A Lean Business Plan for Career Coach Firms

What is a lean business plan for career coach firms? Lean business plans for career coaches are concise and to-the-point documents. All unnecessary details are trimmed off from a detailed business plan so that the document only contains the most crucial elements of success.

A Lean Business Plan for Career Coach Firms

A lean business plan for career coach firms revolves around the popular business plan strategy “plan, do, check, adjust (PDCA)” propounded by Eric Ries in his book “The Lean Startup.” It focuses on the key drivers of your business and find a strategy that will truly bring success.

A career coach should use a lean business plan not only to save time but also revise and readjust it as you try and learn new things. Continuous amendments of a business plan can give a business a better chance of succeeding.

How to write a lean business plan for career coach firms
A lean business plan consists of the following elements. These are extremely important ingredients of a lean business plan that you must include.

Identity
In this section, include a one-sentence overview of your career coaching business. Highlight the purpose of your career coaching business.

Problem
What problems are you solving for your clients? Are they having difficulty in finding the right career? Are they unhappy at work? Are they planning for a career transition?

Solution
What’s your solution to the problem? Describe your products and services here. You can also briefly describe how you will use different methods and career coaching techniques to help people transform their careers.

Business type and description
In this section, your plan should clearly indicate what type of business you are intending to set up. Sole proprietorship, partnership, or a Limited Liability Corporation (LLC) are three major forms of business. It is important to state your business type because tax and other financial implications are different for different business types.

Revenue Streams
How are you going to make money? There are several niches you can choose from if you don’t want to be a generalist career coach, for example, career coaching for women executives, career coaching for the retired, and so on. Next is to figure out how you’d package your products or services. Is it through face-to-face classes, one-off workshops or online sessions?

Market analysis and target market
You will provide a thorough analysis of the career coaching market in this section. You can highlight key aspects like growth potential, new trends in the market, and potential new opportunities presented by the market. You can also illustrate the target market that your career coaching business should focus on and capitalize on new opportunities.

Unique selling point
This section indicates what makes you stand out among hundreds of career coaches. It should explain why your target audience chooses you over your competitors. You can conduct a SWOT (Strength, Weaknesses, Opportunities, and Threats) analysis to determine your key strengths and draw on your findings to fine unique selling point(s).

Marketing
In the marketing strategies section, focus on how you will deploy different marketing strategies to draw more clients to your business by presenting different offers and enticing proposals.

Competition
Your business plan should also contain information about your main competitors, their strengths, fees, and most importantly, what makes you better than all of your competitors.

Finances
Financial planning focuses on how to generate revenue and capital to achieve your goals and objectives. You can describe all types of expenses and resources required for operating your business and how to afford them by generating enough revenue or capital.

The main difference between a traditional business plan and a lean one is that you’re not supposed to spend days, weeks, or months to come up with a lean business plan. Try and finish your first draft in under one hour. Write bullet points or short sentences on a sheet of paper. Then take a step back and see if the plan makes sense. Once you’re done, update and tweak the plan as you go along!

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

Get Inspired and Write a Career Coach Business Plan

Developing a career coach business plan is the first step for career coaches looking to start their career coaching practice business. Well-thought-out career coach business plans, when properly implemented, can reap great rewards in the future. 

Get Inspired and Write a Career Coach Business Plan

Don’t know how to craft your career coach business plan? There is no need to be worried because we’ve got you covered. In today’s post, we are going to guide you on how you can write a business plan for your newly established career coaching business.

Important Elements of a Career Coach Business Plan 

Creating a business plan shouldn’t be a daunting task. This simple following will help you gather all the necessary pieces to begin successfully. Let’s get started.

 

Have a clear mission

A mission is basically a 1-2 sentence motto that shows what impact your career coaching business has on the world. To come up with a mission, focus on why your business exists and what it does for others. As a career coach, what is your mission? Is it to help remove barriers for people to embark on the career of their dreams, whatever that may be? Or is it to help others choose their career and help them discover the outcomes that they want in their career?

 

When writing a mission statement, keep it simple and don’t overthink it. It doesn’t have to be perfect. One memorable statement will suffice. Set a timer for 10 minutes and when the time is up, move on to your next task.

