How to Start a Small Business Coaching Business Plans

Are you looking for How to Start a Small Business Coaching business plans? In this article we will go through the important elements of a How to Start a Small Business Coaching business plan.

How to Start a Small Business Coaching Business Plans

But first, let’s define what a business plan is. Simply put, a business plan is a written document that contains the future plan of your business. That includes key aspects of the business, what you plan to do and how you plan to do it.

Business plans are critical for any business and very helpful for both business owners and those who read it. The main reason for creating a business plan is to display your business idea, vision and plan to potential investors. Getting someone to invest in your company is difficult, in fact it is difficult even to convince them to set up a meeting with you. A business plan is the first thing you need to send investors to convince them to set up that meeting with you. Additionally, business plans are also used for attracting new employees, estimating the future of the business, dealing with suppliers, and simply to have a good overview over the business.

How to Start a Small Business Coaching Business Plans – Things to Consider

To write an impressive small business coaching business plan, you need to understand what a good business plan content is. There are three different parts to a good business plan:

The business concept. The business concept is the first part of the small business coaching business plan. Here you discuss your business structure, the coaching industry, your coaching service or product, and how you will turn your business into a success.

The marketplace section. The marketplace section is the second part of your business plan. Here you’ll describe your target group, who your target group is, where it is, why they would buy from you, and so on. Furthermore, you’ll go in depth with the market situation, the competition and how your small business coaching will be positioned in the market.

The financial section. The third part is the financial section. This will be the numbers section, where you turn your idea into numbers and estimations. Here you will show your budgeted income and cash-flow statement, balance sheet and other financial ratios.

To break these three primary parts even more down, there are seven key components that all How to Start a Small Business Coaching business plans must include. These are:

1. The Executive Summary
2. Your Business Description
3. Your Market Strategy
4. An analysis of the competition
5. Your Business Development Plan
6. Management and Operations Plan
7. Financial Statements

Typically, a business plan is somewhere between 15 to 20 pages. It can, however, be shorter or longer than that. The length will depend on your business concept. Maybe you are planning to start a very simple small business coaching business that doesn’t need a lot of explaining. Alternatively, you could be starting a complex business that needs a lot of pages to fully be explained.

There are also many types of business plans – working plans, mini plans, and presentation plans. A working plan is simply a tool you can use to operate your coaching business. A mini plan is a shorter version of your actual business plan which highlights key matters like business concept, financing needs, marketing plan and financial statements. Meanwhile, a presentation plan stresses on good design and impression as it is used to show to bankers, investors and others outside the company.

With this basic guideline, you now have a better idea of what to include in a small business coaching business plan to make a convincing statement and proposition to the potential investors.

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 videos.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Creating a Step by Step Coaching Plan

Before effective coaching can take place, a step by step coaching plan must be established. Rather than you writing a plan, both you and the person you’re coaching need to jointly identify a set of goals and activities. This ensures that both parties will be invested in the plan’s success and move you away from the coach/client relationship and towards the peer-to-peer relationship of coaching.

Creating a Step by Step Coaching Plan

Understanding Your Client’s Coaching Needs

Coaching focuses on developing, not “fixing” the person being coached. It is a fluid relationship that can be initiated by either the person who sees an opportunity to help (the coach) or by the person looking for help (the coachee). 

One of the keys to successful coaching is the ability to foster self-motivation. This requires a coach who understands the elements of motivation and de-motivation in their coachees and their impact on behaviours. Creating a coaching plan can help establish clear expectations that are communicated well and supported with timely oversight.

A Step by Step Coaching Plan

Regardless of whether you’re coaching an executive who aims to excel at work or an individual who is facing a midlife crisis, formalizing a step by step coaching plan is useful. When goals and expectations are clearly defined in the coaching plan, your coachees are given the tools to perform above their previous potential. Here’s how you can develop your step by step coaching plan:

