Life Coaching Practice Business Plan Basics

When starting your coaching practice, you should develop a life coaching practice business plan and research your options thoroughly. Making smart decisions and following your business plan each step of the way can help you create a steady stream of income. Operating a life coaching practice will require hard work and effort. You will not become wealthy overnight. It will take determination to succeed as a life coach. The amount of money you make will be directly related to the amount of work you are willing to put it.

When writing your business plan, include both short and long-term goals. Determine how you will achieve these goals and put your plan into action. As a coach, you will have to distinguish yourself from the competition if you want to succeed. Apart from identifying your competitors, you should also know your target market. 

Starting a coaching practice is one of the most exciting and challenging endeavors you will ever undertake. A sound life coaching practice business plan and the will to succeed will set you apart from the competition. Choose the products or services you provide carefully and ensure that your services will be needed over the long term. A coaching business is an excellent way to gain independence and financial freedom. A sound business plan and a strong work ethic are all you need to succeed.

Your Life Coaching Practice Business Plan Will Become Your Partner

If you are starting a new coaching practice, despite the work involved, a business plan can prepare you for the obstacles ahead and help ensure your success. Having a written business plan forces you to contemplate possible obstacles to your business and prepares you to find solutions that will help you to overcome them.

If coaches are going to look for investors to invest in their businesses, it is quite likely that they will be required to have life coaching practice business plans. To find investors or get a bank loan, bankers will want to see that you have the experience or resources to run the business. They will also want to see your projected income as well as your suggested repayment plan already laid out. Taking the time to do this is not only important for them, but it gives you a measuring tool to verify if your coaching business is growing properly. A business plan can gauge your success and help you determine how well your business is doing.

It is probably wise to familiarize yourself with a business plan’s layout as this will not only help you to provide the necessary information, but may encourage you to try your own hand at it. Some of the topics you will be required to explain in your business plan are your market, customer, competition, marketing plan, and research & development along with financial forecasts. If you have never written a business plan before, you can hire someone to write one for you.

Your business plan will become your guide and silent business partner – indicating where you need to improve and helping you stay on track. Make it a priority to have this crucial road map for your coaching practice.

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

Get Your Life Coaching Business Plan Template Free

Business plan templates can save you big money and time if you are just starting out in business, hence it’s probably a good idea if you get your life coaching business plan template free on the Internet.

Get Your Life Coaching Business Plan Template Free

If you do a search on the Internet, you will find loads of sites that offer you free business plan templates.

Where You Can Get Your Life Coaching Business Plan Template Free

Below are some free business plan templates which you can use as a foundation for your coaching business. They are completely customizable, allowing you to still have control over your content. They are also easy to use and convenient to download. So, take your pick and get a head start on your life coaching business planning attempt.

1. U.S. Small Business Administration Business Plan Engine

https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan

Score’s Business Plan Template

https://www.score.org/resource/business-plan-template-startup-business

Bplans Business Plan Template

https://www.bplans.com/downloads/business-plan-template

Planning Your Coaching Business with Business Plan Templates

The point of a business plan, and the template to help design it, is to look ahead to the future of the business, to create a map and an action plan, to allocate business resources for that plan, to include the key points of your business success and to prepare for business opportunities as well as challenges along the way.

The first thing you need to understand about business plan templates is that they will never be able to do all the work. A business plan template essentially takes care of the presentation aspects of your business plan. Templates can’t supply the details of your objectives, skills and past experience. You have to know the particular sections, the information to be included in those sections and the reason behind creating the business plan in the first place. So, don’t think of it as a complete solution – think of it as a skilled assistant helping you to help yourself.

A business plan template is especially helpful for your business planning. You’ll need a summary, a business mission statement, written keys to your business success, market research and the resulting analysis, and financial forecasts.

The right business plan template will help you determine if there is a market for your coaching business, and if it can succeed.

One of the most useful aspects of business plan templates, especially if you’re new to self-employment, is their ability to help you manage your finances. Good business plan templates should present you with a full set of the financial documents which potential funders will want to see. Financial matters are often where an otherwise good business plan fails to impress, so it’s worthwhile to use business plan templates to make sure you get this right.

Style, presentation and clear use of language are all essential to producing a professional-looking business plan. Templates designed to help with this can cut down on your worries as you concentrate on providing high-quality content. Whilst you focus on developing strong descriptions of your proposed products and services, you can leave it to your business plan template to take care of the format and create a final document which will impress all the right people.

Building a business plan is always a difficult undertaking, especially when you know that the whole future of your coaching business depends on it. By getting a good life coaching business plan template free, you don’t need to be a professional to do a professional job. Once you have mastered the intricacies of writing a business plan, you can even offer your own life coaching business templates free and share them with other coaches.

