What is a Life Coaching Business Plan Template?

If you want to create a life coaching business plan but do not know where to start, you may want to consider searching out a life coaching business plan template. Finding a free business plan template is relatively easy. In addition to local government agencies, there are also many life coaching and business planning companies that offer this service on the Internet. Life coaching business plan templates either come in the form of downloadable documents or business planning software.

What is a Life Coaching Business Plan Template?

A life coaching business plan template will provide the bare skeleton plan. When you are ready to create a business plan, you simply fill in the empty spaces with your own text. In certain cases, business plan templates will come complete with sample texts or suggestions on what to include in the plan so you’ll not feel lost when writing your business plan.

Life Coaching Business Plan Template and Tips 

One of the most common questions coaches ask is this: What should I include in my business plan? Well, that depends on what your coaching business aims to do, and who you want to approach for capital. 

The standard life coaching business plan template includes sections like an executive summary, a description of the practice, a description of the products and services your practice offers, the details of market research and analysis, strategy and implementation, the backgrounds and biographies of the practice’s management team, and your financial planning. The financial planning section should include a profit and loss statement if the practice has been in business long enough to have one, a cash flow statement, a balance sheet, and a company analysis of its break-even point.

One of the most important points that must be addressed in your business plan template are the details of the implementation and analysis of cash flow. Cash flow is one of the most vital parts of a business and life coaching business plan templates designed to keep track of the cash flow helps resolve the difficulties in following its path. Cash is often misunderstood as a profit figure, but they are not the same. Business plan templates help you differentiate and keep track of each. After all, profit from your coaching practice does not necessarily mean your company will have cash in the bank. There are many profitable companies that fail because they have problems with cash flow. A cash flow analysis can help prevent this issue.

A life coaching business plan template helps record, organize, and follow implementation details. These are the things that make good things happen for your coaching business. You may have the most brilliant of strategies and the most beautifully crafted plans and documents but until you use your business plan template to assign responsibility and record dates and your business budget, your ideas are just theory. Your business plan template also helps you follow up with the assigned staff for each responsibility and task and track the business results. Business plan templates dedicated to life coaches are about getting business results and improving your practice and its bottom line.

Study a Few Real-World Life Coaching Business Plans

The best way to get a real feel for the do’s and don’ts of a coaching business plan is to find real-world plans that have already been approved and study them. Once you’ve studied a few, you will get a better feel for how much work will be involved in putting your coaching business plan together. Remember, until the strategies in your plan are implemented, the business plan is the only tool you have to sell prospective backers on how great your coaching business is going to be.

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 Life Coaching Business Blueprint to get it FREE.

Jeannie Cotter
Writer, Coaches Training Blog community

How to Fill in a Life Coach Business Plan Template

What should a life coach business plan template cover? That’s a million dollar question.

How to Fill in a Life Coach Business Plan Template

There are plenty of life coach business plan templates online but generally, they serve the same purpose — to ease a new business owner in writing a business plan through predefined sections like a description of the organization, market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.

Been Staring at a Blank Life Coach Business Plan Template and Not Knowing Where to Start? Follow These Steps..

Keep in mind that there is no one specific business plan template that you should use, or one best way to layout your business plan. However, there are some steps you can take to make the process go a little more smoothly. We have listed what we think is the easiest method to fill in a blank life coach business plan template.

Step 1: Analyze yourself
Make a list of your strengths and weaknesses. Then determine how you can build off your strengths, and improve on your weaknesses as a life coach. Remember, this can be a daunting task because you may have to own up to a few shortcomings you’re not prepared to recognize!

Step 2: Choose a Product or Service
Just because you think you know what business you want to be in, in this case, life coaching, it doesn’t mean your idea will be a profitable one. Take a look at the feasibility of your idea.

Step 3: Research Your Market
Marketing research is crucial to the success of any business and the more you know about your potential or target market, the greater your chances of securing the customers you want right out of the gate.

Step 4: Forecast Your Sales Revenue
After you take a look at your target market, estimate the percentage of that market that you think you will reasonably be able to take over. Then realistically take into account the number of your competitors, their size, and the amount of market they already have.

Step 5: Choose a Location
Is your new life coaching business going to be on the Internet or will you have a physical location and consult out of your home office? In choosing the right location, always take into account both your personal preferences and what makes the most sense for the ultimate success of your business.

Step 6: Develop a Marketing Plan
Here you will state in detail your plan to gain customers and turn a profit. Also include possible marketing channels, price points, advertising, and sales promotion.

Step 7: Develop an Organizational Plan
What skills and talents do your new life coaching business need to not only survive, but to grow as well? Will you hire freelancers? Are you hoping to hire an employee right away? If these people and their skill sets are vital to your success, do not make a plan without them!

Step 8: Decide on Your Company Status
Will you operate as a sole proprietor or form a partnership? You need to decide how you’re going to approach this and investigate the legal ramifications of each situation. As a sole proprietor, you’re in control, but you’re also solely responsible. In a partnership, you share the responsibility, the decision making and the profits with your business partner(s). Determine what works best for your budget AND your personality.

Step 9: Address Your Accounting
If you don’t know how much money is coming in and out of your business, you will never know if you are making a profit, or if you need to make changes. Keeping track of your numbers is one of the single most important things you can do for your business. Decide on whether you will do it in the house yourself or outsource it to an accountant.

Step 10: Put it All into Numbers
When you approach a financial institution for a small business loan, they will respond better if they see all of your plans in numbers; they are, after all, in the business of numbers. You can tell them exactly how much you will need and show them where their money will be going. You can also show them, with a number, how much of the market you are planning to corner, and your growth, by percentage, over the next X years.

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
Writer, Coaches Training Blog community