My Business Plan – Life Coaching Practice

You have a great idea for a profitable life coaching business and are all fired up to finish a document entitled, “My Business Plan – Life Coaching Practice.” Maybe it is an original idea that has not been marketed before. Maybe you have come up with a new twist on the ordinary. Whatever it is that has influenced you to start your life coaching business, be sure that you have a plan before you begin.

My Business Plan - Life Coaching Practice

My Business Plan – Life Coaching Practice: Tips for a Better Plan

If you have never written a business plan before, you may have difficulty getting the plan started. It will seem as though you have a lot of blank pages staring back at you. But don’t worry, use these five tips and you’ll get your business plan for your life coaching practice on the fast track.

1. To get your business plan moving, start with the section that is easiest for you, or of most interest. If you are enthused about the depth and richness of your life coaching course, write the product attributes section first. If marketing is your forte, then work on the promotion section. Many people like to start by writing the history of the company, or how they first started the business. When words begin filling the page, you will get a feeling of making progress, and then you can proceed to the more difficult parts of the plan with less trepidation.

2. People often underestimate the effort and time it takes to write a business plan. They try to write it at night or after work, in other words, when they are mentally and sometimes physically exhausted. A more effective approach is to write the plan when you have energy available to put into it. Be fully present when you write. Then, think and write for an hour before the phones start ringing.

3. Business plans are essentially works of fiction–documents that talk about what you imagine or hope may occur in the future, not what has already happened. This type of writing is difficult for everyone. You’ve probably heard of writer’s block. The problems of keeping the words flowing are precisely the ones faced by the great writers, except many of them have to keep going because the publisher has given them a deadline and they’ve already spent their advance. But you, of course, have plenty of time to finish your business plan–so there’s no reason to feel pressured.

If you are suffering from writer’s block and feel blocked, don’t worry. It’s all part of the process. The key is not to give up. Write a few words on the paper, then a few more. Jot down concepts rather than trying to write complete sentences.

4. What does the first draft of “My Business Plan – Life Coaching Practice” look like? It will undoubtedly resemble incoherent ramblings or ideas that look nothing like what you had hoped it would. Don’t be disappointed or frustrated. All you have to do is put the draft away for a few days. Then, come back to it fresh, and begin revising and rewriting. Magically, after several more revisions, the ideas will all make sense and the language of the plan will flow.

5. A good mental exercise to use when writing your business plan is to imagine that you are telling the story of your company to a good friend. Don’t get too wrapped up in the formality of the language, or the seriousness of the plan, or the need to impress. Just talk. Express your hopes and dreams for the business, for example, why it is important to you personally to succeed.

Business Planning – Life Coaching Practice: What to Include in Your Plan

To end this article, I’ll briefly list the things you need to include in your business plan.

Part 1: Business Analysis

a. Description of Your Business

b. Marketing Strategy

c. Competitive Landscape

d. Operating Flow

e. Management and Personnel

f. Exit Strategy

Part 2: Financial Information

a. Equipment, Supply List and Assets

b. Balance Sheet

c. Break-even Analysis

d. Pro-forma Projections Including:

i. 3-year summary

ii. Detailed projection by the month of the first year

iii. Detailed quarterly projects for year 2 and 3

iv. Assumptions or how you reached your projections

e. Pro-forma Cash Flow

Part 3: Supporting Documentation

a. Tax returns of the principals involved in the business for the last 3 years

b. Proposed leases and purchase agreements

c. Any licenses or legal documents the business needs

d. Resumes of all the principals involved in the business

e. Letters of intent from suppliers and other services

Remember that not all of these things need to be included immediately. The most important part is getting started on your business plan so that you can spot the areas you need to get done to complete it.

Once you have your business plan you are well on your way to creating a successful life coaching company!

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”

Essential Elements of a Business Plan for a Life Coach

A business plan for a life coach is more of a process than a document. It is akin to a garden: planning is required to start, certain steps are required and constant management and pruning must occur to produce a successful venture.

Essential Elements of a Business Plan for a Life Coach

This article addresses the basic steps as well as the business plan structure and management steps that are required for success.

The Basic Concept of a Business Plan for a Life Coach

The basic concept of a business plan for a life coach is simple:

· A life coach senses a market opportunity.
· To capitalize on this opportunity the coach establishes a business entity.
· The coach has a vision of the company for the future that foresees a healthy, growing, profitable company.
· To reach that future vision, a roadmap is required so the coach can determine progress to achieve the ultimate goal.

