A Business Plan, Life Coaching Training & More

A business plan, life coaching training…These are the things you need to be a coach. Are there other things that you need to be a successful life coach? To help make the process easier, we’ve put together a guide to everything a life coach needs to be one!

Business Plan Life Coaching, Life Coaching Business

A Business Plan, Life Coaching Training & All That Matters

  • A business plan

Even though coaching is considered a more personal and informal type of business, it’s still important to have a game plan in place before you begin working. A business plan gives you the chance to get your thoughts organized and helps you stay focused on the most important aspects of your coaching business. Having business plans for life coaching ensures that you don’t forget any important details and enables you to stay on track.

Your business plan is your roadmap that will enable you to navigate the various aspects of becoming a life coach, such as obtaining the proper coaching licenses, setting up a coaching business and website, setting coaching fees, and marketing your business for success. It will also help you make important decisions about your coaching business, such as how many clients you can handle, what types of clients you want to work with, and the coaching specialties that you want to focus on.

  • Coaching training and education

Coaching is a rapidly growing field that continues to evolve as new technologies and techniques become available. To keep pace with these changes and stay competitive in the modern coaching world, life coaches need ongoing coaching training and education to adapt to these new techniques and technologies. But coaching education and training aren’t just ways for life coaches to enhance their skills and stay relevant in an ever-evolving industry.

Coach training can also help coaches improve their confidence level and increase their ability to help others. By enrolling in coaching education and certification programs, life coaches can master the skills they need to become effective coaches. Coach training can help coaches improve their communication skills, learn new ways to motivate and inspire others, and take an active role in others’ personal and professional development.

  • Character traits

To be an effective life coach, you need to have some key qualities. These aren’t necessarily the skills that make you a good coach—instead, they’re the qualities that will help you become a great one. Some of the essential character traits include:

Confidence – Confidence is probably the number one trait every life coach needs to succeed. If you don’t have confidence in yourself, every other trait on this list will be difficult to bring out. Without confidence in yourself, it will be nearly impossible to connect with your clients and help them move in a positive direction. 

Honesty – Honesty is a quality that every coach should have, but few do. Life coaching is all about inspiring your clients to be the best versions of themselves. Part of that is being open and honest with them. If you’re leading them down a path that isn’t right for them, they won’t succeed. Part of being a good coach is knowing whether or not your client is ready for the next step and then letting them know. 

Empathy – Empathy is the ability to “walk in another person’s shoes” and understand where they’re coming from. It isn’t something that we all have naturally, though. Instead, it has to be something we actively work on developing. The more empathetic you are with your clients, the easier it will be to help them move forward. 

Humility – Humility is the ability to recognize and appreciate your own weaknesses. It doesn’t mean that you’re fake or that you don’t believe in your own skills. Instead, it means that you are constantly improving yourself and are always looking for ways to make your coaching better. You don’t ever rest on your laurels; instead, you’re constantly looking to get better and make your coaching more effective. 

Professionalism – All this talk about character traits and personal growth aside, professionalism is also an essential part of life coaching. You need to present yourself as a professional coach to your clients, and the way you do that is by being professional yourself. This means dressing appropriately and being polite at all times. It also means being prepared for your sessions and never letting yourself get flustered or upset.

Strong support network – As an independent life coach, you may not have the same workplace support which employees in an office would have. This can make times of difficulty or burnout feel like a lonely place, and affect your ability to be a good coach to your clients. When you’re faced with challenges as a life coach, you need to have a good support system in place to reach out to and talk with people who know what you do. Your support network can help you deal with the following issues:

  • How to handle client difficulties
  • Your feelings about the work, yourself or the clients you work with
  • Questions you have about how to progress with your coaching
  • The challenges of running an independent coaching business
  • And anything else that is keeping you from being your best self

There you have it—a business plan, life coaching training and the personality traits you need to be a life coach! Concentrating on these three elements will give you a good head start in your journey as a coach and you will find that all other attributes necessary to make you successful will fall into place naturally.

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

All About Sample Business Plans for Life Coaches

Sample business plans for life coaches are business plan templates that detail the financial, operational, and marketing strategies of a life coaching business. They also outline the plans of coaches on how they plan on making money, growing their business, and turning a profit.  

