Search Results for: writing a coaching business plan

Your Guide to Writing a Coaching Business Plan

Have you ever thought of writing a coaching business plan but do not know where to start? Way too often, we don’t start things or take the first step because we can’t figure out the tenth step.  But you don’t need to know the tenth step. You only need to know the first step because the first number is always one. 

Your Guide to Writing a Coaching Business Plan

The first step to writing a coaching business plan is to have a good idea of whether your business is viable. After you’ve analyzed the market, it’s time to draw up the business plan.

But first, what is a business plan? A business plan is a detailed analysis of your business, including its objectives and finances. The plan provides an insight into the purpose and vision of your coaching practice and how its goals will be achieved and set out the financial requirements for the practice as well as its projected earnings potential.

Use it as a reference guide, which you can refer to at regular intervals to help you stay on the right track. Don’t treat it as gospel though business needs change over time and therefore so will the business plan. If you keep on top of this and amend your plan accordingly, it will help to ensure your business continues in the right direction.

Why is Writing a Coaching Business Plan Important?

There are two main uses for a business plan. The first is as a sales tool to help you present your case to lenders, investors, and potential business partners. The second is for your own internal use, as a gauge against which you can measure your coaching practice’s development and progress towards its objectives.

Your business plan, therefore, needs to be a compelling document that will impress people and convince them of your ability and the viability of your practice. To make it credible, you’ll have to back it up with detailed research and accurate financial forecasts. Be careful not to make it flat and lifeless though. Don’t just present the facts and figures: turn them into a meaningful and exciting business case. A word of warning though: keep your feet on the ground at all times and ensure that your analysis is truthful and realistic. Investors and lenders will see right through the hype if you overdo it. Also, it is in nobody’s interest to create a misleading impression. On the other hand, though, don’t aim too low. Objectives and financial forecasts that seem far too easy and conservative will not impress and will not provide you with any challenge or incentive to reach your practice’s full potential.

You need to make your business plan balanced. Be upfront about both strengths and weaknesses. Put a positive spin on the weaknesses, though demonstrate what you will do to overcome them.

The Basic Structure of a Good Business Plan

Your business plan should consist of the following:

Summary – This is basically a concise synopsis of your coaching practice and the plan. A potential investor or lender will probably read this part only when they are inundated with similar reports and documents. By reading these crucial couple of pages, they can judge whether something is worth further consideration. Writing the summary once you’ve finished your plan will ensure that you don’t miss anything out. Make it impressive and attention-catching.

Company Information – This section provides some context by outlining what your coaching practice is all about. Include the structure of the organization, its history, its vision and mission, information on the industry, an analysis of the customer base, a description of the products or services offered. You’ll need to give all the facts to help the reader understand what your practice does, but provide more than this. Don’t just describe what your practice does, but also what makes it stand out – its benefits and key selling points.

The Management & Team – Here you outline a brief CV for each of the members of your management team. Also, include any external consultants whose services you employ. Make it clear what they can bring to the company. Show the different departments if relevant and explain what types of positions will be held in each of these areas. Provide a plan as to how you will recruit, train, and manage your workforce.

Promotion and Sales – In this section, you should include all of your market research. Show that you fully understand your intended clients and your competitors. Outline how you will deal with competition in the market. Explain your plans for advertising your practice and promoting your coaching products and services.

Operations – How will your business work? Provide details of where your company will be located, whether it will own or rent its premises, what materials and equipment you will need, what IT and other systems you will use.

Financial Analysis – Summarize the figures at the beginning of the section to outline the main messages. Include costs for every area of your business and do an in-depth projection of the financial outlook for the practice for the next year, as well as an outline sketch of the likely financial future over the next five years or so. You should include profit and loss accounts, cash flow, sales projections, etc. 

To wrap up your business plan, you could also include a more general future vision for your coaching practice, to give lenders or investors an impression of how your company will shape up and what financial returns they might receive from it. 

Now go, and write a coaching business plan!