One benefit of a business plan is the control function that serves to measure progress against the plan.

The critical feature of any plan is not its complexity but its application. A business plan for a life coach should be the life coach’s bible and should be read and consulted frequently to determine the mid-course adjustments that are always required in the life span of the business.

TIP: Believe that your business plan is your guide to success. The completion of your plan is only the start of the business. Your business plan will act as the guide to success and will constantly change as conditions require. It will never be complete but will always be useful.

Simplicity

Business planning is a universal discipline and there are as many business plans as there are companies. Business plans can vary from simple to overly complex. A classic example of a business plan that was initially simple is the story of Compaq Computer, a multi-billion dollar computer manufacturer that was launched based on a business plan scribbled on the back of a cocktail napkin.

Many companies, however, focus on the trees of the planning process and sometimes overlook the forest of building a business. Often, the business plan becomes one more document for the corporate bookshelf or ends up in some drawer and is not used as it should.

Most effective business planners add only details that are informative and productive but do not distract the business owner and the management team from the core ideas of the plan. Since each plan is a guideline for the coach to grow his or her business, changes can be made as often as required by business conditions. Therefore, excessive detail may become irrelevant in the light of new conditions.

TIP: Start with a bare-bones business plan that can be expanded or enhanced as conditions warrant.

Realism vs. Optimism in the Business Plan

Apart from serving as a roadmap for life coaches, another function of a business plan is to create interest among investors or potential business partners. In achieving this goal, business owners are often challenged by determining the proper level of optimism in their plan. That is, they must create a compelling story to investors or potential partners while maintaining credibility.

Optimism shows investors or potential partners that your life coaching company is confident about the market opportunity, its ability to execute on the opportunity, etc. Over-optimism, however, leads them to believe that the management team does not fully understand the opportunity or the tough road ahead. As such, life coaching business plans must limit over-optimism and show investors or potential partners they are realistic and credible.

Realism, the opposite of over-optimism, should be used in life coaching business plans to portray sobriety and credibility to investors or potential partners. Realism should manifest itself in management team bios that tell the actual accomplishments of managers and coaches, rather than fluff. It should manifest itself in realistic market forecasts and sober assumptions of the business’s growth.

While business plans must excite investors or potential partners so they take action, if they are too optimistic, investors or potential partners will discount their merit. Conversely, if they are too sober, investors or potential partners may not feel they will get an adequate return on their investment.

As such, life coaching business plans should present a compelling, optimistic picture, but continuously refer to hard facts and realistic assumptions to build credibility and genuine excitement.

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

Your 30-Minute Business Plan for a Coaching Practice

You’re probably asking yourself these two questions: Do I need a business plan for a coaching practice? What should I include in my business plan? Let’s answer the questions and within 30 minutes, try creating a mini business plan which you then can expand.

Your 30-Minute Business Plan for a Coaching Practice

Do I require a business plan for a coaching practice?

For most businesses, the answer to this question would be yes. For the majority of startups and ones which require investment by way of a loan or a business partner, a business plan is a must. Any potential investor will want to know, for example, your future growth projections before they invest in your business.

Below are the types of businesses which do not require a business plan:

· A business that is happy to stay as it is and has no plans to expand.

· A business that never has a need to take out a loan.

· A one-man business that is self-sufficient, without the need of any outside help.

These types of businesses are rare. Most businesses, including a coaching practice, therefore will require a business plan.

It is one thing being aware of your need to have a business plan. The problem is most people have no idea how to go about creating one.

A business plan for your coaching practice will show its readers all about your aims for your business and how you are going to reach these targets. You need to have a strategy firmly in place and know the direction you are going to take as well as the investments you are going to make in staff, equipment, and machinery before writing the plan. You also need to have business goals and an idea of when each target is likely to be met.

Apart from attracting people to invest in your idea and business, a business plan is also your sales copy in effect. Therefore, if you create a professional and solid business plan, people are more likely to take you seriously and invest.

On the other hand, if it is rushed or poorly written, you are unlikely to receive the backing you are looking for.

What should be included in my business plan?

People who read your business plan will not only want to know about your coaching practice, they will also want to know about you. Give them a brief summary of your history and what you have achieved in the past. Write down all of your ideas and sell the positive side of your character to them. The fact that you are really hardworking and that you thrive under pressure. You love a challenge and can not only work well as part of a team but also on your own.

Describe the market place that your coaching practice is a part of, the competition, and also the opportunities for growth in that market.

Give them financial figures including running costs, projected earnings, projected growth forecasts, and also any financial history your coaching practice might have had.

