Top Ten Reasons Businesses Hire A Business Plan Coach

Have you considered becoming a business plan coach? Jack Canfield, in The Success Principles, says a “coach is one of the best-kept secrets of the successful.” Although it is not mandatory for business owners to hire a business plan coach, if they are serious about taking their businesses to the next level, a business plan coach can help them realize their visions and goals.

Top Ten Reasons Businesses Hire A Business Plan Coach
1. A business plan coach can help business owners clarify their visions and goals. If what they are doing isn’t something they really want for their businesses but they don’t have a clear vision of what they want, then a coach can help them get clear.

2. A business plan coach can support business owners through their difficult times. Sometimes, business owners just need someone to talk to who isn’t too busy, too distracted or too involved to just objectively support them when times are tough. If they need someone to talk to who understands and doesn’t judge them, then a coach can help.

3. A business plan coach can help business owners develop momentum. There will be times when a business owner started a business, felt good about it but then lost interest. A business plan coach can help business owners craft a business plan that will sustain that momentum and keep them focused on the prize. This is similar to hiring a personal trainer to help one sustain the momentum of exercising when they feel like doing something else.

4. A business plan coach can help business owners stay on track and be focused. There will be times when the little, unimportant things take control of business owners’ days and by the time the day ends, they realize they haven’t accomplished anything they were hoping to accomplish. A coach can help them stay focused on the important things while learning to delegate or dump the unimportant things.

5. A business plan coach can help business owners take an objective look at exactly what they have been doing. A good coach would ask business owners to take a close, and sometimes painful, look at what they say they want as compared to the things they are actually doing. If business owners continue to do things the way they are, will they get to the place they are hoping to get to? Coaches ask the hard questions.

6. A business plan coach may help business owners identify both effective and destructive behavior patterns that they may not see. Since the coach isn’t standing in the forest, he can typically see the trees that business owners don’t. How often do business owners continue the same destructive patterns over and over again just because they can’t identify them? A coach will help them see this more clearly.

7. A business plan coach will hold business owners accountable for the goals they set. A coach is not a babysitter. When business owners decide they want to get going and accomplish some things in their businesses, a coach will not accept their excuses for why they weren’t done. Making a public declaration of their intent will also provide business owners with the needed incentive to keep their commitments.

8. A business plan coach can show business owners how to accomplish more by working less. Coaches are adept at teaching time-tested systems for being more productive. A business plan coach can help business owners be more productive in less time.

9. A business plan coach can help business owners discover their true passions. All business owners have unique abilities and a purpose but some of them never discover their passions and the rest who do are too afraid to just go for it! A business plan coach can help business owners uncover their passions—the things that will make them excited to get out of bed in the morning.

10. A business plan coach can help business owners identify their core business values and show them how they can do business in synergy with them. The values by which business owners conduct their businesses are very important to each of them. Many times, certain values they hold may be in conflict with each other. Sometimes, business owners are not even consciously aware of the values of importance to them. A business plan coach can help them to run their businesses in accordance with their values through a solid business plan. This will provide the kind of businesses of which business owners can be proud.

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

Business Plan for Coaching Practice: Opening Line Ideas

There it is, a Microsoft Word document with the title “Business Plan for Coaching Practice”. That blank screen with the little blinking line. And everything sounds so mundane.

Business Plan for Coaching Practice: Opening Line Ideas

Kathy Jones will provide the best health coaching service in town. (Yawn.)

I researched the coaching industry and found that it is fail-proof. (Yawn.)

We came together to form a really good coaching practice. (Yawn.)

Everybody knows why everybody is here but is it possible to come up with a better opening line?

Business Plan for Coaching Practice: 9 Places to Look for a Great Opening Line

Even the most prolific writers get blank screen-itis. To help you get your creative juices flowing again, here are some places to look for inspiration for your business plan.

1. Your competitors’ websites. Somebody spent a great deal of time and effort into those websites. What do the headlines say? Is there a nice phrase that catches your attention and gives you some ideas that can be applied to your business plan?

2. Industry ads. Who better to put on your side than Madison Avenue advertising executives? Real pros have been at work here. They have had to distill major ideas into a few lines and catchy phrases. Study your industry publications for jewels that you can pick off their pages.

