Your 30-Minute Business Plan for a Coaching Practice

You’re probably asking yourself these two questions: Do I need a business plan for a coaching practice? What should I include in my business plan? Let’s answer the questions and within 30 minutes, try creating a mini business plan which you then can expand.

Your 30-Minute Business Plan for a Coaching Practice

Do I require a business plan for a coaching practice?

For most businesses, the answer to this question would be yes. For the majority of startups and ones which require investment by way of a loan or a business partner, a business plan is a must. Any potential investor will want to know, for example, your future growth projections before they invest in your business.

Below are the types of businesses which do not require a business plan:

· A business that is happy to stay as it is and has no plans to expand.

· A business that never has a need to take out a loan.

· A one-man business that is self-sufficient, without the need of any outside help.

These types of businesses are rare. Most businesses, including a coaching practice, therefore will require a business plan.

It is one thing being aware of your need to have a business plan. The problem is most people have no idea how to go about creating one.

A business plan for your coaching practice will show its readers all about your aims for your business and how you are going to reach these targets. You need to have a strategy firmly in place and know the direction you are going to take as well as the investments you are going to make in staff, equipment, and machinery before writing the plan. You also need to have business goals and an idea of when each target is likely to be met.

Apart from attracting people to invest in your idea and business, a business plan is also your sales copy in effect. Therefore, if you create a professional and solid business plan, people are more likely to take you seriously and invest.

On the other hand, if it is rushed or poorly written, you are unlikely to receive the backing you are looking for.

What should be included in my business plan?

People who read your business plan will not only want to know about your coaching practice, they will also want to know about you. Give them a brief summary of your history and what you have achieved in the past. Write down all of your ideas and sell the positive side of your character to them. The fact that you are really hardworking and that you thrive under pressure. You love a challenge and can not only work well as part of a team but also on your own.

Describe the market place that your coaching practice is a part of, the competition, and also the opportunities for growth in that market.

Give them financial figures including running costs, projected earnings, projected growth forecasts, and also any financial history your coaching practice might have had.

Show them that you are flexible and have a plan B if plan A does not come to fruition.

Sell them your ideas by telling them why you are setting up the business for example, and where you foresee it will be in five years’ time.

Include a mission statement explaining what you are attempting to achieve with your coaching practice.

I hope this information has given you an idea of how to write a successful business plan for coaching practice. Good luck!

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Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community