How to Write a Business Plan for Coaching (Simplified)

How to write a business plan for coaching?” is a question that sprouts in almost all life coaches who aspire to start their coaching business. You may have a great idea about starting a new coaching business but turning that idea into a viable business is a totally different scenario. Therefore, before you start your coaching business, you need to write a business plan. A well-thought-out business plan will help you stay focused and organized. 

How to Write a Business Plan for Coaching (Simplified)

However, knowing how to write a business plan is a huge mountain to climb for coaches. Therefore, in today’s post, we are going to help you overcome this obstacle and explain how to write a business plan for coaching. Rather than getting into the nitty-gritty details of a business plan, this article will concentrate on the bigger aspects you need to consider before writing one.

How to write a business plan for coaching easily

In general, business plans consist of different sections that can be long and complicated. It doesn’t have to be this way; what you need to know are the main sections of a business plan, understanding what needs to be included in those sections, and focusing on how to make these sections interesting and easy to read. Here are the seven things you need to know like the back of your hand before writing a business plan for coaching.

1. Executive summary

An executive summary that provides a brief overview of the goals and objectives of your coaching business, an analysis of the coaching market, new opportunities for your business, growth potential, and a brief description of your coaching products or services.

2. Make sure your coaching business has a clear objective

When writing your business’s description, make sure it is crystal clear and there is nothing ambiguous. identify who you are, what kind of services you plan to provide and at what cost, and where will your business operate. You may also include the reasons for starting a coaching business and the future of your business. 

3. Identify your target market 

To identify your target market, you need to conduct market research. You can start with broad assumptions and gradually narrow them down. You can segment your audience using categories like geographic, demographic, psychographic, behavioral, etc. Furthermore, you can explore other aspects like age, gender, location, ethnicity, income level, and so on. Essentially, your coaching business plan should also highlight the research you conducted to identify the market. 

4. Analyze your competition

You also need to analyze your competition as you will need this information to create your brand differentiation strategy. It is absolutely imperative how you differentiate yourself from the crowd. Before you can analyze your competitors, you need to know the following:

  • who they are;
  • what markets or market segments they serve;
  • what products and/or services they offer and their pricing;  
  • what benefits they offer; and 
  • why people buy coaching products/services from them

Once you’ve determined the above, find out how you can stand out from your competitors.

5. Budget accordingly

Your coaching business plan must also contain financial statements such as, profit and loss statement, cash flow statement and balance sheet, if you are planning to secure funds from investors. In other words, you need to assess exactly how much money you need to start your coaching business and stay operational. 

6. Identify your goals and financial projections

Here, you need to identify the goals of your coaching business by clearly stating what you want to achieve. You also need to make financial projections that cover the first three to five years of your startup. You can base these projections on the target market and the percentage of prospects you can acquire. 

7. Clearly define your organizational structure

Your coaching business plan must also cover the organizational structure of your business. If it’s a small business with just you and one or two employees, that should be easy. However, if you are planning to start a huge coaching business, you need to clearly define the power structure of your organization. 

Once you’ve gathered the information you need for your business plan, compile it in an easy-to-read format that you know will allow your readers to follow without losing the message halfway through!

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

 

Free Business Plan for Life Coaching: A Simple Guide

Are you looking for a free business plan for life coaching but do not know where to start? With so many free business plans for life coaching on the Internet, there’s a need to know the important components included in these plans. Let’s dive into the details.

Free Business Plan for Life Coaching: A Simple Guide

Free Business Plan for Life Coaching: Important Elements to Consider

Any free business plan for life coaching includes the following items, often in this order depending on the type of company. Before you draft your business plan, it’s a good practice to write out the specifics of your business, company goals, budget, financing needs, and at least 3-year financial projections.

Company Description

This section includes a coherent or intuitive explanation of what you do or produce, your life coaching company’s competitive advantage, an overview of how customers use your product, and a roadmap for how long it will take to achieve significant revenue and return on investment. 

Market Analysis

A market analysis is an essential step in understanding your company’s external environment. 

It can include an examination of the following aspects:

  • A SWOT analysis (strengths, weaknesses, opportunities, and threats) 
  • Cost structure and margins 
  • Competition and pricing pressures within and outside the coaching industry 
  • Customer needs/wants/behaviors 
  • Internal organization capabilities, including sales force strengths or weaknesses, manufacturing capacity, or constraints.

A market analysis helps you understand whether demand is sustainable or ephemeral. 

Marketing Strategy 

The goal of marketing is to establish an understanding of potential clients and their behaviors. It requires establishing who might need your products or services according to their age group, socioeconomic level, and geographic location. Businesses often use the principles of mass marketing when conducting these activities. 

Mass marketing often entails broadcasting identical messages via all available media or channels to meet demographic groups with maximum efficiency in a minimal time frame. In this age of technology, social media is one of the best ways to broadcast your marketing messages to a large number of people at a time. 

Financial Projections

In a business plan, financial forecasts are often an overview of the main financial assumptions based on the projections. Accounting software is not required to create profit and loss forecasts. 