Sample Business Plans For Life Coaches, Life Coaching Business

A business plan template is a ready-made document that contains all the information that a business owner will need to draft a business plan. This includes details such as the start date, the end date, the name of the company, the goals, the objectives, the market research, the financial forecasts, and much more. 

What is included in a business plan template?

A business plan template should include all the necessary information to draft a business plan. Some of the basic sections that should be included are: 

The Company Background: A brief overview of the company, including its current status and history. 

  • The Business Plan Overview: What is the scope of the business? Is it a new company or an established company? What is the market opportunity? What are your goals and objectives for this venture?
  • The Market Research: What are your competitors doing currently? What are they not doing that you will do to beat them in the marketplace? How can you leverage on any weaknesses in your competition’s marketing strategies?
  • The Marketing Strategies: Do you have any specific marketing strategies planned out to give yourself an advantage over your competition?
  • Financial Forecasts: This section includes projections for the next three years on monthly income, yearly income, and future profit. It also includes projections for sales volume and expenses.

Why use a business plan template?

A business plan template is a great way to ensure that you have all the necessary information before writing a business plan. This way, you will be able to avoid missing any important information and not forget anything you need to include while drafting your plan. 

Sample business plans for life coaches make it easy for you to draft your business plan.  Additionally, a template can help set up a timeline for goals and objectives and also highlight the importance of research in creating a successful business plan. 

There are many resources online where you can find sample business plans for life coaching for free or at low cost. Investing in a template is worth it because it saves you time and helps guide you through the process of drafting your plan.

Types of sample business plans for coaches

Startup business plans

A startup business plan is a roadmap for your business, detailing how you plan to become profitable and scalable. A startup business plan typically includes:

  • A company overview that highlights who you are and what you do
  • An overview of your product or service 
  • The risks involved in your venture and how you plan to deal with them 
  • Details of the startup costs, financing needs and funding plans
  • Competition and marketing strategy 
  • The team behind the project
  • Funding requests, including investor contact information

Strategic business plans

A strategic business plan is a document that outlines your company’s goals and the strategies to achieve them. A plan will typically include marketing objectives, an overview of the market for your products, financial projections, and a timeline for achieving certain milestones. It will answer the most important questions of your future. It will provide you with a clear sense of direction, meaning, and fulfillment.

Business growth plans

A business growth plan is a detailed strategy that helps you reach your long-term goals. It lays out your goals and how you’ll go about achieving them. A business growth plan can help you identify opportunities, create goals, and keep track of progress. You’ll be able to identify your priorities and figure out how to best allocate your time. You’ll also be able to see which aspects of your business are working well and which would need improvement.

Once you’ve determined the type of business plan you’d like to create for your coaching business, you can easily draft them by referring to sample business plans for life 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

Why You Need a Life Coach Time Business Plan

If you’re a life coach, time is one of your most precious resources; therefore, it’s important to have a life coach time business plan in place! In this blog post, we will discuss the importance and benefits of time management for coaches, components of a time business plan, and how to prioritize tasks.

Why You Need a Life Coach Time Business Plan

Benefits of time management for coaches 

You’ve probably heard of the saying, “Time is money”. This saying simply means that once time is past, you can never get that time back nor can you add more hours to a day. In business, poor time management can cost you and your business tremendous amounts of money. Life coach time business plans serve as a guide for working smarter instead of harder. With a life coach time business plan, you will:

  1. Improve productivity and efficiency: When you manage your time wisely, you can get more done in less time! This leads to improved productivity and efficiency in your coaching business.
  2. Increase client satisfaction: When you’re able to meet deadlines and deliver results on time, your clients will be happy with the service you’re providing. They’ll be more likely to recommend you to others and continue working with you in the future.
  3. Have better work/life balance: If you’re able to manage your time effectively, you’ll have more free time for yourself outside of work. This can lead to a better work/life balance and a happier life overall!

Components of a life coach time business plan 

There are several key components of a life coach time business plan:

  • Definition of goals: What do you want to achieve with your time business plan? What are your goals for your coaching business? Be specific and realistic in your goal setting.
  • Action steps: Once you’ve defined your goals, it’s time to develop a plan of action. What steps will you need to take to achieve your goals? Make sure each action step is measurable so you can track your progress.
  • Timeframe: How long do you realistically think it will take to achieve your goals? Set a timeframe for each goal and make sure it’s achievable.
  • Evaluation: How will you know if you’re on track or if something needs to be changed in your plan? Set up regular check-ins and evaluations to ensure that you’re making progress towards your goals.

