Format For Your Coaching Business Plan

Are you starting a coaching business and wondering about your business plan format? Or, do you even know what a business plan is?

 

If you didn’t even think about a business plan before starting your business – stop right now. Don’t do anything else until you create a business plan.

Why Do I Need a Business Plan?

Since you asked, I’ll tell you. In fact, I’ll give you 5 good reasons to create a business plan.

  • To avoid setting up a business based on emotions. If you write it down, you will be able to see it in black and white. What may seem like a great idea when it is floating around in your head, may not seem so great when you put it on paper.
  • To develop a game plan. When you start a business, there are specific steps you need to take to get the business off on the right foot. You not only need to have a business plan format, you also need to have a business format. You have to set priorities, establish a few goals, create ways to measure performance, and delineate the proper steps to making your business legal (corporation, business licenses, filings, etc.)
  • To make sure you have enough money and time. Many coaches start their businesses on the side. Do you have the time to do it right? Do you have the money to take classes, get certified, open an office, furnish that office, and market for clients. These steps should be researched, and the results of your research should be included in your business plan.
  • To forecast and predict. No one knows what the future will hold, but forecasting how your business will do and how much money you can make is important. You will be using hypothetical numbers, but you can use different scenarios and numbers to paint a picture of the future.
  • To have an outline to which you can refer. Your business plan will contain all the information about your business – type, address, licenses, partners, employees, assets, goals, plans, and more. The plan can be used as reference material for the life of your business. It is the Declaration of Independence or the Constitution of your business.

Does Your Business Plan Format Matter?

In a word – no. The format of your business plan is completely up to you. The only part of your business plan format that really matters is that it is inclusive and covers all aspects of your business. If you think something is unimportant, think again…and again. Your business plan should be concise, but it doesn’t have to be brief.

An Easy Business Plan Format Outline

Here is a brief business plan format outline that is perfect for simple business – and most coaching practices are fairly simple in structure.

  • Company summary – this is who you are, what you do, and how you will be doing it.
  • Products and services – this is where you describe the type of coach you are and your niche if you have one.
  • Target market – this goes hand in hand with the previous section and briefly describes the type of client you are seeking.
  • What you can offer the clients – this details the outcomes you can provide your clients, the skills you have, and the knowledge you possess.
  • Marketing and promotion – this describes ways you will market and how they will be financed.
  • Administration and Legalities – this is an addition to the company summary. This is where you detail business licenses, fees, and other administrative expenses (with specific dates for payments and filings).
  • Funding – most coaches don’t need to raise capital or seek funding when they start their business, but if you do, this needs to be a very detailed section.

That’s a very simple business plan format that will work for most entrepreneurial coaches – it’s a basic, step-by-step plan to create a successful coaching practice. However, there are many business plan formats that work – the right one for you just needs to be detailed and comprehensive, and make sense to you!

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Comments

  1. James says

    I need to start creating a new coaching business plan. Thanks for the tips.

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