3. Your own Eureka! moment. When was it that you just knew that the business strategy was going to be a reality? When was the moment that you really caught the energy of the idea? Capture that moment and put it into print. It might just capture an investor or two, as well.

4. A video of your favorite comic. There may not be any good lines you can use, but you will be amazed at how laughter releases your creative nature.

5. Blindly typing. Close your eyes, then start typing. Type for about ten minutes, anything and everything you can think of about your business. After ten minutes, look at it. What is it in the stuff that you wrote that you felt was so important that you just had to get it down in writing? If it was that important, odds are you’ve found your key idea.

6. Tell a story. Grab your favorite aunt or uncle, or just imagine them, and tell them the story of your business. What you tell them is probably what you need to tell the investor as well.

7. Skip the introduction. Sometimes the first part is better written last. Go to the biographies or the industry information, or the financials. Go where you feel the strongest pull. The area that has the greatest pull is probably the area that you need to promote the most anyway.

8. Meditate. For those adept at visual meditation, visualize the finished business plan for coaching practice in front of you, wrapped inside a box. Open it up and see what’s there.

9. Shift into disaster mode. Imagine that a disaster of some sort is about to strike, a hurricane or an earthquake perhaps. If you could save only one piece of your business, what would you save? If it’s your patent, then that is probably the most important part. If it’s your Director of Marketing, well, so be it. Whatever it is, decide why that piece is important so it may be what your introduction should focus on.

There is no right way or wrong way to write a business plan for a coaching practice. There is only your way. Each and every business plan discovers its own written path. Yours is there too.

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

 

Life Coach Business Plan: 5 Reasons Why You Need One

When you’re starting a coaching business, do you really need a life coach business plan to do it? Let’s face it: You’re excited about getting your business started and the last thing you want to do is spend weeks or months crafting a business plan.

Life Coach Business Plan: 5 Reasons Why You Need One

As the world of business has gotten less formal and the pace at which new businesses are opening has sped up, many entrepreneurs have begun to wonder whether a business plan is necessary anymore or as outmoded as the floppy disk.

Why You Need a Life Coach Business Plan

You may think you’re making it easier on yourself and saving time by skipping the business plan. In reality, taking the time to do the hard work now and crafting a business plan will make your life much easier and save you tons of time later on. Here are a few good reasons why every coach needs a life coach business plan.

1. You Need a Management Tool
A business plan is an important ingredient to the success of any business. It will help you improve your chances for success and avoid making serious mistakes. The following are some of the pertinent questions you need to ask yourself when drafting your business plan:

  • What does it take to succeed in life coaching business?
  • Do you have the necessary skills, talents and experience?
  • Can you afford to take the risk and what’s your risk tolerance level for failure?
  • Is there a market for your products or services, and if so, what’s your target market?
  • What is the revenue potential for the business? Can they meet your financial expectations and requirements?

2. You Want to Jump Start Your Coaching Business

Whether you’re a life coach, a business coach, or a health coach trying to break into coaching, a business plan acts as a guide to success. Developing your business plan helps determine your objectives and allows you to focus on the strategies and action plans necessary to accomplish those objectives.

If you’re looking to boost your coaching business, it’s time to answer a few questions in your business plan.

  • What are your goals for each month’s sales?
  • What are your resources, time available, equipment and advertising and promotional budget?
  • What barriers or challenges do you face?

3. You Want to Improve Your Company’s Operations

A business plan is a time and task-oriented plan that can be used to improve your company’s operations. It recommends actions that need to be taken and assigns responsibility. Some questions that need to be answered are:

  • How does our coaching company compare to leaders in its industry?
  • What are our management weaknesses and how can we make improvements?
  • How can we increase sales, serve the customer better, improve manufacturing efficiency, and increase the gross margin?

4. You Are Seeking A Bank Loan

A business plan can also be used to inspire confidence in your banker and convince her/him that your business is a good credit risk. It needs to be written very logically, with an emphasis on the financial projections and presentation of historical financial results.

