Business Plan for Coaching Practice: Opening Line Ideas

There it is, a Microsoft Word document with the title “Business Plan for Coaching Practice”. That blank screen with the little blinking line. And everything sounds so mundane.

Business Plan for Coaching Practice: Opening Line Ideas

Kathy Jones will provide the best health coaching service in town. (Yawn.)

I researched the coaching industry and found that it is fail-proof. (Yawn.)

We came together to form a really good coaching practice. (Yawn.)

Everybody knows why everybody is here but is it possible to come up with a better opening line?

Business Plan for Coaching Practice: 9 Places to Look for a Great Opening Line

Even the most prolific writers get blank screen-itis. To help you get your creative juices flowing again, here are some places to look for inspiration for your business plan.

1. Your competitors’ websites. Somebody spent a great deal of time and effort into those websites. What do the headlines say? Is there a nice phrase that catches your attention and gives you some ideas that can be applied to your business plan?

2. Industry ads. Who better to put on your side than Madison Avenue advertising executives? Real pros have been at work here. They have had to distill major ideas into a few lines and catchy phrases. Study your industry publications for jewels that you can pick off their pages.

3. Your own Eureka! moment. When was it that you just knew that the business strategy was going to be a reality? When was the moment that you really caught the energy of the idea? Capture that moment and put it into print. It might just capture an investor or two, as well.

4. A video of your favorite comic. There may not be any good lines you can use, but you will be amazed at how laughter releases your creative nature.

5. Blindly typing. Close your eyes, then start typing. Type for about ten minutes, anything and everything you can think of about your business. After ten minutes, look at it. What is it in the stuff that you wrote that you felt was so important that you just had to get it down in writing? If it was that important, odds are you’ve found your key idea.

6. Tell a story. Grab your favorite aunt or uncle, or just imagine them, and tell them the story of your business. What you tell them is probably what you need to tell the investor as well.

7. Skip the introduction. Sometimes the first part is better written last. Go to the biographies or the industry information, or the financials. Go where you feel the strongest pull. The area that has the greatest pull is probably the area that you need to promote the most anyway.

8. Meditate. For those adept at visual meditation, visualize the finished business plan for coaching practice in front of you, wrapped inside a box. Open it up and see what’s there.

9. Shift into disaster mode. Imagine that a disaster of some sort is about to strike, a hurricane or an earthquake perhaps. If you could save only one piece of your business, what would you save? If it’s your patent, then that is probably the most important part. If it’s your Director of Marketing, well, so be it. Whatever it is, decide why that piece is important so it may be what your introduction should focus on.

There is no right way or wrong way to write a business plan for a coaching practice. There is only your way. Each and every business plan discovers its own written path. Yours is there too.

By the way… you’re invited to claim your FREE step-by-step “Life Coach Salary Secrets” video toolkit. Just go HERE now to get your Life Coach Salary Secrets.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

 

7 Tips for a Business Plan for Coaching Practice

A business plan for coaching practice is essential to business success in the highly competitive coaching industry. If you don’t make one, you start one step behind your competitors. If you create one, you begin at the same starting line; if you write a great one, you might even be started out one step ahead!

Business Plan for Coaching Practice

Business Plan for Coaching – PracticeNopporn Suntornpasert © 123RF.com

Ready, Set, Go to Coaching Success

There are so many different ways you can increase your chances of success as a coach. One of the first steps happens before you even open your doors.

Write a business plan. For coaching practices, or for any type of business, a business plan will serve as a foundational document and a source of inspiration. It provides a handy reference guide as you move forward and gives you a written document on which to base future decisions in your practice.

7 Tips for a Business Plan for Coaching Practice

You’re ready to sit down and start composing a business plan. Oh, where oh where to begin?

Don’t let a temporary case of writers’ block or the inability to find a starting point delay or deter you. Just start! Start in the middle, start in the end, start anywhere!

Here are a few quick suggestions to help you start and finish a business plan.

