Business Plans for Life Coaches: What Do They Include?

If you are a life coach, have you ever wondered what should be included in business plans for life coaches?

Business Plans for Life Coaches: What Do They Include?

Coaches, here are some of the things you need to consider before crafting a business plan..

There are essentially four major areas which you need to firmly establish and include in your business plan:

What is your product or service?

This is the first question every life coaching business plan should answer. You must explain in clear, concise language what you plan to produce or what service you plan to provide. You will also want to include why you’ve chosen this particular product or service.

Who are your customers?

After you’ve explained your product or service, the next step is to identify who you plan to sell your product or service to and why. You need to clearly identify your customers in terms of demographics (age, sex, language, country, state or city, income, etc.) in order to properly target your advertising, packaging, pricing, etc.

What makes you different?

You need to identify the “primary factors” that will make your coaching business different than other businesses you’ll be competing with. What niche are you targeting or what do you plan to do to fill a particular void in the market that you’ve identified?

What are your expenses?

Your start-up expenses include any equipment that you need, for example, a computer and a portable projector, before you can get up-and-running, while examples of your day-to-day expenses are staff costs, electricity bills and Internet bills.

The importance of your business plan as a motivational factor in running or starting your life coaching business cannot be underestimated. You will find that your commitment as a life coach continues to build as you collect information, research and write each section.

Your business plan will act as a guide and help you measure where you expected to be against where you actually are. It will help you take corrective action when needed.

Sample Business Plan Structure

Using sample business plans and their structure, along with studying as many business plans for life coach examples as you can, will provide you with the necessary framework to consider your business from every possible angle.

Not only will referring to a sample structure help you with any areas you haven’t fully thought through, it will also provide you with a good idea of what makes a good business plan, and what doesn’t.

All business plans for life coaches should include at least the elements listed below, and perhaps additional sections depending on your coaching niche.

1. Executive Summary
2. Company Background
3. Products or Service Overview
4. Unique Selling Proposition and competitive advantages
5. The Marketplace
6. Operations
7. Leadership and management profiles including professional competencies
8. Professional Support
9. Risks and Threats assessment
10. Financial forecasts including key assumptions
11. Relevant appendices

Collecting the relevant information for all the sections is time consuming and sometimes difficult. The Internet is always a good place to start your research. When you do your research online, look up for market research reports and investigate competitors.

Coming up with the necessary financial forecasts may represent a significant hurdle. If you are not familiar with spreadsheet software, you have two choices — pay someone to put part or all of the plan together for you, or make a small investment in some business planning software.

The advantage of using a professional is you will get the benefits of their experience, combined with a professional looking plan.

The disadvantage is that it won’t be easy to make changes because you will not have been as involved in its preparation. Hence, you won’t be as familiar with its contents as you should be. Make sure to learn the contents well.

One final tip though, remember it’s the quality of the information you put into it that determines what comes out.

TIP: How to Keep Business Plans for Life Coaches Simple
Businesses can carry complications within the internal workings. Due to this, you should keep your life coaching business planning as simple as possible. To keep your business plan simple, try the following:
* Use skills, hobbies, and personal knowledge to begin your life coaching business planning around.
* Utilize tools, resources, and equipment that are already in your possession to apply towards your life coaching business.
* Use a location or workspace that is already suited to your business needs, such as a home office, garage or basement.

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

Coaching Business Plan Template: Do You Need One?

A coaching business plan template is something that often gets overlooked and isn’t considered to be a necessity for some reason. However, when you start a coaching business, you need a business plan. Hence, it is essential and not a luxury. If you don’t know where you are going, you won’t know how to get there. It’s really that simple!

Coaching Business Plan Template: Do You Need One?

For business planning, there are really three alternatives:

1) Crafting your own coaching business plan from scratch.
2) Hiring a coaching business plan writer or business planning consultant.
3) Using a coaching business plan template to write your own business plan.

