Business Plans for Coaches: All You Need to Know

You’ve probably come across this question many times: “What is the basic purpose of business plans for coaches?” Simply put, a life coaching business plan is a written document that provides you some strategies to improve your business performance and achieve your business goals. Business planning for coaches involves thinking deeply about key areas of your business, i.e., vision and mission, target market, marketing strategies, operations, and financial planning, and coming up with actionable strategies that would allow your business to flourish.

Business Plans for Coaches: All You Need to Know

By having a business plan, you can improve your business’s bottom line just by implementing a well-written plan. So, how do you write one? Let’s find out.

Business Plans for Coaches: What Do They Include?

Writing a business plan can be challenging, but to simplify the process, we have come up with some basic elements that you should include in your business plan.

Vision and Mission

The very first and basic thing about your business is the vision statement. This section describes the desired future position of your coaching business, i.e., the destination for your business. Next is the mission statement. This is a guiding light of how to get to the destination with short-term and long-term goals to achieve your vision. 

Business Type/Description

There are three types of business ownership structures you can choose when forming your business: sole proprietorship, partnership, or limited liability corporation. The first two types are almost the same, where owners keep all profits but are held liable for the business’s debts and other problems. Corporations protect the business’s principals from being held liable for its debts, debts, lawsuits, and other problems. Once you’ve chosen a business ownership structure, include details about the coaching services and products you sell along with their prices. 

Market Research

Here, elaborate on the specific niche(s) you cover, for example, mindset coaching, business coaching, empowerment coaching, health coaching, etc. Then, state your unique selling point that distinguishes you from other coaches. It would be best to include your strengths and weaknesses and compare them with your competitors’. You can also mention your competitors’ specific services and selling points in this section.

Marketing Plan

People need to know about your services, and for this purpose, you need a marketing strategy for your coaching business. How do you plan to advertise your business? Is it through a website, social media, or an email newsletter? Write down the marketing strategy and budgetary allocation for marketing.

Finances

Include some details about your budgets and sales forecasts in this section. You can create a spreadsheet about your financial plans, including how much money you will spend monthly and yearly. A sales forecast period can be monthly, quarterly, half-annually, or annually for a 3 to 5-year period.

Conclusion

Business plans for coaches play important roles in the success of a business. By coming up with a business plan and changing it as you see fit, your business will not remain stagnant, and you are able to continuously deliver good coaching services and products. 

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