Would you like an endless stream of new coaching clients? Simply click the image to the right and email and I’ll send you free videos with step-by-step blueprints for generating a massive income from high paying coaching clients.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

 

 

Writing a Winning Career Coaching Business Plan

Writing a career coaching business plan can be a lot of hard work or it can be great fun. You have so many ideas floating around in your head that it can be difficult to capture them all in a logical format and know where to start. However, committing time to write an effective plan can help improve your chances of success as a career coach.

 

Writing a Winning Career Coaching Business Plan

Not every business needs a 100-page bound business plan. However, all businesses need to have some idea of where they want to go and how they are going to get there.

Here are some tips on how to write a killer career coaching business plan!

The first stage of any career coaching business plan is ANALYSIS. You need to take a very objective look at certain factors that may impact your business. The two major ones to consider are competition and your operating environment.

First, let’s look at your competition. Clients only have so much money available so your first task is to ask yourself “What is my competition like?” and “Can I beat them?” The more you understand your competition, the more you can develop your unique selling proposition and compete in the market.

Next, let’s look at your operating environment. This is basically understanding what factors around your area of operation are likely to affect your business performance. You need to ask questions like:

· How is the economy doing?

· What is consumer confidence like?

· Where is technology heading in my industry?

After answering all the questions, you need to decide how these might negatively or positively influence your business.

Now that you have discovered more about your competition and explored your operating environment, it’s time to set some OBJECTIVES. This is what you want to achieve in the period your business plan covers. It is said that good objectives are SMART, i.e. specific, measurable, achievable, realistic and targeted. Here’s an example of a SMART objective for a career coaching business.

By the end of this year, we will have increased sales of our career coaching workshop by 6.5% over the previous year.

It is much easier to achieve high performance when you set clear objectives.

Next, you need to outline your STRATEGY. How are you going to reach your objective(s)? This is where your marketing plan comes in as it helps describe your marketing strategy and how you are going to achieve your desired objective(s).

When developing your marketing strategy, consider the following:

Products & Services: What products or services will you be offering? Will you be offering on-site career coaching services or will you be conducting group workshops at another venue?

The Target Market: The target market is the clients that you expect to do business with. For example, will you focus on millennials who are looking for someone to help them out in their job search or experienced executives who are looking for a career change?

To make your strategy work, you must also allocate appropriate RESOURCES and why you believe this is adequate to get the results desired. This could be dollars, people, equipment, etc.

A career coaching business plan must also have some PROJECTIONS. This covers your basic financial projections that your business plan will deliver. Are you expecting a profit or loss? How much?

Lastly, you need to allow for CONTINGENCIES. Plans change all the time and your career coaching business plan needs to consider these possibilities in advance. A good way to do this is to yourself ask some “What if?” questions. Here are some examples of “What if?” questions:

· What if a new competitor enters your market?

· What if the unemployment rate increases?

· What if the career coaching industry experiences a downturn?

Being aware of likely contingencies will save you a lot of stress and allow you to deal with problems before they become a big problem.

These few things will help your career coaching business to become a great success and also provide you with peace of mind knowing that you have thoroughly thought about and planned for your business.

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 Life Coaching Business Blueprint to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

4 Reasons Writing a Business Plan for Life Coaching is a Necessity

Writing a business plan for life coaching is not hard. It’s not completely easy, but it certainly isn’t so difficult that it should be avoided.

Writing a Business Plan for Life Coaching

Writing a Business Plan for Life Coaching – kantver © 123RF.com

A business plan is crucial to the success of your business.

Coaches need business plans, too!

Running a business is a “no-excuses’ endeavor. Don’t start making excuses with a business plan!

Writing a Business Plan is Easy

Ok…not easy, but not hard. If you think of it as an absolute necessity, then it becomes quite easy. Like any task that must be done, it may be kind of a pain in the neck to get started, but once involved with the task, it gets easier and easier.

Writing a Business Plan is Hard

As mentioned, the hardest part is usually starting out. The first act of putting pen to paper, or fingertips to keyboard, is the most difficult. Writing a business plan for life coaching can seem rather difficult before you start!

The other part that business owners find difficult is the research. Yes, some research is needed. When doing an analysis, like SWOT or SOAR, research on the market, the competition, and the industry is required. But, in the digital age, when a wealth of information is available with the click of a mouse, there should be no excuses!