Financial planners generate financial forecasts using historical data from similar companies in the same industry and estimated revenue and expenditure figures to predict a company’s future profitability by constructing an Income statement and a Balance Sheet for their hypothetical business plan instead of relying on traditional accounting software. Coaches can use what they learn from this exercise to make better-informed decisions about how they make financial projections for their business plans. 

Several examples of well-written business plans are available on the web. You can find them with a little search engine research. You can also take online courses in developing a business plan. The more you can learn before beginning, the better. The opportunity is out there, waiting to be grabbed, but you must put your best foot forward if you want to get a piece of it.

By the way… you’re invited to claim your FREE step-by-step “30-Days to Become a Coach” video toolkit. Just go HERE now to get your 30-day coaching blueprint videos.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Business Plan for Life Coach Business: 10 Quick Tips

Are you thinking of writing a business plan for life coach business but are struggling to get started? If you are someone who is establishing yourself as a coach, the best way of ensuring that you will be able to take on the competition effectively is through the development of a solid business plan.

Business Plan for Life Coach Business: 10 Quick Tips

In this article, we’ll give you some quick tips on how to draft your first business plan. But first let’s get to the basics.

What is a business plan and why is it important for life coaches?

A business plan is a formal document summarizing how you are going to operate your business and how you will achieve success. It highlights the operational and financial aims and objectives of your business. In fact, a business plan serves as a roadmap for businesses to remain on the right track and prevents them from making the wrong decisions. 

It also guides you on how you need to operate your coaching business, how to enhance your revenue, how to access more resources and increase your business’s assets. Moreover, you always strive for the best when you have a business plan that clearly states your objectives, goals, and plan for growth as well as for development.

The main components of a business plan for life coach business

If there is one skill that a business owner should possess, it is the skill of planning. Planning is an essential part to your coaching business success. Before writing a business plan, you must know what should be included in the plan. The basic components of a business plan for life coach business are:

  1. Executive Summary – A brief overview of your coaching business’s plans and objectives. 
  2. Mission, vision, and goals – A mission statement highlights the purpose of your business and how you’ll help people. A vision statement illustrates where you want to be in the future. A goal is a description of broader outcomes that you want to achieve in the future.
  3. Management team – Highlights the key persons in your business and how you are going to put together a quality management team.
  4. Market analysis and target market – Provides thorough market analysis and pinpoints the target market you are going to focus on.
  5. Marketing strategies – Focuses on how you will use different marketing strategies to acquire more clients.
  6. Financial planning – Describes your financial plans

Quick tips for writing a business plan for a life coach business

Now that you have a better idea of what needs to be included in a business plan, the following tips will help you write a plan that better serves its purpose. 

  1. Know the purpose of creating your business plan – Be clear about the purpose of your business plan e.g., to attract investors, assemble teams, etc.
  2. Identify your audience – Identify to whom you are writing your business plan such as investors, management team, potential collaborators, etc.
  3. Be concise – Long business plans are less likely to be followed and are forgotten by stakeholders. Therefore, create a concise and lean business plan.
  4. Show your passion – Let your business plan exhibit your passion for your life coaching business to stakeholders and show why they should also be passionate.
  5. Provide supporting documents – Support your business plan with relevant documents such as the CVs of your management team.
  6. Reference data – Provide all the relevant data to back up your market research or claims such as information about the market, your audience, competitors, etc.
  7. Clearly state your points of difference – Don’t hesitate to state and reiterate why your life coaching services are different from other life coaches.
  8. Be objective – Being objective means clearly showcasing all the positives and negatives you discovered in your market research and analysis.
  9. Use plain and simple language – Write your business plan by using plain, simple, and clear language without using jargon and complicated terminologies to make it easy to understand.
  10. Don’t be afraid to alter your plan – Don’t hesitate to change your business plan as your business grows and evolves.

Starting your coaching business will not be an easy task — you must be dedicated if you want to succeed. But a good business plan will help you to maximize your business growth and profit. After you have written one, you will see how easy it becomes to run your business.

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

A Lean Life Coach Business Plan – Free Sample

Are you planning to start a new life coaching business and looking for a lean life coach business plan free sample? If yes, you are on the right platform.

A Lean Life Coach Business Plan – Free Sample

A business plan is the first crucial step you need to take if you are planning to start a new life coaching business. A well-thought-out life coach business plan set you in motion to achieve your goals effortlessly. A lean life coach business plan differs from a standard life coaching business plan. It is a formal document that is precise and to the point. All unimportant and unnecessary details are trimmed off from a detailed business plan so that your business plan contains only the most crucial elements of success.
Lean life coach business plan free sample: Unique Life Coaching
Here is a lean life coach business plan free sample using a fictional company called Unique Life Coaching.

Identity
Unique Life Coaching is a professional and licensed life coaching business. We specialize in assisting people to achieve their personal goals and improve their competencies, capacities, and productivity. The scope of our offerings covers personal improvement coaching, family and relationship coaching, and financial planning.

Problem
The Covid-19 pandemic has severely affected the world economy causing individuals and families to grapple with problems such as unemployment, low incomes, high expenses, and emotional issues.

