A Career Coaching Business Plan Sample

It’s always easier to write something if you can read an example first, so here’s a career coaching business plan sample that you can use as a model for your own business plan. Every venture starts with the first steps and a career coaching business plan is no exception. Well thought out first steps, properly implemented, will pay dividends in the business operations of your coaching business in later years. 

A Career Coaching Business Plan Sample

Executive Success Coaching Inc – A Career Coaching Business Plan Sample 

Please note that “Executive Success Coaching Inc.” is a fictional coaching business invented for this career coaching business plan sample. You may also find business plan templates online or request career coaching business plan samples from coaches who provide them.

Executive Summary

This is the plan for a new business, Executive Success Coaching Inc., by James Ward and Terry Jones, to be started locally at Valley Estate in California. The mission of Executive Success Coaching Inc. is to offer affordable, convenient career coaching services to business leaders and executives in Valley Estate.

In order to offer clients the most affordable service, Executive Success Coaching Inc. will utilize professional career coaches who are certified and have the personal experience and knowledge to provide the service. They will have a personal background that will enable them to help the customers and enable them to achieve their own career goals. 

Career coaching training will be offered at our training center in Valley Estate, at the client site or online. By providing low-cost, flexible online, and on-site options, we expect to attract a large career-oriented demographic and residents who are ready to work hard on their career goals.

To reach clients, we will primarily utilize our website, social media, and word of mouth methods. Executive Success Coaching Inc. will be unique in its approach towards using certified professional career coaches who will also offer personal coaching to clients who prefer such service. Executive Success Coaching Inc. will be structured as a partnership between James Ward and Terry Jones. This means that Executive Success Coaching Inc. will be a very low-cost, simple company, allowing it to grow quickly and inexpensively. The objective is to become profitable within the first three months and to grow at a quick but manageable pace.

Our Mission

Executive Success Coaching Inc. will provide only the highest quality, career coaching services to business leaders and executives in an environment that is safe, comfortable, and attractive and will encourage clients to make repeat visits.

The Company and Management

Executive Success Coaching Inc. is headquartered and incorporated in California. The company is owned by partners James Ward and Terry Jones. James has extensive experience in career coaching while Terry has worked in sales and marketing for 15 years.

The management of Executive Success Coaching Inc. consists of co-owners James Ward and Terry Jones. Both partners will be taking active management roles in the company. We have also assembled a board of advisors to provide management expertise. The advisors are:

  1. Sue Brown, partner at Brown Accounting LLP
  2. Casey Hall, founder at Hall Communications Ltd.

Our Services

Executive Success Coaching Inc.’s service is simple, yet versatile. Clients may purchase one-hour or customized career coaching sessions. During each session, the client and coach are free to use the time as they see fit. For example, an introductory session may be spent mostly discussing career goals and composing a plan for reaching these goals whereas later sessions may be spent entirely on coaching. Executive Success Coaching Inc.’s coaches are selected from professional coaches who have extensive experience in career coaching. These coaches have certification or experience in coaching and they have the knowledge to help clients excel at their workplaces. 

The Market

Across California, the career coaching business has seen an explosion of growth over the last three years. Valley Estate is an affluent area with a high executive density. Our market research has shown that nine out of 10 executives polled in Valley Estate are ambitious and would want to grow their careers within the next five years. Six out of 10 would consider having a career coach.

Marketing Strategy

Already we have service commitments from over 30 clients and plan to aggressively build our client base through our website and social media. The on-site or online professional service that Executive Success Coaching Inc. will provide is sure to appeal to business leaders and executives throughout the Valley Estate area. Our marketing activities include the following:

  • Constant Internet support and blogging.
  • Email advertising to current clients and potential leads.
  • Free coaching tips or sample sessions via our newsletters and blog to grow community awareness and new clients.
  • Joining business groups, the Rotary Club and other local groups.
  • Participation in career and charity events.

These activities will help create an initial interest in the new company. Executive Success Coaching Inc. coaches will also be required to wear their Executive Success Coaching Inc. T-shirts when they coach.

Financial Projections

Based on the size of our market and our defined market area, our sales projections for the first year are $250,000. We project a growth rate of 10% per year for the first three years.