Each alternative has its own advantages and disadvantages.

Writing your own business plan from scratch gives you the freedom to format and arrange the plan in any way that you see fit. On the other hand, doing financial projections, which are necessary for the purpose of budgeting and financial planning, can be difficult to do without a coaching business plan template, or at least financial projection spreadsheets.

Hiring a business plan writer who is generally well-versed in business planning will allow you to prepare a comprehensive business plan that takes everything into account. The disadvantages to having your business plan professionally written are the expense associated with the initial plan, and the limitations that exist in regard to changing it as your business evolves.

Coaching business plan templates are relatively inexpensive or free when compared to hiring a professional business plan writer or consultant. Generally, business plan templates can be downloaded or purchased online, but some established life coaches go the extra mile and include coaching business plan templates as freebies to their clients or part of their offering.

The Advantages of Using a Coaching Business Plan Template

A coaching business plan template does have many advantages. A good coaching business plan template has the headings and categories already set up for you. Some business plan templates include guidance throughout the business planning process that explains what to include in each part of your business plan.

It is also easy to do financial projections using a coaching business plan template, whether or not you understand accounting. Most templates include sections for start-up costs, income projections, a balance sheet, and a projected cash flow statement. All you have to do is enter your figures into each section before calculating the final figures. This makes the process of projecting your financial plan a breeze.

Another huge advantage of a coaching business plan template is that when you use it to create your own business plan, you can make changes to it anytime you need to. It doesn’t become a stale document that sits on the shelf and collects dust. A business plan should be always evolving. You should update your business plan frequently and include new goals, objectives, and milestones. You should also adjust your financial projections occasionally for the purpose of budgeting. A coaching business plan template makes all these easy to do.

If you choose not to use a coaching business plan template and to create your own business plan from scratch, you will need some guidance unless you are a professional business planner yourself. The Small Business Administration at sba.gov has some excellent resources and guides about business planning. If you hire a professional business plan writer, do review their qualifications and references. It is also important that you understand exactly what is included in the business planning services they are offering.

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 Fill in a Life Coach Business Plan Template

What should a life coach business plan template cover? That’s a million dollar question.

How to Fill in a Life Coach Business Plan Template

There are plenty of life coach business plan templates online but generally, they serve the same purpose — to ease a new business owner in writing a business plan through predefined sections like a description of the organization, market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.

Been Staring at a Blank Life Coach Business Plan Template and Not Knowing Where to Start? Follow These Steps..

Keep in mind that there is no one specific business plan template that you should use, or one best way to layout your business plan. However, there are some steps you can take to make the process go a little more smoothly. We have listed what we think is the easiest method to fill in a blank life coach business plan template.

Step 1: Analyze yourself
Make a list of your strengths and weaknesses. Then determine how you can build off your strengths, and improve on your weaknesses as a life coach. Remember, this can be a daunting task because you may have to own up to a few shortcomings you’re not prepared to recognize!

Step 2: Choose a Product or Service
Just because you think you know what business you want to be in, in this case, life coaching, it doesn’t mean your idea will be a profitable one. Take a look at the feasibility of your idea.

Step 3: Research Your Market
Marketing research is crucial to the success of any business and the more you know about your potential or target market, the greater your chances of securing the customers you want right out of the gate.

Step 4: Forecast Your Sales Revenue
After you take a look at your target market, estimate the percentage of that market that you think you will reasonably be able to take over. Then realistically take into account the number of your competitors, their size, and the amount of market they already have.

Step 5: Choose a Location
Is your new life coaching business going to be on the Internet or will you have a physical location and consult out of your home office? In choosing the right location, always take into account both your personal preferences and what makes the most sense for the ultimate success of your business.

Step 6: Develop a Marketing Plan
Here you will state in detail your plan to gain customers and turn a profit. Also include possible marketing channels, price points, advertising, and sales promotion.