Show them that you are flexible and have a plan B if plan A does not come to fruition.

Sell them your ideas by telling them why you are setting up the business for example, and where you foresee it will be in five years’ time.

Include a mission statement explaining what you are attempting to achieve with your coaching practice.

I hope this information has given you an idea of how to write a successful business plan for coaching practice. Good luck!

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

Business Plan for Coaching Practice: Opening Line Ideas

There it is, a Microsoft Word document with the title “Business Plan for Coaching Practice”. That blank screen with the little blinking line. And everything sounds so mundane.

Business Plan for Coaching Practice: Opening Line Ideas

Kathy Jones will provide the best health coaching service in town. (Yawn.)

I researched the coaching industry and found that it is fail-proof. (Yawn.)

We came together to form a really good coaching practice. (Yawn.)

Everybody knows why everybody is here but is it possible to come up with a better opening line?

Business Plan for Coaching Practice: 9 Places to Look for a Great Opening Line

Even the most prolific writers get blank screen-itis. To help you get your creative juices flowing again, here are some places to look for inspiration for your business plan.

1. Your competitors’ websites. Somebody spent a great deal of time and effort into those websites. What do the headlines say? Is there a nice phrase that catches your attention and gives you some ideas that can be applied to your business plan?

2. Industry ads. Who better to put on your side than Madison Avenue advertising executives? Real pros have been at work here. They have had to distill major ideas into a few lines and catchy phrases. Study your industry publications for jewels that you can pick off their pages.

3. Your own Eureka! moment. When was it that you just knew that the business strategy was going to be a reality? When was the moment that you really caught the energy of the idea? Capture that moment and put it into print. It might just capture an investor or two, as well.

4. A video of your favorite comic. There may not be any good lines you can use, but you will be amazed at how laughter releases your creative nature.

5. Blindly typing. Close your eyes, then start typing. Type for about ten minutes, anything and everything you can think of about your business. After ten minutes, look at it. What is it in the stuff that you wrote that you felt was so important that you just had to get it down in writing? If it was that important, odds are you’ve found your key idea.

6. Tell a story. Grab your favorite aunt or uncle, or just imagine them, and tell them the story of your business. What you tell them is probably what you need to tell the investor as well.

7. Skip the introduction. Sometimes the first part is better written last. Go to the biographies or the industry information, or the financials. Go where you feel the strongest pull. The area that has the greatest pull is probably the area that you need to promote the most anyway.

8. Meditate. For those adept at visual meditation, visualize the finished business plan for coaching practice in front of you, wrapped inside a box. Open it up and see what’s there.

9. Shift into disaster mode. Imagine that a disaster of some sort is about to strike, a hurricane or an earthquake perhaps. If you could save only one piece of your business, what would you save? If it’s your patent, then that is probably the most important part. If it’s your Director of Marketing, well, so be it. Whatever it is, decide why that piece is important so it may be what your introduction should focus on.

There is no right way or wrong way to write a business plan for a coaching practice. There is only your way. Each and every business plan discovers its own written path. Yours is there too.

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

 

Life Coach Business Plan: 5 Reasons Why You Need One

When you’re starting a coaching business, do you really need a life coach business plan to do it? Let’s face it: You’re excited about getting your business started and the last thing you want to do is spend weeks or months crafting a business plan.

Life Coach Business Plan: 5 Reasons Why You Need One

As the world of business has gotten less formal and the pace at which new businesses are opening has sped up, many entrepreneurs have begun to wonder whether a business plan is necessary anymore or as outmoded as the floppy disk.

Why You Need a Life Coach Business Plan

You may think you’re making it easier on yourself and saving time by skipping the business plan. In reality, taking the time to do the hard work now and crafting a business plan will make your life much easier and save you tons of time later on. Here are a few good reasons why every coach needs a life coach business plan.

1. You Need a Management Tool
A business plan is an important ingredient to the success of any business. It will help you improve your chances for success and avoid making serious mistakes. The following are some of the pertinent questions you need to ask yourself when drafting your business plan:

  • What does it take to succeed in life coaching business?
  • Do you have the necessary skills, talents and experience?
  • Can you afford to take the risk and what’s your risk tolerance level for failure?
  • Is there a market for your products or services, and if so, what’s your target market?
  • What is the revenue potential for the business? Can they meet your financial expectations and requirements?

2. You Want to Jump Start Your Coaching Business

Whether you’re a life coach, a business coach, or a health coach trying to break into coaching, a business plan acts as a guide to success. Developing your business plan helps determine your objectives and allows you to focus on the strategies and action plans necessary to accomplish those objectives.