The salary for each of the co-owners will be $10,000. On startup we will have five certified coaches to provide career coaching services and expect to hire four more this year once financing is secured. To begin with, co-owner James Ward will be scheduling appointments and coordinating services, but we plan to hire a full-time receptionist this year as well.

Start-up Financing Requirements

We are seeking an operating line of $100,000 to finance our first-year growth. Together, the co-owners have invested $50,000 to meet working capital requirements.

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

Developing a Business Plan for Health Coach Practice

When you plan to start a health coaching business, you might not have thought about a business plan for health coach practice, but you are going to need one, and you should do your best to make sure that you have one written before starting your business. This is something that you need, no matter what health niche you’re in, and no matter how you plan on going about your future with the coaching business. 

Developing a Business Plan for Health Coach Practice

Running your own coaching business has its advantages, too. You get to be your own boss, set your own hours and days to work and are responsible for your own success. It can be a great way to free yourself from the tedium of 9-5 and work at doing what you love, but you have to begin by asking a few questions:

  1. Are you doing what you love, or just doing something you’re good at? A desire to be a health coach can be a good motivation to work for yourself, but you have to be excited to get up in the morning to do what it is you have chosen to do for a living.
  2. What niche are you going to fill? Is there a need for what you can provide? Will the market bear another entry?
  3. What coaching skills do you have? Just being able to do something may not be marketable enough to convince clients or financiers that you are a good financial investment.
  4. Who are your competitors in your chosen health niche and how are you going to do it better? Why should clients come to you? What do you have to offer that no one else does?

Once you have answered these questions, it is time for the decision of what kind of business structure you will use. Will you be a sole proprietor, responsible for every facet, and the penultimate authority as to how to run the business? Will you have a partner who will share the cost and workload, the profits, and the business decisions? Perhaps the decision will be made to incorporate, with its financial safeguards but more complex and costly set-up? At this stage, legal advice is recommended, if only so that you fully understand the advantages and disadvantages of your chosen business structure.

When the structure is finalized, a name for your health coaching business should be decided upon, if not already having been done so in advance. It should be easy to remember, avoid initials, and single letters (J & C & R, Inc. will be difficult to remember for customers) and try to say something about the business (Jake’s  Coaching & Wellness is easier to remember and spell).

Next, a business plan is a vital step in laying out all these topics and points in a standardized format. 

What is a Business Plan for Health Coach Practice?

A good business plan serves as a formal statement of the company’s goals, financing, structure, and legal considerations. It acts as a resume to prospective investors and bankers to evaluate whether or not your business will be worth investing in or financing. It also provides you with a chance to see the workings of your business in black and white. 

Remember that a business will either offer a product or a service in exchange for money. This is an over-simplification, but it is the one rule that you can stand by. You need to be able to make money, so you need people to pay you for your service or for whatever product you sell. The business plan, then, is a way of setting this up and making sure that your plan is going to work. 

The idea of a business plan for health coach practice, therefore, is to identify your target market. Then write down what you are selling, how much you are selling it for, and how much it is going to cost you to do whatever it is that your business is doing. By looking at the figures you come up within your business plan, you can actually see what kinds of profits you can think about having and come up with a marketing plan. A basic business plan for health coaches should at the least contain a balance sheet, an income statement, a statement of cash flow, as well as proposed financial projections.

The business plan is going to be able to be modified whenever you need to make changes in your business. This means that you have to be sure that you are developing a business plan, and business, that can actually change and grow with the times. This is something that is very important for you to remember when you are putting a business plan together. As long as it makes sense, and as long as it can grow and change, your business plan is only going to lead to your success in your health coaching business.

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

 

3 Business Plans for a Life Coaching Business

If you are thinking about starting your own coaching business, one of the first things on your itinerary should be coming up with a smart and solid business plan for a life coaching business. Without this plan, you will have trouble raising capital for your new business, you won’t have a good idea of what your goals are, and you will generally be like a ship at sea, without a compass and without any sense of direction. 

3 Business Plans for a Life Coaching Business

It might be a cliché to say, “Those that fail to plan, plan to fail”, but it is as true now as it has ever been. Take the time to come up with a complete and thorough business plan and you will be that much closer to success when it comes to the starting of your company. Banks will take your business more seriously, you’ll be able to convince investors to part with their money, and you may even be able to take part in government programs to help your business get off the ground.

