Career Coaching Business Plans 101

Most of us know what a business plan is but how do career coaching business plans look like?

Career Coaching Business Plans 101

Career Coaching Business Plans: The Key Elements

All good career coaching business plans have the same key elements that a normal business plan would have – an executive summary, a description of the company, management team information, information on its product or service, market analysis, strategy and implementation, and financial highlights. Let’s take a look at each of these crucial elements.

1. Executive Summary

While the executive summary should appear first in your business plan, it is actually written last, as an overview of the entire business plan. It’s the most essential part of your plan because it acts like a doorway to your plan.

This section is basically a summary of what your business does, the problem that it solves, the target market, the founding team, and financial highlights.

There is a saying in the film industry that no great script is written, only rewritten, and in a way that’s how you need to treat your executive summary. It needs to be impactful so don’t be afraid of rewriting it until you know it off by heart. As much as possible, keep things brief.

2. Description of the Company

The next component of your business plan is a description of your company. You note here whether it is a sole proprietorship, a partnership, or a limited liability corporation. Here, you also talk about the history of the business and your plans.

3. Management Team

A good business plan also covers the expertise and efforts of your key managers as well as your human resource strategies.

4. Products and Services

Next on your business plan would be each product or service that your career coaching company offers to individuals or other businesses.

This section would also clarify what benefits clients would achieve from your offering and how the products or services are different from the rest in the market.

5. Market Analysis

Market analysis is covered next in your business plan and includes your study of the local market, the fact that you don’t feel it’s saturated, where your customers are to be found and how best to reach them.

As a career coach, you could target people looking for a pre-retirement gig, young graduates looking to get their foot in the door or someone looking to change industries entirely.

Break down larger marketing plans into small steps so you are able to keep the focus on building and developing your long-term goals. For example, if you plan to market to every IT executive in your area, break it down into steps. Break it down so that this month you will purchase the demographics list of IT executives in your city, then the next week develops the sales letter, the third week turn it into the printer, so on and so forth.

6. Strategy & Implementation

The strategy and implementation section of your business plan gives you opportunities to be specific about dates, budget and managerial responsibilities.

7. Financial Highlights

The final part of your business planning covers all financial aspects of your business growth. Here, you talk about where you will find your funding for your business and/or expansion, what your profit and loss statement looks like, your cash flow, your company’s balance sheet, and financial projections.

Within the business plan, it is beneficial to map out the financial budget for a certain length of time. In most businesses, this plan includes all major expenses for the year. Adhering to a yearly plan may be difficult for some coaches because they are not able to do that in their personal lives. For example, if one has a hard time saving 10% of their income how are they going to adhere to a budget that requires them to put money away for future development in their small business?

The plan should include a one-year improvement plan as well as monthly or weekly goals so you can follow it closely. Let’s say you plan to expand your career coaching business by enrolling more executives. That requires an additional coaching space which is going to cost you about $8,000. Stay committed to taking $100 out of your earnings each week by writing a check and placing it in a box. At the end of the year, you can count up the checks, rip them up and write one big one for your expansion project.

Having a well thought out career coaching business plan will help you achieve the things you want to achieve throughout all stages of your business and will help to ensure your business is a success.

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

Clear and Concise Career Coaching Business Plans

Career coaching business plans are essential. Anyone who starts a career coaching practice needs to write a business plan. It acts as a valuable starting point and serves as a handy reference guide for future decisions and actions.

Career Coaching Business Plans

Career Coaching Business Plans – Jakub Jirsak © 123RF.com

Be Clear and Concise on Business Plans

Business plans don’t need to be tens of pages. Think of how complicated our federal tax system is – it is nearly 75,000 pages, but it would probably be more effective if it were about 20 pages. Think of this when you are creating a business plan. Sure, it should be more than a few paragraphs, but it doesn’t need to go on endlessly and be excessively complex and wordy.

Clear and concise is the rule. Whether that means two pages or six pages – it probably depends on the size and scope of the business. Keep it readable and understandable. You should be able to reference it with ease, and adapt it without too much trouble as a need arises.

Career Coaching Business Plans and Defining a Target Market

One of the most important sections in a business plan is the identification, definition, and clarification of the target market. This is where you need to be especially clear and concise. This is also where you should definitely not confuse the world “concise” with “brief.”

You want to make certain you give a comprehensive definition of your target market, but you want to make sure it is clear and well-defined. Knowing who you are seeking to coach is important for many factors in your practice – how to market, how to apply skills, and what other products can be created for additional income.

Being comprehensive means including the following:

  • Income levels
  • Geography
  • Education
  • Job status
  • Career field

There are many other demographics you can include. Remember to be comprehensive, but clear and concise.

Do You Have Outcomes for Your Target Market?

An often ignored component of career coaching business plans is the identification of the outcomes you can offer your target market. You can’t be a successful coach if you don’t identify the outcomes you can provide.

A career coaching business plan should list and details these outcomes. The larger and more diverse your target market is, the more outcomes you should include in your business plan. If you choose a highly specialized and narrow niche, you won’t need as many different potential outcomes because the demographics and the needs of your target market are narrower and more homogeneous.

Every Section of a Business Plan Should be Clear and Concise

Though this article has focused on the target market section, all career coaching business plans should be drawn up with care and should end up being highly readable – clear and concise.

Rome wasn’t built in a day, and a workable and dynamic business plan will take more than an hour or so to complete. Start with an outline and then slowly fill in each section. Once each section is filled in, more detail should be added. Once that detail is added, you may need to go the other way and pare it down.

There’s plenty of give and take when writing a business plan.

Career coaching business plans will take a few days, a few weeks, or even a few months to get right. But, when completed, they should be readable, workable, useable. The clearer and more concise they are, the more your career coaching practice will reap the benefits.

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.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community