on each bullet point to expand when writing about them in your business plan.

What do you need to get started?

Before you get started in business, you need to lay out a few things: An estimate of how much money you’ll need to start your business and your sources of capital. A balance sheet is a good way to get an idea of what assets and liabilities are tied up in your business. 

Keep track of all expenses. Be detailed, thorough and on time with tax filing documents. Calculate your chances of profit or loss, based on market research of similar businesses and industry trends. Be clear about both expected results and unexpected risks (like competition). This is where a pro can help you navigate some difficult questions that might not be answered anywhere else. They can also help smooth out issues with regulations so that there aren’t any surprises at tax time—or if things go sour before tax time.

What will success look like for you?

As you begin to draw up your business plan, think about what success will look like. It’s important to have a detailed, realistic vision of how your coaching practice will evolve over time so that you can work backwards from there. Ask yourself: How much money do I want to make? What type of client will my ideal client be? Where are my services available? What kind of marketing and promotional materials should I use? Do I need a website or other online presence?

What could happen if it all went wrong?

If you’re not sure about your business idea, imagine how it would play out if everything went terribly wrong. Remember: No idea is a good one if there’s nothing to fall back on. Before you make any decisions, ask yourself what could go wrong and why people might want to avoid doing business with you. You may find that your idea isn’t worth pursuing after all—or that it needs some refining before moving forward.

Life coach business plan format: Final remarks

Business plan formats for a life coaching business vary greatly depending on if you are just getting started or have been in business for a while. Most professional life coach businesses look similar, and most start with some basic information such as your name, contact information, and website address. The business plan format outlined here will help you get started. think through all of the critical components and make sure you don’t forget anything.

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

 

Free Business Plan for Life Coaching: A Simple Guide

Are you looking for a free business plan for life coaching but do not know where to start? With so many free business plans for life coaching on the Internet, there’s a need to know the important components included in these plans. Let’s dive into the details.

Free Business Plan for Life Coaching: A Simple Guide

Free Business Plan for Life Coaching: Important Elements to Consider

Any free business plan for life coaching includes the following items, often in this order depending on the type of company. Before you draft your business plan, it’s a good practice to write out the specifics of your business, company goals, budget, financing needs, and at least 3-year financial projections.

Company Description

This section includes a coherent or intuitive explanation of what you do or produce, your life coaching company’s competitive advantage, an overview of how customers use your product, and a roadmap for how long it will take to achieve significant revenue and return on investment. 

Market Analysis

A market analysis is an essential step in understanding your company’s external environment. 

It can include an examination of the following aspects:

  • A SWOT analysis (strengths, weaknesses, opportunities, and threats) 
  • Cost structure and margins 
  • Competition and pricing pressures within and outside the coaching industry 
  • Customer needs/wants/behaviors 
  • Internal organization capabilities, including sales force strengths or weaknesses, manufacturing capacity, or constraints.

A market analysis helps you understand whether demand is sustainable or ephemeral. 

Marketing Strategy 

The goal of marketing is to establish an understanding of potential clients and their behaviors. It requires establishing who might need your products or services according to their age group, socioeconomic level, and geographic location. Businesses often use the principles of mass marketing when conducting these activities. 

Mass marketing often entails broadcasting identical messages via all available media or channels to meet demographic groups with maximum efficiency in a minimal time frame. In this age of technology, social media is one of the best ways to broadcast your marketing messages to a large number of people at a time. 

Financial Projections

In a business plan, financial forecasts are often an overview of the main financial assumptions based on the projections. Accounting software is not required to create profit and loss forecasts. 

Financial planners generate financial forecasts using historical data from similar companies in the same industry and estimated revenue and expenditure figures to predict a company’s future profitability by constructing an Income statement and a Balance Sheet for their hypothetical business plan instead of relying on traditional accounting software. Coaches can use what they learn from this exercise to make better-informed decisions about how they make financial projections for their business plans. 

Several examples of well-written business plans are available on the web. You can find them with a little search engine research. You can also take online courses in developing a business plan. The more you can learn before beginning, the better. The opportunity is out there, waiting to be grabbed, 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 “30-Days to Become a Coach” video toolkit. Just go HERE now to get your 30-day coaching blueprint videos.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Business Plan for Life Coach Business: 10 Quick Tips

Are you thinking of writing a business plan for life coach business but are struggling to get started? If you are someone who is establishing yourself as a coach, the best way of ensuring that you will be able to take on the competition effectively is through the development of a solid business plan.

Business Plan for Life Coach Business: 10 Quick Tips

In this article, we’ll give you some quick tips on how to draft your first business plan. But first let’s get to the basics.

What is a business plan and why is it important for life coaches?

A business plan is a formal document summarizing how you are going to operate your business and how you will achieve success. It highlights the operational and financial aims and objectives of your business. In fact, a business plan serves as a roadmap for businesses to remain on the right track and prevents them from making the wrong decisions. 

It also guides you on how you need to operate your coaching business, how to enhance your revenue, how to access more resources and increase your business’s assets. Moreover, you always strive for the best when you have a business plan that clearly states your objectives, goals, and plan for growth as well as for development.