Writing a Business Plan for Life Coaching is a Necessity

It does matter if it is easy or hard, a life coaching business should start with a business plan. It’s a must-have! It’s a necessity! Just because you may be a solo entrepreneur, don’t think you can skip a business plan. Just because you don’t need to apply for funding, don’t assume that a business plan is superfluous. Just because you’re a coach, don’t think that a business plan is merely useless fluff!

4 Reasons You Should Write a Business Plan for Life Coaching

  • Focus. Writing a business plan forces you to focus on all aspects of your business at once. Your values, your mission, your analysis of the competition, your target market – everything at once!
  • Inexperience. Some new coaches are experienced business owners, but most aren’t. This inexperience can be dangerous as running a business is a difficult endeavor. Writing a business plan for life coaching will help coaches determine who they are as a coach, how to brand the business, and what business success means to them.
  • Reference Guide. A business plan serves as an instructional manual or a reference guide for your business. If done correctly, you can look back to the business plan when you need to make decisions like hiring, changing niches, moving online, or adding additional streams of income.
  • Goals. Every business needs goals. Just like you will be helping clients identify goals and inspiring them to create strategic plans to reach those goals, a business needs to do the same thing. Writing a business plan for life coaching will help you identify and clarify your business goals. Through market analysis, business administration, mission and vision statements, and a section of marketing and promotion, it will also detail strategic plans to reach those goals.

SPECIAL BONUS — If 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.  

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

7 Answers You Need Before Writing a Business Plan for Health Coaching

Having a business plan for health coaching is essential before you open a health coaching practice. Every business needs a plan, and health coaching is no exception.

 Business Plan for Health Coaching

Business Plan for Health Coaching – Dmitriy Shironosov © 123RF.com

Before You begin Your Business Plan

Before you start composing a business plan for health coaching, you need to gather some information. Some of that information can be found through research and some can be found by asking yourself some probing questions.

You need answers before you begin. Having the right answers to the right questions will help you create a more relevant and comprehensive business plan.

7 Answers Before Writing a Business Plan for Health Coaching

  1. Know who you want to serve.
    What is your target market? What groups or types of people do you want to coach? Figuring out your niche is crucial to your success as a health coach.
  2. Know what your mission is.
    Every business plan needs a mission statement, and you should develop one before you start putting your business plan on paper. A mission statement is a formal summary of the aims and objectives of the business. This is the answer to the question: Why does my business exist?
  3. Know what your vision is.
    A vision statement is an aspirational declaration of what a business seeks to accomplish or achieve. It’s a forward-looking statement of where you want the business to be in one year, five years, or ten years. This is the answer to the question: Where is my business gone and where do I want it to be?
  4. Know your values.
    What values guide your business? Most coaches will put down the common values – honesty, integrity, ethical conduct, etc. However, it helps to take some time to think of values outside the normal – innovative, creative, passionate, transparency, accountable, focused, and more.
  5. Detail your marketing genius.
    Okay, many coaches are not marketing geniuses, but all coaches have to market. Every business plan for health coaching must include answers on how the practice will be marketed. Some will hire others to market for them – that’s fine, but all promotional efforts should be measured and assessed. These answers should be included in the very important marketing section of the business plan.
  6. How will you use the Internet?
    Every business owner needs to understand the online world, and every business plan for a health coach must provide some answers on how the coach will use a website, online marketing, or social media to push their business forward.
  7. What outcomes will you have for your target market?
    This might be the most overlooked section of the business plan for health coaching. But, if you don’t have the outcomes your clients seek, you won’t be coaching for long. It is imperative to write down the ways you will help your client find outcomes health coaching is about helping clients lose weight, eliminate bad habits, learn new healthy habits, begin exercise programs, and overcome any physical, mental, or emotional obstacles that prevent them from living healthy lifestyles. You need the answer to their questions, and you should take time to think about these solutions before you write a business plan.

Would you like an endless stream of new coaching clients? Simply click the image to the right and email and I’ll send you free videos with step-by-step blueprints for generating a massive income from high paying coaching clients.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

Questions to Ask Yourself Before Writing a Career Coaching Business Plan

Having a career coaching business plan is a necessity for everyone who decides to become a career coach. A business plan serves as a founding document and a handy reference for all types of businesses, including coaching practices.