Tips on how to prioritize your tasks 

Managing your time efficiently does not only include coaching sessions with clients but also planning and preparing for those sessions, as well as taking care of administrative tasks. Prioritizing tasks is a key part of time management, and can help you make the most of your time. Here are five tips on how to prioritize tasks:

Tip # 1: Make a list of everything that needs to be done

This may seem like an obvious first step, but it’s important to get all of your tasks down on paper (or in your electronic device of choice). This will give you a good overview of what needs to be done and will help you to start prioritizing.

Tip # 2: Break down big tasks into smaller ones

If you have a task that is particularly large or daunting, break it down into smaller, more manageable pieces. This will make the task seem less overwhelming and will help you to focus on each individual part.

Tip # 3: Prioritize based on importance and urgency

Some tasks are more important than others, and some have a deadline that is sooner than others. Prioritizing based on both of these factors will help you to ensure that the most important tasks are completed first.

Tip #4: Consider your energy levels

When you’re planning your day or week, take into account your energy levels. If you know you’re going to be tired after work, schedule easier or less important tasks for that time. Save the more challenging tasks for when you know you’ll have more energy.

Tip #5: Build in some flexibility

Life can be unpredictable and things don’t always go according to plan. Build some flexibility into your schedule so that if something comes up, you can easily adjust your plans.

By following these tips, you can start to prioritize your tasks and make the most of your time as a life coach.

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

A Sample Business Plan for Career Coach Business

Are you looking for a sample business plan for career coach business? The Internet is full of sample business plans. However, shifting through the available ones to find a format that suits a career coaching business can be challenging. 

A Sample Business Plan for Career Coach Business

Here is a sample business plan for a fictional career coaching company ‘Upward LLC,’ that you can use to create your own and save valuable time.

Upward LLC – Sample business plan for career coach business

The Upward LLC’s business plan consists of the following key elements:

Section 1: Executive Summary

Upward LLC is a minority-owned (female) career coaching company based in New York City with over ten years of work experience in the career coaching industry. Our primary purpose is to provide high-quality, value-added career coaching solutions to IT and Tech industry professionals. 

Our team consists of high-performing people equipped to deliver exceptional results. In pursuit of excellence, we have formed strategic partnerships with other players in the industry based on shared goals and values to ensure that our clients receive only the best. 

Section 2: Company Overview

Our Vision: To be the strategic partner of choice, inspiring people to realize their full potential personally and in their chosen careers

Our Mission: To transform lives by leveraging technology to provide career coaching services that propel IT and tech professionals to success.

Our Objectives:

  1. To increase the client base to 100 by June 2023
  2. To hire two more in-house life coaches by January 2023

Note: This is a sample business plan for career coach business. Thus, your company’s vision, mission, and objectives will vary according to your type of business.

Section 3: Product and Services

We guide professionals to receive greater fulfillment in their careers by establishing goals, creating a plan with strategies to achieve the goals, and overcoming any obstacles that are on the way. Specifically, we offer career planning, leadership training, and mentoring services. 

Section 4: Industry Analysis

Career coaching is a billion-dollar industry valued at $20 billion, with a total market value of $7.5 billion in the United States. The market value is estimated to reach $30 billion by 2025, with an average annual growth rate of 6.7 percent from 2019 to 2022. 

Section 5: Customer Analysis 

Upward LLC seeks to serve Millennials interested in building careers in the IT and Tech Industry. Their needs are primarily to find jobs that offer the flexibility needed to achieve the ultimate work-life balance. Drivers of these clients’ decisions are not the salary amount offered but shared values and job satisfaction. 

Section 6: Competition Analysis

Our main competitors are Careernetics and Technocareer, which have also been in operation for more than ten years, offering career coaching services. However, they provide services to many professionals, spreading them thin. With the digital age, careers in IT and Tech are the in-demand skills, and we want to capitalize on this market.