The main components of a business plan for life coach business

If there is one skill that a business owner should possess, it is the skill of planning. Planning is an essential part to your coaching business success. Before writing a business plan, you must know what should be included in the plan. The basic components of a business plan for life coach business are:

  1. Executive Summary – A brief overview of your coaching business’s plans and objectives. 
  2. Mission, vision, and goals – A mission statement highlights the purpose of your business and how you’ll help people. A vision statement illustrates where you want to be in the future. A goal is a description of broader outcomes that you want to achieve in the future.
  3. Management team – Highlights the key persons in your business and how you are going to put together a quality management team.
  4. Market analysis and target market – Provides thorough market analysis and pinpoints the target market you are going to focus on.
  5. Marketing strategies – Focuses on how you will use different marketing strategies to acquire more clients.
  6. Financial planning – Describes your financial plans

Quick tips for writing a business plan for a life coach business

Now that you have a better idea of what needs to be included in a business plan, the following tips will help you write a plan that better serves its purpose. 

  1. Know the purpose of creating your business plan – Be clear about the purpose of your business plan e.g., to attract investors, assemble teams, etc.
  2. Identify your audience – Identify to whom you are writing your business plan such as investors, management team, potential collaborators, etc.
  3. Be concise – Long business plans are less likely to be followed and are forgotten by stakeholders. Therefore, create a concise and lean business plan.
  4. Show your passion – Let your business plan exhibit your passion for your life coaching business to stakeholders and show why they should also be passionate.
  5. Provide supporting documents – Support your business plan with relevant documents such as the CVs of your management team.
  6. Reference data – Provide all the relevant data to back up your market research or claims such as information about the market, your audience, competitors, etc.
  7. Clearly state your points of difference – Don’t hesitate to state and reiterate why your life coaching services are different from other life coaches.
  8. Be objective – Being objective means clearly showcasing all the positives and negatives you discovered in your market research and analysis.
  9. Use plain and simple language – Write your business plan by using plain, simple, and clear language without using jargon and complicated terminologies to make it easy to understand.
  10. Don’t be afraid to alter your plan – Don’t hesitate to change your business plan as your business grows and evolves.

Starting your coaching business will not be an easy task — you must be dedicated if you want to succeed. But a good business plan will help you to maximize your business growth and profit. After you have written one, you will see how easy it becomes to run your business.

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

A Lean Life Coach Business Plan – Free Sample

Are you planning to start a new life coaching business and looking for a lean life coach business plan free sample? If yes, you are on the right platform.

A Lean Life Coach Business Plan – Free Sample

A business plan is the first crucial step you need to take if you are planning to start a new life coaching business. A well-thought-out life coach business plan set you in motion to achieve your goals effortlessly. A lean life coach business plan differs from a standard life coaching business plan. It is a formal document that is precise and to the point. All unimportant and unnecessary details are trimmed off from a detailed business plan so that your business plan contains only the most crucial elements of success.
Lean life coach business plan free sample: Unique Life Coaching
Here is a lean life coach business plan free sample using a fictional company called Unique Life Coaching.

Identity
Unique Life Coaching is a professional and licensed life coaching business. We specialize in assisting people to achieve their personal goals and improve their competencies, capacities, and productivity. The scope of our offerings covers personal improvement coaching, family and relationship coaching, and financial planning.

Problem
The Covid-19 pandemic has severely affected the world economy causing individuals and families to grapple with problems such as unemployment, low incomes, high expenses, and emotional issues.

Our Solution
Our proprietary solution, “Life’s a Beautiful Puzzle” is designed to help individuals fill in all the missing pieces in their life and transform it into a beautiful life. Unique Life Coaching will assemble a team consisting of professional and certified life coaches and financial planners. Our aim is to hire professional coaches with unique skill sets and vast experience. Our team members are driven to professional excellence by their zeal to help people transform their lives. Their vast experience and knowledge of coaching will help us guide clients to achieve their desired outcome through our holistic coaching solution.

Target Market
Our target market is people having issues with their personal, family, and professional life as well as their finances.

The Competition
Our competitors consist of life coaching firms of all sizes. However, our main competitors are ABC Coaching Firm and XYZ Coaching Agency, two coaching companies that have been around the block for more than 10 years. There are also some smaller competitors with a limited scope of offerings.

Revenue Streams
Unique Life Coaching will generate revenue by offering the following coaching services:
Personal improvement coaching
Family and relationship coaching
Financial planning

Marketing Activities
We will hire highly experienced marketing experts to manage marketing strategies. The team will also be trained on a regular basis and conduct the following marketing activities:
Email or mail out introductory letters along with brochures to households and key stakeholders.
Strategically drop flyers and business cards to offices, libraries, other public places, etc.
Print and electronic media advertisements
Social media advertisements
Encourage word of mouth marketing through satisfied clients

Expenses
Our expenses include:
Start-up costs such as course development and business premise
Materials and equipment costs
Business incorporation fees
Liability insurance, permits, and licenses
Website costs
Staff’s salaries for at least 2 to 3 months
Marketing costs
Additional expenses such as business cards, adverts, etc.
Miscellaneous expenses

Milestones
As the coaching business grows, the company will look to establish a branch in a neighboring city as well. Moreover, the company also intends to expand marketing activities to acquire more clients and increase revenue.

The above lean life coaching business plan free sample can be your guide to create your own lean life coaching business plan. There’s no one best plan for all coaching businesses. The best plan for you will depend on many factors, such as whether you have employees or not, what are your expenses, how much time you want to spend administering the plan, etc.

Special Bonus – Learn 32 ‘Guru’ Transformation Techniques when you click on the image at the top right. You’ll learn how to become a life coach in 30 days.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community