  1. Set the tone. If you’re initiating the relationship, know that coaching isn’t a sign that the coachee is lacking in some skill or doing something wrong. In fact, coaching means that you see hidden potential in the coachee and are invested in their success.
  2. Establish the goals. You and your coachee must set the goals for the relationship. As the coach in the relationship, you have two responsibilities in goal setting. One is to identify the goals you would like to see the coachee achieve. The other responsibility is to solicit from the coachee what goals they want to work toward. Without your active solicitation, you may end up being the only person setting the goals, which moves you back to the coach/client relationship.
  3. Set responsibilities. The two of you must then decide how you can help each other develop. As a coach, you have an additional responsibility beyond what you agree to in this part of the plan. You must also model the desired behaviors you want to see—you must “walk your talk.” If you don’t model the behaviour you want to help develop, then your credibility and your effectiveness as a coach are diminished.
  4. Define the process. At a minimum, the two of you must decide when, where and how often you’ll meet to check in with each other. One caveat: coaching isn’t about friendship. You can be friendly, but coaching is about improving performance. As part of deciding how you’ll work together, you must also decide how you’ll address conflict or disagreement.
  5. Acknowledge the results you will get. You’ll probably learn a great deal from the coaching relationship. Make sure that you acknowledge the benefits that you expect to get. For instance, being able to have “difficult” conversations (conversations that include constructive criticism) is an invaluable skill. If you intend to develop that skill as part of this coaching relationship, point out that you will be using this opportunity to practice in a safe environment.
  6. Establish benchmarks. The plan must include clear “measures of progress” or benchmarks and a schedule of when those measures will be met. Benchmarks provide both of you with markers to determine how well things are progressing. However, be aware that not reaching the benchmarks isn’t a sign of failure—it just means that things might need to be adjusted or course correction may be needed.
  7. Review the relationship. When looking at a course correction or a major achievement, take the time to assess if the coaching relationship should continue. If you decide to discontinue the formal coaching relationship, be sure to debrief both the work you did together and how the coaching experience played out for each of you.

As successful coaching collaborations grow and thrive, your work becomes more productive and less stressful—knowing that all your coachees are being given the tools and following your step by step coaching plan to take things to the next level. Ultimately, your role as a coach is to create individuals with improved skills who can thrive in life or at work.

Special Bonus – Learn 32 ‘Guru’ Transformation Techniques when you click on the image at the top right. You’ll learn how to become a life coach in 30 days.

Jeannie Cotter
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Writer, Coaches Training Blog community

Coaching Institute Business Planning Tips for Success

If you are planning to start a coaching institute, proper coaching institute business planning can not only save you from a lot of headaches in the beginning but can also mean the difference between a successful coaching institute versus a monetary disaster waiting to happen.

Coaching Institute Business Planning Tips for Success

Top 10 Tips for Coaching Institute Business Planning

Here are ten tips to guide you along the way as you begin your coaching institute business planning. Remember, success depends on many factors and the most important factor is your determination and energy you put into making your coaching institute a success!

Step 1: Ask Yourself Why?

Why do you want to get into the coaching education business? It is because you would enjoy working with people and coaching them or is it because you think it is an easy way to make money quick?

Running a coaching institute is a demanding business and can require lots of planning and development in terms of coming up with fresh interesting lessons and people skills.

Step 2: Study Your Competition

It does no good to enter a market where there already exist established, credible coaching institutes for a particular coaching niche. Clients want to know they have a dependable coaching institute that meets their needs and often will not change coaches once they get good results. Just because you start a coaching institute does not mean they will come.

Use your local Chamber of Commerce, the Internet and even Facebook groups to find out what coaching institutes exist in your area. If you want to specialize in a specific coaching niche, find out who your competitors are in your region. There may be none in your state, or there could be five down the street.

Step 3: Assess your Financial Situation

Starting a coaching institute can require a lot of upfront capital and expenditures before you even see one cent of income. Do you have the resources to spend on setting up a coaching institute at the right location? Do you have the money to invest in e-coaching systems?

Be sure to look past the startup costs as well. Employees, taxes, property rental and insurance are just a few of the things you will need to factor in as ongoing costs.

Step 4: The Business Plan

A solid business plan is the foundation of any business. You need to come up with a good coaching institute business plan and spell out what you intend to do and how you intend to get it done. Not only will banks require this for financing, but often other investors you deal with will want to see it as well. It should be the guidelines that you follow every day in your coaching institute to achieve the goals you have set forth.

For this part, it is often wise to work with a business lawyer or seek professional advice from business consulting services. A good resource to help you find people in your area with the necessary skills and background is the Small Business Administration government site.

