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

How to Fill in a Life Coach Business Plan Template

What should a life coach business plan template cover? That’s a million dollar question.

How to Fill in a Life Coach Business Plan Template

There are plenty of life coach business plan templates online but generally, they serve the same purpose — to ease a new business owner in writing a business plan through predefined sections like a description of the organization, market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.

Been Staring at a Blank Life Coach Business Plan Template and Not Knowing Where to Start? Follow These Steps..

Keep in mind that there is no one specific business plan template that you should use, or one best way to layout your business plan. However, there are some steps you can take to make the process go a little more smoothly. We have listed what we think is the easiest method to fill in a blank life coach business plan template.

Step 1: Analyze yourself
Make a list of your strengths and weaknesses. Then determine how you can build off your strengths, and improve on your weaknesses as a life coach. Remember, this can be a daunting task because you may have to own up to a few shortcomings you’re not prepared to recognize!

Step 2: Choose a Product or Service
Just because you think you know what business you want to be in, in this case, life coaching, it doesn’t mean your idea will be a profitable one. Take a look at the feasibility of your idea.

Step 3: Research Your Market
Marketing research is crucial to the success of any business and the more you know about your potential or target market, the greater your chances of securing the customers you want right out of the gate.

Step 4: Forecast Your Sales Revenue
After you take a look at your target market, estimate the percentage of that market that you think you will reasonably be able to take over. Then realistically take into account the number of your competitors, their size, and the amount of market they already have.

Step 5: Choose a Location
Is your new life coaching business going to be on the Internet or will you have a physical location and consult out of your home office? In choosing the right location, always take into account both your personal preferences and what makes the most sense for the ultimate success of your business.

Step 6: Develop a Marketing Plan
Here you will state in detail your plan to gain customers and turn a profit. Also include possible marketing channels, price points, advertising, and sales promotion.

Step 7: Develop an Organizational Plan
What skills and talents do your new life coaching business need to not only survive, but to grow as well? Will you hire freelancers? Are you hoping to hire an employee right away? If these people and their skill sets are vital to your success, do not make a plan without them!

Step 8: Decide on Your Company Status
Will you operate as a sole proprietor or form a partnership? You need to decide how you’re going to approach this and investigate the legal ramifications of each situation. As a sole proprietor, you’re in control, but you’re also solely responsible. In a partnership, you share the responsibility, the decision making and the profits with your business partner(s). Determine what works best for your budget AND your personality.

Step 9: Address Your Accounting
If you don’t know how much money is coming in and out of your business, you will never know if you are making a profit, or if you need to make changes. Keeping track of your numbers is one of the single most important things you can do for your business. Decide on whether you will do it in the house yourself or outsource it to an accountant.

Step 10: Put it All into Numbers
When you approach a financial institution for a small business loan, they will respond better if they see all of your plans in numbers; they are, after all, in the business of numbers. You can tell them exactly how much you will need and show them where their money will be going. You can also show them, with a number, how much of the market you are planning to corner, and your growth, by percentage, over the next X years.

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

Developing a Good Coaching Company Business Plan

There are many important things to consider when developing a good coaching company business plan, but the first step is to fully understand the main purposes of a business plan.

Developing a Good Coaching Company Business Plan

The four main purposes of a business plan are as follows:

1. A business plan is a tactical planning and management tool for your coaching business.

2. A business plan is a written document showing the capacity of your team to manage all the aspects of the company.

3. A business plan brings you new ideas to refine your business operations or strategies.

4. A business plan can be used in your search for external financing or business partners.

The Importance of Having a Coaching Company Business Plan

The drafting or update of your business plan is essential to the good management of your coaching company. It can be used when you are in the midst of defining some stages of the development of your company, such as:
· The creation of your coaching company.
· The launching of a new coaching product.
· The establishment of your coaching company in a new market.
· The structural development of your company.

Should you hire a consultant or write your coaching company business plan by yourself?

If you are just starting out as a coach, you should be the main (if not single) author of your business plan, because your business plan is, so to speak, your own “baby”. It is a reflection of your personality and it is by this means that your investors will discover the person with whom they collaborate.

But if you are planning to expand your coaching company, for example, franchising your coaching program to other coaches around the world, you may want to call in a consultant for help and consultation. Even so, you should always stay in control of its development!

Tips for Developing a Quality Business Plan

1. To be credible, a business plan must be coherent and each section in the business plan must be based on facts.

2. There are many ways to develop your business plan, but very few can help you correctly carry out reliable financial projections based on a preliminary market study.

Indeed, one frequent mistake when writing a business plan is to first define the target in terms of market share, and then try to “find” the number of customers necessary to fill these objectives! This process should be reversed.