A banker is looking for safety and a demonstration that your company can generate sufficient cash flow to pay the interest and the principal. A life coach business plan will need answers to these questions:

  • Will your company’s cash flow be stable enough to make the payments on the loan?
  • Are the long-term prospects of your business favorable?
  • Does your company have a reasonably good track record?

5. You Need an Investor/Partner

Your business plan must demonstrate considerable upside potential for the business. If the banker was content to get his money back plus, say 10% interest, the investor may want a return of 20% to 30% or more.

A coach’s business plan is competing with all the other plans submitted to the investor hence it must be written in an interesting manner to keep the reader’s attention. To attract a potential investor, you need to address the following questions:

  • Can your company grow rapidly?
  • Are the margins attractive?
  • Have you succeeded in other business ventures?
  • Is your market an emerging market, with a large and bright future?
  • How much are you willing to give up, both in equity and management control?

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

Get Your Life Coaching Business Plan Template Free

Business plan templates can save you big money and time if you are just starting out in business, hence it’s probably a good idea if you get your life coaching business plan template free on the Internet.

Get Your Life Coaching Business Plan Template Free

If you do a search on the Internet, you will find loads of sites that offer you free business plan templates.

Where You Can Get Your Life Coaching Business Plan Template Free

Below are some free business plan templates which you can use as a foundation for your coaching business. They are completely customizable, allowing you to still have control over your content. They are also easy to use and convenient to download. So, take your pick and get a head start on your life coaching business planning attempt.

1. U.S. Small Business Administration Business Plan Engine

https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan

Score’s Business Plan Template

https://www.score.org/resource/business-plan-template-startup-business

Bplans Business Plan Template

https://www.bplans.com/downloads/business-plan-template

Planning Your Coaching Business with Business Plan Templates

The point of a business plan, and the template to help design it, is to look ahead to the future of the business, to create a map and an action plan, to allocate business resources for that plan, to include the key points of your business success and to prepare for business opportunities as well as challenges along the way.

The first thing you need to understand about business plan templates is that they will never be able to do all the work. A business plan template essentially takes care of the presentation aspects of your business plan. Templates can’t supply the details of your objectives, skills and past experience. You have to know the particular sections, the information to be included in those sections and the reason behind creating the business plan in the first place. So, don’t think of it as a complete solution – think of it as a skilled assistant helping you to help yourself.

A business plan template is especially helpful for your business planning. You’ll need a summary, a business mission statement, written keys to your business success, market research and the resulting analysis, and financial forecasts.

The right business plan template will help you determine if there is a market for your coaching business, and if it can succeed.

One of the most useful aspects of business plan templates, especially if you’re new to self-employment, is their ability to help you manage your finances. Good business plan templates should present you with a full set of the financial documents which potential funders will want to see. Financial matters are often where an otherwise good business plan fails to impress, so it’s worthwhile to use business plan templates to make sure you get this right.

Style, presentation and clear use of language are all essential to producing a professional-looking business plan. Templates designed to help with this can cut down on your worries as you concentrate on providing high-quality content. Whilst you focus on developing strong descriptions of your proposed products and services, you can leave it to your business plan template to take care of the format and create a final document which will impress all the right people.

Building a business plan is always a difficult undertaking, especially when you know that the whole future of your coaching business depends on it. By getting a good life coaching business plan template free, you don’t need to be a professional to do a professional job. Once you have mastered the intricacies of writing a business plan, you can even offer your own life coaching business templates free and share them with other coaches.

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

Career Coaching Business Plans 101

Most of us know what a business plan is but how do career coaching business plans look like?

Career Coaching Business Plans 101

Career Coaching Business Plans: The Key Elements

All good career coaching business plans have the same key elements that a normal business plan would have – an executive summary, a description of the company, management team information, information on its product or service, market analysis, strategy and implementation, and financial highlights. Let’s take a look at each of these crucial elements.

1. Executive Summary

While the executive summary should appear first in your business plan, it is actually written last, as an overview of the entire business plan. It’s the most essential part of your plan because it acts like a doorway to your plan.

This section is basically a summary of what your business does, the problem that it solves, the target market, the founding team, and financial highlights.