Step 7: Develop an Organizational Plan
What skills and talents do your new life coaching business need to not only survive, but to grow as well? Will you hire freelancers? Are you hoping to hire an employee right away? If these people and their skill sets are vital to your success, do not make a plan without them!

Step 8: Decide on Your Company Status
Will you operate as a sole proprietor or form a partnership? You need to decide how you’re going to approach this and investigate the legal ramifications of each situation. As a sole proprietor, you’re in control, but you’re also solely responsible. In a partnership, you share the responsibility, the decision making and the profits with your business partner(s). Determine what works best for your budget AND your personality.

Step 9: Address Your Accounting
If you don’t know how much money is coming in and out of your business, you will never know if you are making a profit, or if you need to make changes. Keeping track of your numbers is one of the single most important things you can do for your business. Decide on whether you will do it in the house yourself or outsource it to an accountant.

Step 10: Put it All into Numbers
When you approach a financial institution for a small business loan, they will respond better if they see all of your plans in numbers; they are, after all, in the business of numbers. You can tell them exactly how much you will need and show them where their money will be going. You can also show them, with a number, how much of the market you are planning to corner, and your growth, by percentage, over the next X years.

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

Developing a Good Coaching Company Business Plan

There are many important things to consider when developing a good coaching company business plan, but the first step is to fully understand the main purposes of a business plan.

Developing a Good Coaching Company Business Plan

The four main purposes of a business plan are as follows:

1. A business plan is a tactical planning and management tool for your coaching business.

2. A business plan is a written document showing the capacity of your team to manage all the aspects of the company.

3. A business plan brings you new ideas to refine your business operations or strategies.

4. A business plan can be used in your search for external financing or business partners.

The Importance of Having a Coaching Company Business Plan

The drafting or update of your business plan is essential to the good management of your coaching company. It can be used when you are in the midst of defining some stages of the development of your company, such as:
· The creation of your coaching company.
· The launching of a new coaching product.
· The establishment of your coaching company in a new market.
· The structural development of your company.

Should you hire a consultant or write your coaching company business plan by yourself?

If you are just starting out as a coach, you should be the main (if not single) author of your business plan, because your business plan is, so to speak, your own “baby”. It is a reflection of your personality and it is by this means that your investors will discover the person with whom they collaborate.

But if you are planning to expand your coaching company, for example, franchising your coaching program to other coaches around the world, you may want to call in a consultant for help and consultation. Even so, you should always stay in control of its development!

Tips for Developing a Quality Business Plan

1. To be credible, a business plan must be coherent and each section in the business plan must be based on facts.

2. There are many ways to develop your business plan, but very few can help you correctly carry out reliable financial projections based on a preliminary market study.

Indeed, one frequent mistake when writing a business plan is to first define the target in terms of market share, and then try to “find” the number of customers necessary to fill these objectives! This process should be reversed.

3. In addition, one essential point in a business plan is to define business strategies and estimate sales turnover. Based on a sufficient knowledge of the market, any quantitative estimate of sales turnover must be calculated on realistic monthly and annual increase rates. A well-founded pricing policy then makes it possible for you to estimate the sales turnover in the years ahead.

The calculation of the costs of any planned actions in your business plan are essential and make overall financial projections possible. When doing financial forecasts of your coaching business, you must project a realistic estimate of sales based on concrete market studies.

4. In a business plan, the marketing plans, as well as the financial forecasts, require a basic understanding of how these important figures are calculated. You can use good software some of which are free (www.planware.org) or cost very little (www.liveplan.com) to facilitate the development of your business plan. If finance is not your strong suit, talk to an accountant!

5. The last point and certainly not the least significant is that a good coaching company business plan is never set in stone. A regular follow-up and comparison between the business plan on paper and the reality of its execution are essential. You can then modify your business plan according to your business needs and adapt it to improve performance and achieve your goals.

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

How to Create a Health Coaching Business Plan

Running a health coaching business is no child’s play especially when you are new to this niche, therefore it’s essential for coaches to have a solid health coaching business plan.

