How to Create an Executive Coaching Business Plan

There are several steps that you need to take in order to create a good executive coaching business plan. Following these basic steps will make certain that your executive coaching business gets off to a good start.

How to Create an Executive Coaching Business Plan

The First Step in Creating an Executive Coaching Business Plan is to Know Your Niche

One of the largest industries today for starting a coaching business is the executive coaching industry. In fact, there is a huge and growing market for executive coaching as business leaders and executives need constant coaching so they can refine their skills, excel at work, and contribute to the growth of their companies. The first step in creating an executive coaching business plan is to decide which niche of the market you feel most comfortable with. If you are comfortable with offering your products or services in that niche, you are going to have a larger chance of success. When creating executive coaching business plans, coaches need to ask themselves a few questions: What will be the name of my new business? What will be my company’s motto? What are the goals of my business? What are the credentials of my management team? What are my products or services? Who is my target market and how do I plan to market my business? How large will the business be? What expenses will I occur when running the business? Where will I obtain my products or equipment for my coaching services? 

Plan Your Finances 

Once you’ve selected the niche and answered the questions, it is important to know how you’re going to fund your business by organizing your finances. You need to sit down and write a realistic budget that you can follow for your new coaching business. Think about all the possible different expenses that you will have daily, weekly, and monthly. If an expense such as a professional coaching membership is annual, then divide it by 12 and add it to your monthly expenses. Having a working budget is important to starting a coaching business because it allows you to see on paper if your goals and the expenses are realistic before you ever sink a penny into your business.

Apart from having financial plans and projections, you will also need to determine if you need to talk to a financial source such as a bank to obtain the necessary starting funds to create your new business.

Licenses and Permits

Finally, you’ll also need to list down any licenses or permits that are required for the new company in your particular area. After you’ve obtained the business licenses or permits, go ahead and list your company with the Better Business Bureau of your area as well. This will help your credibility in marketing both online and offline.

Once you’ve completed your business plan and your business is running, you should have a calendar that is just for business-related activities, deadlines and goals. Each day make a comprehensive to-do list. Prioritize the tasks on it. Also, make a list of deadlines and goals for each week. Keeping a list of deadlines and goals will help you to achieve your business goals and not miss anything important to have to rush later on. Following these business planning tips will help you be successful with your new executive coaching business.

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.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

 

 

 

An Executive Coaching Business Plan Done Right

Writing an executive coaching business plan isn’t a simple task, but it’s not really a monumental one, either. The one thing you can say about writing a business plan is that it’s essential. If you have an executive coaching business, you need a business plan. Simple, right?

Executive Coaching Business Plan

Executive Coaching Business Plan – rido © 123RF.com

The Format of a Coaching Business Plan

There are myriad samples and templates of business plans all over the Internet. It’s easy to find one that matches what you need. The quick and easy format goes something like this:

  • Administrative – set up, permits, organization, location, bookkeeping, opening the doors, etc.
  • Vision Statement. What business am I in? What purpose does my business serve? What impact do I see the business having?
  • Mission Statement. What are the goals and philosophies of the business?
  • Values. What values drive your coaching and the conduct of your business? What values will you use to make future decisions?
  • Target Market. Who will you be serving? Do you have the outcomes to serve their needs? Can they pay for your services?
  • SWOT. Strengths, weaknesses, opportunities, and threats. Every executive coaching business plan needs this type of analysis.
  • Marketing and promotions. Strategies to market to your target market, your brand, ways to assess and measure the effectiveness of your marketing, and alternatives methods of promotion.
  • Additional products. What products can you create in the future to boost your brand and develop additional streams of income?

How to Create the Right Executive Coaching Business Plan

You know the format and you know that you can easily find templates online, and here are a few tips that will help you create the plan you want. Executive coaching business plans are critical pieces in the success of a coaching business.

  • Find a similar plan or template. Don’t copy it, but use it as a guide to write your own plan.
  • Read several different plans, including ones that aren’t specifically for an executive coaching business. This can give you additional ideas and provide motivation and insight.
  • The process is just as important as the final product. Don’t rush the process – the act of researching and writing the plan will provide focus, encourage creativity and ideas, and inspire passion for your practice.
  • Work on your executive coaching business plan over the course of a few days or a few weeks. Don’t try to write it all in one day. While not writing, you’ll often come up with ideas. Let the process develop gradually and the result will be more productive.
  • Find a different environment in which to work on your plan. Don’t do it at the office, or in front of the television. Find a place away from the usual distractions.
  • Do research. Some entrepreneurs try to just “wing it.” You can “wing” part of it, but research on markets and promotional methods is crucial.
  • One of the most important tips for writing and effective executive coaching business plan comes into play after it’s completed. Don’t file it away in the bowels of your computer, stuck in some obscure folder. Put it to use and have it handy for easy reference.

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Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community