 

Who is your ideal client?

Clients are the lifeblood of any coaching business, therefore it’s extremely important to know who your ideal client is. An ideal client is the dream customer that you serve in your business. To find out who your ideal client is, it is important to think beyond demographics. Your ideal client may be a Millennial in their 30s, but if you dig deeper into the day-to-day frustrations, beliefs, mindsets, and lifestyles, this will help you identify and serve them much better.

 

One important thing to note when it comes to identifying who your client is. You may have heard about finding your niche or this saying, “if you try to target everyone, you’ll target no one.” Hence, do not be afraid to choose an ideal client that’s specific and within your niche.

 

Find out what problems are your ideal clients facing

The problems that your ideal client deals with are basically issues that they desperately want solved. Some of the problems may include being stuck in a sunset industry, not getting the salary they want, dissatisfaction or loss of motivation at work, a decreased work-life balance, etc. List down three of their biggest problems that keep them up at night.

 

To solve their problems, you need to offer solutions to their problems and help them envision what their life would be like if their problems were solved.

 

Process

Now that you’ve discovered the problems your ideal client is facing, you need to have a process that leads them to your offer. How are you going to get that ideal client from their problems to your solutions? The process is akin to a dish – you need a few ingredients that will make your dish palatable. Is it your coaching approach? A specific method you’ve developed? A proven framework? Your experience?

 

In the highly competitive coaching market, you likely aren’t the only career coach doing what you do. Take the time to craft your unique value proposition. What makes you stand and what distinguishes your business from others?

 

Marketing Strategies

As entrepreneurs in the 21st century, you have incredible marketing channels at your fingertips, most of which are FREE. Some of the more popular ones are:

 

  • Facebook
  • Instagram
  • Twitter
  • LinkedIn
  • TikTok
  • YouTube
  • Snapchat
  • Pinterest
  • Email marketing
  • Blogs
  • Books and magazines
  • Articles

 

You don’t have to use any of these, and you don’t have to do them all from the get-go. Pro tips: Know where your ideal clients are hanging out online and offline. Also find out how they gather information to solve their problems.

 

Financial Goals

Your next step is to come up with some financial goals. Where do you want your business to be in 5 or 10 years? And don’t just focus on revenue. Think about impact as well. How many executives, managers or CEOs do you want to positively impact? Don’t afraid to dream big here. Here are some examples of how you can come up with your financial goals:

 

1-year

  • $120,000 in revenue, team of 2-3
  • 200 executives, managers or CEOs served

 

5-year

  • $2,500,000 in revenue, team of 50-100
  • 10,000 executives, managers or CEOs served
  • Best-selling career coaching book
  • $20K in scholarship

 

Business plans don’t have to take months or even weeks to complete or be filled with a bunch of business jargons to be useful. All you need to do is balance business acumen with creativity. Now, get started and write your career coach business plan!  

If you’d like to learn how you can get started in Wellness Coaching quickly, check out this FREE step-by-step “ Life Coaching Business Blueprint” video toolkit. Just go Here now to get your Life Coaching Business Blueprint

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Where Can You Find a Financial Projection for a Startup Life Coach Business?

Financial projections are a vital part of managing any business; the question is, where can you find a financial projection for a startup life coach business? What are financial projections?

Where Can You Find a Financial Projection for a Startup Life Coach Business?

In recent times, the life coaching profession has been on a steady rise because of the need to help people put their lives into a proper perspective to achieve their full potential. Financial projections provide a way to forecast your business’ future revenue and expenses and attract prospective investors. 

What are financial projections?

Financial projections forecast a business’s future cash inflows, income, and balance sheet. They help you estimate your fixed and variable costs and put them together with your expected income to project your profits. 

They show potential investors and bankers what you intend to do with your money and how you will grow it. If you want to get loan funding, financial projections help show potential lenders how you will repay the loans. They also help you identify your financial needs, find the right investors for your business, optimize your pricing, and monitor cash flow. 