Step 5: Apply for Licenses and Other Necessary Paperwork

Nothing is as certain as death and taxes. It is no different in the coaching business. As a business owner, you will be required to pay taxes and other fees to your state and to the federal government.

Be sure to get his part right because one wrong mistake can end up costing you not only money, but possible your entire business.

Step 6: Establish Your Facilities

Businesses must exist somewhere and like most things in life, there are rules and regulations on where they can be. Will you be having clients coming to your location at certain hours? Or do clients have the option to attend online coaching sessions? What about electrical, water and sewage needs?

To find a suitable location for your coaching institute, work with commercial real-estate agencies or seek recommendations from friends or family who might be able to point you to the right location.

Step 7: Establish Your Relationships

You have the facilities, you have the finance, now do you have anyone helping you out with your website or coaching content for your website? Work with other coaches, writers or web developers and build strong relationships with them.

In addition, relationships extend beyond your clients and business associates. It is good practice to establish relations with your local Chamber of Commerce, retail associations and labor organizations in your area.

Step 8: Marketing

How can you build relationships or expand on existing ones? You can use your website, blog, or social media to market your coaching institute to existing or potential clients. Publish useful and relevant coaching-related content on these avenues. 

Marketing works hand in hand with building a relationship and maintaining it.

Step 9: Servicing Your Clients

Delivering coaching courses or lessons to your clients, answering questions about your coaching services, and working with your staff to develop new product lines are demanding parts of the business.

This is where back end systems come into play by maintaining records and logs of all activity with your clients and staff. Do not underestimate the value of a good customer relationship management or human resource system.

Step 10: Employees, Finances and Other Administrative Matters

Once everything is up and running, your next focus is administrative matters. Employees need to be hired and payroll needs to be met. Money must come in and money must go out. Get the help of an accountant if you do not possess them already.

One oversight can mean the loss of hundreds of thousands of dollars; a missed payroll deadline could mean your entire business comes to a halt. It is critical that you constantly keep an eye on the books and on your expenditures. Most importantly, know when to tighten the belt, and know when to expand.

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

 

How to Write a Simple Coaching Business Plan

Think you have a great idea for a business and need to draft a simple coaching business plan? You’ve probably come across simple coaching business plans on the Internet but you may not have the time to read them all. The coaching business plan template presented here will get you started.

How to Write a Simple Coaching Business Plan

It outlines five most important sections of a business plan and can serve as the blueprint to help you write a simple coaching business plan.

Five Elements of a Simple Coaching Business Plan

Background 

In this section, you’ll want to compose a little story to tell people about your coaching business and what you offer. Ask yourself these questions:

  1. What need are you serving and why is it important to the world right now? 
  2. Is your coaching field growing or shrinking? Is the need for your service likely to grow or decline over the next 5-10 years? 
  3. What is your reach and what is the potential for your business in terms of numbers? 
  4. What is the profile of your most likely clients? Is it men, women,or children? What are their ages? 

After you’ve figured out the answers to the questions above, outline your personal qualifications, training and education that will support you in serving your clients. Also list any soft skills, coaching philosophies or beliefs you have that will help you serve your clients. This is the place to tell your readers what makes you great at what you do.

Vision and Mission

A vision is something that just gets you moving in the right direction. It may be so ambitious that you never actually get there, but it will lay out a path for you. A good vision is inspiring, focuses on serving the world, and is very ambitious. Try and develop a vision as you would like it if you could serve every single person who needs your coaching services. Capture what the world would be like if you could do this in simple 3-5 sentences. 

For example, “A world where every person is living their life to the fullest.”

A mission on the other hand is about your purpose and your part in changing it. Capture how you’ll serve people, and what your role in delivering the vision will be. 

For example, “Helping people discover their life potential and supporting them in making changes to bring this potential into the world.”

Marketing and Communication Plan

It’s essential that you give some thought as to how you’ll communicate your vision and mission to others. Instead of “marketing” your services, think of it as “sharing your message.” You already know that what you can offer your target market is of value and that it needs you. Write how you’ll communicate to those that need you most and how you’ll help them. Before you devise a marketing and communication plan, ask yourself these questions:

  1. Who needs to hear my message? What groups do I need to serve most?
  2. What do they need to hear from me?
  3. What is the best way to find and communicate with them? Do they communicate online? Or In person? Workshops, webinars, etc?
  4. When will you communicate with them? Will you reach out to them daily? Hold workshops once a month? Send out a weekly newsletter?
  5. How will you know if they have heard your message? 
  6. What will success look like? What are your marketing and sales goals or targets for this year and the coming two years?

