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