Your Guide to Writing a Coaching Business Plan

Have you ever thought of writing a coaching business plan but do not know where to start? Way too often, we don’t start things or take the first step because we can’t figure out the tenth step.  But you don’t need to know the tenth step. You only need to know the first step because the first number is always one. 

Your Guide to Writing a Coaching Business Plan

The first step to writing a coaching business plan is to have a good idea of whether your business is viable. After you’ve analyzed the market, it’s time to draw up the business plan.

But first, what is a business plan? A business plan is a detailed analysis of your business, including its objectives and finances. The plan provides an insight into the purpose and vision of your coaching practice and how its goals will be achieved and set out the financial requirements for the practice as well as its projected earnings potential.

Use it as a reference guide, which you can refer to at regular intervals to help you stay on the right track. Don’t treat it as gospel though business needs change over time and therefore so will the business plan. If you keep on top of this and amend your plan accordingly, it will help to ensure your business continues in the right direction.

Why is Writing a Coaching Business Plan Important?

There are two main uses for a business plan. The first is as a sales tool to help you present your case to lenders, investors, and potential business partners. The second is for your own internal use, as a gauge against which you can measure your coaching practice’s development and progress towards its objectives.

Your business plan, therefore, needs to be a compelling document that will impress people and convince them of your ability and the viability of your practice. To make it credible, you’ll have to back it up with detailed research and accurate financial forecasts. Be careful not to make it flat and lifeless though. Don’t just present the facts and figures: turn them into a meaningful and exciting business case. A word of warning though: keep your feet on the ground at all times and ensure that your analysis is truthful and realistic. Investors and lenders will see right through the hype if you overdo it. Also, it is in nobody’s interest to create a misleading impression. On the other hand, though, don’t aim too low. Objectives and financial forecasts that seem far too easy and conservative will not impress and will not provide you with any challenge or incentive to reach your practice’s full potential.

You need to make your business plan balanced. Be upfront about both strengths and weaknesses. Put a positive spin on the weaknesses, though demonstrate what you will do to overcome them.

The Basic Structure of a Good Business Plan

Your business plan should consist of the following:

Summary – This is basically a concise synopsis of your coaching practice and the plan. A potential investor or lender will probably read this part only when they are inundated with similar reports and documents. By reading these crucial couple of pages, they can judge whether something is worth further consideration. Writing the summary once you’ve finished your plan will ensure that you don’t miss anything out. Make it impressive and attention-catching.

Company Information – This section provides some context by outlining what your coaching practice is all about. Include the structure of the organization, its history, its vision and mission, information on the industry, an analysis of the customer base, a description of the products or services offered. You’ll need to give all the facts to help the reader understand what your practice does, but provide more than this. Don’t just describe what your practice does, but also what makes it stand out – its benefits and key selling points.

The Management & Team – Here you outline a brief CV for each of the members of your management team. Also, include any external consultants whose services you employ. Make it clear what they can bring to the company. Show the different departments if relevant and explain what types of positions will be held in each of these areas. Provide a plan as to how you will recruit, train, and manage your workforce.

Promotion and Sales – In this section, you should include all of your market research. Show that you fully understand your intended clients and your competitors. Outline how you will deal with competition in the market. Explain your plans for advertising your practice and promoting your coaching products and services.

Operations – How will your business work? Provide details of where your company will be located, whether it will own or rent its premises, what materials and equipment you will need, what IT and other systems you will use.

Financial Analysis – Summarize the figures at the beginning of the section to outline the main messages. Include costs for every area of your business and do an in-depth projection of the financial outlook for the practice for the next year, as well as an outline sketch of the likely financial future over the next five years or so. You should include profit and loss accounts, cash flow, sales projections, etc. 

To wrap up your business plan, you could also include a more general future vision for your coaching practice, to give lenders or investors an impression of how your company will shape up and what financial returns they might receive from it. 

Now go, and write a coaching business plan!

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

 

 

Your Coaching Business Plan – Take Your Coaching Career To The Next Level

How do you write a great life coaching business plan? There are a billion resources detailing how to write goals or take your coaching career to the next level, most of which are fine, but what you really need is to give yourself time to focus on your life coaching business plan. If you are serious about making this year a turning point in your coaching career, here a few tips that will help make a difference no matter what strategy you choose.

You Need 24 Hours Dedicated to Working on Your Life Coaching Business Plan

The most important life coaching business plan tip is to give yourself a full day to plan. Not just an hour. Not even half a day. Smaller time blocks can be easily wiped off the face of the planet with a small emergency. An afternoon can also be easily whittled down to a half hour of scattered thoughts. That’s not going to give you a quality future for your coaching career. Give yourself 24 hours.

