A Simple Quiz You Need To Answer For Your Coaching Business Plan

You know you need a coaching business plan, right? You should know that a well-written and comprehensive business plan can help be a success in the coaching business. Though many coaches overlook the importance of a good business plan, writing a good plan can be one of the most important things you can do for your success.

Yes You Need a Business Plan

You might think that just because your business consists of only you that a business plan is unnecessary. You might think that just because you are only starting out as a part-time coach, that writing a coaching business plan is a waste of time. But, you would be wrong. Every business, from a sole proprietorship to a multi-national corporation needs a comprehensive business plan.

Test Your Coaching Business Plan Knowledge

Here is a simple quiz to test your knowledge about business plans. It’s good to have an idea of how a business plan is written before you begin on your own coach business plan.

1. What section of the business plan is usually written last?
   1. Market definition
   2. Executive summary/ administrative
   3. Vision statement
2. What section of the business plan is usually placed first in the plan?
   1. Values section
   2. Executive summary/ administration
   3. Mission statement
3. What timeframe does a business plan usually address?
   1. 12-24 months
   2. 24-48 months
   3. 5 years
4. What is the biggest mistake you can make with a business plan?
   1. Not doing enough research
   2. Not having one
   3. Both
5. Does your coaching business plan need financial projections and forecasts?
   1. No
   2. Yes
   3. Maybe
6. What type of goals should your business plan contain?
   1. Short-term
   2. Long-term
   3. Both

Now that you’ve taken the quiz, let’ see the answers.

1. The answer is (B).
2. The answer is (B). Yes, this section is often written last because it is basically a summary of your business, but it appears first because it provides a good overview of what your business is all about.
3. The answer is (A). Most business plans address a time frame from 1-2 years. However, it is up to you to decide. You can certainly project out to five or ten years as long as you realize that your plan may need modification at some time.
4. The answer is (B). However, both answers are good because not doing enough research is one of the most common mistakes when writing a business plan. But, not writing one would be your first and only mistake!
5. The answer is (C). Large businesses need to include comprehensive financial projections in their plans because they may need to look for capital or investors at some stage. A sole proprietorship, the type of business most coaches have, usually don’t need much more than income estimates based on price charged and number of clients.
6. The answer is (C). Both short-term and long-term goals should be included in your coaching business plan. Having clearly defined goals of both types is important for decision making and assessments.

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