Business Plan Template for Life Coaching – Do’s & Don’ts

A business plan template for life coaching is very affordable and saves you a lot of effort and time when you want to create a business plan. Here are some do’s and don’ts that’ll help you create better business plans when using business plan templates.

Business Plan Template for Life Coaching – Do's & Don’ts

Business Plan Template for Life Coaching – The Do’s

A business plan is a document that provides answers to the type of questions anyone who may provide financing would like to know about your business. It is basically a plan you’ve considered from every angle for your coaching business. When using a business plan template for life coaching, keep these in mind:

What is your product or service? This is the first question every business owner should answer. You must explain in clear and concise language what you plan to sell, e.g. coaching books, videos, workshops, etc.

Who are your customers? You need to clearly identify your target market in order to properly target your advertising, packaging, pricing, etc.

What makes you different? You need to identify the key factors that will make your business different than other coaching businesses you’ll be competing with.

What are your expenses? Your initial costs include any equipment that you need before you can get up-and-running, while your day-to-day expenses are staff costs and supplies.

Business Plan Template for Life Coaching – The Don’ts

A lot of people make mistakes in the process of choosing and using a business plan template and end up with something that was unlike the end result they had in mind. Here are some ways to help you avoid those mistakes.

Don’t use a template that’s very popular. The first obvious mistake you should be aware of is using a business plan template that is very popular. If many people use the same template, your business plan will not appear unique at all and your credibility as a solid, different company will be tarnished. In other words, you will appear generic just like your next-door neighbors.

Don’t over customize the template. The whole point of using a business plan template is to save time and effort. All you need to do is change the title and appropriate details and you’re done. The biggest mistake one makes is to over customize the template until it doesn’t look like a business plan. While that may be good in the sense that you’re creating a unique plan, you’re defying the very purpose of using a business plan template — saving time and effort.

Don’t ignore the generic images. If a template you purchase or download free from the Internet is suitable but some changes must be made to suit your business logo or design, then you will have to take some time to make the changes.

For example, you can find a very nice template design that suits your executive coaching business except the original designer has put a generic image in the header. You can find images of humans in an office or use your own logo to replace the generic image for your coaching business. Then, only make the necessary changes and don’t redesign the whole template.

Don’t choose the wrong template. In some circumstances, some people simply make the wrong choice of business plan templates. This is a very subjective issue but you have to be careful in selecting business plan templates for life coaching to suit your audience. Do not choose templates just because they are pretty or wordy, choose them because they serve your purpose.

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“Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community”