Developing a Business Plan for Health Coach Practice

When you plan to start a health coaching business, you might not have thought about a business plan for health coach practice, but you are going to need one, and you should do your best to make sure that you have one written before starting your business. This is something that you need, no matter what health niche you’re in, and no matter how you plan on going about your future with the coaching business. 

Developing a Business Plan for Health Coach Practice

Running your own coaching business has its advantages, too. You get to be your own boss, set your own hours and days to work and are responsible for your own success. It can be a great way to free yourself from the tedium of 9-5 and work at doing what you love, but you have to begin by asking a few questions:

  1. Are you doing what you love, or just doing something you’re good at? A desire to be a health coach can be a good motivation to work for yourself, but you have to be excited to get up in the morning to do what it is you have chosen to do for a living.
  2. What niche are you going to fill? Is there a need for what you can provide? Will the market bear another entry?
  3. What coaching skills do you have? Just being able to do something may not be marketable enough to convince clients or financiers that you are a good financial investment.
  4. Who are your competitors in your chosen health niche and how are you going to do it better? Why should clients come to you? What do you have to offer that no one else does?

Once you have answered these questions, it is time for the decision of what kind of business structure you will use. Will you be a sole proprietor, responsible for every facet, and the penultimate authority as to how to run the business? Will you have a partner who will share the cost and workload, the profits, and the business decisions? Perhaps the decision will be made to incorporate, with its financial safeguards but more complex and costly set-up? At this stage, legal advice is recommended, if only so that you fully understand the advantages and disadvantages of your chosen business structure.

When the structure is finalized, a name for your health coaching business should be decided upon, if not already having been done so in advance. It should be easy to remember, avoid initials, and single letters (J & C & R, Inc. will be difficult to remember for customers) and try to say something about the business (Jake’s  Coaching & Wellness is easier to remember and spell).

Next, a business plan is a vital step in laying out all these topics and points in a standardized format. 

What is a Business Plan for Health Coach Practice?

A good business plan serves as a formal statement of the company’s goals, financing, structure, and legal considerations. It acts as a resume to prospective investors and bankers to evaluate whether or not your business will be worth investing in or financing. It also provides you with a chance to see the workings of your business in black and white. 

Remember that a business will either offer a product or a service in exchange for money. This is an over-simplification, but it is the one rule that you can stand by. You need to be able to make money, so you need people to pay you for your service or for whatever product you sell. The business plan, then, is a way of setting this up and making sure that your plan is going to work. 

The idea of a business plan for health coach practice, therefore, is to identify your target market. Then write down what you are selling, how much you are selling it for, and how much it is going to cost you to do whatever it is that your business is doing. By looking at the figures you come up within your business plan, you can actually see what kinds of profits you can think about having and come up with a marketing plan. A basic business plan for health coaches should at the least contain a balance sheet, an income statement, a statement of cash flow, as well as proposed financial projections.

The business plan is going to be able to be modified whenever you need to make changes in your business. This means that you have to be sure that you are developing a business plan, and business, that can actually change and grow with the times. This is something that is very important for you to remember when you are putting a business plan together. As long as it makes sense, and as long as it can grow and change, your business plan is only going to lead to your success in your health coaching business.

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