Career Coaching Business Plan

Career Coaching Business Plan – rawpixel © 123RF.com

Career Coaching Business Plan Outline

Here is a brief career coaching business plan template that can be used for all career coaches:

Part 1: Administrative – the nuts and bolts of starting and operating a business.

Part 2: The Coach and the Coaching – define who you are as a coach, what type of coaching you’ll be doing (career coaching), what niche (if any) you plan to pursue, and what outcomes you can offer your clients.

Part 3: The market – what group is your target market, what is your competition, what is local business environment like, and how the economy affect your business.

Part 4: Mission, Vision, and Values: This can be separated into three section where you list your mission (what your businesses does and why it exists), your vision (where you want your business to be at some time in the future), and your values (what characteristics, attributes, and qualities define your coaching).

Part 5: Marketing – how will you reach your target market and let them know about your great coaching skills? What media will you use to promote your business? What is your budget? How will you measure success or failure?

Part 6: All career coaching business plans should contain a section on SWOT (or something similar): S – strengths, W- weaknesses, O- opportunities, T- threats.

What Questions to Ask Before Writing a Business Plan?

Before you begin composing a business plan, you should take a few moments and ask yourself some questions. The answers to these questions will help you write an effective and comprehensive business plan.

Question 1: What need are you serving? A carefully crafted answer to this question will go a long way toward defining your target market, creating an effective marketing plan, and building your business.

Question 2: What is the profile of your most likely clients? This question will also help you clearly define your target market and make the acquisition and retention of clients easier.

Question 3: What makes you a great coach? Answering this question honestly will help you recognize the values that will sustain and drive you as a coach. The answer will also help you compose clear and concise values and mission statements.

Question 4: What are your objectives and priorities for the first year? A career coaching business plan should be both short-term focused and long-term focused, but having clear objectives and priorities for the first year provides motivation and guidance as you attempt to grow your coaching practice.

Question 5: Are your objectives SMART? To be S.M.A.R.T. your objectives need to be Specific, Measurable, Achievable, Realistic, and Timebound.

Question 6: What’s your financial picture? You may not need a section on finances – usually only businesses that may seek funding or loans complete this section. However, it is wise to have an idea of what the cost may be to start and promote your business. You career coaching business plan may not need this information, but knowing where you stand financially before you write your business plan will help you create and compose it.

6 Tips for Writing Usable Coaching Business Plans

Think coaching businesses don’t need coaching business plans? Well, think again. It doesn’t matter what type of business you have – life coaching or selling lemonade on the side of the road, you need a business plan!

Coaching Business Plans

Does a Coach Really Need a Business Plan?

The short answer is YES. The long answer is Of course!

The Small Business Administration notes on its website that “the importance of a comprehensive, thoughtful business plan cannot be over-emphasized.” William Bygrave, a professor at Babson College conducted a study in 2006 in which he studied several years’ worth of Babson College graduates to determine if the ones who had started their businesses with a formal, written business plan were better off than those who started their businesses without business plans. The answer he found was surprising – it didn’t seem to make a difference.

So – what’s the answer? Prevailing wisdom and the advice of many experts is to write a business plan, and coaches, coaching business plans are needed, too!

You Can’t Write a Business Plan Just to Get it Done

Perhaps one of the problems with some entrepreneurs is that they really don’t put much effort into writing the business plan. A coaching business plan, or a plan for any type of business needs to be comprehensive. Research, effort, and time is required to create a functional business plan.

It’s not a repot for school that you do at 11Pm the night before it’s due – it’s a project that will take some research time and more time developing the concepts. Just like a coaching practice, coaching business plans aren’t created in a day!