Elevator Pitch Plan

Before you get started, you should know there are different types of business plans for life coaching businesses, and each of them has its place on the road to gaining capital for your new business. If you are just starting out, you would be wise to draw up three separate business plans, each of them being used at various points along the way. This will include the initial elevator pitch plan, which is more or less a teaser, with the purpose of getting the attention and interest of those with money to invest. Sometimes investors are leery of start-up entrepreneurs and do not want to waste too much of their time listening to an initial pitch. This is why the elevator pitch plan is so valuable. You should be able to get across the salient points in less than five minutes, which may be all the time you’re afforded.

Oral Presentation

The next step would be to brush up your oral presentation skill. This is important as you’ll be called upon to deliver an oral presentation if bankers or investors love your elevator pitch. This presentation, while maintaining the rules of professionalism, will be more strongly focused on entertainment and excitement values rather than the boring crunching of numbers. Charts, illustrations, and a commitment to keeping your energy level high (but not too high; bankers and investors don’t want to see a clown show) will be the best way to present this plan.

Business Plan for a Life Coaching Business – The Written Plan

If your oral presentation is successful, bankers and investors will then want to see the third type of business plan, which is the written plan. Depending on the type of coaching business you plan to open, this plan could be anywhere from ten to a few hundred pages long. Any questions a banker or potential investor would have will be presented in this plan. If your writing skills are not particularly strong, you may want to consider hiring a professional to write the business plan for your life coaching business. This will be the last step to procuring capital, and you will want to make it the best plan you possibly can.

Several examples of well-written business plans are available on the Internet. You can find them with a little search engine research. The more you can learn before writing a business plan for a life coaching business, the better. The money is out there, waiting to be scooped up, but you must put your best foot forward if you want to get a piece of it.

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

 

 

 

Life Coaching Practice Business Plan Basics

When starting your coaching practice, you should develop a life coaching practice business plan and research your options thoroughly. Making smart decisions and following your business plan each step of the way can help you create a steady stream of income. Operating a life coaching practice will require hard work and effort. You will not become wealthy overnight. It will take determination to succeed as a life coach. The amount of money you make will be directly related to the amount of work you are willing to put it.

When writing your business plan, include both short and long-term goals. Determine how you will achieve these goals and put your plan into action. As a coach, you will have to distinguish yourself from the competition if you want to succeed. Apart from identifying your competitors, you should also know your target market. 

Starting a coaching practice is one of the most exciting and challenging endeavors you will ever undertake. A sound life coaching practice business plan and the will to succeed will set you apart from the competition. Choose the products or services you provide carefully and ensure that your services will be needed over the long term. A coaching business is an excellent way to gain independence and financial freedom. A sound business plan and a strong work ethic are all you need to succeed.

Your Life Coaching Practice Business Plan Will Become Your Partner

If you are starting a new coaching practice, despite the work involved, a business plan can prepare you for the obstacles ahead and help ensure your success. Having a written business plan forces you to contemplate possible obstacles to your business and prepares you to find solutions that will help you to overcome them.

If coaches are going to look for investors to invest in their businesses, it is quite likely that they will be required to have life coaching practice business plans. To find investors or get a bank loan, bankers will want to see that you have the experience or resources to run the business. They will also want to see your projected income as well as your suggested repayment plan already laid out. Taking the time to do this is not only important for them, but it gives you a measuring tool to verify if your coaching business is growing properly. A business plan can gauge your success and help you determine how well your business is doing.

It is probably wise to familiarize yourself with a business plan’s layout as this will not only help you to provide the necessary information, but may encourage you to try your own hand at it. Some of the topics you will be required to explain in your business plan are your market, customer, competition, marketing plan, and research & development along with financial forecasts. If you have never written a business plan before, you can hire someone to write one for you.

Your business plan will become your guide and silent business partner – indicating where you need to improve and helping you stay on track. Make it a priority to have this crucial road map for your coaching practice.

By the way… you’re invited to claim your FREE step-by-step “Life Coach Salary Secrets” video toolkit. Just go HERE now to get your Life Coach Salary Secrets.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

How to Create an Executive Coaching Business Plan

There are several steps that you need to take in order to create a good executive coaching business plan. Following these basic steps will make certain that your executive coaching business gets off to a good start.

