A Simple Business Plan Format for Life Coaches

We’ve put together this simple business plan format for anyone considering being a life coach. It is based on proven methods that have worked before, that will help you get your business started without forgetting any key steps. If you follow this format, you’ll be able to easily put together your own business plan for coaching with ease!

A Simple Business Plan Format for Life Coaches

What is your purpose?

Your purpose is what you want to achieve with your business. Why did you decide to be a coach? What do you want your coaching practice to achieve? If you can get really clear on what your purpose is, it will help inform everything else in your business: how it’s set up, how much money you want to make, how many clients you need. 

Start by brainstorming as many things as you can think of that describe why you wanted to start a coaching practice. (Or, ask friends and family if they have any ideas.) Write down every word that comes to mind—no matter how big or small it may seem! For example: Don’t just look at your list—process each word and idea so you better understand why you started a business in the first place. Which words represent something important about who you are and what inspires you?

Who are you serving?

It’s important to think about your target market, or who you are serving to determine how much of a demand there is for your coaching services. If you live in a small town and your target audience is people within 15 miles of you, it might be tough to generate enough business. Whereas if you have an online presence that can reach hundreds of miles away then you can reach a wider audience. Understanding who your clients will be will help you better serve them.

Where will you serve?

Write down a few potential locations you’d like to serve and what your services will entail. If none of them sound good, write down three needs that people in your area might have that you could help fulfill (and then, later, write a business plan to make it happen). You don’t need to limit yourself geographically. Maybe there are a few niches where your specialty would be particularly valuable. Think outside of geographic borders if necessary!

How will you serve?

Once you have your business idea, it’s time to start sketching out how you will go about providing value to clients. But, before you begin filling in these blanks, ask yourself a few questions: Who is my ideal client? What specific problem does he or she face? How much will I charge them per month and/or session? What are my qualifications to help solve their problem? Do I need any additional training? Will they be paying me upfront or overtime? Can I get insurance to cover me if something goes wrong with our work together? You’ll want to leave enough room on each bullet point to expand when writing about them in your business plan.

What do you need to get started?

Before you get started in business, you need to lay out a few things: An estimate of how much money you’ll need to start your business and your sources of capital. A balance sheet is a good way to get an idea of what assets and liabilities are tied up in your business. 

Keep track of all expenses. Be detailed, thorough and on time with tax filing documents. Calculate your chances of profit or loss, based on market research of similar businesses and industry trends. Be clear about both expected results and unexpected risks (like competition). This is where a pro can help you navigate some difficult questions that might not be answered anywhere else. They can also help smooth out issues with regulations so that there aren’t any surprises at tax time—or if things go sour before tax time.

What will success look like for you?

As you begin to draw up your business plan, think about what success will look like. It’s important to have a detailed, realistic vision of how your coaching practice will evolve over time so that you can work backwards from there. Ask yourself: How much money do I want to make? What type of client will my ideal client be? Where are my services available? What kind of marketing and promotional materials should I use? Do I need a website or other online presence?

What could happen if it all went wrong?

If you’re not sure about your business idea, imagine how it would play out if everything went terribly wrong. Remember: No idea is a good one if there’s nothing to fall back on. Before you make any decisions, ask yourself what could go wrong and why people might want to avoid doing business with you. You may find that your idea isn’t worth pursuing after all—or that it needs some refining before moving forward.

Life coach business plan format: Final remarks

Business plan formats for a life coaching business vary greatly depending on if you are just getting started or have been in business for a while. Most professional life coach businesses look similar, and most start with some basic information such as your name, contact information, and website address. The business plan format outlined here will help you get started. think through all of the critical components and make sure you don’t forget anything.

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