Section 7: Market Strategy

To reach our target market (Millennials), we will use online advertising, social media posts, and word of mouth. We aim to build long-lasting relationships based on trust and the provision of high-quality services.

Section 8: Management Team

Our management team consists of Mary Adams, the Founder and CEO, Jeryy Sam, the Chief Financial Officer, and Sam Mackinnon, the HR Manager. Mary has extensive training in career coaching and is a highly experienced executive coach.

Section 10: Financial Plan

Projected Profit and Loss:

  • Year 2022 – $5,000
  • Year 2023 – $50,000
  • Year 2024 – $105,000

Conclusion

You can find numerous sample business plans for career coaches online. Use the sample mentioned to create one that will help you successfully launch and grow your business.

Special Bonus – Learn 3 simple ways to become a life coach with the “30-Days to Become a Coach” video toolkit when you fill in the form at the top right and click the “Watch The Videos Now” button. You’ll learn how to change your client’s life in 45 minutes.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Need a Life Coaching Business Plan Sample?

A life coaching business plan sample will help you answer all your questions about how to start your own business. There are many perks of starting and operating a business, but there are also some major challenges. The benefits and challenges must be weighed carefully before making any final decisions. 

Need a Life Coaching Business Plan Sample?

This guide helps you learn how to start your own life coaching business while eliminating any unpleasant surprises. Feel free to go through it as many times as you need for it all to sink in. To make it a realistic sample we have chosen a fictional company X-Life that is going to sell life coaching training services over an online platform.

X-Life’s Life Coaching Business Plan Sample

1. Executive Summary

This business plan outlines X-Life’s operations, strategy, and plans for growth. X -Life provides life coaching training services over an online platform. The company started its operation in January 2021 and is located in New York City, NY. 

Our founders are Elena Monroe (CEO) and Sally Jensen (COO). We have 10 employees today; all of them have experience in marketing or sales. We are at stage two of our three-stage business model. 

Our unique selling proposition lies in offering customers customized training based on their individual situations, needs, and goals. At X-Life, we value customer satisfaction above everything else! To offer highly personalized training, we use technology to its full potential by connecting coaches with clients through videoconferencing technology.

2. Company Overview 

X-Life offers customized training programs designed by experts based on client needs. While other companies offer general advice, we want clients to be confident that they have selected personal growth services based on an understanding of their specific challenges and opportunities. 

We connect individuals with talented life coaches through videoconferencing technology at affordable prices. Elena Monroe (CEO) founded Company X-Life in January 2020 after she had been working as a life coach for more than two years. Her first client was her best friend who came to her for help after ending up in debt due to unemployment, unpaid bills, and medical expenses. Together they managed to get rid of all debts within eight months!

3. Target Market Analysis

Our target market is middle-class, college-educated people with an interest in starting their own business. Middle-class people are more likely to be interested in obtaining additional skills that help them become more productive at work and less stressed outside of work. Life coaching can help one do both. 

Among those who have heard about life coaching, many associate it with personal growth seminars for women or new age gurus who want to make money by providing advice on self-improvement. We want to correct these misconceptions by explaining what life coaching really is: a customized program designed by experts who consider your needs and situation.

4. Market Trends

The life coaching industry is growing and evolving rapidly. According to recent research, there are well over 50,000 life coaches in the United States, with that number expected to grow exponentially over the next few years. 

Traditionally, people sought out face-to-face sessions with a professional coach who offered advice on aspects of their lives such as career choice or financial planning. Today people can seek out online services without even leaving their homes! This new way of doing things makes online training services more accessible than ever before and opens up huge potential for X-Life’s operations to take off as soon as we get our business model right! 

To build X-Life’s brand, we need to be viewed as an expert in life coaching, an industry we are helping evolve by providing highly personal training based on individual needs. We want people who seek out online training services to turn to us first when they decide they want to coach. It is important for us to target not only individuals but also organizations that can use our services as well.

5. Product and Services 

The main offerings of X-Life are customized life coaching plans designed by experts based on client needs. Each coaching plan consists of individual training sessions: 4-6 per month for 6 months, at least one session each week. Each session lasts 30 minutes and is conducted online through video-conferencing technology. A typical session begins with an initial conversation where clients describe their current situation, goals, hopes, and concerns about their future.