How to Create an Executive Coaching Business Plan

The First Step in Creating an Executive Coaching Business Plan is to Know Your Niche

One of the largest industries today for starting a coaching business is the executive coaching industry. In fact, there is a huge and growing market for executive coaching as business leaders and executives need constant coaching so they can refine their skills, excel at work, and contribute to the growth of their companies. The first step in creating an executive coaching business plan is to decide which niche of the market you feel most comfortable with. If you are comfortable with offering your products or services in that niche, you are going to have a larger chance of success. When creating executive coaching business plans, coaches need to ask themselves a few questions: What will be the name of my new business? What will be my company’s motto? What are the goals of my business? What are the credentials of my management team? What are my products or services? Who is my target market and how do I plan to market my business? How large will the business be? What expenses will I occur when running the business? Where will I obtain my products or equipment for my coaching services? 

Plan Your Finances 

Once you’ve selected the niche and answered the questions, it is important to know how you’re going to fund your business by organizing your finances. You need to sit down and write a realistic budget that you can follow for your new coaching business. Think about all the possible different expenses that you will have daily, weekly, and monthly. If an expense such as a professional coaching membership is annual, then divide it by 12 and add it to your monthly expenses. Having a working budget is important to starting a coaching business because it allows you to see on paper if your goals and the expenses are realistic before you ever sink a penny into your business.

Apart from having financial plans and projections, you will also need to determine if you need to talk to a financial source such as a bank to obtain the necessary starting funds to create your new business.

Licenses and Permits

Finally, you’ll also need to list down any licenses or permits that are required for the new company in your particular area. After you’ve obtained the business licenses or permits, go ahead and list your company with the Better Business Bureau of your area as well. This will help your credibility in marketing both online and offline.

Once you’ve completed your business plan and your business is running, you should have a calendar that is just for business-related activities, deadlines and goals. Each day make a comprehensive to-do list. Prioritize the tasks on it. Also, make a list of deadlines and goals for each week. Keeping a list of deadlines and goals will help you to achieve your business goals and not miss anything important to have to rush later on. Following these business planning tips will help you be successful with your new executive coaching business.

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 Plans for Health Coaching: Resources You Need

Starting a health coaching business is a very important decision, and coaches will need to have some business resources before creating business plans for health coaching.

Business Plans for Health Coaching: Resources You Need

These business resources are assets, services, and systems you will need to make your health coaching business run smoothly. There are also other steps you will need to take to succeed in your business.

When Creating Business Plans for Health Coaching, What Are the Resources Coaches Need?

A clearly laid out business plan based on the resources that you have will map out your goals, plans, and how you will achieve these goals.

To run a successful health coaching business, here are some resources you need and the steps you need to take:

Good research. To write good business plans for health coaching, coaches need to do some research so they become an expert on their niche, products, or services. Knowledge about the business is important, so you must do the necessary research to be well-informed about the health coaching industry or product/service.

A Well Set-Up Office. Your office is another important business resource. You will need to be productive while working and therefore need a conducive work environment. Your office needs to have all you will need to run a smooth coaching business; a computer, printer, Internet access, fax, telephone, and business cards. Allocate some money towards setting up a working environment you will enjoy working from every day!

Finances. Some money to cover capital outlay and running costs is an important business resource which you will need. Any business requires some form of investment, and you will need to know how much you have, and how much investments and ongoing marketing your coaching business will need for it to succeed. It is therefore recommended that you start your business while you are still employed so that you have some money to live on while you are still building your business.

Support System. This can be a mentor, a health coach who has succeeded with a similar coaching business, or simply your family and friends. You need to have people close to you who will encourage you and give you the support you need. A good support network is a very important health coaching business resource.

Business Leads and Clients. Having the right contacts is a very important business resource, therefore you need to start networking and build your potential client base before you launch your health coaching business. Start marketing your business by creating a relationship with your potential clients and building trust with them. When you launch your business, it will be easy for them to engage you as a coach.