The three statements required for any financial projections include:

  • Income statement: This part contains the income and expenses that your life coaching business will likely incur to function well.
  • Cash flow statement: This summarizes the business cash inflows and outflows and indicates your company’s ability to meet its financial obligations on time.
  • Balance sheet: This presents a snapshot of your business assets and abilities, and the amount of shareholders’ funds. The balance sheet indicates the capital needs of a business. It helps you to identify the allocation of resources and how much financing is needed.

Where can you find a financial projection for a startup life coach business?

To launch a successful life coaching business, you need a solid business plan. It is one of the building blocks of any new company. Also, it provides a road map to help you figure out the services to offer, your target market, and financial resources requirements, among others. One of the main components of a business plan is financial projections for the first 2-3 years.

In short, you can find a financial projection for a startup life coach business in its business plan.

The next question is: How do you create a financial projection for your startup? Here are some tips to help you get started:

Project your expenses and sales: Determine the primary expenditures you will need to get your business up and running and the subsequent operational costs. Also, create a sales forecast to help you determine your monthly revenue. 

Create financial projections: Use Excel spreadsheets, free online templates, accounting software, and other tools available to you to create forecasts. Include your projected expenses and revenues to generate a cash flow projection, annual projected incomes statements, and balance sheet projections.

Use accounting software: While templates can seem like the most straightforward way, accounting software plays a vital role in creating accurate financial projections. They can help you analyze a financial projection for your startup life coach business at a click of a button, hence increasing accuracy and eliminating manual errors in calculation. These are a necessity if you’re looking for investors or additional financing for your business. You can also consider getting the help of a professional.

Final thoughts

Financial projections give a clear picture of how a company will perform and help in making strategic decisions on business operations and growth. They help establish realistic targets, setting SMART goals and establish early warning signs related to business performance. Banks and investors may also use financial projections to base their investment decisions. These are, therefore, a must-have for any startup life coach business.

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

Transforming Lives LLC: A Sample Coaching Business Plan

Are you looking for a sample coaching business plan? Then you have come to the right place because we are going to share with you an example of a coaching business plan to enable you to craft your own business plan. This sample business plan is going to save a lot of your valuable time and money. Remember, there are also a lot of sample coaching business plans available on the Internet that you can refer to. 

The following sample coaching business plan for the fictional firm, “Transforming Lives LLC” is an example of what a coaching business plan might look like.

Let’s get started.

A Sample Coaching Business Plan

Transforming Lives LLC’s business plan consists of the following key components:

1. Executive Summary

Objectives

  • To acquire a personal premise for our business by October 2021.
  • To hire two certified life coaches by October 2021.
  • To acquire at least 100 clients by the end of December 2021.

Mission Statement

To provide life coaching, counseling, and guidance services to a diverse client base and transform their lives.

2. About Us

Transforming Lives LLC will operate in Las Vegas, Nevada, starting on June 01, 2021. Our business intends to provide the most effective solutions to the personal and professional problems of our clients. 

Transforming Lives LLC is a privately held C corporation owned in majority by its founder, Philip Cross. There are two other partners, including one public relation consultant, Jack Thompson and one attorney, Paul Schulman. Neither owns more than 20%, but both are active participants in management decisions.

3. Operating Location

We have one location—a 5,000 square-foot brick and mortar facility located in a suburban shopping center conveniently close to the downtown area. It includes a training and sales area, service department, and offices.

4. Services and Pricing

Transforming Lives LLC will provide life, career, and business coaching services. Clients will be charged on a per session or monthly basis. The price per session will be $100/hr whereas the company will charge $500 monthly if a client chooses a monthly pricing plan.

5. Target Market

The company will target individuals all across Las Vegas who need life, career, and business coaching services.

6. Competition

The company’s main competitors are:

Life Coaching Company – This company is an established coaching firm that has been operating for the past 10 years. It has a huge client base and is known for offering unique coaching facilities and affordable prices. 

Coaching for All Company – This company is well-reputed among the upper-class strata of the city and mainly targets businesspersons, professionals, and celebrities.

