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.
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:
- Executive Summary – A brief overview of your coaching business’s plans and objectives.
- 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.
- Management team – Highlights the key persons in your business and how you are going to put together a quality management team.
- Market analysis and target market – Provides thorough market analysis and pinpoints the target market you are going to focus on.
- Marketing strategies – Focuses on how you will use different marketing strategies to acquire more clients.
- 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.
- 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.
- Identify your audience – Identify to whom you are writing your business plan such as investors, management team, potential collaborators, etc.
- Be concise – Long business plans are less likely to be followed and are forgotten by stakeholders. Therefore, create a concise and lean business plan.
- 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.
- Provide supporting documents – Support your business plan with relevant documents such as the CVs of your management team.
- 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.
- Clearly state your points of difference – Don’t hesitate to state and reiterate why your life coaching services are different from other life coaches.
- Be objective – Being objective means clearly showcasing all the positives and negatives you discovered in your market research and analysis.
- 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.
- 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
Starting a life coach business is an ambitious undertaking, but it’s one that’s going to require careful planning and consideration. This is solid information that will help entrepreneurs in the field get started.