  • Use a template for a business plan. For coaching practice business plans, don’t expect it to be a breeze. But, when you use a template, you instantly have a framework into which you can put the details of your own unique business. You can find free samples and templates all over the Internet.
  • Give yourself plenty of time. Most people don’t create a good plan in one day. It may take a few days or a few weeks. Give it time and you will come up with something valuable and workable.
  • Focus! Don’t write while doing something else – multitasking isn’t a good thing when writing a plan. Have a quiet space and allot some time to the endeavor.
  • Use an accepted analysis method like SWOT or SOAR. SWOT stands for strengths, weaknesses, opportunities, and threats. SOAR stands for strengths, opportunities, aspirations, and results.
  • Make it comprehensive but not overly long. One page probably won’t make the grade; a forty-page document is mostly likely overkill! A few pages with several sections should suffice for your business plan. For coaching practice plans, sections can include Administrative, Mission Statement, Vision Statement, Values, Target Market, Marketing, Alternate Streams of Income.
  • Ask your peers. If you have good relationships with other coaches, it’s wise to show them a draft of your plan. Experienced coaches can often provide valuable insight as to any missing information or details.
  • Goals matter. Write down some specific goals. When coaching your clients on goals, you may be telling them to create SMART goals. You should do the same in your business plan. For coaching practice plans, SMART goals are: Specific, Measurable, Achievable, Relevant, and Time-bound. A few different goals will serve as motivational tools as you move forward in your coaching career.

Give this strategy a try and see for yourself that it works. If you liked this coaching tip, leave a comment or use the handy bookmark buttons below to share it with others on Facebook, Twitter, Digg, etc. Thanks!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

Keep Telling Yourself You Don’t Need a Business Plan for Coaching Practice

You don’t need a business plan for coaching practice – you can keep telling yourself this over and over again. But, repeating something doesn’t make it true. You do need one. I’ll tell you why, but first I’ll give you a few excuses not to write one!

 Business Plan for Coaching Practice

Business Plan for Coaching Practice – pedrosek © 123RF.com

Why a Business Plan?

What is a business plan for? Coaching practice and any other type of small business may seem to be too small for a business plan. But, big or small, every business needs some type of plan. Does a four-thousand square foot house need a plan while a one-thousand square foot can be built without one? Hardly.

If you are going to try and build a coaching practice, even a small one, you need to write a business plan!

No Need to have a Business Plan for Coaching Practice

Here are a few excuses for you when denying you need a business plan. These will come in handy for the lazy, the procrastinators, and the terminally unsuccessful.

  • It’s too hard to write a business plan. It takes so much time and effort and produces very few results.
  • There are plenty of successful businesses without a business plan.
  • Only companies looking for funding need a business plan.
  • It’s just me – one coach and one coach only. My practice is too small to need a business plan.
  • Why write one? I’ll never use it – it just seems like an exercise in futility.

Do You Want to Succeed or Fail?

Those excuses are good ones, I’ll admit. But, they will only set you up to fail. So, if you want to fail at your coaching business, then, by all means, use any and all of those excuses you want.

But, if you want to succeed, you might take a moment to consider this: Failing to plan is planning to fail. I think Benjamin Franklin said this. I know the great coach, John Wooden used it, and Winston Churchill said it during World War II.

Considering whether a business plan for coaching practice is worth it? You’d do well to remember Ben Franklin’s axiom.

Why Have a Business Plan?

  • Business plans help you get started by serving as an outline of what you need to do, how you need to do it, and when it needs to be done.
  • Business plans outline the core of your business – your mission, your vision for the future of the business, the values with which you will conduct the business, and your goals for the practice.
  • A good business plan for coaching practices detail the target market, the ways in which you will reach this target market, and the outcomes you can offer this target market. It contains your market and your marketing plan.
  • A business plan offer a comprehensive yet concise strategic plan for the trajectory of your coaching practice.
  • A good business plan for coaching practice will hold you accountable. You can look back to see if you have achieved your goals, are on target to reach those goals, or are falling short of where you need to be.

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
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Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community