7. SWOT Analysis

Here’s an overview of our SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis:

Strengths

  • Affordable prices
  • Dynamic, innovative, and modern coaching techniques and strategies

Weaknesses

  • New to the Las Vegas’s coaching market
  • No clientele

Opportunities

  • Ever-increasing need for life coaches
  • Affordable and easy marketing strategies

Threats

  • Established coaching companies in the market with established clientele
  • Clients prefer experienced and established coaching companies

8. Marketing Plan & Strategy

We strive to build long-term relationships with clients, not single-transaction deals with customers. Our goal is to become their go-to coaching firm and make them understand the value of the relationship.

Our marketing plan consists of two phases. The first phase will be creating accounts on social media platforms that the target market most commonly uses. The second phase will be starting promotional campaigns such as rolling out promotional materials via our website, YouTube channel and email newsletters.

9. Financial Plan

Transforming Lives LLC will incur the following start-up costs:

  • Desk, chair and file cabinet
  • Fax machine, copier, telephone line
  • Computer with printer and Internet connection
  • Legal fees for business formation

Our total start-up cost is $23,000.

Projected Profit and Loss

Year 2021 – $3500

Year 2022 – $60,000

Year 2023 – $95,000

 

Projected Balance Sheet

Year 2021

Total Assets – $24,000

Total Liabilities – $20,000

Year 2022

Total Assets – $40,000

Total Liabilities –$26,000

Year 2023

Total Assets – $29,000

Total Liabilities – $15,000

Projected Cash Flow

Year 2021 – $22,000

Year 2022 – $39,000

Year 2023 – $30,000

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 Develop a Life Coach Marketing Plan

If you’re thinking about developing a marketing program for your coaching business, you need to begin with a life coach marketing plan. Some life coach marketing plans are short and to the point, others are hundreds of pages thick and cost thousands of dollars to produce.

Regardless of the scope of your marketing plan, you must keep in mind that it is a fluid document. Every business needs to have a well-structured plan that is based on thorough research, competitive positioning and attainable outcomes. Your plan should be the basis for your activities over the coming months. However, you should always be willing to enhance or redirect your plan based on what produces results.

Life Coach Marketing Plan Basics

The following are a few things that you should keep in mind when developing a life coach marketing plan

  • Market Research

Collect, organize, and write down data about the market that is currently buying the coaching product(s) or service(s) you will sell. Some areas to consider include:

  • Market trends, patterns, and dynamics
  • Customer’s taste and preference
  • Popular coaching products and services that are trending
  • Demand and supply
  • Competition in your coaching industry
  • The current state of the coaching industry

If you analyze all of the above, you’ll be able to create a good marketing plan.

  • Target Market

Once you’ve done a thorough market research, find a niche or target market for your coaching products or services and write a description about them.

  • Products/Services

When creating your coaching products or services, ask yourself these questions: How does your product relate to the market? What does your market need, what do they currently use, what do they desire above and beyond current use?

  • Competition

There is always competition in the coaching market, hence you need to develop a unique selling proposition, i.e., doing something different from your competitors to stand apart from the crowd.

  • Market Strategies

A marketing plan is all about promoting your life coaching business. You must write down all your promotion strategies and marketing strategies in your marketing plan. There are various strategies that you should consider:

  • Advertising – print media, radio, television, magazines
  • Networking – go where your market is, e.g., coaching seminars, events, or parties
  • Direct marketing – brochures, flyers, sales letters, newsletters
  • Website – blogs, videos, social media
  • Write articles, give advice and become known as a coaching expert

 

  • Pricing

From the information you’ve collected, determine the price of your products or services. Set a fair price according to market trends and what your target market is willing to pay.

  • Budget

Budgeting is very important in any marketing plan. A budget will decide what marketing strategies you can afford, how you can advertise your service, what you can do in house and what you need to outsource.

  • Marketing Goals

Define your marketing goals in your marketing plan. Marketing goals are your targets that you want to achieve. For example, as a life coach you want to gain 30 new clients per month, or you want to satisfy all of your old clients with your services. Goals can be anything, but you should work hard to achieve them.

  • Monitor Your Results

A life coach marketing plan is nothing without proper monitoring. You must analyze whether your strategies and plans are working or not. You have to decide whether your old plans are good enough to achieve your goals, or you have to create new ones.