Create Your Life Coaching Business Plan in a Different Environment Away From the Usual Distractions

The other key aspect to making the most out of your life coaching business plan time is to get away from your usual environment. Get away from your usual distractions and conversations. Creating a powerful life coaching business plan that is powerful enough to take your coaching career to the next level is going to take focus. Daily distractions like the internet and the phone take away from your focus; and that’s power that is lost.

In your usual environment you think about how you usually think. If you want to take your coaching career to the next level, the same thinking that got you where you are will not get you to the next level. If you create your life coaching business plan in your home or usual workplace, you’ll tend to repeat what happened in the past. So get yourself to a different place. Find a nice area outside your usual town, even if it’s only a half hour away. Find a place to stay the night. Maybe drive to a bed and breakfast or campground. Go to sleep somewhere else and when you wake up start your day.

If You Give Yourself 24 Hours and Distance From the Norm This Can be the Best Year of Your Coaching Career

You’ll be amazed at the power that getting some distance from all the things that usually stop you can have on developing a powerful life coaching business plan. Give yourself this gift. Set yourself up to make powerful changes in your coaching career by creating an optimal planning environment. And have a very happy new year!

SPECIAL BONUS — If 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 my coaching business video course. Click HERE to get it FREE.

Colette Seymann
JTS Advisors Bi-Designated Strategy and Accountability Coach

A Five Step Coaching Business Plan

Starting a coaching business seems like a piece of cake – take a coaching course, get a business license, open an office, and hang out a sign stating that you are a coach. Well, that is basically the plan when starting a coaching practice, but there’s much more to it than that if you want to be a successful coach.

 

The Three “P’s” to Starting a Business

Before I give you a step for step plan for starting a coaching business, let’s discuss the three “P’s” of starting any type of business – patience, perseverance, and persistence.

Patience – businesses take time to grow and become established. Don’t give up if early marketing efforts fail or you run into a few roadblocks.

Perseverance – stay steady in your course of action and stay strong in the face of obstacles as you work toward establishing yourself as a coach.

Persistence – believe in yourself and that belief will provide you with rewards (coaching income!).

If you understand patience, perseverance, and persistent – and they are all closely related – you are ready for the step for step plan for starting a coaching business.

A Step for Step Plan for Starting a Coaching Business

A State of Mind. Your first step doesn’t really involve taking any action toward establishing your business; it involves getting your mind right before you begin. You have to be mentally prepared for both good times and bad. You need to understand that the learning curve for coaching can be lengthy as experience and continuing education are important components of great coaching. Once your mind is right, you are ready.

What Do You Want To Be? This is all about discovering what type of coach you want to be – life, health, wealth, executive, or something else. What type of experience do you have? What is your passion? You have to know what segment of coaching your wish to pursue before you begin.

Who Do You Want To Be? Once you have selected a segment of the industry, you should think about your niche. Do you want to coach a specific target market? Do you have experience which will allow you to offer outcomes for a specific type of individual? Being a big fish in a smaller pond improves your chances for success.

Who Do You Want To Be – Part 2? Coaches who get the most recognition often have a brand. This can be a tagline, a logo, a motto, or just a specific way they advertise their services. This brand should be used across all media – on your website, business cards, social media pages, books, DVDs, and any other marketing materials or products you produce.

Get Your Message Out To The World. You need to attract followers, and you do this not be selling, but by giving away information for free. Yes – for free! Marketing through email is perfect for this. You can create an email list by giving away some valuable information for free – through your website, periodic emails, or email newsletters. Giving valuable information away for free through email, social media, public speaking, or any other method will eventually turn into paying clients.

Ask And You Will Receive. Once you have built a large list of email and social media followers, you need to ask them for feedback. What are their main goals? What are their most annoying frustrations? What are their experiences with coaches? What do they want? How bad do they want it! This feedback will form the foundation of your coaching practice – use it to structure your sessions and to create products that will bring in additional income.

Patience, Perseverance, And Persistence Has Paid Off! Since you took the time to set up your business and build a core group of followers by following a step for step plan for starting a coaching business, your practice has a head start toward the success finish line.

By the way… you’re invited to claim your FREE step-by-step “Master Coach Blueprint” video toolkit. Just go HERE now to get your master coach blueprint videos.