Professionalism. The way you run your business and relate to your clients is very important. Go the extra mile with your clients and care about them. Provide all the information they may need. Treat your business professionally, and if you need the services of a lawyer or accountant, hire or outsource it. It is more productive and effective to get experts to do what you cannot do, leaving you time to focus on your business.

If you have the business resources outlined above, it will be easier for you to come up with a business plan for health coaching. Although your coaching business may only be a small venture, treat it like a real business, and in no time, your business will be successful.

Special Bonus – Learn 3 simple ways to become a life coach with the “30-Days to Become a Coach” video toolkit when you fill in the form at the top right and click the “Watch The Videos Now” button. You’ll learn how to change your client’s life in 45 minutes.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Business Plan Template for Life Coaching – Do’s & Don’ts

A business plan template for life coaching is very affordable and saves you a lot of effort and time when you want to create a business plan. Here are some do’s and don’ts that’ll help you create better business plans when using business plan templates.

Business Plan Template for Life Coaching – Do's & Don’ts

Business Plan Template for Life Coaching – The Do’s

A business plan is a document that provides answers to the type of questions anyone who may provide financing would like to know about your business. It is basically a plan you’ve considered from every angle for your coaching business. When using a business plan template for life coaching, keep these in mind:

What is your product or service? This is the first question every business owner should answer. You must explain in clear and concise language what you plan to sell, e.g. coaching books, videos, workshops, etc.

Who are your customers? You need to clearly identify your target market in order to properly target your advertising, packaging, pricing, etc.

What makes you different? You need to identify the key factors that will make your business different than other coaching businesses you’ll be competing with.

What are your expenses? Your initial costs include any equipment that you need before you can get up-and-running, while your day-to-day expenses are staff costs and supplies.

Business Plan Template for Life Coaching – The Don’ts

A lot of people make mistakes in the process of choosing and using a business plan template and end up with something that was unlike the end result they had in mind. Here are some ways to help you avoid those mistakes.

Don’t use a template that’s very popular. The first obvious mistake you should be aware of is using a business plan template that is very popular. If many people use the same template, your business plan will not appear unique at all and your credibility as a solid, different company will be tarnished. In other words, you will appear generic just like your next-door neighbors.

Don’t over customize the template. The whole point of using a business plan template is to save time and effort. All you need to do is change the title and appropriate details and you’re done. The biggest mistake one makes is to over customize the template until it doesn’t look like a business plan. While that may be good in the sense that you’re creating a unique plan, you’re defying the very purpose of using a business plan template — saving time and effort.

Don’t ignore the generic images. If a template you purchase or download free from the Internet is suitable but some changes must be made to suit your business logo or design, then you will have to take some time to make the changes.

For example, you can find a very nice template design that suits your executive coaching business except the original designer has put a generic image in the header. You can find images of humans in an office or use your own logo to replace the generic image for your coaching business. Then, only make the necessary changes and don’t redesign the whole template.

Don’t choose the wrong template. In some circumstances, some people simply make the wrong choice of business plan templates. This is a very subjective issue but you have to be careful in selecting business plan templates for life coaching to suit your audience. Do not choose templates just because they are pretty or wordy, choose them because they serve your purpose.

Special Bonus – Learn 3 simple ways to become a life coach with the “30-Days to Become a Coach” video toolkit when you fill in the form at the top right and click the “Watch The Videos Now” button. You’ll learn how to change your client’s life in 45 minutes.

“Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community”

My Business Plan – Life Coaching Practice

You have a great idea for a profitable life coaching business and are all fired up to finish a document entitled, “My Business Plan – Life Coaching Practice.” Maybe it is an original idea that has not been marketed before. Maybe you have come up with a new twist on the ordinary. Whatever it is that has influenced you to start your life coaching business, be sure that you have a plan before you begin.

My Business Plan - Life Coaching Practice

My Business Plan – Life Coaching Practice: Tips for a Better Plan

If you have never written a business plan before, you may have difficulty getting the plan started. It will seem as though you have a lot of blank pages staring back at you. But don’t worry, use these five tips and you’ll get your business plan for your life coaching practice on the fast track.

1. To get your business plan moving, start with the section that is easiest for you, or of most interest. If you are enthused about the depth and richness of your life coaching course, write the product attributes section first. If marketing is your forte, then work on the promotion section. Many people like to start by writing the history of the company, or how they first started the business. When words begin filling the page, you will get a feeling of making progress, and then you can proceed to the more difficult parts of the plan with less trepidation.

