Important “Business Plan for Coaching Company” Know-How

A business plan forms the crucial foundation of your coaching company and it is essential for any coach to have “Business Plan for Coaching Company” know-how. Regardless of how big or small, your coaching company is going to be, you need to have some sort of plan for your future. Having a business plan will dramatically increases your chances of success as a coach.

Most businesses fail because they are not prepared to deal with unforeseen expenses or situations that they should have anticipated ahead of times.

To give yourself the best chance of success, you need to create a roadmap that will accomplish two things:
1. It’s going to be specific enough to help you define what needs to be done over the next year, two years, or even 3-5 years.
2. It’s going to be open-ended enough to help you make adjustments no one could have accounted for earlier on.

Plan Your Work, Work Your Plan

A business plan for a coaching company is not a document set in stone and you will probably change it in the future as your coaching business grows. When you are stuck on an issue, refer back to your original business plan and remember what your initial goals were and whether the situation has changed significantly enough that the plan needs to be reworked.

Planning your work is when you write your business plan, but you can’t just stop there. You must work the plan and stick to it as you move forward in order to meet your vision, mission or goals.

“Business Plan for Coaching Company” 101

A sound business plan should have the following details. Different businesses are going to utilize the facets below differently. Some businesses will be able to disregard some of those facets entirely. This is something you will discover for yourself, over the course of putting together a plan for your coaching business.

• Executive summary: This is basically a brief, positive synopsis of your business that goes at the beginning of your business plan.
• Company description: In this section, you’re going to not only focus on what your coaching company is going to do but how your company is different from other similar entities.
• Market analysis: Analyzing the competitive landscape is an important part of determining if your coaching company can succeed. Research your industry by looking at your strengths, weaknesses, opportunities and threats or competitors in business. You must also be able to identify your target market and demonstrate your expertise in your particular market and the attractiveness of the market from a financial standpoint.
• Organization/management: This is going to come down to discovering the optimal organization and management structures for your company.
• Service/product line: This section is going to describe your product or services. What are the benefits of your coaching programme? How would you describe your product or service to a potential client? How is your product or service different from other coaching programmes?
• Marketing/sales: Sales strategies and marketing plans are going to be discussed at this point. How are you going to reach your customers? Will you be having an army of salespersons who will be selling your coaching programme or will you solely market your programme via online channels like a website, Facebook or Twitter?
• Financing and Capital: In this section, you need to analyze all costs for starting your business and how much capital you will need to keep the business running. If there is payroll involved you will need to factor in payroll taxes as well as salaries. You need to know how much in legal costs you will incur incorporating and for lawyer and accounting services. Transparency is key in this arena. If you are seeking funding, financial projections are going to be important.
• Appendix: Resumes, permits, and leases are just a few things one would include in an appendix, if this needs to be part of your business plan.

So there you have it, the basics so you can sharpen your “Business Plan for Coaching Company” know-how. Grab a pen, a paper and start crafting your business plan now!

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

Why You Need a Business Plan for a Coaching Business

Yes – you need a business plan for a coaching business. You might think that you’re just a one-man, or one-woman shop, and your coaching business is so small that a business plan couldn’t possibly be important.

You’d be wrong!

Business Plan for a Coaching Business

Business Plan for a Coaching Business – rawpixel © 123RF.com

Every Business Needs a Business Plan

Whether you operate as a sole proprietorship, or you run a multi-national corporation, you need a business plan. Just because you are starting a one-person coaching practice doesn’t mean you don’t have to plan – plan for the present and the future!

Why You Need a Business Plan for a Coaching Business

A business plan serves as your founding documents. They are like your Constitution and will serve to outline your values, your target market, and your goals. Business plans for coaching businesses are crucial to success and also function as a reference guide going forward.

2 Now Reasons to Write a Business Plan

  • Clarify your business concept. What type of coaching will you do? Who is your target market? Does your target market have the numbers and the disposable income to fill your calendar and pay your fees? Can you offer the outcomes your target market seeks?
  • Se down your goals in writing. Your goals are contained in your mission and vision statements. Where do you want the business to be in one year? Three years? Five years? What is the reason for your business – why does it exist?

2 Future Reasons to Write a Business Plan

A business plan for a coaching business is for the present and the future. It helps you clarify and organize so you can get the business off to a good start. It also details goals, values, and vision so at some point, or points, in the future, you can look back and see how you are doing.

Here are two future reasons why a business plan helps:

  • Allows you to design new products or services that align with your values and goals. Create group coaching, an online coaching service, books, DVDs, or seminars that fit your target market and values.
  • Serves as a reference guide as you make any other future decisions. A business plan for a coaching business is like an owner’s manual for your practice.

A Business Plan Should be Flexible

Founding documents can sometimes be inflexible and hard to amend – look at our country’s own founding papers. However, a business plan needs o be much more adaptable and flexible. As the owner of the business, you have the power to modify and later it at any time. However, it must be for a good reason.

  • Only create new goals when old ones have been reached.
  • Don’t subtract any values – add only if new ones are needed to run an ethical and prosperous coaching business.
  • Create new vision and mission statements that adhere to changing industry and business dynamics.
  • Detail any new products and services you have added or plan to add in the near term.
  • A business plan for a coaching business can grow and expand as your business grows – let it show your personality and your passion.

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.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community