6 Tips to Creating Usable Coaching Business Plans

Here are a few quick tips on writing a business plan for a coaching business:

  • Give yourself plenty of time to write the plan. A few days, a few weeks, whatever it takes to finish a comprehensive business plan.
  • Don’t write it during normal working hours. If you are working another job while starting a coaching practice, don’t even think about trying to compose it in between meetings, phone calls, and conferences with the boss!
  • Make it comprehensive – cover areas such as Administrative, Vision, Values and Core Principles, Desired Goals and Outcomes (both short term and long term), and Marketing.
  • Include a SWOT analysis. What’s SWOT? S -strengths, W – weaknesses, O – opportunities, and T – threats.
  • Don’t forget to include a section on marketing. Most coaches hate marketing, but it is an absolute necessary part of running a successful coaching practice. It must be comprehensive and include different possible types of marketing and ways to assess success or failure.
  • Be sure to look at examples of other coaching business plans. This is a good way to find an outline for your own business plan.

If you are ready to start a coaching practice, you should invest the time in creating a comprehensive yet concise business plan. It should be a formal, written plan that will serve as a guide and reference for as long as you own your coaching business.

Get Inspired and Write a Career Coach Business Plan

Developing a career coach business plan is the first step for career coaches looking to start their career coaching practice business. Well-thought-out career coach business plans, when properly implemented, can reap great rewards in the future. 

Get Inspired and Write a Career Coach Business Plan

Don’t know how to craft your career coach business plan? There is no need to be worried because we’ve got you covered. In today’s post, we are going to guide you on how you can write a business plan for your newly established career coaching business.

Important Elements of a Career Coach Business Plan 

Creating a business plan shouldn’t be a daunting task. This simple following will help you gather all the necessary pieces to begin successfully. Let’s get started.

 

Have a clear mission

A mission is basically a 1-2 sentence motto that shows what impact your career coaching business has on the world. To come up with a mission, focus on why your business exists and what it does for others. As a career coach, what is your mission? Is it to help remove barriers for people to embark on the career of their dreams, whatever that may be? Or is it to help others choose their career and help them discover the outcomes that they want in their career?

 

When writing a mission statement, keep it simple and don’t overthink it. It doesn’t have to be perfect. One memorable statement will suffice. Set a timer for 10 minutes and when the time is up, move on to your next task.

 

Who is your ideal client?

Clients are the lifeblood of any coaching business, therefore it’s extremely important to know who your ideal client is. An ideal client is the dream customer that you serve in your business. To find out who your ideal client is, it is important to think beyond demographics. Your ideal client may be a Millennial in their 30s, but if you dig deeper into the day-to-day frustrations, beliefs, mindsets, and lifestyles, this will help you identify and serve them much better.

 

One important thing to note when it comes to identifying who your client is. You may have heard about finding your niche or this saying, “if you try to target everyone, you’ll target no one.” Hence, do not be afraid to choose an ideal client that’s specific and within your niche.

 

Find out what problems are your ideal clients facing

The problems that your ideal client deals with are basically issues that they desperately want solved. Some of the problems may include being stuck in a sunset industry, not getting the salary they want, dissatisfaction or loss of motivation at work, a decreased work-life balance, etc. List down three of their biggest problems that keep them up at night.

 

To solve their problems, you need to offer solutions to their problems and help them envision what their life would be like if their problems were solved.

 

Process

Now that you’ve discovered the problems your ideal client is facing, you need to have a process that leads them to your offer. How are you going to get that ideal client from their problems to your solutions? The process is akin to a dish – you need a few ingredients that will make your dish palatable. Is it your coaching approach? A specific method you’ve developed? A proven framework? Your experience?

 

In the highly competitive coaching market, you likely aren’t the only career coach doing what you do. Take the time to craft your unique value proposition. What makes you stand and what distinguishes your business from others?

 

Marketing Strategies

As entrepreneurs in the 21st century, you have incredible marketing channels at your fingertips, most of which are FREE. Some of the more popular ones are:

 

  • Facebook
  • Instagram
  • Twitter
  • LinkedIn
  • TikTok
  • YouTube
  • Snapchat
  • Pinterest
  • Email marketing
  • Blogs
  • Books and magazines
  • Articles

 

You don’t have to use any of these, and you don’t have to do them all from the get-go. Pro tips: Know where your ideal clients are hanging out online and offline. Also find out how they gather information to solve their problems.

