If you are an executive or a business coach, you might not have thought about a business coach business plan, but you are going to need one, and you should do your best to make sure that you have one written before you start with your business. This is something that you need, no matter how you plan on going about your future with the business.
So, how do you create one? Here are a few things you need to do when writing a business plan.
Things to Consider When Crafting a Business Coach Business Plan
When creating business coach business plans, coaches need to consider the following things:
Vision & Mission
Firstly, you need to think, why are you starting your coaching business? What’s your vision for starting it? How are you different from other business coaches? You need to answer all these questions as they provide the foundation for your business and makes planning easier. Vision is basically a big picture of your dream which you aspire to achieve. You also need to define what your mission is. Ask yourself this question: “How will your coaching benefit businesses and executives and how passionate are you in bringing positive change to organizations?
Business Description
This section is meant to provide an overview of your business, including what your coaching practice does and how it is unique from others in the coaching industry. This description provides extensive details outlining your business.
Products & Services
In your business coach business plan, you are going to want to list the service or product that your business is going to provide, and how much you are going to be paid for it.
Target Audience
Defining your target market may be a little difficult if you think your coaching services can be used by anyone, but it can be done. Simply putting “every organization on Earth” is not a practical target market. Whether your product or service can be used by everyone is not the key, it is who can afford and needs your product.
Market Research
Analyzing the competitive landscape is an important part of determining if you can succeed in business coaching. Find two or three competitors and evaluate them. What do they offer and where are they successful? Where is their main revenue coming from? What things do they lack that your business will provide?
Marketing Strategy
Figure out a strategy to be used to market your business coaching practice. For this, you require both online and offline marketing in the plan. Setting up a simple website is important. Don’t forget to include all the licenses and certifications that you possess an add testimonials of your clients. If you want people to contact you directly via the website, make sure to add an address to it.
Financing & Capital
Any good business plan needs to have a detailed look at finances. This means you need to take a realistic look at what your initial expenses will be along with ongoing costs of running your coaching practice. Once you have determined both your ongoing expenses and initial expenses then you can evaluate how much initial capital you will need and where you intend to get it, i.e., via angel investors, venture capital, self-financed or friends and family. If you are not familiar with financial statements, you may want to have an accountant help with this section.
A rock-solid business plan can help you get your business off to a good start. Take the time to create a complete and thorough business plan and you will be that much closer to achieving your goals in business coaching!
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.
Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community
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