By taking into account the above, you are in a much better position to promote and sell your coaching product or service. Successful coaches continually review the status of their campaigns against their set objectives. This ensures ongoing improvements to your marketing initiatives and helps with future planning.

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

 

Crafting a Business Plan for a Coaching Center

If you are planning to start a coaching center, a well thought out business plan for a coaching center can help determine whether your business has a chance of succeeding. And if you are looking for investors to invest in your business, your business plan must demonstrate whether it’s viable in the long run. A solid business plan construction entails deep expertise about the business, a thorough understanding of the industry, and the knowledge of how to start, operate, and grow a business. 

Crafting a Business Plan for a Coaching Center

What are the key aspects to consider when creating a business plan for a coaching center?

Here are some of the things to keep in mind when creating business plans for coaching centers.

1. Coaching qualifications

Coaching-specific knowledge, expertise, and experience are prerequisites of building an effective business plan for a coaching center. You have to demonstrate to your investors that you have coaching experience, or you have assembled a team that has enough experience. Moreover, your coaching credentials play a key role in convincing your investors that the business is in good hands.

2. Self-assessment

In business planning, self-assessment involves performing an analysis of one’s own goals, interests, skills, and experience. Before writing your business plan, ask yourself these questions:

  • “Am I ready to start and operate my own coaching center?”
  • “Is there a market for a coaching center in my area?”
  • Do I have the necessary capital or funds to start if investors do not invest?”
  • “What are the specific types of services my coaching center will offer?”
  • “Which niche should I choose if there is a lot of competition in the industry?”

3. Business plan components

Your knowledge and awareness about the key business plan components are also among the prerequisites of creating an effective business plan for a coaching center. Key business plan components include your business’s vision, objectives, mission, operating plan, market research on the industry and the competition, financial planning, and sales projections.

4. Detailed funding analysis

A business plan for a coaching center must also cover a detailed discussion about funding. You can include cost projections involving start-up and operating costs for the next 4 to 5 years. It is necessary to convince investors as they need assurance on how and where their money will be spent and what will be their return on investment. 

5. Executive summary

The final step is to write an executive summary consisting of one to two pages. An executive summary has the potential to convince your investors to read your whole business plan. Therefore, it must focus on and answer one question: “What makes your coaching center stand out from the crowd?” In a marketplace where being different means a better chance of surviving and getting funding, having a unique selling proposition is one of the most important things you can do for your coaching business.

6. Documentation

Once you are done with coming up with a narrative for your business, your business plan needs factual information that supports it. You need to include a well-structured appendix containing supporting documents in your business plan. For example, you can include market research data, resumes, and credentials of your key personnel, legal documents, and so on.

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

 

Is There Such a Thing as a Business Coach Business Plan?

If you are an executive or a business coach, you might not have thought about a business coach business plan, but you are going to need one, and you should do your best to make sure that you have one written before you start with your business. This is something that you need, no matter how you plan on going about your future with the business. 

Is There Such a Thing as a Business Coach Business Plan?

So, how do you create one? Here are a few things you need to do when writing a business plan.

Things to Consider When Crafting a Business Coach Business Plan

When creating business coach business plans, coaches need to consider the following things:

 

Vision & Mission

Firstly, you need to think, why are you starting your coaching business? What’s your vision for starting it? How are you different from other business coaches? You need to answer all these questions as they provide the foundation for your business and makes planning easier. Vision is basically a big picture of your dream which you aspire to achieve. You also need to define what your mission is. Ask yourself this question: “How will your coaching benefit businesses and executives and how passionate are you in bringing positive change to organizations?

 

Business Description

This section is meant to provide an overview of your business, including what your coaching practice does and how it is unique from others in the coaching industry. This description provides extensive details outlining your business.

 

Products & Services

In your business coach business plan, you are going to want to list the service or product that your business is going to provide, and how much you are going to be paid for it. 

 

Target Audience

Defining your target market may be a little difficult if you think your coaching services can be used by anyone, but it can be done. Simply putting “every organization on Earth” is not a practical target market. Whether your product or service can be used by everyone is not the key, it is who can afford and needs your product.