If you’re looking to boost your coaching business, it’s time to answer a few questions in your business plan.

  • What are your goals for each month’s sales?
  • What are your resources, time available, equipment and advertising and promotional budget?
  • What barriers or challenges do you face?

3. You Want to Improve Your Company’s Operations

A business plan is a time and task-oriented plan that can be used to improve your company’s operations. It recommends actions that need to be taken and assigns responsibility. Some questions that need to be answered are:

  • How does our coaching company compare to leaders in its industry?
  • What are our management weaknesses and how can we make improvements?
  • How can we increase sales, serve the customer better, improve manufacturing efficiency, and increase the gross margin?

4. You Are Seeking A Bank Loan

A business plan can also be used to inspire confidence in your banker and convince her/him that your business is a good credit risk. It needs to be written very logically, with an emphasis on the financial projections and presentation of historical financial results.

A banker is looking for safety and a demonstration that your company can generate sufficient cash flow to pay the interest and the principal. A life coach business plan will need answers to these questions:

  • Will your company’s cash flow be stable enough to make the payments on the loan?
  • Are the long-term prospects of your business favorable?
  • Does your company have a reasonably good track record?

5. You Need an Investor/Partner

Your business plan must demonstrate considerable upside potential for the business. If the banker was content to get his money back plus, say 10% interest, the investor may want a return of 20% to 30% or more.

A coach’s business plan is competing with all the other plans submitted to the investor hence it must be written in an interesting manner to keep the reader’s attention. To attract a potential investor, you need to address the following questions:

  • Can your company grow rapidly?
  • Are the margins attractive?
  • Have you succeeded in other business ventures?
  • Is your market an emerging market, with a large and bright future?
  • How much are you willing to give up, both in equity and management control?

SPECIAL BONUSIf you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit.  Go HERE to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Career Coaching Business Plans 101

Most of us know what a business plan is but how do career coaching business plans look like?

Career Coaching Business Plans 101

Career Coaching Business Plans: The Key Elements

All good career coaching business plans have the same key elements that a normal business plan would have – an executive summary, a description of the company, management team information, information on its product or service, market analysis, strategy and implementation, and financial highlights. Let’s take a look at each of these crucial elements.

1. Executive Summary

While the executive summary should appear first in your business plan, it is actually written last, as an overview of the entire business plan. It’s the most essential part of your plan because it acts like a doorway to your plan.

This section is basically a summary of what your business does, the problem that it solves, the target market, the founding team, and financial highlights.

There is a saying in the film industry that no great script is written, only rewritten, and in a way that’s how you need to treat your executive summary. It needs to be impactful so don’t be afraid of rewriting it until you know it off by heart. As much as possible, keep things brief.

2. Description of the Company

The next component of your business plan is a description of your company. You note here whether it is a sole proprietorship, a partnership, or a limited liability corporation. Here, you also talk about the history of the business and your plans.

3. Management Team

A good business plan also covers the expertise and efforts of your key managers as well as your human resource strategies.

4. Products and Services

Next on your business plan would be each product or service that your career coaching company offers to individuals or other businesses.

This section would also clarify what benefits clients would achieve from your offering and how the products or services are different from the rest in the market.

5. Market Analysis

Market analysis is covered next in your business plan and includes your study of the local market, the fact that you don’t feel it’s saturated, where your customers are to be found and how best to reach them.

As a career coach, you could target people looking for a pre-retirement gig, young graduates looking to get their foot in the door or someone looking to change industries entirely.

Break down larger marketing plans into small steps so you are able to keep the focus on building and developing your long-term goals. For example, if you plan to market to every IT executive in your area, break it down into steps. Break it down so that this month you will purchase the demographics list of IT executives in your city, then the next week develops the sales letter, the third week turn it into the printer, so on and so forth.

6. Strategy & Implementation

The strategy and implementation section of your business plan gives you opportunities to be specific about dates, budget and managerial responsibilities.

7. Financial Highlights

The final part of your business planning covers all financial aspects of your business growth. Here, you talk about where you will find your funding for your business and/or expansion, what your profit and loss statement looks like, your cash flow, your company’s balance sheet, and financial projections.

Within the business plan, it is beneficial to map out the financial budget for a certain length of time. In most businesses, this plan includes all major expenses for the year. Adhering to a yearly plan may be difficult for some coaches because they are not able to do that in their personal lives. For example, if one has a hard time saving 10% of their income how are they going to adhere to a budget that requires them to put money away for future development in their small business?