6. Marketing and Sales 

X-Life’s marketing and sales strategy is designed to convince potential clients that we are an expert in life coaching and that our approach can help them reach their goals. We do so through direct advertising, social media campaigns, and word of mouth. To reach our target market, we advertise on television shows in which educated professionals participate (such as The Big Bang Theory). We will also seek out word of mouth by offering personal sessions at little or no cost to those who refer friends or family members who sign up for coaching.

7. Sales Forecast

Our sales forecasts depend largely on how many clients we can attract and convert into paying customers. We have analyzed data from other companies in our industry and have concluded that each client will pay $200 for each coaching plan. 

As of January 2022, we estimate that there are 35 million people in the United States who will be interested in online life coaching services. We expect an average of 0.1% of those people to sign up for life coaching plans offered by X-Life. This would bring in 3,500 clients per year, which at $200/client would bring us approximately $450,000 of revenue. Although such numbers might seem insignificant compared to large corporations like IBM or Boeing, they would more than meet expectations given our initial investment capital.

8. Funding 

The main source of funding for X-Life’s business operations is government loan/grant programs intended to support small businesses and promote job growth. We have applied for, and are expecting to receive, a $500,000 government grant by December 2022. This money will go directly towards startup expenses: we need to hire employees, pay leases on office space and equipment, purchase all furniture, and supplies necessary for operations, etc.

Final Remarks about Life Coaching Business Plan Sample

Life coaching business plan samples are a good place for anyone interested in starting their own life coaching service to start. We strongly encourage you to use these sample plans as guidelines for writing your own unique and complete life coaching business plan. As with any other important business documents such as company profiles or industry reports, it is vital that you write your own unique strategy so that potential investors can identify exactly what kind of company you want to run and how it will be managed.

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

Open the Door to Success with Life Coaching!

Are you wondering what will open the door to success for your clients or organization? Then life coaching may be exactly what you are looking for. Life coaching allows individuals, groups, and organizations to clarify goals, maximize their potential and live a fulfilled life through professional and personal development. Life Coaching allows them (or us) to achieve their potential. However, there are very specific steps that need to be taken before our potential can be fully realized.

Open the Door to Success with Life Coaching!

Steps to Help You Open the Door to Success 

There are a variety of actions that need to take place when pursuing your goals. Follow these steps to help ensure that your goals get accomplished and that you enjoy a successful future.

1. Determine Specific Goals 

To pursue specific goals, we must first identify them. The problem with many individuals is that they just don’t know what they want. If you are constantly being told by others what you should do in life, then chances are good that you aren’t living up to your potential. Once an individual has identified their primary goal or goal(s), they can move on to step 2.

2. Break Down Your Goals 

Once a goal has been identified and verified as realistic, it needs to be broken down into several sub-goals. There are many reasons for doing so, but one of the main reasons is that in doing so, we can focus on each individual goal rather than trying to accomplish them all at once. 

If you try to pursue all your goals at once, you will most likely not get anything accomplished because you will end up focusing on how much there still is left to do rather than doing something that can move your progress forward. 

Breaking down these goals also allows us to check our progress when working towards achieving them. There are many ways we can break these goals down further, however identifying specific action steps towards achieving each of them can be an easy way for anyone to begin seeing progress in their future success.

3. Create a Plan of Action 

The next step that opens the door to success through life coaching will be to create a plan of action for each sub-goal. In doing so, we can visually see where we are heading and how much progress has been made. 

When creating these plans, it is important to identify what you specifically want to achieve and write down steps that will guide you towards accomplishing these goals. One thing that many individuals fail to do when they write their plan of action is assigning deadlines for accomplishing these steps. 

By doing so, you are helping yourself stay on track and ensuring that each goal becomes accomplished at its own pace; instead of trying to rush through everything all at once.

4. Create Accountability 

When creating accountability in our lives, it is important to remember that we are all accountable for our own actions. We cannot control others and must focus on being responsible for our actions. 

A great way to create accountability in your life coaching goals is by seeking out a mentor who will assist you in achieving your goals. 

The most important thing about doing so is that you find someone who will be honest with you about where your weaknesses lie and help guide you through obstacles along your path to success. This can greatly improve your chances of success.