There is a saying in the film industry that no great script is written, only rewritten, and in a way that’s how you need to treat your executive summary. It needs to be impactful so don’t be afraid of rewriting it until you know it off by heart. As much as possible, keep things brief.

2. Description of the Company

The next component of your business plan is a description of your company. You note here whether it is a sole proprietorship, a partnership, or a limited liability corporation. Here, you also talk about the history of the business and your plans.

3. Management Team

A good business plan also covers the expertise and efforts of your key managers as well as your human resource strategies.

4. Products and Services

Next on your business plan would be each product or service that your career coaching company offers to individuals or other businesses.

This section would also clarify what benefits clients would achieve from your offering and how the products or services are different from the rest in the market.

5. Market Analysis

Market analysis is covered next in your business plan and includes your study of the local market, the fact that you don’t feel it’s saturated, where your customers are to be found and how best to reach them.

As a career coach, you could target people looking for a pre-retirement gig, young graduates looking to get their foot in the door or someone looking to change industries entirely.

Break down larger marketing plans into small steps so you are able to keep the focus on building and developing your long-term goals. For example, if you plan to market to every IT executive in your area, break it down into steps. Break it down so that this month you will purchase the demographics list of IT executives in your city, then the next week develops the sales letter, the third week turn it into the printer, so on and so forth.

6. Strategy & Implementation

The strategy and implementation section of your business plan gives you opportunities to be specific about dates, budget and managerial responsibilities.

7. Financial Highlights

The final part of your business planning covers all financial aspects of your business growth. Here, you talk about where you will find your funding for your business and/or expansion, what your profit and loss statement looks like, your cash flow, your company’s balance sheet, and financial projections.

Within the business plan, it is beneficial to map out the financial budget for a certain length of time. In most businesses, this plan includes all major expenses for the year. Adhering to a yearly plan may be difficult for some coaches because they are not able to do that in their personal lives. For example, if one has a hard time saving 10% of their income how are they going to adhere to a budget that requires them to put money away for future development in their small business?

The plan should include a one-year improvement plan as well as monthly or weekly goals so you can follow it closely. Let’s say you plan to expand your career coaching business by enrolling more executives. That requires an additional coaching space which is going to cost you about $8,000. Stay committed to taking $100 out of your earnings each week by writing a check and placing it in a box. At the end of the year, you can count up the checks, rip them up and write one big one for your expansion project.

Having a well thought out career coaching business plan will help you achieve the things you want to achieve throughout all stages of your business and will help to ensure your business is a success.

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

Writing a Winning Career Coaching Business Plan

Writing a career coaching business plan can be a lot of hard work or it can be great fun. You have so many ideas floating around in your head that it can be difficult to capture them all in a logical format and know where to start. However, committing time to write an effective plan can help improve your chances of success as a career coach.

 

Writing a Winning Career Coaching Business Plan

Not every business needs a 100-page bound business plan. However, all businesses need to have some idea of where they want to go and how they are going to get there.

Here are some tips on how to write a killer career coaching business plan!

The first stage of any career coaching business plan is ANALYSIS. You need to take a very objective look at certain factors that may impact your business. The two major ones to consider are competition and your operating environment.

First, let’s look at your competition. Clients only have so much money available so your first task is to ask yourself “What is my competition like?” and “Can I beat them?” The more you understand your competition, the more you can develop your unique selling proposition and compete in the market.

Next, let’s look at your operating environment. This is basically understanding what factors around your area of operation are likely to affect your business performance. You need to ask questions like:

· How is the economy doing?

· What is consumer confidence like?

· Where is technology heading in my industry?

After answering all the questions, you need to decide how these might negatively or positively influence your business.

Now that you have discovered more about your competition and explored your operating environment, it’s time to set some OBJECTIVES. This is what you want to achieve in the period your business plan covers. It is said that good objectives are SMART, i.e. specific, measurable, achievable, realistic and targeted. Here’s an example of a SMART objective for a career coaching business.

By the end of this year, we will have increased sales of our career coaching workshop by 6.5% over the previous year.

It is much easier to achieve high performance when you set clear objectives.

