A Sample Business Plan for Coaches

A business plan for coaches is an absolute necessity. Every coach should have one before they open their doors to clients.

Every Coach Needs a Business Plan

This article will outline a business plan for coaches. It can be used as a guide when creating your own business plan. Everyone coach’s plan will be different because every coaching practice is different. But, if you are planning to start your own coaching business, make sure to have a formal, written plan before you begin!

A Sample Business Plan for Coaches

Mission

This is a statement about you and the coaching business you plan to operate. You can mention something about why you became a coach and what motivated you to open your own coaching practice. It should basically answer the question: Why are you doing this? And, it should be concise – probably 30 words or less!

Vision

The vision statement is sometimes used interchangeably with the mission statement, but, in fact, they are different. The section should focus on the future and what the business will look like and what outcomes have been achieved for clients if the mission is achieved. Coaches should focus on the future in this section!

The Elevator Speech

Most business plans ignore this section, but it is actually a critical part of well-written business plans for coaches.  This is where you write down a short answer (one that can be said in the time it takes an elevator to go a couple of floors) to the question: “What do you do?” And one speech to the question: “Why should I hire you?”  Including an elevator speech (or two) in a business plan for coaches gives you the right words to say when approached about your coaching business.

Products/Services

This is the section where you describe what you do and for whom you do it. What segment of the coaching industry do you align with? Do you have a niche? Will you seek to move into a niche in a certain period of time? Who is you target market? What group of people do you want to coach? This section should also include details about products you may wish to create in the future – books, group coaching, seminars, DVDs, coach training classes – any ideas you may have after you become established in the industry.

Marketing/Promotion

This section will include details on your initial marketing strategies and any future plans for promotion. You should clearly define your target market, methods to reach that market, outcomes you can offer individuals in that market, and ways to assess how well your marketing strategies are performing. If you plan to hire anyone to help with promotion – website design, social media manager, promotional help – these plans and related costs should also be included.

Administrative

No business plan for coaches is complete without details on the administrative part of the business. Licenses, office space, fees, accounting methods, and other tasks needed to run a business should be detailed here.

Your Business Plan – Complete, Clear, and Comprehensive
Every business plan for coaches should be clear, complete, and comprehensive. It should contain everything you need to start and operate a business. It should contain both tangible and intangible items. It should also be written in clear, concise language – it is a founding document for your business and should be used to track progress and reinforce concepts as time goes on!