5. Seek Support 

It’s good to seek support from coaches who are close to us, but it can also be beneficial to seek support from those we have never met before. As long as you make wise decisions when looking for your sources of support, then you should be able to achieve great things through your goals, including a successful future!

6. Visualize Your Success 

The next step in creating a successful future will involve being able to visualize your success. You cannot become what you cannot see so visualizing your success can help keep you motivated and continue pursuing what you have set out to accomplish. 

The best way to start visualizing your success is by creating an image in your mind about where you want to end up and what living that life looks like for you personally as a coach.

You Hold the Key to Success, Just Unlock the Door..

Doors to success open for all those who are ready to embrace them. However, for you to get through the door of success, you will need a master key that consists of a plan of action, as well as support and accountability among other factors. These factors have been discussed in more detail above and can be applied using a life coach. 

Asking others for help when trying to accomplish your goals is much easier than doing everything on your own and that having someone hold you accountable for your actions can lead you towards new heights of success.

In fact, while we are all fully responsible for our own actions, we also must remember that at some point everyone needs help or assistance with something if they want to achieve greatness.

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

Images of Financial Success – What Does It Mean to You?

A lot of life coaches and personal development experts talk about financial success, but few talk about the images of financial success that are programmed into our society, and how these might affect our approach to financial planning. In fact, almost every single life coach has their own definition of what financial success means to them.

Images of Financial Success - What Does It Mean to You?

Images of Financial Success: What is Common?

Images of financial success vary from person to person. For some, financial success means having enough income to pay their monthly bills and debts. It might mean being able to live in a safe, comfortable home. For others, financial success could be defined by having sufficient money for retirement or college savings for their children. 

However, one thing is certain: Regardless of what you define as images of financial success, it won’t happen if you don’t know how to manage your finances. To achieve goals such as buying a home, paying off student loans, or saving up for retirement, you must learn how to spend within your means, save and invest effectively, and understand personal finance. 

Financial Success is More Than Just About Money

Money is great but when you’re striving for financial success, it’s important to realize that money isn’t everything. Earning more income doesn’t automatically make us happier or give us some sort of golden key that opens our happiness vault – but we often treat it like it does. 

When most people talk about their career goals and ways they can set themselves up financially for retirement, they typically think in terms of: 

  • How much will I earn? 
  • How much can I save?  
  • What do my numbers look like today? 

These are all valid questions to ask and worth examining because once you get your financial house in order, pursuing other areas of personal improvement becomes easier. 

Many successful entrepreneurs advise finding purpose and meaning through your business, something which has become popularly known as doing what you love and loving what you do. The theory behind it is simple: If you don’t enjoy your work or if you don’t believe in its purpose, then why pursue it?

Tips to Achieve Success as a Life Coach

Rather than trying to reach some monetary level and then saying you’ve made it, why not take your life coaching skills to the next level to become so respected that you can make big money without compromising on quality. In other words, once clients see how good you are at what you do, they will pay for your services more easily. Here is a list of other things that can help make you a financial success in 2022 and beyond:

  • Budgeting your money 
  • Manage your time
  • Being in tune with your overall happiness 
  • Aligning yourself with people who support you financially and morally 
  • Having an impact on your community

People’s image of financial success varies greatly from person to person. However, there are a few similar trends among coaches with successful finances, and if you’re looking for ways to create wealth in your life, these ideas might be right up your alley. 

As a life coach, it’s hard not to compare your financial standing with other people and their bank accounts. That can become an unhealthy obsession that leads you down a path of constant worrying about bills and debts. In truth, there are plenty of successful coaches who live below their means and make more than enough money.

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

How to Write a Business Plan for Coaching (Simplified)

How to write a business plan for coaching?” is a question that sprouts in almost all life coaches who aspire to start their coaching business. You may have a great idea about starting a new coaching business but turning that idea into a viable business is a totally different scenario. Therefore, before you start your coaching business, you need to write a business plan. A well-thought-out business plan will help you stay focused and organized. 

How to Write a Business Plan for Coaching (Simplified)

However, knowing how to write a business plan is a huge mountain to climb for coaches. Therefore, in today’s post, we are going to help you overcome this obstacle and explain how to write a business plan for coaching. Rather than getting into the nitty-gritty details of a business plan, this article will concentrate on the bigger aspects you need to consider before writing one.

