Top 10 Steps to Developing a Coaching Business Plan

Being a coach can be one of the most rewarding career choices, but one of the first things that you will need to take care of when starting your business is developing a coaching business plan. The process of writing a business plan can be tedious and annoying, especially when you don’t know where to start. As such, in this article, we will be guiding you on how you can easily develop a coaching business plan.

Top 10 Steps to Developing a Coaching Business Plan

Why Develop a Coaching Business Plan?

A business plan will mainly allow you to have an idea of the viability of your coaching business, solicit investors and obtain a loan from a bank. Concretely, the plan is made of two parts: 

  • Your project: Who, What, Where, How, Why
  • The financial part: Your income and your estimated expenses

By developing a coaching business plan, you will be able to assess your needs and resources as well as devise strategies that’ll help you achieve your business goals.

10 Key Steps to Developing a Coaching Business Plan

There are several key steps to writing a business plan. The steps may vary depending on the type of coaching business you intend to launch. Following these ‘10 Key Steps to Developing a Business Plan’ will give you a general idea and help the process run smoothly.

Step. 1: Products and services

Your first step towards developing a coaching business plan is to describe your various services, to whom you offer them, why and what benefits they will derive. To do this, it is recommended to draw a table, as it will be more convenient especially if you have several offers.

Step 2: The target market 

Once you have determined the product and services you plan to offer, write down a detailed description of the market you want to target.

Step 3: Competition 

It is a well-known fact that you will always encounter competition in business. As such, it is essential for you to look for and list your competitors. In general, your competitors can be divided into two categories:

Direct – Those who offer the same service as you 

Indirect – Those who offer a service that your clients consider identical to yours. 

For example, you can compete directly with a coaching firm and indirectly with an author who has written a book on your subject. 

Make a list of your top 5 competitors and study the following:

  • Their type of business proposal 
  • How much they charge 
  • How they charge 
  • Their strengths and weaknesses 
  • The type of marketing they use 

Then, think of at least 5 things that differentiate you and would allow you to attract more clients.

Step 4: SWOT analysis 

The SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is a strategic analysis tool that concerns a particular area of activity. For example, if you want to create a consulting, training & coaching company, you will have to do this analysis for each of the areas: advice, training, and finally coaching.

You’re going to have to think about:

  • Internal strengths of your future coaching activity 
  • Internal weaknesses in this area 
  • External opportunities available to you 
  • External threats that exist 

Step 5: Positioning 

With the information you have gathered on competition and SWOT analysis, you will now determine your positioning by answering the following questions: 

  • How will you take advantage of the weaknesses of your competitors? 
  • What are the 5 reasons why someone would want to become your client instead of one of your competitors?
  • Why are you the best person for this job? 
  • What skills, abilities, and experiences are you offering your clients that they cannot find elsewhere? 
  • How can you focus on the value you bring?

Step 6: The marketing strategy 

Explain and develop the ways you will use to find, convince and win your clients. You probably won’t have a completely clear idea right from the start, so put in place a framework that will allow you to establish a fruitful marketing strategy.

Step 7: The financial plan 

Developing a coaching plan also means that you will have to estimate your expenses and revenues per year over the next 3 years. 

Step 8: The emergency plan 

While it is always a good idea to be positive, anticipating certain setbacks can be helpful when the time comes. List what could happen and what solutions you could put in place to solve the problem. 

Step 9: Your biography 

A short biography of you and your work will go a long way in ensuring the credibility of your coaching business plan.

Step 10: The summary 

The last step of developing a coaching business plan is to be able to draw a summary of the 9 previous steps, which will provide you with the ability to determine: 

  • Why your company should exist
  • The products and services offered
  • Your target market
  • Your business goals and objectives and how you plan to achieve them

This part, once written, will serve as an introduction to your business plan.

Would you like an endless stream of new coaching clients? Simply click the image to the right and email and I’ll send you free videos with step-by-step blueprints for generating a massive income from high paying coaching clients.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Coaching Class Business Plan for Business Success

If you’re planning to start a coaching training center,one of the first things you need to do is to work on a coaching class business plan. Coaching class business plans are different from the normal business plan in the sense that they help you achieve the things you want to achieve specifically through your coaching classes. Think of a coaching class business plan as a subset of the bigger business plan.

Coaching Class Business Plan for Business Success

Over the years, many coaches have become qualified life coaches after studying at coaching centers. The career prospect of a coach is very promising — it’s not a 9 to 5 job and you can do it at the comfort of your home according to your time preference.