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

2 Items to Always Include in a Life Coaching Business Plan

If you are starting a life coaching business, you need a life coaching business plan – simple as that. No excuses!

A business plan is your founding document, your reference guide, your business instruction manual, your constitution.

Life Coaching Business Plan

Life Coaching Business Plan – basketman23 © 123RF.com

Business Plan – Yes or No

You’ll probably come across a few experts who say that a business plan isn’t necessary, especially if you are just starting a small business which isn’t seeking funding, financing, or additional capital from investors. Well, technically they’re right as there are no legal requirements to create a business plan. However, I imagine those experts are just trying to get people to read their article, blog, or post by taking a contrarian view.

A Business Plan Won’t Guarantee Success

A life coach business plan won’t answer all your questions or solve all your issues. It won’t guarantee profit, prosperity or success. It will make you a super coach or a coach to the stars. There is much more to success than creating a business plan. But, it is one small yet significant component of success, and anyone thinking of becoming a life coach should seriously consider creating a comprehensive business plan.

2 Items to Always Include in a Life Coaching Business Plan

There are many items to include on a business plan – some are universal for all businesses and some are more related to the life coaching business. You can find these in numerous articles and blogs on the Internet, and would include administrative tasks, a mission statement, a list of values, a description of the target market, and more.

However, here are two items you may find (or may not find) in other articles. These two items are absolutely essential to creating a comprehensive life coaching business plan. If you are starting a life coaching business, you must take the time to include these two sections in your business plan.

  • Client Outcomes. This is the raison d’etre of coaching. This is why you coach, and this is why clients pay for your coaching. What outcomes can you offer clients? How will you achieve those outcomes? What expertise or skills do you have that will help you help them reach these outcomes? Will your target market pay for these outcomes? Is there enough demand for your outcomes in your area, or online? A useful life coaching business plan will have a detailed section on client outcomes.
  • Marketing is always the very large and scary elephant in the room. Very few coaches like to market and promote. Most run screaming from the room when marketing is mentioned. However, without marketing no one will know about your great coaching skills. Without a good starting marketing plan, you’ll be sitting all alone in your office, waiting for the door to open or the phone to ring. Your life coaching business plan must have a good section on marketing strategies, and ways to measure and assess the benefits (or lack of benefits) for any promotional strategy you create and implement.

By the way… you’re invited to claim your FREE step-by-step “Life Coaching Business Blueprint” video toolkit. Just go HERE now to get your life coaching business blueprint videos.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

4 Good Reasons to Have a Life Coaching Business Plan

Developing a business strategy takes time patience, and resources; one way to make sure this strategy is as powerful as possible is to create a life coaching business plan. Life coaching business plans aren’t created overnight – they require a committed, forward-thinking, and organized approach to developing a plan for your life coaching business.

Life Coaching Business Plan

Why Take the Time to Create a Business Plan?

You want to be a success, right? You want to carve out a niche in the coaching industry and have some level of success? You want to be coaching in five years, ten years, twenty years, right? Most people don’t ace an exam without studying. Most people don’t create a good retirement without some good planning. Success takes planning. Sure, some people may get lucky and become successful in business with planning or a business plan, but why leave your chance for success to luck?

A Business Plan is a Founding Document

A life coaching business plan is like a founding document. Can you imagine the United States without the Constitution? It wouldn’t be quite as strong and long-lasting without it.

Well, don’t get your business off to a bad start – take some time, put in a little hard work, spend some time thinking about what you want out of your coaching business, and create a concise yet comprehensive life coaching business plan.

4 Good Reasons to Have a Life Coaching Business Plan

  1. To create a foundation for your business. This part should contain everything you need to get started – physical location, supplies, business license, and any other legal an administrative items need to start your business and operate it in the future.
  2. To set priorities and outline a vision. What do you want out of the business? Where do you want your coaching career to go? What are your goals? This part should identify your goals and clearly outline a strategy to reach those goals. You can detail the segment of the market you wish to pursue or the niche that fits your passion and abilities.
  3. To simplify decision-making. Because you have written a plan which details your goals, you can refer back to the business plan when decisions are needed. Though a business plan certainly won’t offer information for every contingency and fork in the road, referring back to it will serve as a constant reminder of where you want to go. This will help you make the right decisions in the future.
  4. To create a marketing plan and vision. Marketing is an often disliked part of business. Most coaches don’t like to market their services. However, the ones that know how to promote, or delegate this duty to professionals, are the ones who become successful. A life coaching business plan should contain details on the competition, the possible products you plan to offer (now or in the future), and the ways you plan to promote your business and your products.