3. In addition, one essential point in a business plan is to define business strategies and estimate sales turnover. Based on a sufficient knowledge of the market, any quantitative estimate of sales turnover must be calculated on realistic monthly and annual increase rates. A well-founded pricing policy then makes it possible for you to estimate the sales turnover in the years ahead.

The calculation of the costs of any planned actions in your business plan are essential and make overall financial projections possible. When doing financial forecasts of your coaching business, you must project a realistic estimate of sales based on concrete market studies.

4. In a business plan, the marketing plans, as well as the financial forecasts, require a basic understanding of how these important figures are calculated. You can use good software some of which are free (www.planware.org) or cost very little (www.liveplan.com) to facilitate the development of your business plan. If finance is not your strong suit, talk to an accountant!

5. The last point and certainly not the least significant is that a good coaching company business plan is never set in stone. A regular follow-up and comparison between the business plan on paper and the reality of its execution are essential. You can then modify your business plan according to your business needs and adapt it to improve performance and achieve your goals.

Special Bonus – Learn 32 ‘Guru’ Transformation Techniques when you click on the image at the top right. You’ll learn how to become a life coach in 30 days.

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

FREE Course For Coaches

FREE Video Course: How To Build a High Paying Coaching Business

10 Simple Strategies On How To Get Coaching Clients

If you are looking at how to get coaching clients, there are many time-tested ways to attract clients to your coaching practice. Most of the techniques on how to get coaching clients are fairly simple.

 

However, simple doesn’t mean easy. Marketing for coaching clients requires plenty of work, research, and patience. It’s not easy – but it doesn’t have to be complicated, too!

Get Coaching Clients…for a Price?

There is plenty of information on the Internet about getting coaching clients. There are plenty of coaches and marketers willing to provide you with this information…for a price. But, before you shell out some of your hard-earned cash, look for the free information…including in this article. You will find plenty of valuable information…from the basics (which you will find right here in this article) to more detailed information on specific methods on how to get coaching clients.

Before you pay for the information…find it free online. If what you find doesn’t offer enough information, then look for information that is reasonably priced and has good reviews to back it up.

How to Get Coaching Clients – the Basics

Here are 11 simple techniques on how to get coach clients. These methods are just the basics, but the basics provide you with a starting point when trying to get your coaching practice off the ground and running.

  1. Referrals – from family, friends, other coaches, and business peers.
  2. The old school way – directly contacting prospects, by phone, in person, by e-mail.
  3. Going to networking events, business groups, industry conferences, and more.
  4. Creating a network with other professionals in your area. You offer referrals to them and they offer referrals to you.
  5. Speaking engagements – offer to speak at local business or community group meetings.
  6. Providing online classes through various websites.
  7. Providing webinars for free to potential clients – make sure to offer valuable and unique information.
  8. Article writing. You can write for your own blog or guest write for other blogs. There are many places to post articles online – articles provide you with recognition and a place where you can present yourself as an expert in a particular area of coaching.
  9. Social media marketing – this is new school marketing. Learn how to use Facebook, Twitter, and other social sites to brand yourself and get your name out to your target market.
  10. Seminars – give seminars for free or for a price. Make sure to offer plenty of valuable information. Make the seminars fun and informative.
  11. BONUS STRATEGY: Trade shows. There are many different trade shows where you can rent a booth, speak, or just network to get your name out to many potential clients.

There is no one strategy that works better than another – every coaching practice is unique due to geography, expertise, experience, and target market. It’s up to you to find which ones work best. It is usually a combination of several of these that provide the best results.

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.

Your Life Coach Marketing Starter Kit

This short article isn’t going to sell you a coach marketing starter kit – it’s going to give you the basics on how to start your marketing plan for your coach business.

 

You can probably put together you own coach marketing starter kit by taking classes through an accredited coaching program, reading a few books on marketing, and perusing the Internet for some valuable information on the best way for a coach to get started with marketing and promotion.

But, if you want to buy a coach marketing starter kit after reading this, there are some good coaching programs that help you get your business going.

Your Coach Marketing Starter Kit Starts With Some Questions

Before you begin to market and promote your business, in fact, before you even start your coaching practice, you should ask yourself some questions. It’s even a good idea to write the questions down, read them, think about them carefully, and then write the answers down. It’s like giving yourself a test!

Here are some basic questions to ask yourself – questions that should be included with any coaching marketing starter kit:

  • Who do you want to be as a coach?
  • What kind of coach do you want to be?
  • What clients to you want to coach?
  • What impact do you want to have on these clients?
  • What benefits do you wish to receive from coaching?
  • Do you want to be a part-time or full-time coach?
  • Do you have the financial and time capabilities to start coaching full-time?
  • What outcomes can you offer clients?
  • What experience can you bring to the table?
  • What type of monthly/yearly income do you want to make?
  • Do you know how to use email and social media to promote your business?
  • What is the average fee you need to charge to reach your monthly/yearly income targets?
  • Are you willing to create additional products – books, DVDs, webinars, and more – to create additional streams of income?
  • Where do you see yourself as a coach in 5, 10, 15 years?