Coaching Business Plan: Choosing A Career That Will Change Your Life

In doing your coaching business plan it is also important to choose a career that could help you change your life. Take for example spiritual life coaching as you help others build strong faith to our Creator you are also making your life a truly meaningful one. Spiritual coaching enables you to transform your life in clarity and leads you to the right direction, it moves you towards your life purpose on earth same as coaching for leadership. Read more of this article entitled “Change Your Life Through Spiritual Life Coaching and Coaching for Leadership” to know more about why it is important to choose a career that will help you change your life.

Change Your Life Through Spiritual Life Coaching and Coaching for Leadership

Coaching for Leadership is an effective way to develop leadership skills in you and your team. The ripple effect of strong leadership will promote efficiency, build morale, improve customer service and, ultimately, lead to better performance.

Good Coaching Business Plan For Financial Success

A successful coaching business takes a smart coaching business plan. People don’t plan to fail they fail to plan. It is crucial to your success as a coach that you learn what it takes to make a coaching business plan.

Good Coaching Business Plan For Financial Success – © static1.squarespace.com

One Overlooked Secret to Financial Success as a Life Coach

There are many factors that contribute to success in the coaching world. But, there is one contributing factor to success that is often overlooked: planning.

Planning doesn’t begin after you open your office or after you have signed your first client, it begins before you begin. And planning starts with a comprehensive coaching business plan.

5 Questions to Answer on a Coaching Business Plan

On the surface, a coach business plan doesn’t seem to be asking many questions. But, as you write a business plan, you quickly realize that you are asking the questions, and then placing the answers to your inquiries into the format of a business plan.

Here are 5 questions you should be asking and answering as you compose a comprehensive and thorough business plan:

  • What should I charge? This is often the first question a coach faces when opening a new practice. It’s easy to see why – it’s the basis of how much income you’ll make and is an essential determining factor in your success as a coach. Your business plan should include hourly rates, prices for package deals, and even prices for seminars and online coaching, if you plan to pursue those avenues.
  • What is your target market and what is their need? You need to clearly answer both parts of this question. It is necessary to define your target market and know the needs of that market so you can create a successful marketing plan.
  • How can you satisfy the needs of your target market? Do you have the skills and the tools to find the outcomes your potential clients are seeking? This will be included in several places on your coaching business plan – in the mission statement, in the values section, in the marketing section, and in the parts where you identify the target market.
  • How do you plan to market your services? This is one of the most dreaded questions for coaches. Most coaches detest marketing, but you can’t build a successful business without it. Ask yourself what you do best. Determine if you can afford a marketing expert to help you out. Figure out free and low-cost methods of marketing. Different types of marketing and ways to assess the effectiveness of that marketing should all be included in a coaching business plan.
  • What needs to happen to be successful? Business plans often lack financial projections. Though these projections can sometimes just be a whimsical exercise, they can also serve as an inspiration. Include target numbers (price charged, number of clients, and alternative streams of income like DVDs, group coaching, and books) and figure out how much you will be making in a year, five years, ten years. Be realistic, but it can also be beneficial to create some very optimistic numbers, too. You can look back at these numbers from time to time and see how reality is measuring up. A comprehensive business plan should not only be a guide and a reference, it should also serve as a motivational tool.

If your coaching business plan answered these five questions, you have the beginnings to a business plan that will help you achieve financial success in the coaching industry.

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.

Coaching Business Plan – consider your target market

One important thing to remember  when making a coaching business plan is to consider your target market. You should know your target market because if not, your coaching business could possibly lead to failure.  If you know your target market you will be able to gain more clients easier .

Find the Target Market for your Coaching Business

… an effective target market for your business with her How To Find A Profitable Target Market For Your Business Audio Recording. Get it now at http://www.marketingsalad.com/niche.html. Find More Life Coaching Business Plan Articles …

Important Tips on Coaching Business Plan

There are actually a lot of important things to realize when planning for a life coaching business. Top of  it is the clients you are going to work for, you should think first how you can help them change their lives. Next is you should also think for yourself, if you are capable or willing in helping others, if you have the certain knowledge on a matter that you are going to share. You must realize those matters and even the advantages and disadvantages of starting a life coaching business. Yes! There are disadvantages but not really that bad,  how you are going to handle it is up to you. Here is a must read article if you are going to pursue on your life coaching business plan.

The Best Way to Start a Life Coach Business | Business Ideas

After that, your life coaching business plan should include details like whether you’ll practice your life coaching skills or turn this into an online business idea and hire life coaches to work for you, when and where you’ll provide …

Publish Date: 05/06/2010 6:00

http://www.businessideas.net/businessideas/start-a-life-coach-business-0135