How to Write a Business Plan for Coaching (Simplified)

How to write a business plan for coaching?” is a question that sprouts in almost all life coaches who aspire to start their coaching business. You may have a great idea about starting a new coaching business but turning that idea into a viable business is a totally different scenario. Therefore, before you start your coaching business, you need to write a business plan. A well-thought-out business plan will help you stay focused and organized. 

How to Write a Business Plan for Coaching (Simplified)

However, knowing how to write a business plan is a huge mountain to climb for coaches. Therefore, in today’s post, we are going to help you overcome this obstacle and explain how to write a business plan for coaching. Rather than getting into the nitty-gritty details of a business plan, this article will concentrate on the bigger aspects you need to consider before writing one.

How to write a business plan for coaching easily

In general, business plans consist of different sections that can be long and complicated. It doesn’t have to be this way; what you need to know are the main sections of a business plan, understanding what needs to be included in those sections, and focusing on how to make these sections interesting and easy to read. Here are the seven things you need to know like the back of your hand before writing a business plan for coaching.

1. Executive summary

An executive summary that provides a brief overview of the goals and objectives of your coaching business, an analysis of the coaching market, new opportunities for your business, growth potential, and a brief description of your coaching products or services.

2. Make sure your coaching business has a clear objective

When writing your business’s description, make sure it is crystal clear and there is nothing ambiguous. identify who you are, what kind of services you plan to provide and at what cost, and where will your business operate. You may also include the reasons for starting a coaching business and the future of your business. 

3. Identify your target market 

To identify your target market, you need to conduct market research. You can start with broad assumptions and gradually narrow them down. You can segment your audience using categories like geographic, demographic, psychographic, behavioral, etc. Furthermore, you can explore other aspects like age, gender, location, ethnicity, income level, and so on. Essentially, your coaching business plan should also highlight the research you conducted to identify the market. 

4. Analyze your competition

You also need to analyze your competition as you will need this information to create your brand differentiation strategy. It is absolutely imperative how you differentiate yourself from the crowd. Before you can analyze your competitors, you need to know the following:

  • who they are;
  • what markets or market segments they serve;
  • what products and/or services they offer and their pricing;  
  • what benefits they offer; and 
  • why people buy coaching products/services from them

Once you’ve determined the above, find out how you can stand out from your competitors.

5. Budget accordingly

Your coaching business plan must also contain financial statements such as, profit and loss statement, cash flow statement and balance sheet, if you are planning to secure funds from investors. In other words, you need to assess exactly how much money you need to start your coaching business and stay operational. 

6. Identify your goals and financial projections

Here, you need to identify the goals of your coaching business by clearly stating what you want to achieve. You also need to make financial projections that cover the first three to five years of your startup. You can base these projections on the target market and the percentage of prospects you can acquire. 

7. Clearly define your organizational structure

Your coaching business plan must also cover the organizational structure of your business. If it’s a small business with just you and one or two employees, that should be easy. However, if you are planning to start a huge coaching business, you need to clearly define the power structure of your organization. 

Once you’ve gathered the information you need for your business plan, compile it in an easy-to-read format that you know will allow your readers to follow without losing the message halfway through!

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
Editor/Writer
Writer, Coaches Training Blog community

 

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