How to write a business plan for coaching easily

In general, business plans consist of different sections that can be long and complicated. It doesn’t have to be this way; what you need to know are the main sections of a business plan, understanding what needs to be included in those sections, and focusing on how to make these sections interesting and easy to read. Here are the seven things you need to know like the back of your hand before writing a business plan for coaching.

1. Executive summary

An executive summary that provides a brief overview of the goals and objectives of your coaching business, an analysis of the coaching market, new opportunities for your business, growth potential, and a brief description of your coaching products or services.

2. Make sure your coaching business has a clear objective

When writing your business’s description, make sure it is crystal clear and there is nothing ambiguous. identify who you are, what kind of services you plan to provide and at what cost, and where will your business operate. You may also include the reasons for starting a coaching business and the future of your business. 

3. Identify your target market 

To identify your target market, you need to conduct market research. You can start with broad assumptions and gradually narrow them down. You can segment your audience using categories like geographic, demographic, psychographic, behavioral, etc. Furthermore, you can explore other aspects like age, gender, location, ethnicity, income level, and so on. Essentially, your coaching business plan should also highlight the research you conducted to identify the market. 

4. Analyze your competition

You also need to analyze your competition as you will need this information to create your brand differentiation strategy. It is absolutely imperative how you differentiate yourself from the crowd. Before you can analyze your competitors, you need to know the following:

  • who they are;
  • what markets or market segments they serve;
  • what products and/or services they offer and their pricing;  
  • what benefits they offer; and 
  • why people buy coaching products/services from them

Once you’ve determined the above, find out how you can stand out from your competitors.

5. Budget accordingly

Your coaching business plan must also contain financial statements such as, profit and loss statement, cash flow statement and balance sheet, if you are planning to secure funds from investors. In other words, you need to assess exactly how much money you need to start your coaching business and stay operational. 

6. Identify your goals and financial projections

Here, you need to identify the goals of your coaching business by clearly stating what you want to achieve. You also need to make financial projections that cover the first three to five years of your startup. You can base these projections on the target market and the percentage of prospects you can acquire. 

7. Clearly define your organizational structure

Your coaching business plan must also cover the organizational structure of your business. If it’s a small business with just you and one or two employees, that should be easy. However, if you are planning to start a huge coaching business, you need to clearly define the power structure of your organization. 

Once you’ve gathered the information you need for your business plan, compile it in an easy-to-read format that you know will allow your readers to follow without losing the message halfway through!

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

 

Free Business Plan for Life Coaching: A Simple Guide

Are you looking for a free business plan for life coaching but do not know where to start? With so many free business plans for life coaching on the Internet, there’s a need to know the important components included in these plans. Let’s dive into the details.

Free Business Plan for Life Coaching: A Simple Guide

Free Business Plan for Life Coaching: Important Elements to Consider

Any free business plan for life coaching includes the following items, often in this order depending on the type of company. Before you draft your business plan, it’s a good practice to write out the specifics of your business, company goals, budget, financing needs, and at least 3-year financial projections.

Company Description

This section includes a coherent or intuitive explanation of what you do or produce, your life coaching company’s competitive advantage, an overview of how customers use your product, and a roadmap for how long it will take to achieve significant revenue and return on investment. 

Market Analysis

A market analysis is an essential step in understanding your company’s external environment. 

It can include an examination of the following aspects:

  • A SWOT analysis (strengths, weaknesses, opportunities, and threats) 
  • Cost structure and margins 
  • Competition and pricing pressures within and outside the coaching industry 
  • Customer needs/wants/behaviors 
  • Internal organization capabilities, including sales force strengths or weaknesses, manufacturing capacity, or constraints.

A market analysis helps you understand whether demand is sustainable or ephemeral. 

Marketing Strategy 

The goal of marketing is to establish an understanding of potential clients and their behaviors. It requires establishing who might need your products or services according to their age group, socioeconomic level, and geographic location. Businesses often use the principles of mass marketing when conducting these activities. 

Mass marketing often entails broadcasting identical messages via all available media or channels to meet demographic groups with maximum efficiency in a minimal time frame. In this age of technology, social media is one of the best ways to broadcast your marketing messages to a large number of people at a time. 