Risks and Opportunities

Sometimes things might not go according to your plan, therefore it’s prudent to spend just a bit of time thinking about the areas that may go wrong and devise a corrective action plan or a Plan B to limit the damage.Likewise, it’s a good idea to think about any opportunities that you haven’t thought about yet so that you don’t miss any good ideas along the way. 

Financial Plan

Having an idea of what you need to make in terms of income to continue coaching others and help change their lives is essential to delivering your vision. And in this day and age, any business that is not growing or evolving is dying. There is no standing still! So this section details how you’ll sustain your financial viability, and how you’ll grow your business.

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

 

A Sample Business Plan for Life Coaching

Business plans guide you along the rocky journey of growing a coaching company and referencing a sample business plan for life coaching throughout your voyage will keep you on the path toward success.

A Sample Business Plan for Life Coaching

There are plenty of sample business plans for life coaches on the Internet but how do you actually write a viable and convincing business plan?

Let’s review a sample business plan for life coaching you can use to inspire your own.

A Sample Business Plan for Life Coaching: Youth Alive Corp

Executive Summary
Youth Alive is a new company providing high-level expertise in youth life coaching, channel development, distribution strategies, and marketing of coaching products. Its founders are certified life coaches. They are founding Youth Alive to formalize the coaching services they offer.

Initial focus will be development in the American market, or for clients in the Latin American market. As it grows it will take on people and coaching work in related markets, such as the United Kingdom market, and similar markets.

Mission
Youth Alive Corp offers students and young professionals reliable, high-quality life coaching services for personal development and career development on an international scale. We offer a very high level of practical coaching experience, know-how and confidentiality.

Company Ownership
Youth Alive Corp will be created as a Limited Company based in Florida, USA, owned by its
principal investors, Alice Smith and Melanie Adams.

Management Team
Alice Smith is the founder and owner of Youth Alive Corp. She will serve as the managing director, and is therefore responsible for all of the company’s operations as well as its chief fiduciary. Ms. Smith has spent her entire professional career in youth coaching and development.

Melanie Adams will serve as the company’s Program Director and will develop the company’s coaching programs. She will lead the learning sessions on-site and online. A native of Colombia, she is a dedicated, positive and outgoing life coach who has been extensively trained in youth development and education.

We will be hiring two course administrators, five full-time life coaches to conduct on-site or online coaching classes and workshops and two content developers to develop our website.

Start-up Summary
Total start-up expense (including legal fees, logo design, website development, stationery and related expenses) is $65,350. Start-up assets required include $130,000 in current assets (office furniture and equipment, course development,etc) and $100,000 in initial cash to handle the first few months of coaching operations as sales and accounts receivable come in.

Products and Services
Youth Alive offers youth coaching courses and workshops as well as the expertise an organization needs to develop new coaching products and services in new markets. This can be taken as high-level retainer coaching, project consulting, online workshops, coaching courses and publications and youth camps.

Market Analysis
Our most important group of potential clients are students, young professionals in larger corporations and organizations or universities interested in developing white-label coaching solutions.

There are thousands of coaching organizations and individual coaches for every one of the few dozen well-known companies in the United States.One of Youth Alive’s challenges will be establishing itself as a real coaching company, positioned as a relatively risk-free alternative.

The key element in purchase decisions made at the Youth Alive client level is trust in the professional reputation, track record and reliability of our company. Youth Alive positions itself as the most obvious choice in terms of service quality, price and convenience and this will be attractive to youths in the United States and Latin America.

Promotion
We intend to promote our organization and our unique value proposition on an ongoing basis via the following channels:

Internet marketing -This strategy consists of a well-designed, professional website that is informative, client-oriented and “sells” Youth Alive, reinforcing our value proposition of quality, price and convenience.

Open house sessions -Twice a year, we will host an “open house” and / or a “meet and greet” at select area locations where parents congregate and at our center. We will promote new youth coaching programs and give away free sample courses.