How to Create a Health Coaching Business Plan

Rui Santos © 123RF.com

The Basic Definition of a Business Plan

A business plans plays a vital role in achieving business objectives, helps in determining budgets and expenses, and ultimately drives profits. Without a business plan, a business can fail and will not evolve.
By having a business plan, a health coach can outline the goals and objectives of his or her coaching business. A health coaching business plan has two parts:

  1. What to do?
  2. How to do it?

In the first part, everything that a health coach wants from his or her coaching business is written for example, the mission of the company, sales objectives, expenses, and profit estimates. In the latter part, the ways of achieving the objectives is written. A health coaching business plan doesn’t necessarily have to be a formal document but can just be a simple outline of things that you need to do for the progress of your business.

Things to Include in a Health Coaching Business Plan

You may not know the exact pattern of your business plan. Don’t worry, there are plenty of business plan templates available online that you can use. The main reason for using templates is that they give you some ideas of what to write in your business plan. Then brainstorm what your business needs or what you need to do to make it work. Here are some of the things you need to include in your business plan:

  • Business Summary

This section includes a summary of your health coaching business i.e. what your business is all about and the goals you are planning to achieve. These goals will guide you and give all your efforts a purpose and sense of direction.

  • Financial Plan

Finances are the most important thing you need for your health coaching business. In this section, you will write the details of your expenses, money you need for these expenses, and the sources from where your income will be generated.

  • Business Operation and Management

Here, include the name of your company, its location, registration number, names of business partners, and details of the management team as well as employees you will hire.

  • Market Analysis

In this section, you will write about your business strengths, weaknesses, opportunities and threats. You must also be able to identify your target market and state what differentiates your products or services from others. Among the questions you need to ask are: Will I be offering coaching to a specific niche market, e.g. working adults, women, children, etc? How is my health coaching programme different from other programmes? What will be my marketing strategies? What are the channels (e.g. a website, workshops, monthly course subscription, etc) I will be utilizing to sell my coaching programme?

  • Future business goals

Your business is constantly evolving, so don’t forget to add any future business goals that you aim to achieve.

Things to Remember:

  • Make sure your business plan is flexible and can adapt to market changes.
  • Analyse the business plan and try to find critical mistakes or gaps.
  • Review these mistakes and make a realistic business plan.

Bear in mind that if you don’t have any experience writing a business plan, you can always engage an expert to help you write one. All you need to get started is do it now!

SPECIAL BONUS — If 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

Important “Business Plan for Coaching Company” Know-How

A business plan forms the crucial foundation of your coaching company and it is essential for any coach to have “Business Plan for Coaching Company” know-how. Regardless of how big or small, your coaching company is going to be, you need to have some sort of plan for your future. Having a business plan will dramatically increases your chances of success as a coach.

Most businesses fail because they are not prepared to deal with unforeseen expenses or situations that they should have anticipated ahead of times.

To give yourself the best chance of success, you need to create a roadmap that will accomplish two things:
1. It’s going to be specific enough to help you define what needs to be done over the next year, two years, or even 3-5 years.
2. It’s going to be open-ended enough to help you make adjustments no one could have accounted for earlier on.

Plan Your Work, Work Your Plan

A business plan for a coaching company is not a document set in stone and you will probably change it in the future as your coaching business grows. When you are stuck on an issue, refer back to your original business plan and remember what your initial goals were and whether the situation has changed significantly enough that the plan needs to be reworked.

Planning your work is when you write your business plan, but you can’t just stop there. You must work the plan and stick to it as you move forward in order to meet your vision, mission or goals.

“Business Plan for Coaching Company” 101

A sound business plan should have the following details. Different businesses are going to utilize the facets below differently. Some businesses will be able to disregard some of those facets entirely. This is something you will discover for yourself, over the course of putting together a plan for your coaching business.