Financial Projections

In a business plan, financial forecasts are often an overview of the main financial assumptions based on the projections. Accounting software is not required to create profit and loss forecasts. 

Financial planners generate financial forecasts using historical data from similar companies in the same industry and estimated revenue and expenditure figures to predict a company’s future profitability by constructing an Income statement and a Balance Sheet for their hypothetical business plan instead of relying on traditional accounting software. Coaches can use what they learn from this exercise to make better-informed decisions about how they make financial projections for their business plans. 

Several examples of well-written business plans are available on the web. You can find them with a little search engine research. You can also take online courses in developing a business plan. The more you can learn before beginning, the better. The opportunity is out there, waiting to be grabbed, but you must put your best foot forward if you want to get a piece of it.

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.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Business Plan for Life Coach Business: 10 Quick Tips

Are you thinking of writing a business plan for life coach business but are struggling to get started? If you are someone who is establishing yourself as a coach, the best way of ensuring that you will be able to take on the competition effectively is through the development of a solid business plan.

Business Plan for Life Coach Business: 10 Quick Tips

In this article, we’ll give you some quick tips on how to draft your first business plan. But first let’s get to the basics.

What is a business plan and why is it important for life coaches?

A business plan is a formal document summarizing how you are going to operate your business and how you will achieve success. It highlights the operational and financial aims and objectives of your business. In fact, a business plan serves as a roadmap for businesses to remain on the right track and prevents them from making the wrong decisions. 

It also guides you on how you need to operate your coaching business, how to enhance your revenue, how to access more resources and increase your business’s assets. Moreover, you always strive for the best when you have a business plan that clearly states your objectives, goals, and plan for growth as well as for development.

The main components of a business plan for life coach business

If there is one skill that a business owner should possess, it is the skill of planning. Planning is an essential part to your coaching business success. Before writing a business plan, you must know what should be included in the plan. The basic components of a business plan for life coach business are:

  1. Executive Summary – A brief overview of your coaching business’s plans and objectives. 
  2. Mission, vision, and goals – A mission statement highlights the purpose of your business and how you’ll help people. A vision statement illustrates where you want to be in the future. A goal is a description of broader outcomes that you want to achieve in the future.
  3. Management team – Highlights the key persons in your business and how you are going to put together a quality management team.
  4. Market analysis and target market – Provides thorough market analysis and pinpoints the target market you are going to focus on.
  5. Marketing strategies – Focuses on how you will use different marketing strategies to acquire more clients.
  6. Financial planning – Describes your financial plans

Quick tips for writing a business plan for a life coach business

Now that you have a better idea of what needs to be included in a business plan, the following tips will help you write a plan that better serves its purpose. 

  1. Know the purpose of creating your business plan – Be clear about the purpose of your business plan e.g., to attract investors, assemble teams, etc.
  2. Identify your audience – Identify to whom you are writing your business plan such as investors, management team, potential collaborators, etc.
  3. Be concise – Long business plans are less likely to be followed and are forgotten by stakeholders. Therefore, create a concise and lean business plan.
  4. Show your passion – Let your business plan exhibit your passion for your life coaching business to stakeholders and show why they should also be passionate.
  5. Provide supporting documents – Support your business plan with relevant documents such as the CVs of your management team.
  6. Reference data – Provide all the relevant data to back up your market research or claims such as information about the market, your audience, competitors, etc.
  7. Clearly state your points of difference – Don’t hesitate to state and reiterate why your life coaching services are different from other life coaches.
  8. Be objective – Being objective means clearly showcasing all the positives and negatives you discovered in your market research and analysis.
  9. Use plain and simple language – Write your business plan by using plain, simple, and clear language without using jargon and complicated terminologies to make it easy to understand.
  10. Don’t be afraid to alter your plan – Don’t hesitate to change your business plan as your business grows and evolves.

Starting your coaching business will not be an easy task — you must be dedicated if you want to succeed. But a good business plan will help you to maximize your business growth and profit. After you have written one, you will see how easy it becomes to run your business.

By the way… you’re invited to claim your FREE step-by-step “Master Coach Blueprint” video toolkit. Just go HERE now to get your master coach blueprint videos.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community