Financial Plan
The following is the projected profit and loss for the next three years. Detailed break even analysis, monthly projected cash flow numbers and projected balance sheet are included in the appendix.

Year Annual Profits
2021 $120,000
2022 $180,000
2023 $350,000

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

What is Not an Indicator of a Successful Business?

Many new entrepreneurs who start their own business fail to ask themselves these two pertinent questions: What is not an indicator of a successful business and what are some of most common mistakes new business owners make?

What is Not an Indicator of a Successful Business?

They do not realize how much work and time will be involved and as a result they become quickly overwhelmed.

At first, you will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the driver, the secretary, the receptionist. You must therefore prepare yourself because there will be moments when you are disappointed or frustrated. You have to realize that business success will not happen overnight. And it may take a year or two or even more before you achieve your expected results.
What is not an indicator of a successful business & how do you avoid it?
To avoid disappointments and build a successful business, here are some of the most common mistakes new entrepreneurs make and how you can deal with them:

Mistake # 1 – Failure to spend enough time understanding and researching the business idea to see if it’s viable
New entrepreneurs often fail because they are not truly interested in the business and are more interested in making money. It is important to start something that you’re good at, love and can serve a need, because you will be spending a lot of time on it. Therefore, spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, politics, trends, success factors, challenges, etc.), your marketing plan, and your financial projections.

Mistake # 2 – Failure to have products or services that add value
The most sustainable businesses, those that withstand the test of time, provide value by providing a product or service that people need. Make sure your products or services provide value to your clients and solve their problems. A great product is a very important indicator of a successful business.

Mistake # 3 – Failure to connect with professionals who can help you get started
Many new entrepreneurs often ask people who have never started a business for advice when starting a new business. So in reality, these people are not in a position to give sound advice. Get a mentor or two and surround yourself with experts who possess skills and expertise that you lack. They will probably be able to let you know what is not an indicator of a successful business and how to avoid it. Better still, team up with professionals who can complement your strengths and cover for your weaknesses.

Mistake # 4 – Underestimate financial requirements
Do you know how much capital you need to start your business and the operating expenses to keep it running? What is the number of clients you need or the price you need to charge to earn a profit? Do you know how long it will take before you earn your first profit or before you will run out of money? Invest the time to work on ALL financial aspects, especially the major ones, of your business before you start. There are many factors that make businesses a success, but a strong balance sheet is often an indicator of a successful business.

Mistake # 5 – Failure to make marketing a priority
Many new entrepreneurs start their business without determining their target market and demography and as a result have failed to attract any clients. Marketing should be one of your top priorities. Devise a marketing plan that will help you determine how to promote your products or services and create a system that will generate more clients for your business.Then, dedicate a good portion of your time and energy to working on and implementing the plan.

Mistake # 6 – Failure to follow-up with clients
New entrepreneurs spend too much time finding new clients that they neglect the clients they already have and end up losing business. Statistics show that it takes seven more interactions to secure a new client than to sell more to an existing client. So develop and maintain a follow-up system to offer new products or services to your clients and constantly and consistently communicate with your existing clients. It is essential to build a very special relationship with your most loyal clients. They are your best audience and don’t let them slip away!

Special Bonus – Learn 32 ‘Guru’ Transformation Techniques when you click on the image at the top right. You’ll learn how to become a life coach in 30 days.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Coaching Class Business Plan for Business Success

If you’re planning to start a coaching training center,one of the first things you need to do is to work on a coaching class business plan. Coaching class business plans are different from the normal business plan in the sense that they help you achieve the things you want to achieve specifically through your coaching classes. Think of a coaching class business plan as a subset of the bigger business plan.

Coaching Class Business Plan for Business Success

Over the years, many coaches have become qualified life coaches after studying at coaching centers. The career prospect of a coach is very promising — it’s not a 9 to 5 job and you can do it at the comfort of your home according to your time preference.

Essentials for a Coaching Class Business Plan

At the beginning, you may start with only a handful of students but if you manage to conduct each class successfully, you might see an increase in the number of students over time. You can then consider setting up a fully functional coaching center. Check out these prerequisites before you set up a coaching center:

1. Determination and confidence
Do you really want to do this? Investing in a coaching center is big investment; hence you must have the determination and confidence to teach others and impart quality life coaching education.