• Executive summary: This is basically a brief, positive synopsis of your business that goes at the beginning of your business plan.
• Company description: In this section, you’re going to not only focus on what your coaching company is going to do but how your company is different from other similar entities.
• Market analysis: Analyzing the competitive landscape is an important part of determining if your coaching company can succeed. Research your industry by looking at your strengths, weaknesses, opportunities and threats or competitors in business. You must also be able to identify your target market and demonstrate your expertise in your particular market and the attractiveness of the market from a financial standpoint.
• Organization/management: This is going to come down to discovering the optimal organization and management structures for your company.
• Service/product line: This section is going to describe your product or services. What are the benefits of your coaching programme? How would you describe your product or service to a potential client? How is your product or service different from other coaching programmes?
• Marketing/sales: Sales strategies and marketing plans are going to be discussed at this point. How are you going to reach your customers? Will you be having an army of salespersons who will be selling your coaching programme or will you solely market your programme via online channels like a website, Facebook or Twitter?
• Financing and Capital: In this section, you need to analyze all costs for starting your business and how much capital you will need to keep the business running. If there is payroll involved you will need to factor in payroll taxes as well as salaries. You need to know how much in legal costs you will incur incorporating and for lawyer and accounting services. Transparency is key in this arena. If you are seeking funding, financial projections are going to be important.
• Appendix: Resumes, permits, and leases are just a few things one would include in an appendix, if this needs to be part of your business plan.

So there you have it, the basics so you can sharpen your “Business Plan for Coaching Company” know-how. Grab a pen, a paper and start crafting your business plan now!

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

Coaching Business Plan – Simple Sample

Need to write a coaching business plan? Simple samples and templates are available online for easy reference.

Coaching Business Plan Simple

Coaching Business Plan Simple – puhhha © 123RF.com

When using free samples from the Internet, make sure they are comprehensive and geared toward a coaching business. Though many samples are general in nature and can be used for most any type of business, if you can find one made for a coaching business, that works better!

Nothing Wrong with Simple Business Plan Templates

There is nothing wrong with using simple outline style templates as templates for your own business plan. They serve as a great guide to creating a business plan for your coaching business. When writing a coaching business plan, simple is often easier to follow and copy. However, remember that a business plan is much more than an outline. The sections must be filled in with information relating to your business.

Coaching Business Plan – Simple Sample

Here is a coaching business plan template that is about as simple as you can find:

Administrative. Type of business setup. Location. Hours. Accounting methods. Licenses, permits, and certifications.

Vision Statement. Where do you see the business headed? Where do you want it to be in one year? Five years? Ten years? It’s basically long-term in scope.

Mission Statement. Why are you a coach? Why are you starting a coaching practice? This is both short-term and long-term and encompasses you values, vision, and purpose.

Values. Who are you as a coach? What values do you think are the most important? What values will guide your practice and entrepreneurial endeavors?

Marketing. Boo! Hiss! Boo! No one likes to market and promote. But, it is a necessary evil. Create a starting marketing plan or two, including how they will be implemented, an estimate of costs, and a way to assess and measure. This is a must-have section for a coach business plan. Simple marketing is not, but it is easier when you create a plan.

Alternate Streams of Income. This is where you get to dream a bit. How would you like to expand your business? What other services would you like to offer – DVDs, books, seminars, etc.?

Target market and SWOT analysis. Define who you want to coach, how you can help them find outcomes, and also do a SWIT analysis – strengths, weaknesses, opportunities, and threats.

Branding. A section not often included in a coaching business plan. Simple marketing 101 will tell you that branding is crucial to your long-term success as a coach. With many different platforms available – writing, social media, websites, networking, seminars – branding is critical to your success.

Don’t Copy and Paste a Coaching Business Plan

Though templates and samples are useful tools when creating a business plan, no one should just find a sample business plan and copy and paste. Your business is unique. Your business is special.