Essentials for a Coaching Class Business Plan

At the beginning, you may start with only a handful of students but if you manage to conduct each class successfully, you might see an increase in the number of students over time. You can then consider setting up a fully functional coaching center. Check out these prerequisites before you set up a coaching center:

1. Determination and confidence
Do you really want to do this? Investing in a coaching center is big investment; hence you must have the determination and confidence to teach others and impart quality life coaching education.

2. Location & infrastructure
Choose a location that is easily accessible from different parts of the city and make sure that the area is not very noisy or busy. This creates distraction for students. Choose a place that is peaceful and conducive to learning.

Once you have chosen the right location, you need to look into other areas like the infrastructure, adequate seats, and parking facility. Proper infrastructure is necessary if you offer practical classes along with theoretical classes like a separate room for general group coaching workshops or breakthrough sessions for different groups.

3. Hiring the right people & managing them
When you run a full-fledged coaching training center, you need to hire the right people like coaches, course administrators, etc to run your coaching classes smoothly.

Your employees are the biggest asset you have. The key to managing employees is to hire only the best people, train them well, expect the best from them, and make them feel as though they have a vested interest in the success of your coaching center.

4. Marketing
This is the most vital part of any coaching training center. No matter how good your coaching programs and facilities are, if nobody knows about them, it’s very unlikely you’ll make any sales.

You need to market your coaching classes. You might seek the help of an agency to do it for you if marketing is not your forte. However if you are comfortable with promoting the classes yourself, you’ll need to understand who your clients are and learn how to reach and build relationships with them.

5. Managing Finances
Good financial management is key to running a successful coaching center. You need to be on top of your company’s accounts to ensure you are not spending money you don’t have, and to keep an eye on specific areas that are costing your coaching center money so that any problems, potential or realized, can be rectified.

Would you like an endless stream of new coaching clients? Simply click the image to the right and email and I’ll send you free videos with step-by-step blueprints for generating a massive income from high paying coaching clients.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Draft Your Wellness Coach Business Plan in Pictures

When creating a wellness coach business plan, you need to set milestones to measure success along the way. Tracking activities to reach your goals is critical, but before any of that can occur, you have to dream.

Draft Your Wellness Coach Business Plan in Pictures

Step One: Dream

The task of goal setting typically starts with stating an amount of money you would like to earn. Sometimes coaches create wellness coach business plans with a clear idea of how much they would like to earn, sometimes they just choose a dollar amount because they think they are supposed to do that.

The key to goal setting is to be as specific as possible and create milestones to make sure you are on the right path working toward achieving your long-term goals. For example, if your goal as a wellness coach is to earn more money, you first have to be more specific. How much money will you earn and by when will you earn it? What steps do you need to take to achieve the earnings goal? Create a plan for your wellness coaching practice to move through each step with a timeline attached.

Step Two: Set Goals

When you draft a wellness coach business plan, two things are important regarding goal setting. Number one, it’s fine to set individual goals, but you must share them with your business partner(s) and make sure they fit with their goals. 

My recommendation is to dream on your own first. It’s important that you discover what is important to you and share that with your business partner(s). If you skip that part, the more vocal or determined of the partnership will dominate the conversation and the other will go along with their goals, simply because they don’t have any other dreams to include in the business plan.

Setting goals is an on-going activity. Check-in with your business partner(s) on a consistent basis to see if their ideal dream today is the same as the plan they shared years (or months) ago.

Step Three: Draft Your Wellness Coach Business Plan in Pictures and Post it on the Fridge

It’s important to dream in pictures. When you are dreaming and thinking in pictures, dream big, and allow your subconscious mind the opportunity to play along by creating a visual display of pictures of your dreams. The mind thinks and processes information in pictures. If you want to train your mind to deliver what you want, do it in pictures. Dream in pictures. Discuss your goals and plans with your business partner(s), family, and staff. 

Save some old magazines for an afternoon of cutting and pasting to create your dream in pictures. As you cut out a photo, describe in words why you chose that for your visual display. When all the photos for your picture board are ready, paste them onto a piece of cardboard to make a collage of dreams.

The most important part of creating the picture board of your dreams is taping it to your refrigerator to remind yourself every day that you are working toward a dream. Keeping your dreams present makes it easier to stay connected to what’s important to you as a wellness coach. Remember, companies create business plans and hang mission statements in their lobby area to keep them focused.

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

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.