 

Financial Goals

Your next step is to come up with some financial goals. Where do you want your business to be in 5 or 10 years? And don’t just focus on revenue. Think about impact as well. How many executives, managers or CEOs do you want to positively impact? Don’t afraid to dream big here. Here are some examples of how you can come up with your financial goals:

 

1-year

  • $120,000 in revenue, team of 2-3
  • 200 executives, managers or CEOs served

 

5-year

  • $2,500,000 in revenue, team of 50-100
  • 10,000 executives, managers or CEOs served
  • Best-selling career coaching book
  • $20K in scholarship

 

Business plans don’t have to take months or even weeks to complete or be filled with a bunch of business jargons to be useful. All you need to do is balance business acumen with creativity. Now, get started and write your career coach business plan!  

If you’d like to learn how you can get started in Wellness Coaching quickly, check out this FREE step-by-step “ Life Coaching Business Blueprint” video toolkit. Just go Here now to get your Life Coaching Business Blueprint

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Crafting a Business Plan for a Coaching Center

If you are planning to start a coaching center, a well thought out business plan for a coaching center can help determine whether your business has a chance of succeeding. And if you are looking for investors to invest in your business, your business plan must demonstrate whether it’s viable in the long run. A solid business plan construction entails deep expertise about the business, a thorough understanding of the industry, and the knowledge of how to start, operate, and grow a business. 

Crafting a Business Plan for a Coaching Center

What are the key aspects to consider when creating a business plan for a coaching center?

Here are some of the things to keep in mind when creating business plans for coaching centers.

1. Coaching qualifications

Coaching-specific knowledge, expertise, and experience are prerequisites of building an effective business plan for a coaching center. You have to demonstrate to your investors that you have coaching experience, or you have assembled a team that has enough experience. Moreover, your coaching credentials play a key role in convincing your investors that the business is in good hands.

2. Self-assessment

In business planning, self-assessment involves performing an analysis of one’s own goals, interests, skills, and experience. Before writing your business plan, ask yourself these questions:

  • “Am I ready to start and operate my own coaching center?”
  • “Is there a market for a coaching center in my area?”
  • Do I have the necessary capital or funds to start if investors do not invest?”
  • “What are the specific types of services my coaching center will offer?”
  • “Which niche should I choose if there is a lot of competition in the industry?”

3. Business plan components

Your knowledge and awareness about the key business plan components are also among the prerequisites of creating an effective business plan for a coaching center. Key business plan components include your business’s vision, objectives, mission, operating plan, market research on the industry and the competition, financial planning, and sales projections.

4. Detailed funding analysis

A business plan for a coaching center must also cover a detailed discussion about funding. You can include cost projections involving start-up and operating costs for the next 4 to 5 years. It is necessary to convince investors as they need assurance on how and where their money will be spent and what will be their return on investment. 

5. Executive summary

The final step is to write an executive summary consisting of one to two pages. An executive summary has the potential to convince your investors to read your whole business plan. Therefore, it must focus on and answer one question: “What makes your coaching center stand out from the crowd?” In a marketplace where being different means a better chance of surviving and getting funding, having a unique selling proposition is one of the most important things you can do for your coaching business.

6. Documentation

Once you are done with coming up with a narrative for your business, your business plan needs factual information that supports it. You need to include a well-structured appendix containing supporting documents in your business plan. For example, you can include market research data, resumes, and credentials of your key personnel, legal documents, and so on.

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 Life Coaching Business Blueprint to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

 

Is There Such a Thing as a Business Coach Business Plan?

If you are an executive or a business coach, you might not have thought about a business coach business plan, but you are going to need one, and you should do your best to make sure that you have one written before you start with your business. This is something that you need, no matter how you plan on going about your future with the business. 

Is There Such a Thing as a Business Coach Business Plan?

So, how do you create one? Here are a few things you need to do when writing a business plan.

Things to Consider When Crafting a Business Coach Business Plan

When creating business coach business plans, coaches need to consider the following things:

 

Vision & Mission

Firstly, you need to think, why are you starting your coaching business? What’s your vision for starting it? How are you different from other business coaches? You need to answer all these questions as they provide the foundation for your business and makes planning easier. Vision is basically a big picture of your dream which you aspire to achieve. You also need to define what your mission is. Ask yourself this question: “How will your coaching benefit businesses and executives and how passionate are you in bringing positive change to organizations?