Use a sample or template as a guide. You can copy the sections and format, but the content needs to be all yours! Take your time and do some research when needed to write a comprehensive, clear, and unique coaching business plan. Simple, right?

Really, it’s not that hard.

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.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

How to Write a Business Plan for Life Coaching

How to write a business plan for life coaching. If you are starting out as a life coach, or if you are already a life coach but one without a business plan for your practice, then this brief tutorial will provide you with a few starting pointers for writing a business plan.

And yes, you need a business plan!

How to Write a Business Plan for Life Coaching

How to Write a Business Plan for Life Coaching – Michael Simons © 123RF.com

5 Awesome Reasons to Have a Business Plan for Your Coaching Practice

  • Goal setting. Every business needs goals. A business plan will help you identify and clarify those goals.
  • Goal attainment. By formalizing and writing down goals, it makes them seem more real. The business plan is a constant reminder of your goals.
  • Planning. This goes along with goal setting and includes the methods and pathways to achieve those goals.
  • Marketing. Most of us hate to market but writing a comprehensive section of marketing will help you focus on promotion and what needs to be done. Can you do it yourself or will you need to hire an expert? Any good information on how to write a business plan for life coaching will include an informative section on marketing.
  • Vision and values. Who are you as a coach? Who do you want to be as a coach? What values will guide you as a coach and an entrepreneur? Take time to think about these and put them down on paper!

How to Write a Business Plan for Life Coaching

Here are a few valuable tips that will help you produce a valuable and usable business plan. Any good information on how to write a business plan for life coach entrepreneurs will be flexible, adaptable, and general enough to be used for all life coaches, no matter the specialty.

  • Define your service. This means to define who you are as a coach (values and vision), what your target market is (specific groups of people you wish to coach), and how you plan to offer your services (one-on-one, group, seminars, online).
  • Consider outcomes. Can you help your targeted clients find the outcomes they are seeking? If you have any doubts about this, it might be best to look for another target market or another profession.
  • Get help with the marketing section. If you aren’t a skilled marketer, it is wise to get some advice from other coaches or marketing experts on effective promotional plans. Talk to the experts, peruse online help, or read some books to find out ways to market a coaching business before you include anything in your plan. Marketing info is crucial to any good source about how to write a business plan for life coaching.
  • Write clearly and concisely. A business plan is meant to be a reference guide and a planning tool for future use. Write one that can be read and understood in the future!

Writing an effective business plan takes time, patience, and a little bit of hard work. Do over the course of a few days or a few weeks. The best advice on how to write a business plan for life coaching is three-fold:

  • Take your time
  • Make it clear and comprehensive
  • Have fun! It’s not a chore!

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article…Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

4 Reasons Writing a Business Plan for Life Coaching is a Necessity

Writing a business plan for life coaching is not hard. It’s not completely easy, but it certainly isn’t so difficult that it should be avoided.

Writing a Business Plan for Life Coaching

Writing a Business Plan for Life Coaching – kantver © 123RF.com

A business plan is crucial to the success of your business.

Coaches need business plans, too!

Running a business is a “no-excuses’ endeavor. Don’t start making excuses with a business plan!

Writing a Business Plan is Easy

Ok…not easy, but not hard. If you think of it as an absolute necessity, then it becomes quite easy. Like any task that must be done, it may be kind of a pain in the neck to get started, but once involved with the task, it gets easier and easier.

Writing a Business Plan is Hard

As mentioned, the hardest part is usually starting out. The first act of putting pen to paper, or fingertips to keyboard, is the most difficult. Writing a business plan for life coaching can seem rather difficult before you start!

The other part that business owners find difficult is the research. Yes, some research is needed. When doing an analysis, like SWOT or SOAR, research on the market, the competition, and the industry is required. But, in the digital age, when a wealth of information is available with the click of a mouse, there should be no excuses!