2. Location & infrastructure
Choose a location that is easily accessible from different parts of the city and make sure that the area is not very noisy or busy. This creates distraction for students. Choose a place that is peaceful and conducive to learning.

Once you have chosen the right location, you need to look into other areas like the infrastructure, adequate seats, and parking facility. Proper infrastructure is necessary if you offer practical classes along with theoretical classes like a separate room for general group coaching workshops or breakthrough sessions for different groups.

3. Hiring the right people & managing them
When you run a full-fledged coaching training center, you need to hire the right people like coaches, course administrators, etc to run your coaching classes smoothly.

Your employees are the biggest asset you have. The key to managing employees is to hire only the best people, train them well, expect the best from them, and make them feel as though they have a vested interest in the success of your coaching center.

4. Marketing
This is the most vital part of any coaching training center. No matter how good your coaching programs and facilities are, if nobody knows about them, it’s very unlikely you’ll make any sales.

You need to market your coaching classes. You might seek the help of an agency to do it for you if marketing is not your forte. However if you are comfortable with promoting the classes yourself, you’ll need to understand who your clients are and learn how to reach and build relationships with them.

5. Managing Finances
Good financial management is key to running a successful coaching center. You need to be on top of your company’s accounts to ensure you are not spending money you don’t have, and to keep an eye on specific areas that are costing your coaching center money so that any problems, potential or realized, can be rectified.

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

Using a Business Plan for Coaching Institute Framework

When it comes to writing a business plan, it can be difficult to know where to start and for that reason, a framework of some common and useful business plan for coaching institute sections can make the process of writing a business plan easier. 

Using a Business Plan for Coaching Institute Framework

The following framework is a recommended structure of the business plan for coaching institutes. However, coaches are free to adopt any structure they find suitable for their institutes, provided that it contains the basic elements that should exist in any business plan.

A Business Plan for Coaching Institute Framework

 1.  Executive Summary

This is the first thing most people will read and it’s your chance to make a good first impression. Your aim is to hook people in so they want to find out more about your coaching institute. This section should be short and snappy, giving a brief overview of what your business does, where you are at the moment, where you want to go and how you will get there. 

2.  The Organization

This is where you introduce the key facts about your coaching institute – the name, contact details, legal status, start date, structure and a few sentences to describe your business idea, your product or service and the aims of the institute. It can be helpful to include a section about the background of the organization, its aims and key details like number of years of operating, annual turnover, number of staff, and management structure.

3.  People 

This section should highlight the key people that will be involved in making your coaching institute a success. This may include staff, volunteers and board members. You should consider including:

  • A brief description of the roles and responsibilities of each manager
  • An organizational structure chart to show the relationships between people
  • A summary of the skills, experience and knowledge of everyone involved
  • Any training plans you have

More detailed information can be included as an appendix if necessary, including job descriptions and CVs. 

4.  The Market

In this section, you should summarize what you have learned from your market research and analysis and then describe how you will apply this learning in your own marketing and sales efforts. It can be helpful to arrange this in two subsections as follows: 

Market Analysis 

  • Who will buy your products or services?
  • Why they will buy from you (your unique selling point)
  • Trends in your market that you have identified from research
  • Levels and types of competition in your market
  • Results of any market testing you have done

Marketing Strategy 

You should describe the key elements of your marketing strategy (i.e. how you will respond to the analysis above), including: 

  • Your routes to market (e.g. how will you sell your products or services, including e-commerce options)
  • Pricing
  • Promotional mix
  • Client care policy
  • Client feedback
  • Who will be involved in marketing?
  • How much have you budgeted for marketing?

5.  Business Development 

This section is where you should summarize what you’ve learned about what you need to do to maximize the chances of your coaching institute succeeding. 

You should identify:

  • Key issues in the external business environment that may affect you
  • Key issues in relation to your internal strengths and weaknesses
  • Key issues which affect the industry you operate in
  • The main critical success factors you have identified and your strategies to address these

Much of the information from this section will come from the analyses you carried out during the exploration stage, including your SWOT (Strength, Weakness, Opportunity, and Threat) and PEST (Political, Economic, Social, and Technological) analyses and any feasibility study you completed. Rather than including all of that information in this section, you may prefer to summarize the key points and then include the more detailed documents as appendices.  