Our Solution
Our proprietary solution, “Life’s a Beautiful Puzzle” is designed to help individuals fill in all the missing pieces in their life and transform it into a beautiful life. Unique Life Coaching will assemble a team consisting of professional and certified life coaches and financial planners. Our aim is to hire professional coaches with unique skill sets and vast experience. Our team members are driven to professional excellence by their zeal to help people transform their lives. Their vast experience and knowledge of coaching will help us guide clients to achieve their desired outcome through our holistic coaching solution.

Target Market
Our target market is people having issues with their personal, family, and professional life as well as their finances.

The Competition
Our competitors consist of life coaching firms of all sizes. However, our main competitors are ABC Coaching Firm and XYZ Coaching Agency, two coaching companies that have been around the block for more than 10 years. There are also some smaller competitors with a limited scope of offerings.

Revenue Streams
Unique Life Coaching will generate revenue by offering the following coaching services:
Personal improvement coaching
Family and relationship coaching
Financial planning

Marketing Activities
We will hire highly experienced marketing experts to manage marketing strategies. The team will also be trained on a regular basis and conduct the following marketing activities:
Email or mail out introductory letters along with brochures to households and key stakeholders.
Strategically drop flyers and business cards to offices, libraries, other public places, etc.
Print and electronic media advertisements
Social media advertisements
Encourage word of mouth marketing through satisfied clients

Expenses
Our expenses include:
Start-up costs such as course development and business premise
Materials and equipment costs
Business incorporation fees
Liability insurance, permits, and licenses
Website costs
Staff’s salaries for at least 2 to 3 months
Marketing costs
Additional expenses such as business cards, adverts, etc.
Miscellaneous expenses

Milestones
As the coaching business grows, the company will look to establish a branch in a neighboring city as well. Moreover, the company also intends to expand marketing activities to acquire more clients and increase revenue.

The above lean life coaching business plan free sample can be your guide to create your own lean life coaching business plan. There’s no one best plan for all coaching businesses. The best plan for you will depend on many factors, such as whether you have employees or not, what are your expenses, how much time you want to spend administering the plan, etc.

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

A Lean Business Plan for Career Coach Firms

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

A Lean Business Plan for Career Coach Firms

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

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

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

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

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

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

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

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

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

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

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

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

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

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

By the way… you’re invited to claim your FREE step-by-step “Master Coach Blueprint” video toolkit. Just go HERE now to get your master coach blueprint videos.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Get Inspired and Write a Career Coach Business Plan

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

Get Inspired and Write a Career Coach Business Plan

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

Important Elements of a Career Coach Business Plan 

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

 

Have a clear mission

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

 

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

 

Who is your ideal client?

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

 

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

 

Find out what problems are your ideal clients facing

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

 

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

 

Process

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

 

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

 

Marketing Strategies

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

 

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

 

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

 

Financial Goals

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

 

1-year

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

 

5-year

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

 

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

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

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

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

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

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

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

What are financial projections?

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

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

The three statements required for any financial projections include:

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

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

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

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

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

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

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

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

Final thoughts

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

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

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Transforming Lives LLC: A Sample Coaching Business Plan

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

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

Let’s get started.

A Sample Coaching Business Plan

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

1. Executive Summary

Objectives

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

Mission Statement

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

2. About Us

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

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

3. Operating Location

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

4. Services and Pricing

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

5. Target Market

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

6. Competition

The company’s main competitors are:

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

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

7. SWOT Analysis

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

Strengths

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

Weaknesses

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

Opportunities

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

Threats

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

8. Marketing Plan & Strategy

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

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

9. Financial Plan

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

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

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

Projected Profit and Loss

Year 2021 – $3500

Year 2022 – $60,000

Year 2023 – $95,000

 

Projected Balance Sheet

Year 2021

Total Assets – $24,000

Total Liabilities – $20,000

Year 2022

Total Assets – $40,000

Total Liabilities –$26,000

Year 2023

Total Assets – $29,000

Total Liabilities – $15,000

Projected Cash Flow

Year 2021 – $22,000

Year 2022 – $39,000

Year 2023 – $30,000

To learn more about how to generate an endless wave of high paying coaching clients, get your 

FREE Instant Access to our “ Life Coaching Business Blueprint” video toolkit when you go HERE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

How to Develop a Life Coach Marketing Plan

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

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

Life Coach Marketing Plan Basics

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

  • Market Research

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

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

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

  • Target Market

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

  • Products/Services

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

  • Competition

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

  • Market Strategies

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

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

 

  • Pricing

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

  • Budget

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

  • Marketing Goals

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

  • Monitor Your Results

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

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

To learn more about how to generate an endless wave of high paying coaching clients, get your 

FREE Instant Access to our “ Life Coaching Business Blueprint” video toolkit when you go HERE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

 

Crafting a Business Plan for a Coaching Center

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

Crafting a Business Plan for a Coaching Center

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

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

1. Coaching qualifications

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

2. Self-assessment

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

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

3. Business plan components

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

4. Detailed funding analysis

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

5. Executive summary

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

6. Documentation

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

SPECIAL BONUSIf you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “ Life Coach Salary Secrets” video toolkit.  Go Life Coaching Business Blueprint to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community