Writing a Business Plan for Life Coaching is a Necessity

It does matter if it is easy or hard, a life coaching business should start with a business plan. It’s a must-have! It’s a necessity! Just because you may be a solo entrepreneur, don’t think you can skip a business plan. Just because you don’t need to apply for funding, don’t assume that a business plan is superfluous. Just because you’re a coach, don’t think that a business plan is merely useless fluff!

4 Reasons You Should Write a Business Plan for Life Coaching

  • Focus. Writing a business plan forces you to focus on all aspects of your business at once. Your values, your mission, your analysis of the competition, your target market – everything at once!
  • Inexperience. Some new coaches are experienced business owners, but most aren’t. This inexperience can be dangerous as running a business is a difficult endeavor. Writing a business plan for life coaching will help coaches determine who they are as a coach, how to brand the business, and what business success means to them.
  • Reference Guide. A business plan serves as an instructional manual or a reference guide for your business. If done correctly, you can look back to the business plan when you need to make decisions like hiring, changing niches, moving online, or adding additional streams of income.
  • Goals. Every business needs goals. Just like you will be helping clients identify goals and inspiring them to create strategic plans to reach those goals, a business needs to do the same thing. Writing a business plan for life coaching will help you identify and clarify your business goals. Through market analysis, business administration, mission and vision statements, and a section of marketing and promotion, it will also detail strategic plans to reach those goals.

SPECIAL BONUS — If 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.  

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

SOAR or SWOT in a Leadership Coaching Business Plan?

A leadership coaching business plan is essential for anyone starting a leadership coaching practice. It serves as a founding document and a handy reference guide going forward. Don’t start your business without one!

Leadership Coaching Business Plan

Leadership Coaching Business Plan – Siarhei Lenets © 123RF.com

A Leadership Coaching Business Plan Should be Comprehensive

Don’t skimp on your plan!

Take your time and make it as comprehensive as possible while keeping it concise and clear. All coaching business plans should include:

  • Administrative Section
  • Vision Statement
  • Mission Statement
  • Values Section
  • Section of marketing and Promotion
  • Analysis of Target Market
  • Analysis of the Business, the Industry, and the Competition

SWOT or SOAR in a Business Plan?

There are many different ways to perform a business analysis. Coaches are familiar with both SWOT and SOAR as they often use these tools in their practices. These tools can also be used in a business plan to help you start your business and make decisions in your practice. What analytical tool employed is up to you. Both can be used for a leadership coach business plan.

Why Use SWOT?

SWOT stands for strengths, weaknesses, opportunities, and threats. It is one of the most popular coaching tools and for good reason. In a business plan, it works to focus on what you do well, what needs improvement, what possibilities exists, and what obstacles stand in your way. It’s a great tool for a leadership coaching plan.

Why Use SOAR?

SOAR has been categorized in a couple different ways. In some places it may stand for self-awareness, opportunities, action, and review. However, more commonly it stands for strengths, opportunities, aspirations, and results. Both can work in a coaching practice, but the more common form works better in a business plan.

Some consider SOAR a more positive reframing of SWOT. Leaving the “threats” component out of the analysis makes it more focused on the positive.

Make Sure a Business Plan is Has Analysis

Should s leadership coaching business plan use SOW or SOAR? There is no right or wrong answer to this question. Both are great ways to analyze a business, the market, the competition, and the possibility for success.

The real answer to the question is: Make sure to use one of them!

Or both of them.

Using Both SWOT and SOAR in a Business Plan

Why not use both of these analytical tools? Sure, it may take additional time. It may require a bit more research. But, it just might be worth it. Besides, there will be plenty of overlapping and the extra work will be worth it.

Using both SOAR and SWOT will give you extra analysis and allow for more information about how to create a successful coaching practice. Your business plan should be designed to help you succeed. Your business plan should be composed in a way that offers useful information for the life of your business.

Using both SOAR and SWOT in your leadership coaching business plan will give you an extra advantage, more information, and additional insight on how to start you practice and which direction to go for success.

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.

Fred Philips
Business Coach
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