6.  Operations

This section is where you provide details of all the ‘nuts and bolts’ of your coaching institute. The type of information you need to include here will obviously depend on your business but your aim should be to give anyone reading the business plan enough information to make an informed assessment of how well you have planned your operations. It should also act as a useful reference point for your Board and staff. 

Areas to think about include: premises, equipment, production methods, suppliers, and working arrangements with external parties like professional and legal advisors, funders and investors, and coaching certification networks.

7.  Finance

The financial section of your business plan is, in many ways, the most important one. However, you will need to think carefully about how much financial information you share with different audiences as there may be commercially or personally sensitive information included in your financial forecasts (e.g. your supplier discounts or staff salaries). 

You may want to provide a summarized version of your financial model, making more details available on request. It can be useful to organize your financial information in three subsections:

Budget

As a minimum, you should include a forecast budget for at least 3 years, showing: 

  • Sales 
  • Non-commercial income (grants, subsidies, and donations)
  • Expenditure
  • Profit or loss

You should also detail the assumptions that your budget forecasts are based on (e.g. inflation, sales targets, wages and salary levels).

You should also produce a cashflow forecast that estimates when money will flow in and out of the business. This will help you to identify any potential problems in terms of paying suppliers, meeting staff costs etc.

It can also be useful to show that you have considered different scenarios e.g. ‘worst case’, ‘best case’, ‘most likely’ and plan your budget accordingly.

This helps to show how sensitive your organization is to different factors and to demonstrate that you have considered how you would address the ‘worst case’ scenario. 

Investment and funding

Here you should summarize the level of any external investment required and identify methods and options for raising this finance. It is useful to include details of any assets you can offer as security, as well as any track record you have of managing external investment in the past.

8.  Appendices

There are several areas where you may want to provide additional details in an appendix. They include:

  • References, testimonials and letters of support
  • Quotations for equipment
  • Professional advisors’ reports
  • Previous years’ accounts if you have them  

Final Thoughts

Bear in mind that one business plan may not be appropriate for several audiences, so consider having different versions for different people e.g. you may have a more comprehensive business plan for coaching institute for internal management purposes and a shorter version for investors or bankers. It can often be useful to have a look at other people’s business plans to pick up ideas about format and structure, or even just to notice where other people have gone wrong! Lastly, you should also think about using photos and other visual images to help break up the text of your business plan, particularly if you have photos of your coaching institute ‘in action’.

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

 

A Business Plan, Coaching Practice and Some Strategies

How do you align your business plan coaching practice with your Internet marketing strategies? Every successful business has an intelligent strategy and coaching businesses are no different. However, given the many additional marketing avenues that the Internet provides, it is easy to develop tangential campaigns that are not connected to your overall business strategy.

A Business Plan, Coaching Practice and Some Strategies

To reap the great benefits of the digital economy, it is important to ensure that your Internet marketing strategy is properly aligned with your overall business plan. By verifying that all of your online marketing efforts complement your coaching practice, you will be able to reap the full profits of branding.

Here are some avenues of Internet marketing branding you can explore to boost your brand messaging.

  • PPC (pay-per-click) keywords and ad copy should espouse your marketing punch line.
  • Online press releases are most effective if they point out the benefits of your coaching business website and these benefits should be congruent with what you are plugging in your messages and slogans.
  • Social media posts should be related to your branding message.
  • Blog posts should not only discuss how your coaching product or website is fresh and innovative, but also reinforce your branding message.
  • Email campaigns need to be handled delicately to ensure that they are not viewed as spam, but if you can include information that is of value to your reader, in addition to your marketing message, this is an effective method.
  • Banner ads provide that great visual element, where you can use imagery and text to attract and hold attention.
  • Website content is very valuable in helping the search engines increase your rankings, as well as turning your visitors into buyers through your branding message.

Stage 1: Business Plan, Coaching Practice & Internet Marketing Strategy

After you have developed your overall business plan, it is time to develop your Internet marketing plan. The first step of Internet marketing planning begins with your domain name. The choice of domain name is critical and it will follow your coaching practice regardless of what future marketing changes you may implement. Thus, choose a domain name wisely and carefully, with your business strategy in mind.

After you have selected the appropriate domain name, it is time to develop the look of the website and ensure that it properly espouses your vision for your coaching strategy. Even the simple use of different colors may or may not complement what you are attempting to strategically achieve.

