How to Compile a Sports Coaching Business Plan

Are you wondering how to compile a sports coaching business plan that sets you up for success? Well, starting a sports coaching business can be an exciting and rewarding venture for sports enthusiasts and experts alike. However, like any other business, it requires careful planning and execution to succeed. One of the crucial steps in launching a sports coaching business is to create a comprehensive business plan. In this article, we will walk you through the process of compiling a sports coaching business plan that sets you up for success.

Coaching Business Plan, Life Coaching Business

A Guide on How to Compile an Effective Sports Coaching Business Plan

Creating a comprehensive sports coaching business plan requires careful consideration of several essential elements to ensure the success and sustainability of your venture. Here are some key components you should include in your plan:

Executive Summary

Begin your business plan with an executive summary. This section should provide a concise overview of your sports coaching business. Include key details such as your business name, location, mission statement, and a brief introduction to your coaching services. This section should offer a snapshot of your business’s purpose and goals.

Market Analysis

Conduct thorough market research to understand your target audience and competition. Identify the sports you specialize in, your target demographics, and the demand for coaching services in your area. Analyze your competitors and their strengths and weaknesses. Use this information to define your unique selling points and competitive advantages.

Services and Programs

Describe the coaching services and programs you plan to offer. Be specific about the sports you’ll focus on, the age groups you’ll cater to, and any specialized training you’ll provide. Outline how the structure of your coaching sessions, including duration, frequency, and any additional services like video analysis or fitness training, will be implemented.

Target Market

Identify your target market in detail. Define your ideal clients, considering factors like age, skill level, and location. Explain how you plan to reach and attract your target audience, whether through local advertising, online marketing, or partnerships with schools and sports clubs.

Marketing and Promotion

Detail your marketing and promotion strategies. Develop a marketing plan that includes social media marketing, a website, email marketing, and any other relevant channels. Specify your budget for marketing activities and create a timeline for implementation.

Operations and Management

Explain how your sports coaching business will operate on a day-to-day basis. Discuss the staffing requirements, including the qualifications and experience necessary for coaches and support staff. Outline your facility and equipment needs, as well as any partnerships or collaborations you plan to establish.

Financial Projections

Compile financial projections for your sports coaching business. Create a detailed financial plan that includes startup costs, monthly expenses, revenue forecasts, and a break-even analysis. It’s crucial to have a clear understanding of your financial expectations and how you plan to fund your business.

Funding and Investment

If you require financing to launch or expand your sports coaching business, outline your funding needs. Explain whether you’ll seek funding from investors, banks, or other sources. Include information about how you plan to repay any loans or investments.

Legal Considerations

Discuss the legal structure of your business, such as whether it will be a sole proprietorship, partnership, LLC, or corporation. Address any licensing or certification requirements for coaches, and ensure that you comply with all local regulations and laws related to sports coaching businesses.

Risk Assessment

Finally, identify potential risks and challenges that your sports coaching business may face. Develop a risk mitigation plan that outlines how you’ll address these challenges and ensure the long-term sustainability of your business.

Now that you know how to compile a sports coaching business plan that sets you up for success, you’re well-equipped to embark on your entrepreneurial journey in the world of sports coaching. With a solid plan in place, you can confidently move forward, attract clients, and make a positive impact on athletes’ lives while achieving your own professional and financial goals. Remember that ongoing adaptation and dedication are key to thriving in this competitive industry, so stay committed to your vision and continuously refine your coaching skills to stay ahead of the game. Good luck!

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

Starting Strong: Your Coaching Business Plan

Writing a coaching business plan is an essential step in launching and growing a successful coaching business. A business plan is a comprehensive document that outlines your business goals, strategies, and financial projections. It provides a roadmap for your business and helps you stay on track as you work towards your goals. This article will help you determine your target market, set your goals, and create a business plan to achieve those goals.

Coaching Business Plan, Life Coaching Business

Unlocking Success: Crafting a Coaching Business Plan That Works

Starting a coaching business can be an exciting and fulfilling endeavor, but it’s important to have a solid plan in place to set yourself up for success. Here are the key steps of creating coaching business plans, from defining your target market to planning your finances.

Target Market

The first step in creating a successful coaching business plan is to determine your target market. Who are the people that you want to help and what are their specific needs? Consider factors such as age, gender, income, education, and personal and professional goals. Once you have identified your target market, you can tailor your coaching services to meet their needs and wants.

