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.

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

 

How to Write a Business Plan for Coaching (Simplified)

How to write a business plan for coaching?” is a question that sprouts in almost all life coaches who aspire to start their coaching business. You may have a great idea about starting a new coaching business but turning that idea into a viable business is a totally different scenario. Therefore, before you start your coaching business, you need to write a business plan. A well-thought-out business plan will help you stay focused and organized. 

How to Write a Business Plan for Coaching (Simplified)

However, knowing how to write a business plan is a huge mountain to climb for coaches. Therefore, in today’s post, we are going to help you overcome this obstacle and explain how to write a business plan for coaching. Rather than getting into the nitty-gritty details of a business plan, this article will concentrate on the bigger aspects you need to consider before writing one.

How to write a business plan for coaching easily

In general, business plans consist of different sections that can be long and complicated. It doesn’t have to be this way; what you need to know are the main sections of a business plan, understanding what needs to be included in those sections, and focusing on how to make these sections interesting and easy to read. Here are the seven things you need to know like the back of your hand before writing a business plan for coaching.

1. Executive summary

An executive summary that provides a brief overview of the goals and objectives of your coaching business, an analysis of the coaching market, new opportunities for your business, growth potential, and a brief description of your coaching products or services.

2. Make sure your coaching business has a clear objective

When writing your business’s description, make sure it is crystal clear and there is nothing ambiguous. identify who you are, what kind of services you plan to provide and at what cost, and where will your business operate. You may also include the reasons for starting a coaching business and the future of your business. 

3. Identify your target market 

To identify your target market, you need to conduct market research. You can start with broad assumptions and gradually narrow them down. You can segment your audience using categories like geographic, demographic, psychographic, behavioral, etc. Furthermore, you can explore other aspects like age, gender, location, ethnicity, income level, and so on. Essentially, your coaching business plan should also highlight the research you conducted to identify the market. 

4. Analyze your competition

You also need to analyze your competition as you will need this information to create your brand differentiation strategy. It is absolutely imperative how you differentiate yourself from the crowd. Before you can analyze your competitors, you need to know the following:

  • who they are;
  • what markets or market segments they serve;
  • what products and/or services they offer and their pricing;  
  • what benefits they offer; and 
  • why people buy coaching products/services from them

Once you’ve determined the above, find out how you can stand out from your competitors.

5. Budget accordingly

Your coaching business plan must also contain financial statements such as, profit and loss statement, cash flow statement and balance sheet, if you are planning to secure funds from investors. In other words, you need to assess exactly how much money you need to start your coaching business and stay operational. 

6. Identify your goals and financial projections

Here, you need to identify the goals of your coaching business by clearly stating what you want to achieve. You also need to make financial projections that cover the first three to five years of your startup. You can base these projections on the target market and the percentage of prospects you can acquire. 

7. Clearly define your organizational structure

Your coaching business plan must also cover the organizational structure of your business. If it’s a small business with just you and one or two employees, that should be easy. However, if you are planning to start a huge coaching business, you need to clearly define the power structure of your organization. 

Once you’ve gathered the information you need for your business plan, compile it in an easy-to-read format that you know will allow your readers to follow without losing the message halfway through!

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

 

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