 

Business Description

This section is meant to provide an overview of your business, including what your coaching practice does and how it is unique from others in the coaching industry. This description provides extensive details outlining your business.

 

Products & Services

In your business coach business plan, you are going to want to list the service or product that your business is going to provide, and how much you are going to be paid for it. 

 

Target Audience

Defining your target market may be a little difficult if you think your coaching services can be used by anyone, but it can be done. Simply putting “every organization on Earth” is not a practical target market. Whether your product or service can be used by everyone is not the key, it is who can afford and needs your product.

 

Market Research

Analyzing the competitive landscape is an important part of determining if you can succeed in business coaching. Find two or three competitors and evaluate them. What do they offer and where are they successful? Where is their main revenue coming from? What things do they lack that your business will provide?

 

Marketing Strategy

Figure out a strategy to be used to market your business coaching practice. For this, you require both online and offline marketing in the plan. Setting up a simple website is important. Don’t forget to include all the licenses and certifications that you possess an add testimonials of your clients. If you want people to contact you directly via the website, make sure to add an address to it.

 

Financing & Capital

Any good business plan needs to have a detailed look at finances. This means you need to take a realistic look at what your initial expenses will be along with ongoing costs of running your coaching practice. Once you have determined both your ongoing expenses and initial expenses then you can evaluate how much initial capital you will need and where you intend to get it, i.e., via angel investors, venture capital, self-financed or friends and family. If you are not familiar with financial statements, you may want to have an accountant help with this section.

 

A rock-solid business plan can help you get your business off to a good start. Take the time to create a complete and thorough business plan and you will be that much closer to achieving your goals in business coaching!

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

Business Plans for Coaches: All You Need to Know

You’ve probably come across this question many times: “What is the basic purpose of business plans for coaches?” Simply put, a life coaching business plan is a written document that provides you some strategies to improve your business performance and achieve your business goals. Business planning for coaches involves thinking deeply about key areas of your business, i.e., vision and mission, target market, marketing strategies, operations, and financial planning, and coming up with actionable strategies that would allow your business to flourish.

Business Plans for Coaches: All You Need to Know

By having a business plan, you can improve your business’s bottom line just by implementing a well-written plan. So, how do you write one? Let’s find out.

Business Plans for Coaches: What Do They Include?

Writing a business plan can be challenging, but to simplify the process, we have come up with some basic elements that you should include in your business plan.

Vision and Mission

The very first and basic thing about your business is the vision statement. This section describes the desired future position of your coaching business, i.e., the destination for your business. Next is the mission statement. This is a guiding light of how to get to the destination with short-term and long-term goals to achieve your vision. 

Business Type/Description

There are three types of business ownership structures you can choose when forming your business: sole proprietorship, partnership, or limited liability corporation. The first two types are almost the same, where owners keep all profits but are held liable for the business’s debts and other problems. Corporations protect the business’s principals from being held liable for its debts, debts, lawsuits, and other problems. Once you’ve chosen a business ownership structure, include details about the coaching services and products you sell along with their prices. 

Market Research

Here, elaborate on the specific niche(s) you cover, for example, mindset coaching, business coaching, empowerment coaching, health coaching, etc. Then, state your unique selling point that distinguishes you from other coaches. It would be best to include your strengths and weaknesses and compare them with your competitors’. You can also mention your competitors’ specific services and selling points in this section.

Marketing Plan

People need to know about your services, and for this purpose, you need a marketing strategy for your coaching business. How do you plan to advertise your business? Is it through a website, social media, or an email newsletter? Write down the marketing strategy and budgetary allocation for marketing.

Finances

Include some details about your budgets and sales forecasts in this section. You can create a spreadsheet about your financial plans, including how much money you will spend monthly and yearly. A sales forecast period can be monthly, quarterly, half-annually, or annually for a 3 to 5-year period.

Conclusion

Business plans for coaches play important roles in the success of a business. By coming up with a business plan and changing it as you see fit, your business will not remain stagnant, and you are able to continuously deliver good coaching services and products. 

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 Life Coaching Business Blueprint to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community