2. People often underestimate the effort and time it takes to write a business plan. They try to write it at night or after work, in other words, when they are mentally and sometimes physically exhausted. A more effective approach is to write the plan when you have energy available to put into it. Be fully present when you write. Then, think and write for an hour before the phones start ringing.

3. Business plans are essentially works of fiction–documents that talk about what you imagine or hope may occur in the future, not what has already happened. This type of writing is difficult for everyone. You’ve probably heard of writer’s block. The problems of keeping the words flowing are precisely the ones faced by the great writers, except many of them have to keep going because the publisher has given them a deadline and they’ve already spent their advance. But you, of course, have plenty of time to finish your business plan–so there’s no reason to feel pressured.

If you are suffering from writer’s block and feel blocked, don’t worry. It’s all part of the process. The key is not to give up. Write a few words on the paper, then a few more. Jot down concepts rather than trying to write complete sentences.

4. What does the first draft of “My Business Plan – Life Coaching Practice” look like? It will undoubtedly resemble incoherent ramblings or ideas that look nothing like what you had hoped it would. Don’t be disappointed or frustrated. All you have to do is put the draft away for a few days. Then, come back to it fresh, and begin revising and rewriting. Magically, after several more revisions, the ideas will all make sense and the language of the plan will flow.

5. A good mental exercise to use when writing your business plan is to imagine that you are telling the story of your company to a good friend. Don’t get too wrapped up in the formality of the language, or the seriousness of the plan, or the need to impress. Just talk. Express your hopes and dreams for the business, for example, why it is important to you personally to succeed.

Business Planning – Life Coaching Practice: What to Include in Your Plan

To end this article, I’ll briefly list the things you need to include in your business plan.

Part 1: Business Analysis

a. Description of Your Business

b. Marketing Strategy

c. Competitive Landscape

d. Operating Flow

e. Management and Personnel

f. Exit Strategy

Part 2: Financial Information

a. Equipment, Supply List and Assets

b. Balance Sheet

c. Break-even Analysis

d. Pro-forma Projections Including:

i. 3-year summary

ii. Detailed projection by the month of the first year

iii. Detailed quarterly projects for year 2 and 3

iv. Assumptions or how you reached your projections

e. Pro-forma Cash Flow

Part 3: Supporting Documentation

a. Tax returns of the principals involved in the business for the last 3 years

b. Proposed leases and purchase agreements

c. Any licenses or legal documents the business needs

d. Resumes of all the principals involved in the business

e. Letters of intent from suppliers and other services

Remember that not all of these things need to be included immediately. The most important part is getting started on your business plan so that you can spot the areas you need to get done to complete it.

Once you have your business plan you are well on your way to creating a successful life coaching company!

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”

Essential Elements of a Business Plan for a Life Coach

A business plan for a life coach is more of a process than a document. It is akin to a garden: planning is required to start, certain steps are required and constant management and pruning must occur to produce a successful venture.

Essential Elements of a Business Plan for a Life Coach

This article addresses the basic steps as well as the business plan structure and management steps that are required for success.

The Basic Concept of a Business Plan for a Life Coach

The basic concept of a business plan for a life coach is simple:

· A life coach senses a market opportunity.
· To capitalize on this opportunity the coach establishes a business entity.
· The coach has a vision of the company for the future that foresees a healthy, growing, profitable company.
· To reach that future vision, a roadmap is required so the coach can determine progress to achieve the ultimate goal.

One benefit of a business plan is the control function that serves to measure progress against the plan.

The critical feature of any plan is not its complexity but its application. A business plan for a life coach should be the life coach’s bible and should be read and consulted frequently to determine the mid-course adjustments that are always required in the life span of the business.

TIP: Believe that your business plan is your guide to success. The completion of your plan is only the start of the business. Your business plan will act as the guide to success and will constantly change as conditions require. It will never be complete but will always be useful.

Simplicity

Business planning is a universal discipline and there are as many business plans as there are companies. Business plans can vary from simple to overly complex. A classic example of a business plan that was initially simple is the story of Compaq Computer, a multi-billion dollar computer manufacturer that was launched based on a business plan scribbled on the back of a cocktail napkin.

