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

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