 

Market Research

Analyzing the competitive landscape is an important part of determining if you can succeed in business coaching. Find two or three competitors and evaluate them. What do they offer and where are they successful? Where is their main revenue coming from? What things do they lack that your business will provide?

 

Marketing Strategy

Figure out a strategy to be used to market your business coaching practice. For this, you require both online and offline marketing in the plan. Setting up a simple website is important. Don’t forget to include all the licenses and certifications that you possess an add testimonials of your clients. If you want people to contact you directly via the website, make sure to add an address to it.

 

Financing & Capital

Any good business plan needs to have a detailed look at finances. This means you need to take a realistic look at what your initial expenses will be along with ongoing costs of running your coaching practice. Once you have determined both your ongoing expenses and initial expenses then you can evaluate how much initial capital you will need and where you intend to get it, i.e., via angel investors, venture capital, self-financed or friends and family. If you are not familiar with financial statements, you may want to have an accountant help with this section.

 

A rock-solid business plan can help you get your business off to a good start. Take the time to create a complete and thorough business plan and you will be that much closer to achieving your goals in business coaching!

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

How Business Plan Coaching Works

In this article, we are going to share with you what a business plan is, why it is important, and how business plan coaching works. Whether you are going to start a coaching business or exploring ways to expand an existing one, a business plan is very important. It provides you greater clarity to all aspects of your business, from finance to marketing, and operations. 

How Business Plan Coaching Works

But first, what is a business plan for coaches?

A coaching business plan is a guide that tells you how to achieve your vision and mission in your business. In simple words, it is a comprehensive document that details the strategies to follow to achieve your goals. It gives you a roadmap and by following that, you can achieve your coaching business goals.

How Business Plan Coaching Works

A business plan is very important for every business. Whether you are going to build a coaching business as a company, or as an individual, a business plan is a must in both cases. Business plan coaching helps business owners in many ways:

  • The success and failure of small businesses directly depend on the proper utilization of financial assets. Creating a good financial plan is part of creating a business plan. And this can take entrepreneurs one step towards achieving success in their business.
  • A good business plan helps business owners decide whether they need new assets in their business or not. Assets can be anything like an office, a vehicle, or a laptop.
  • It helps them make sound decisions related to their business. A good business plan not only concentrates on financial matters, but also includes, human resource planning, equipment planning and utilization, management issues, and marketing strategies.
  • It is also important because it creates a roadmap to achieve their vision and mission.

What is a Business Plan Coach?

When you help others create a good business plan for their business, you are essentially doing business plan coaching. To become a coach who teaches others to create their business plans, follow these steps:

Step 1: Get Good Training

If you want to become a business plan coach, you must have a good knowledge of how business plan coaching works.

Step 2: Create a Business Plan

Before teaching other coaches how to create a business plan, you have to create a business plan for yourself.

Step 3: Set up an Office

This step is optional. If you want to set up an office for your coaching business, you need to have the required equipment or furniture for your office.

Step 4: Build a Website

In the modern world, everything is online, so building a good website is essential in growing your business.

Step 5: Create a Marketing Plan

A good marketing plan is a must if you want to succeed in the business plan coaching field.

These five simple steps will be enough to help you get your business up and running and teach others how to create winning business plans.

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

Business Plans for Coaches: All You Need to Know

You’ve probably come across this question many times: “What is the basic purpose of business plans for coaches?” Simply put, a life coaching business plan is a written document that provides you some strategies to improve your business performance and achieve your business goals. Business planning for coaches involves thinking deeply about key areas of your business, i.e., vision and mission, target market, marketing strategies, operations, and financial planning, and coming up with actionable strategies that would allow your business to flourish.

Business Plans for Coaches: All You Need to Know

By having a business plan, you can improve your business’s bottom line just by implementing a well-written plan. So, how do you write one? Let’s find out.

Business Plans for Coaches: What Do They Include?

Writing a business plan can be challenging, but to simplify the process, we have come up with some basic elements that you should include in your business plan.

Vision and Mission

The very first and basic thing about your business is the vision statement. This section describes the desired future position of your coaching business, i.e., the destination for your business. Next is the mission statement. This is a guiding light of how to get to the destination with short-term and long-term goals to achieve your vision. 