Goals

The next step is to set your goals. What do you want to achieve with your coaching business? Consider both short-term and long-term goals. Some common goals for a coaching business include increasing the number of clients, increasing revenue, and establishing a strong brand and reputation. Make sure your goals are specific, measurable, and achievable.

Services

Once you have determined your target market and set your goals, you need to determine what services you will offer. Will you offer one-on-one coaching, group coaching, or a combination of both? What specific areas will you specialize in, such as career coaching, relationship coaching, or life coaching? Consider what makes your coaching services unique and how they will benefit your clients.

Marketing and Promotion

Marketing and promotion are crucial to the success of your coaching business. You need to reach your target market and let them know about your services. Consider using a combination of online and offline marketing tactics, such as social media, email marketing, networking events, and speaking engagements. Make sure your marketing message is clear and concise, and that it speaks directly to your target market.

Operations

Operations is another key component of your coaching business plan. Consider how you will manage your finances, handle client interactions, and deliver your coaching services. You may need to create systems and processes for booking appointments, sending invoices, and collecting payments. Make sure your operations are efficient and effective, so that you can focus on delivering high-quality coaching services to your clients.

Financials

The financial component of your coaching business plan is critical to its success. Consider how much revenue you want to generate, how much you will charge for your services, and how much you will need to invest in your business. You may also need to consider additional expenses, such as marketing and promotion, office space, and equipment. Make sure your financial projections are realistic and achievable.

In conclusion, a successful coaching business plan requires a clear understanding of your target market, well-defined goals, high-quality services, effective marketing and promotion, efficient operations, and sound financial planning. By following this blueprint, you can build a successful coaching business that helps people achieve their personal and professional goals and provides you with the financial stability and success that you desire.

Remember, a coaching business plan is not set in stone and should be reviewed and updated regularly as your business evolves. Keep in mind that success takes time and effort, and that you may need to make adjustments along the way. But with a solid coaching business plan in place, you can be confident in your ability to build a successful coaching practice.

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Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Coaching Business Plan to Grow Your Business

If you want to start a successful life coaching business, then you must have a coaching business plan. Interested to grow your business by providing your clients with the highest value coaching, teaching, and consulting services? A business growth plan will give you the tools and techniques to grow a high-end coaching business from which you and your clients will benefit significantly. This article will go through coaching business plans for growth and the critical elements involved.

Coaching Business Plan, Life Coaching Business

What Is a Coaching Business Plan for Growth?

A coaching business plan for growth is a document that outlines your goals and strategies for growing your business. It’s not necessarily the same as a traditional business plan.

A better way to think about it is as a roadmap for your coaching practice. A roadmap is more dynamic than a traditional business plan—it can change as circumstances change and has fewer formal requirements.

Why Are Coaching Business Growth Plans Important to Coaches?

If you want to build a successful life coaching business, then your focus should be on working out how to get more clients and make more money. The best way to do this is by building a precise plan showing you how to do both. Here are some of the reasons why coaching business growth plans are essential to life coaches.

Market Share and Penetration

The market share is the percentage of business in a particular industry owned by your company. The penetration, on the other hand, is the percentage of the total number of people within a target market who are aware of and use your product or service.

To grow as a life coaching business, you must know how much market share you have and how much penetration there is for your products and services. This information allows you to decide where to focus your marketing efforts, which areas need more attention, and what needs to be changed for your business to grow.

Future Risk Minimization

You will work with clients on their goals and objectives as a life coaching business. And as we all know, some of these goals may be difficult to achieve. If you don’t have a strategy for overcoming the obstacles that will come your way, then it is likely that your client will not reach his or her goal. This can lead to frustration on both sides of the table, ultimately destroying the relationship between the coach and the client. To avoid this scenario altogether, you must create a plan that outlines steps on how you will overcome any problems that arise during the process of coaching your clients.

Increased Revenue

An effective growth plan helps you increase revenue by helping you identify where there are opportunities for growth in your business as a life coaching business and how best to capitalize on those opportunities. You can also use it when talking with potential clients because they can see how well organized your life coaching business is, which gives them confidence in working with you even before hiring.

Recouping Early Losses

One reason why many life coaching businesses fail is that they don’t start making money right away. They invest a lot of time and effort into building their business but don’t see any return on their investment until much later down their life coaching business career path. By having a coaching business growth plan, coaches will be able to recoup early losses once business starts to snowball and grow.

