Do You Really Need a Life Coaching Practice Business Plan?

Do you need a life coaching practice business plan? You’ve probably read somewhere that it is a valuable tool which can help you start a life coaching business and build it into a successful practice. It’s a document that tells you where to start, where you want to go, and how you plan to get there.

Life Coaching Practice Business

Life Coaching Practice Business – zagandesign © 123RF.com

However, do you really need one?

3 Reasons You Might Not Need a Life Coaching Practice Business Plan

  • Are you an experienced business person? If you have vast experience starting and operating businesses, then you might not need a business plan. Your business plan may already be in your head, and the tasks and steps necessary to create a profitable business may be merely routine for you.
  • Are you an experienced coach who has already operated a coaching business? Similar to having a vast amount of business experience, the needed steps to success may be routine and well-known to you – a business plan may be unnecessary.
  • Are you a procrastinator and will use the writing of a business plan to delay action? If this describes you, then you might want to get to the action part of starting your life coaching practice. Don’t procrastinate, don’t delay – get going!

A Business Plan Will Help You Succeed

Unless you fit into one of the categories above, it’s advisable for you to take the time to write a life coaching practice business plan. You don’t want to shoot from the hip and completely improvise if you want the best chance for success.

Not a highly-experienced business person? Write a business plan.

Not a highly-experienced coach who has owned other practices? Write a business plan.

Not an extreme procrastinator? Take the time to write a business plan?

Now, Do You Think You Need a Business Plan?

A comprehensive life coaching practice business plan will cover specific areas important to your business and your coaching:

  • Administrative – legal, licensing, office location, business type, etc.
  • Area of specialty – will you specialize in a specific area of life coaching?
  • Fee structure – how much per hour, package deals, discounts, etc.
  • Vision Statement – what impact will your business shave?
  • Mission Statement – the reasons a company exists and its goals and aims.
  • Values – what values will guide the coaching and the operation of the business.
  • Identification of target market – who do you plan to coach?
  • Marketing to your target market – how will you reach your market and how will you measure your marketing success?
  • SWOT – strengths, weaknesses, opportunities, and threats.
  • Outcomes – what outcomes can you offer your clients?
  • Potential additional income streams – books, DVDs, seminars, etc.

Most Coaches Need a Business Plan

Life coach practice business plans are most likely very important for the majority of coaches who plan to start a business. It’s a founding document, a handy reference guide, an outline of your business. It is not absolutely essential for you to write a life coaching practice business plan when you start your business, but it is strongly recommended that you do!

By the way… you’re invited to claim your FREE step-by-step “Life Coach Salary Secrets” video toolkit. Just go HERE now to get your Life Coach Salary Secrets.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

FREE Video Course: How To Build a High Paying Coaching Business

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