Many companies, however, focus on the trees of the planning process and sometimes overlook the forest of building a business. Often, the business plan becomes one more document for the corporate bookshelf or ends up in some drawer and is not used as it should.

Most effective business planners add only details that are informative and productive but do not distract the business owner and the management team from the core ideas of the plan. Since each plan is a guideline for the coach to grow his or her business, changes can be made as often as required by business conditions. Therefore, excessive detail may become irrelevant in the light of new conditions.

TIP: Start with a bare-bones business plan that can be expanded or enhanced as conditions warrant.

Realism vs. Optimism in the Business Plan

Apart from serving as a roadmap for life coaches, another function of a business plan is to create interest among investors or potential business partners. In achieving this goal, business owners are often challenged by determining the proper level of optimism in their plan. That is, they must create a compelling story to investors or potential partners while maintaining credibility.

Optimism shows investors or potential partners that your life coaching company is confident about the market opportunity, its ability to execute on the opportunity, etc. Over-optimism, however, leads them to believe that the management team does not fully understand the opportunity or the tough road ahead. As such, life coaching business plans must limit over-optimism and show investors or potential partners they are realistic and credible.

Realism, the opposite of over-optimism, should be used in life coaching business plans to portray sobriety and credibility to investors or potential partners. Realism should manifest itself in management team bios that tell the actual accomplishments of managers and coaches, rather than fluff. It should manifest itself in realistic market forecasts and sober assumptions of the business’s growth.

While business plans must excite investors or potential partners so they take action, if they are too optimistic, investors or potential partners will discount their merit. Conversely, if they are too sober, investors or potential partners may not feel they will get an adequate return on their investment.

As such, life coaching business plans should present a compelling, optimistic picture, but continuously refer to hard facts and realistic assumptions to build credibility and genuine excitement.

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

Your 30-Minute Business Plan for a Coaching Practice

You’re probably asking yourself these two questions: Do I need a business plan for a coaching practice? What should I include in my business plan? Let’s answer the questions and within 30 minutes, try creating a mini business plan which you then can expand.

Your 30-Minute Business Plan for a Coaching Practice

Do I require a business plan for a coaching practice?

For most businesses, the answer to this question would be yes. For the majority of startups and ones which require investment by way of a loan or a business partner, a business plan is a must. Any potential investor will want to know, for example, your future growth projections before they invest in your business.

Below are the types of businesses which do not require a business plan:

· A business that is happy to stay as it is and has no plans to expand.

· A business that never has a need to take out a loan.

· A one-man business that is self-sufficient, without the need of any outside help.

These types of businesses are rare. Most businesses, including a coaching practice, therefore will require a business plan.

It is one thing being aware of your need to have a business plan. The problem is most people have no idea how to go about creating one.

A business plan for your coaching practice will show its readers all about your aims for your business and how you are going to reach these targets. You need to have a strategy firmly in place and know the direction you are going to take as well as the investments you are going to make in staff, equipment, and machinery before writing the plan. You also need to have business goals and an idea of when each target is likely to be met.

Apart from attracting people to invest in your idea and business, a business plan is also your sales copy in effect. Therefore, if you create a professional and solid business plan, people are more likely to take you seriously and invest.

On the other hand, if it is rushed or poorly written, you are unlikely to receive the backing you are looking for.

What should be included in my business plan?

People who read your business plan will not only want to know about your coaching practice, they will also want to know about you. Give them a brief summary of your history and what you have achieved in the past. Write down all of your ideas and sell the positive side of your character to them. The fact that you are really hardworking and that you thrive under pressure. You love a challenge and can not only work well as part of a team but also on your own.

Describe the market place that your coaching practice is a part of, the competition, and also the opportunities for growth in that market.

Give them financial figures including running costs, projected earnings, projected growth forecasts, and also any financial history your coaching practice might have had.

Show them that you are flexible and have a plan B if plan A does not come to fruition.

Sell them your ideas by telling them why you are setting up the business for example, and where you foresee it will be in five years’ time.

Include a mission statement explaining what you are attempting to achieve with your coaching practice.

I hope this information has given you an idea of how to write a successful business plan for coaching practice. Good luck!

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