Business Plan? Life Coaching? Yes – They Go together

Yes or no – business plan life coaching – do they go together? If you are starting a life coaching business do you really need to create a business plan? Can’t you just operate your business without documenting how it’s to be run? After all, your coaching practice is just going to be a one-man show!

 Business Plan Life Coaching

Business Plan Life Coaching – Brian Jackson © 123RF.com

The Data Says You Need a Business Plan

Back in 2010, a study was done by Palo Alto Software which found that writing a business plan correlated with increased success in all the business goals included in the study. Some of the goals included securing a loan and securing investment capital, which probably doesn’t apply to a one-man coaching practice. However, one of the goals included was concerned with business growth – a goal every business owner lists!

Business Plan? Life Coaching? You bet! Other experts have agreed with the findings of this study. Even the Small Business Administration writes on its website: “The importance of a comprehensive, thoughtful business plan cannot be over-emphasized.”

Business plans make a difference! Business plans matter!

Business Plan? Life Coaching? Yes!

There are many reasons that writing a business plan increases your chance for success. Here are a few of the reasons a business plan for life coaches is essential.

Planning! Writing a business plan means you are doing at least some planning. Some entrepreneurs fly by the seat of their pants, but that’s not a recommended strategy for success. Even if you aren’t planning on seeking a loan or begging for outside capital, writing a business plan forces you to do some planning – something every business owner needs to do before they invest any time or money in their business.

Goals. Writing a business plan forces you to identify your goals. Having goals is crucial for success, and sitting down to write a business plan gives you the opportunity to think about your goals, clarify them, identify them, and put them down into words for future reference.

Identify and Classify. What’s one of the most important reasons to write a business plan? Life coaching is first about identifying your potential clients. You should be able to identify your target market, classify them into groups, create a specifically designed marketing plan, and then develop the outcomes those potential clients are seeking.

Snapshot of the coach and the business. One of the most important reasons to create a business plan is to provide a snapshot of the business owner and the coach. What are your values and ethics? What is the mission and vision for the business? Including these in a business plan allows you to refer back to them as you make decisions in the future.

Keep it Short, Sweet, and Simple

You don’t need to write twenty pages or include spreadsheets and myriad calculations. A short yet comprehensive business plan works great. Business plan? Life Coaching? Yes – they do go together, and yes, if you are starting a life coaching practice, you should take the time to create an effective and concise business plan.

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.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

FREE Video Course: How To Build a High Paying Coaching Business

Comments

  1. Melissa says

    This is a great tip! I really agree with you on the fact that starting any kind of business, you will need a good business plan.

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