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
Editor/Writer
Writer, Coaches Training Blog community

Business Plans for Life Coaches are Not Optional

Business plans for life coaches are essential founding documents – they are not optional! If you don’t create a business plan for your life coaching business, you are setting yourself up for failure – at the very least, you are positioning yourself to not be as successful as you could be!

Business Plans for Life Coaches

Business Plans for Life Coaches – Nonwarit Pruetisirirot © 123RF.com

Your Business Plan Should be Unique

Though you can find numerous templates and sample online, and it is advisable to use one of these templates to construct and organize your business plan, you should not just copy and paste. Samples are guides, and should only be used as guides. Even though life coaching businesses have many similarities, and life coaches do many of the same things, each one is unique – business plans should also be unique.

Why Every Life Coach Needs a Business Plan

Remember, business plans for life coaches are not optional – if you are a life coach, you need one before you venture into the field.

  • It helps you focus. If you spend the time to write something down, you will be more likely to focus on it as you move forward. Business plans for life coaches are the founding documents and will be used as references as long as the coaches are still practicing.
  • It helps you organize. If you take the time to write a comprehensive business plan, this will help you prioritize and organize as you get more experience and clients.
  • To map the future. A good plan can detail alternate futures and provide insight and information on action that may need to be taken when your business hits a fork in the road or an obstacle.
  • To identify and emphasize your values, vision, and mission. As your business experiences the roller coast ride that faces most companies, having your values, vision, and mission, identified and written down, is extraordinarily valuable. When times get tough, it’s always good to take a few moments and read about who you are as a coach and a business owner (this is what you write down when you create a business plan). A business plan for a life coach will keep you grounded and focused on what’s important!
  • To thoroughly identify your target market, competition, and ways to promote to your market. Promotion is the lifeblood of any business – you can’t be a great coach unless clients sign up for your coaching!

Business Plan for Life Coaches – No Excuses

There are a million reasons not to write a business plan for your life coaching business:

  • I’m too busy
  • It takes too long
  • I don’t know how to write one
  • I don’t need one – I already know what I’m doing
  • I’m a coaching genius

These are not reasons – they are excuses!

It can’t be emphasized enough – writing a business plan is not an option. Business plans for life coaches are integral parts of every coaching practice. They are the strong foundation on which a successful business is built. They are essential to the health and prosperity of every coaching business.

Give this strategy a try and see for yourself that it works. If you liked this coaching tip, leave a comment or use the handy bookmark buttons below to share it with others on Facebook, Twitter, Digg, etc. Thanks!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community