Seems like a long test, doesn’t it? Well, starting a business is a big deal, and you need to be prepared. It isn’t easy to get a business off the ground and running smoothly – the more you know about what you want, how you plan to get what you want, and what you can offer clients, the more likely your coaching business will be a success.

Coaching is Not a One-Size Fits All Business

Most businesses are not one-size fits all – business success depends on many factors. The first factor is you! You have to lay the groundwork for success by being prepared, knowing what it takes to start a business in your area, knowing who you are as a coach, and making sure you take care of all the legal and administrative issues before you open your door to clients.

The Necessary Evil of Marketing

Most people hate to market – they don’t like to cold call, hype their services, or hand their business card to everyone they meet. It would be nice if you could purchase a starter kit that did it all for you, but you’ll have to step up and do the work. To be successful in business, you must market!

The digital revolution has made marketing just a bit easier. Any good coach marketing starter kit would include the best ways to market through email and social media. You don’t have to cold call anyone – you just have to know how to use email and social media to your advantage.

A good coach marketing starter kit will assist coaches on all types of marketing, both traditional and online, and there are many to choose from:

  • Mailings/direct mail
  • Email newsletters
  • Website and article marketing to bring people to your website
  • Facebook ads/Google ads
  • Community groups – volunteering your services
  • Public speaking to community groups
  • Advertising in various media – radio, newspaper, TV.
  • Videos on YouTube
  • Offer seminars/webinars, online classes/sessions, and more.

Whether you buy a coaching program or make your own coach marketing starter kit, you need to know the best ways to set up and promote your coaching business. You can be the best coach in the world, but if you can’t attract clients, no one will ever know how good you really are!

By the way… you’re invited to claim your FREE step-by-step “30-Days to Become a Coach” video toolkit. Just go HERE now to get your 30-day coaching blueprint videos.

What Business Skills do You Need to Acquire to be a Great Life Coach?

What business skills do you need to acquire to be a great life coach? If you are asking this question, you must be looking to enter a great field with incredible opportunities for success. But, anyone asking the question, what skills do you need to acquire to be a great life coach, must know that life coaching is a business, and to make it, you have to have plenty of business savvy!

 

Being a Life Coach Entrepreneur

Some life coaches work in the business, while others work on their business – there is a big difference! Working in the business is virtually the same as any other job. Working on your business means you are an entrepreneur – a business owner.

A life coach entrepreneur works on their life coach skills and their business skills. They acquire new ones through experience, education, and effort! The more life coach skills they have – the better coach they’ll be. The more business skills they have – the better entrepreneur they’ll be!

What Business Skills do You Need to Acquire to be a Great Life Coach?

There are so many skills you need to be a great life coach that it is impossible to list them all in one small article. Many of them you have from life experience, some you learn in a good coaching program, and others you acquire as you gain experience working with clients.

So – what skills do you need to acquire to be a great life coach? Here are just a few of the ones you need, but a few very important ones!

6 Essential Skills to be a Successful Life Coach and Business Owner

  • Focus – this is the ability to concentrate all your attention on a particular task until it is completed. Many people are well-intentioned when they begin a task, but they lose focus and their concentration drifts. A successful entrepreneur needs laser-like focus.
  • Organization – can you turn chaos into order? Most business owners will face complete chaos at times, and their ability to be calm and collected, and turn that chaos into order will often dictate how well their business does.
  • Innovation – are you creative, flexible, and agile? You better be when you own a business. It also helps if you want to be a great coach. The ability to be innovative in your coaching sessions and you promotional plans can help set you apart from the competition.
  • Discipline – every business owner knows that discipline is important, but never every business owner can stay disciplined in all aspects of their business. The more disciplined you can be in finances, marketing, and coaching clients, the more likely you will become a great life coach.
  • Discrimination – can you determine what is important and what is less important? Are you able to prioritize? The ability to choose where, when, and on what to focus your attention is vital in business.
  • Communication – this one makes everyone’s list for a reason. The ability to transmit ideas with precision, clarity of purpose, and passion will separate you from the crowd.

So – what skills do you need to acquire to be a great life coach? Start with these six and you’ll be on your way to a great career!

If you’d like to learn how you can get started in Wellness Coaching quickly, check out this FREE step-by-step “Life Coaching Business Blueprint” video toolkit. Just go HERE now to get your life coaching business blueprint videos.