Once you have built your website, it is now time to plan your marketing strategy. Develop a budget, research your target audience, find the right keywords and begin creating the perfect copy for your online advertising campaigns. At this stage, you can experiment with different combinations of keywords, copy, and any relevant copy, as long as they are still within the bounds of your business plans, coaching practice and marketing strategy.

Stage 2: Monitoring

This is a very important part of your online marketing strategy, yet most often overlooked. After you have approved your marketing campaigns, it is important to monitor what keywords, banner ads, landing pages, and ad copy are effectively yielding you a good ROI. 

Managing dozens of keyword campaigns is a tedious, time-consuming task; in addition, it is difficult to see the trends and true ROI between your campaigns. Utilizing online tools such as ZamDoo, all of this monitoring and analysis is automatically done for you, which leaves you with more time to focus on the overall Internet marketing strategies for your coaching practice.

The more Internet marketing avenues you have, the more important it is for you to monitor all of them to effectively ascertain which ones are working best for your business plan, coaching practice, and marketing strategy.

Stage 3: Adjusting

After you have researched and monitored your Internet marketing results, act swiftly to adjust to the information you gather. The quicker you can react to the online marketplace, the better your profits will be. Stop using marketing venues that are not giving you high ROI and instead focus on the keywords and campaigns that are working for your business strategy. 

By planning, monitoring, and adjusting, you can effectively ensure that your Internet marketing strategies will optimize your overall business plan. Online marketing is a powerful advertising avenue, but the diversity of its audience, changing results of interaction, and intricacies of its tools require your attention to ensure that your message online is clearly branded with the one you have for your overall coaching business plan.

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

Resources for Coaching Business Plan Examples

Writing a coaching business plan is a difficult task regardless of your level of experience, but referring to coaching business plan examples can make the process a lot easier. While the content of your business plan is critical to its effectiveness, the layout and the format you utilize are equally as important. To get started, you should research various coaching business plan examples and find out which best suits your niche. The biggest mistake people make when writing their business plan is using a generic template provided in your text editing software, like Microsoft Word. These templates are usually outdated and would have probably been used by many business owners. Avoid the quick-fix mentality of these business plan templates, and invest some time in finding resources that will provide you with up-to-date helpful ways to compose a winning business plan.

Resources for Coaching Business Plan Examples

The easiest and least expensive way to find samples of coaching business plans is to do a search on the Internet. Before you get started, a word of caution: consider the sources of information before you decide to utilize any of their suggestions on your business plan. You will come across websites that promise to teach you how to write a business plan in 10 minutes. Don’t believe them. Unless you decided to hire a business plan writer, obtaining resources on business plan writing should not cost you any money or obligate you to a long-term commitment. If you are unsure of the credibility of the information you come across, find another source and compare your findings.

Some Coaching Business Plan Examples

A great online resource on business plan writing is Bplans.com. While they are mostly known for their online collection of free sample business plans for professionals in a number of different industries, they also offer a variety of other information and services for those looking to build and grow their business. Under the Business Ideas tab, you will find a wealth of information on starting a business, becoming an entrepreneur, advice by industry experts, and of course, information on coming up with the right business ideas and putting them into a business plan. In addition to articles about business planning, Bplans.com also includes articles and expert advice on business pitching, funding and managing a business. 

To view a coaching business plan example, visit https://www.bplans.com/management-consulting-business-plan

This page shows you a sample of an executive coaching business plan. Take the time to review this sample. It’s provided by a reliable source, so don’t be afraid to copy the formatting for your own business plan (of course, do not copy the actual text from the business plan!).

If you already have a draft of your coaching business plan and are looking to make updates or revisions, you can probably look at other coaching business plan examples on Bplans.com or visit the following websites:

Life Coaching Business Plan

https://www.ogscapital.com/article/life-coaching-business-plan/8

Health Coaching Business Plan

https://www.profitableventure.com/health-coaching-business-plan

It is important that you review these samples, even if the coaching niche is not applicable to your line of work. They will teach you the basic dos and don’ts of business plan writing and give you a better picture of what is required in a coaching business plan. Use these resources to your advantage and create the business plan that presents you in the best light.

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 HERE to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community