Business Type/Description

There are three types of business ownership structures you can choose when forming your business: sole proprietorship, partnership, or limited liability corporation. The first two types are almost the same, where owners keep all profits but are held liable for the business’s debts and other problems. Corporations protect the business’s principals from being held liable for its debts, debts, lawsuits, and other problems. Once you’ve chosen a business ownership structure, include details about the coaching services and products you sell along with their prices. 

Market Research

Here, elaborate on the specific niche(s) you cover, for example, mindset coaching, business coaching, empowerment coaching, health coaching, etc. Then, state your unique selling point that distinguishes you from other coaches. It would be best to include your strengths and weaknesses and compare them with your competitors’. You can also mention your competitors’ specific services and selling points in this section.

Marketing Plan

People need to know about your services, and for this purpose, you need a marketing strategy for your coaching business. How do you plan to advertise your business? Is it through a website, social media, or an email newsletter? Write down the marketing strategy and budgetary allocation for marketing.

Finances

Include some details about your budgets and sales forecasts in this section. You can create a spreadsheet about your financial plans, including how much money you will spend monthly and yearly. A sales forecast period can be monthly, quarterly, half-annually, or annually for a 3 to 5-year period.

Conclusion

Business plans for coaches play important roles in the success of a business. By coming up with a business plan and changing it as you see fit, your business will not remain stagnant, and you are able to continuously deliver good coaching services and products. 

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

Coaching Practice Business Plan & Its Key Components

A coaching practice business plan is a document that summarizes how you are going to operate your business and how it will succeed. In other words, it is a document stating your operational and financial aims and objectives for your coaching business. A business plan is like a GPS system that leads you to success with detailed visions and plans showing how you will realize your business objectives. It should be your first step when starting a coaching practice business as it will help your business grow, attract investors, and ensure you don’t lose focus.

Coaching Practice Business Plan & Its Key Components

Why do life coaches need a business plan?

Life coaches need a business plan for their coaching practice business just like other types of businesses as it will be:

  • A roadmap that tells you where you are right now and where you want to be in the future.
  • A guide to illustrate how you will enhance your revenue, access more resources and increase business assets.
  • A detailed report stating your plans for the growth and development of your coaching business. 

Key sections of a coaching practice business plan

Coaching practice business planning is an essential step to ensure the success of your coaching business. A carefully devised coaching practice business plan has the following key sections.

1. Executive Summary

An executive summary is a brief overview of a business’s goals and objectives. An effective executive summary is one that covers key aspects like:

  • A summary of your business’s goals and objectives
  • A solid analysis of the market and new opportunities for your business
  • Growth potential
  • A brief description of your coaching practice business services

2. Mission, vision, and goal

The mission is a statement that describes the purpose of your venture and how you are going to help people such as using different methods and coaching techniques to bring people towards a better, wealthier, healthier, and happier life. 

Vision is a statement that states where you want to be in the market in the future, for example, to be among the most trusted life coaches in the world.

The goal is a description of broader outcomes that you want to achieve in the future such as to reach the top position in the coaching industry in Florida.

3. Management team

The management team section contains profiles of your management team and illustrates how you are going to assemble quality management consisting of qualified and dedicated professionals to support your business operations. 

4. Market analysis and target market

This section provides a thorough analysis of the coaching market. It highlights key aspects like growth potential, new trends in the market, and potential new opportunities presented by the market. It also illustrates the target market that your business should focus on and capitalize on new opportunities. 

5. Marketing strategies

The market strategies section focuses on how you will deploy different marketing strategies to draw more clients to your business by presenting different offers and enticing promotional activities.

6. Financial planning

This section focuses on how to generate income and sales as well as operating capital to achieve your goals and objectives. It contains four important financial statements: the income statement, the balance sheet, the cash flow projection, and the statement of shareholders’ equity. It also includes a brief explanation and analysis of these four statements.

You can use a business plan throughout all stages of your coaching business to guide it towards success. While it may take some time and energy to come up with a business plan, in the end it will be well worth taking the time to get it done right.

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Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community