An Executive Coaching Business Plan Done Right

Writing an executive coaching business plan isn’t a simple task, but it’s not really a monumental one, either. The one thing you can say about writing a business plan is that it’s essential. If you have an executive coaching business, you need a business plan. Simple, right?

Executive Coaching Business Plan

Executive Coaching Business Plan – rido © 123RF.com

The Format of a Coaching Business Plan

There are myriad samples and templates of business plans all over the Internet. It’s easy to find one that matches what you need. The quick and easy format goes something like this:

  • Administrative – set up, permits, organization, location, bookkeeping, opening the doors, etc.
  • Vision Statement. What business am I in? What purpose does my business serve? What impact do I see the business having?
  • Mission Statement. What are the goals and philosophies of the business?
  • Values. What values drive your coaching and the conduct of your business? What values will you use to make future decisions?
  • Target Market. Who will you be serving? Do you have the outcomes to serve their needs? Can they pay for your services?
  • SWOT. Strengths, weaknesses, opportunities, and threats. Every executive coaching business plan needs this type of analysis.
  • Marketing and promotions. Strategies to market to your target market, your brand, ways to assess and measure the effectiveness of your marketing, and alternatives methods of promotion.
  • Additional products. What products can you create in the future to boost your brand and develop additional streams of income?

How to Create the Right Executive Coaching Business Plan

You know the format and you know that you can easily find templates online, and here are a few tips that will help you create the plan you want. Executive coaching business plans are critical pieces in the success of a coaching business.

  • Find a similar plan or template. Don’t copy it, but use it as a guide to write your own plan.
  • Read several different plans, including ones that aren’t specifically for an executive coaching business. This can give you additional ideas and provide motivation and insight.
  • The process is just as important as the final product. Don’t rush the process – the act of researching and writing the plan will provide focus, encourage creativity and ideas, and inspire passion for your practice.
  • Work on your executive coaching business plan over the course of a few days or a few weeks. Don’t try to write it all in one day. While not writing, you’ll often come up with ideas. Let the process develop gradually and the result will be more productive.
  • Find a different environment in which to work on your plan. Don’t do it at the office, or in front of the television. Find a place away from the usual distractions.
  • Do research. Some entrepreneurs try to just “wing it.” You can “wing” part of it, but research on markets and promotional methods is crucial.
  • One of the most important tips for writing and effective executive coaching business plan comes into play after it’s completed. Don’t file it away in the bowels of your computer, stuck in some obscure folder. Put it to use and have it handy for easy reference.

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Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

 

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