The plan should include a one-year improvement plan as well as monthly or weekly goals so you can follow it closely. Let’s say you plan to expand your career coaching business by enrolling more executives. That requires an additional coaching space which is going to cost you about $8,000. Stay committed to taking $100 out of your earnings each week by writing a check and placing it in a box. At the end of the year, you can count up the checks, rip them up and write one big one for your expansion project.

Having a well thought out career coaching business plan will help you achieve the things you want to achieve throughout all stages of your business and will help to ensure your business is a success.

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

Writing a Winning Career Coaching Business Plan

Writing a career coaching business plan can be a lot of hard work or it can be great fun. You have so many ideas floating around in your head that it can be difficult to capture them all in a logical format and know where to start. However, committing time to write an effective plan can help improve your chances of success as a career coach.

 

Writing a Winning Career Coaching Business Plan

Not every business needs a 100-page bound business plan. However, all businesses need to have some idea of where they want to go and how they are going to get there.

Here are some tips on how to write a killer career coaching business plan!

The first stage of any career coaching business plan is ANALYSIS. You need to take a very objective look at certain factors that may impact your business. The two major ones to consider are competition and your operating environment.

First, let’s look at your competition. Clients only have so much money available so your first task is to ask yourself “What is my competition like?” and “Can I beat them?” The more you understand your competition, the more you can develop your unique selling proposition and compete in the market.

Next, let’s look at your operating environment. This is basically understanding what factors around your area of operation are likely to affect your business performance. You need to ask questions like:

· How is the economy doing?

· What is consumer confidence like?

· Where is technology heading in my industry?

After answering all the questions, you need to decide how these might negatively or positively influence your business.

Now that you have discovered more about your competition and explored your operating environment, it’s time to set some OBJECTIVES. This is what you want to achieve in the period your business plan covers. It is said that good objectives are SMART, i.e. specific, measurable, achievable, realistic and targeted. Here’s an example of a SMART objective for a career coaching business.

By the end of this year, we will have increased sales of our career coaching workshop by 6.5% over the previous year.

It is much easier to achieve high performance when you set clear objectives.

Next, you need to outline your STRATEGY. How are you going to reach your objective(s)? This is where your marketing plan comes in as it helps describe your marketing strategy and how you are going to achieve your desired objective(s).

When developing your marketing strategy, consider the following:

Products & Services: What products or services will you be offering? Will you be offering on-site career coaching services or will you be conducting group workshops at another venue?

The Target Market: The target market is the clients that you expect to do business with. For example, will you focus on millennials who are looking for someone to help them out in their job search or experienced executives who are looking for a career change?

To make your strategy work, you must also allocate appropriate RESOURCES and why you believe this is adequate to get the results desired. This could be dollars, people, equipment, etc.

A career coaching business plan must also have some PROJECTIONS. This covers your basic financial projections that your business plan will deliver. Are you expecting a profit or loss? How much?

Lastly, you need to allow for CONTINGENCIES. Plans change all the time and your career coaching business plan needs to consider these possibilities in advance. A good way to do this is to yourself ask some “What if?” questions. Here are some examples of “What if?” questions:

· What if a new competitor enters your market?

· What if the unemployment rate increases?

· What if the career coaching industry experiences a downturn?

Being aware of likely contingencies will save you a lot of stress and allow you to deal with problems before they become a big problem.

These few things will help your career coaching business to become a great success and also provide you with peace of mind knowing that you have thoroughly thought about and planned for your business.

SPECIAL BONUSIf you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit.  Go HERE to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Creating A Successful Business Coaching Plan

If you are a business coach who is planning to set up a proper business, having a strategic business coaching plan is crucial to the success of your business. The creation of an efficient and effective business plan can mean the difference between having the need to work 70+ hours a week all year long – only to find out that your business is just breaking even or losing money.

Creating A Successful Business Coaching Plan

We know that having a good business plan is essential, but what really is “strategic business management”? In its most basic form, it is the process in which the goals and objectives for your business are defined, and an action plan is then created so you may reach your goals and objectives.

How Do You Go About Creating a Strategic Business Coaching Plan?

1) As a business owner, you should know and be able to describe in detail, the vision for your business. What is the image you want your coaching business to have?

2) Your business should also have clear and concise company values and guiding principles. For instance, what are the reasons you are in the coaching business? Create more profits for small businesses? Help managers develop a team of employees? And how do you do business?

