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
Writer, Coaches Training Blog community

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