Next, you need to outline your STRATEGY. How are you going to reach your objective(s)? This is where your marketing plan comes in as it helps describe your marketing strategy and how you are going to achieve your desired objective(s).

When developing your marketing strategy, consider the following:

Products & Services: What products or services will you be offering? Will you be offering on-site career coaching services or will you be conducting group workshops at another venue?

The Target Market: The target market is the clients that you expect to do business with. For example, will you focus on millennials who are looking for someone to help them out in their job search or experienced executives who are looking for a career change?

To make your strategy work, you must also allocate appropriate RESOURCES and why you believe this is adequate to get the results desired. This could be dollars, people, equipment, etc.

A career coaching business plan must also have some PROJECTIONS. This covers your basic financial projections that your business plan will deliver. Are you expecting a profit or loss? How much?

Lastly, you need to allow for CONTINGENCIES. Plans change all the time and your career coaching business plan needs to consider these possibilities in advance. A good way to do this is to yourself ask some “What if?” questions. Here are some examples of “What if?” questions:

· What if a new competitor enters your market?

· What if the unemployment rate increases?

· What if the career coaching industry experiences a downturn?

Being aware of likely contingencies will save you a lot of stress and allow you to deal with problems before they become a big problem.

These few things will help your career coaching business to become a great success and also provide you with peace of mind knowing that you have thoroughly thought about and planned for your business.

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

Creating A Successful Business Coaching Plan

If you are a business coach who is planning to set up a proper business, having a strategic business coaching plan is crucial to the success of your business. The creation of an efficient and effective business plan can mean the difference between having the need to work 70+ hours a week all year long – only to find out that your business is just breaking even or losing money.

Creating A Successful Business Coaching Plan

We know that having a good business plan is essential, but what really is “strategic business management”? In its most basic form, it is the process in which the goals and objectives for your business are defined, and an action plan is then created so you may reach your goals and objectives.

How Do You Go About Creating a Strategic Business Coaching Plan?

1) As a business owner, you should know and be able to describe in detail, the vision for your business. What is the image you want your coaching business to have?

2) Your business should also have clear and concise company values and guiding principles. For instance, what are the reasons you are in the coaching business? Create more profits for small businesses? Help managers develop a team of employees? And how do you do business?

3) It would also be a good idea to create 3 and 5-year business coaching plans. A long-term plan that is based on broad objectives will assist you in getting your business from where it is today to where you want it to be.

4) Thinking not only long-term but also short-term, will also greatly help your coaching business develop. Each year, you should create, define, and plan specific objectives that will when accomplished, help you on the road to achieving your long-term goals. Make sure your business coaching plan incorporates the following points:
– Be very specific
– Show measures and approaches
– Make the goals realistic and attainable
– Make sure they are time-oriented

5) Include a list of obstacles and barriers which could hinder you from achieving your goals. In any case, in order to get your business to where you want it to be, you’ll need resources. Create and define a list of resources you’ve already got and other resources which you will need to achieve your goals.

6) You should also create a concise action plan that clearly defines how you will actually achieve your intended goals. If your business has employees, it is of great importance to involve them with this part of the business planning process.

7) In your business coaching plan, you should create simple and concise milestones or benchmarks that will define when you have actually reached a goal or objective. This is an essential part of the planning, as it will enable you to measure your progress as a business.

8) After you have created your strategic business plan, it is of paramount importance that the plan is shared with anyone who will be involved in the process. Your annual business plan is the roadmap that will lead your coaching business and those involved, to the goals which need to be achieved – but to be effective, everyone must end up at the same goals and objectives or the “destination”. And to do so, everyone requires the same roadmap.

9) Be sure to regularly check and compare the progress of your business against the benchmarks defined in your business plan. Should something go wrong with your business, the sooner you figure out what went wrong, the sooner you can fix the problem, make the necessary adjustments and get your business back on track.

10) And finally, ensure that each year you follow the exact same cycle or template to create your strategic business plan. Dream, Plan, Act, Check. That’s all there is to it.

Creating a strategic business plan and ensuring that you follow it is not just about achieving specific goals and objectives. It’s all about making sure that the journey to these goals is not only safe but enjoyable.

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

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