3) It would also be a good idea to create 3 and 5-year business coaching plans. A long-term plan that is based on broad objectives will assist you in getting your business from where it is today to where you want it to be.

4) Thinking not only long-term but also short-term, will also greatly help your coaching business develop. Each year, you should create, define, and plan specific objectives that will when accomplished, help you on the road to achieving your long-term goals. Make sure your business coaching plan incorporates the following points:
– Be very specific
– Show measures and approaches
– Make the goals realistic and attainable
– Make sure they are time-oriented

5) Include a list of obstacles and barriers which could hinder you from achieving your goals. In any case, in order to get your business to where you want it to be, you’ll need resources. Create and define a list of resources you’ve already got and other resources which you will need to achieve your goals.

6) You should also create a concise action plan that clearly defines how you will actually achieve your intended goals. If your business has employees, it is of great importance to involve them with this part of the business planning process.

7) In your business coaching plan, you should create simple and concise milestones or benchmarks that will define when you have actually reached a goal or objective. This is an essential part of the planning, as it will enable you to measure your progress as a business.

8) After you have created your strategic business plan, it is of paramount importance that the plan is shared with anyone who will be involved in the process. Your annual business plan is the roadmap that will lead your coaching business and those involved, to the goals which need to be achieved – but to be effective, everyone must end up at the same goals and objectives or the “destination”. And to do so, everyone requires the same roadmap.

9) Be sure to regularly check and compare the progress of your business against the benchmarks defined in your business plan. Should something go wrong with your business, the sooner you figure out what went wrong, the sooner you can fix the problem, make the necessary adjustments and get your business back on track.

10) And finally, ensure that each year you follow the exact same cycle or template to create your strategic business plan. Dream, Plan, Act, Check. That’s all there is to it.

Creating a strategic business plan and ensuring that you follow it is not just about achieving specific goals and objectives. It’s all about making sure that the journey to these goals is not only safe but enjoyable.

SPECIAL BONUSIf you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit.  Go HERE to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

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

Coaching Business Plan Template: Do You Need One?

A coaching business plan template is something that often gets overlooked and isn’t considered to be a necessity for some reason. However, when you start a coaching business, you need a business plan. Hence, it is essential and not a luxury. If you don’t know where you are going, you won’t know how to get there. It’s really that simple!

Coaching Business Plan Template: Do You Need One?

For business planning, there are really three alternatives:

1) Crafting your own coaching business plan from scratch.
2) Hiring a coaching business plan writer or business planning consultant.
3) Using a coaching business plan template to write your own business plan.

Each alternative has its own advantages and disadvantages.

Writing your own business plan from scratch gives you the freedom to format and arrange the plan in any way that you see fit. On the other hand, doing financial projections, which are necessary for the purpose of budgeting and financial planning, can be difficult to do without a coaching business plan template, or at least financial projection spreadsheets.

Hiring a business plan writer who is generally well-versed in business planning will allow you to prepare a comprehensive business plan that takes everything into account. The disadvantages to having your business plan professionally written are the expense associated with the initial plan, and the limitations that exist in regard to changing it as your business evolves.

Coaching business plan templates are relatively inexpensive or free when compared to hiring a professional business plan writer or consultant. Generally, business plan templates can be downloaded or purchased online, but some established life coaches go the extra mile and include coaching business plan templates as freebies to their clients or part of their offering.

The Advantages of Using a Coaching Business Plan Template

A coaching business plan template does have many advantages. A good coaching business plan template has the headings and categories already set up for you. Some business plan templates include guidance throughout the business planning process that explains what to include in each part of your business plan.

It is also easy to do financial projections using a coaching business plan template, whether or not you understand accounting. Most templates include sections for start-up costs, income projections, a balance sheet, and a projected cash flow statement. All you have to do is enter your figures into each section before calculating the final figures. This makes the process of projecting your financial plan a breeze.

Another huge advantage of a coaching business plan template is that when you use it to create your own business plan, you can make changes to it anytime you need to. It doesn’t become a stale document that sits on the shelf and collects dust. A business plan should be always evolving. You should update your business plan frequently and include new goals, objectives, and milestones. You should also adjust your financial projections occasionally for the purpose of budgeting. A coaching business plan template makes all these easy to do.

If you choose not to use a coaching business plan template and to create your own business plan from scratch, you will need some guidance unless you are a professional business planner yourself. The Small Business Administration at sba.gov has some excellent resources and guides about business planning. If you hire a professional business plan writer, do review their qualifications and references. It is also important that you understand exactly what is included in the business planning services they are offering.

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