My Business Plan – Life Coaching Practice

You have a great idea for a profitable life coaching business and are all fired up to finish a document entitled, “My Business Plan – Life Coaching Practice.” Maybe it is an original idea that has not been marketed before. Maybe you have come up with a new twist on the ordinary. Whatever it is that has influenced you to start your life coaching business, be sure that you have a plan before you begin.

My Business Plan - Life Coaching Practice

My Business Plan – Life Coaching Practice: Tips for a Better Plan

If you have never written a business plan before, you may have difficulty getting the plan started. It will seem as though you have a lot of blank pages staring back at you. But don’t worry, use these five tips and you’ll get your business plan for your life coaching practice on the fast track.

1. To get your business plan moving, start with the section that is easiest for you, or of most interest. If you are enthused about the depth and richness of your life coaching course, write the product attributes section first. If marketing is your forte, then work on the promotion section. Many people like to start by writing the history of the company, or how they first started the business. When words begin filling the page, you will get a feeling of making progress, and then you can proceed to the more difficult parts of the plan with less trepidation.

2. People often underestimate the effort and time it takes to write a business plan. They try to write it at night or after work, in other words, when they are mentally and sometimes physically exhausted. A more effective approach is to write the plan when you have energy available to put into it. Be fully present when you write. Then, think and write for an hour before the phones start ringing.

3. Business plans are essentially works of fiction–documents that talk about what you imagine or hope may occur in the future, not what has already happened. This type of writing is difficult for everyone. You’ve probably heard of writer’s block. The problems of keeping the words flowing are precisely the ones faced by the great writers, except many of them have to keep going because the publisher has given them a deadline and they’ve already spent their advance. But you, of course, have plenty of time to finish your business plan–so there’s no reason to feel pressured.

If you are suffering from writer’s block and feel blocked, don’t worry. It’s all part of the process. The key is not to give up. Write a few words on the paper, then a few more. Jot down concepts rather than trying to write complete sentences.

4. What does the first draft of “My Business Plan – Life Coaching Practice” look like? It will undoubtedly resemble incoherent ramblings or ideas that look nothing like what you had hoped it would. Don’t be disappointed or frustrated. All you have to do is put the draft away for a few days. Then, come back to it fresh, and begin revising and rewriting. Magically, after several more revisions, the ideas will all make sense and the language of the plan will flow.

5. A good mental exercise to use when writing your business plan is to imagine that you are telling the story of your company to a good friend. Don’t get too wrapped up in the formality of the language, or the seriousness of the plan, or the need to impress. Just talk. Express your hopes and dreams for the business, for example, why it is important to you personally to succeed.

Business Planning – Life Coaching Practice: What to Include in Your Plan

To end this article, I’ll briefly list the things you need to include in your business plan.

Part 1: Business Analysis

a. Description of Your Business

b. Marketing Strategy

c. Competitive Landscape

d. Operating Flow

e. Management and Personnel

f. Exit Strategy

Part 2: Financial Information

a. Equipment, Supply List and Assets

b. Balance Sheet

c. Break-even Analysis

d. Pro-forma Projections Including:

i. 3-year summary

ii. Detailed projection by the month of the first year

iii. Detailed quarterly projects for year 2 and 3

iv. Assumptions or how you reached your projections

e. Pro-forma Cash Flow

Part 3: Supporting Documentation

a. Tax returns of the principals involved in the business for the last 3 years

b. Proposed leases and purchase agreements

c. Any licenses or legal documents the business needs

d. Resumes of all the principals involved in the business

e. Letters of intent from suppliers and other services

Remember that not all of these things need to be included immediately. The most important part is getting started on your business plan so that you can spot the areas you need to get done to complete it.

Once you have your business plan you are well on your way to creating a successful life coaching company!

Would you like an endless stream of new coaching clients? Simply click the image to the right and email and I’ll send you free videos with step-by-step blueprints for generating a massive income from high paying coaching clients.

“Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community”

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

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