What To Include in a Coaching Business Growth Plan?

A great coaching business growth plan must have the following:

A Business Description

A business description is a brief overview of your life coaching business that describes what you do and how you do it. It should be easy for someone to read in about two minutes and answer the questions about who you are, what you do, and how you deliver value.

Financial Goals

Your business financial goals as a life coaching business are essential to your business growth plan. These financial goals will help you determine how much money you want to make, your profit margins, and how much time it will take to reach those goals.

To reach these goals, you need to figure out your start-up costs and then estimate how long it will take you to get there. The more realistic you are with these numbers, the better off your business will be in the long run.

A Marketing Plan

A marketing plan is an important document that every life coaching business owner needs to have in place. Writing a marketing plan will help you organize and stay on track with your business goals.

A marketing plan is not a one-time activity but rather an ongoing process that will help you maintain consistent growth throughout the life of your business.

A Financial Plan

The first thing you need to do in a life coaching business is creating a financial plan. This will help you to assess your current situation and set goals for the future. It will also give you an idea of what you need to invest in to grow your business.

Conclusion

From the start, a life coaching business should focus on creating coaching business plans that set the groundwork for long-term growth. As you build your coaching business plan and network, do so carefully and strategically now that you know all the essential elements it must have.

SPECIAL BONUSIf you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit.  Go HERE to get it FREE.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

Coaching Business Plan Writers: Should You Hire One?

If you are interested in starting up your own coaching practice, you should carefully consider writing a coaching business plan. The thought of preparing a business plan tends to fill most coaches with dread; it can be a difficult, stressful, and time-consuming process. Therefore, you may want to think about seeking assistance.

Coaching Business Plan Writers: Should You Hire One?

One of the many ways that you can seek help to write your plan is by hiring a professional, who in this case is a professional coaching business plan writer.

What Is a Professional Coaching Business Plan Writer? 

Before deciding whether or not you should hire the services of a professional business plan writer, you should first understand what they are. In most cases, professional business plan writers are well versed in business terminology and can effectively understand the needs of businesses. It is important to understand when writing anything, even coaching business plans, that it is the wording that makes all the difference; the words used can be the difference between success and failure. That is why a large number of business owners turn to professional writers for assistance.

When it comes to searching for a professional business plan writer, you will find those different writers perform different tasks. For example, some writers will merely take your ideas, which you have already thought out and developed; they’ll write them in a professional manner and present your plans in a more professional way than you could.

Then there are the professional business plan writers who will work with you to develop your business plan from the inception of the basic ideas for your business to the final document. Naturally, since more work and time goes into assisting you with developing a business plan from scratch, you will probably find that the services of these writers cost more than the earlier category.

It is important therefore that before you start looking for a business plan writer you be very clear in your own mind as to what level of support and input you require.

Why Hire a Professional Business Plan Writer? 

There are a number of different reasons why business owners turn to professional business plan writers. One of the main reasons is the lack of experience when it comes to putting ideas on paper and not knowing what format a business plan should take. If you have never created a business plan before, you can easily find yourself struggling to get started.

Although it is relatively easy to learn how to create your plan, it can be a time-consuming process to undertake the research and put them into words. With the right experience, a professional business plan writer will be able to create a detailed, professional business plan faster than it would take you to create the same plan.

How Do You Find Someone? 

If you are interested in hiring a professional business plan writer, you have a number of different options. One of them is to search for someone locally. Dealing with a local writer is great, especially if you want to deal with someone face-to-face. Your search can focus on local job boards or even asking fellow business colleagues or acquaintances. If there is a Facebook writing group that features local writers, then you can approach them for potential names.

The only problem that you may come across is that not all areas of your country will have professional business plan writers. This means you may have to turn to the Internet for help. By conducting a Google search, you will find a large number of professional writers who specialize in creating or writing business plans.

What Should You Look for Before Hiring? 

When choosing a professional business plan writer, it is important that you don’t choose the first person that you come across or the cheapest. If a well-written business plan is crucial to the success of your coaching practice, then you must be careful in your selection. Your business plan may not only be used as guidance, but it may also be used to attract financing for your business and that is why your plan must look professional, be detailed, and readable.

Before hiring a writer, you should request samples of previous work and also ask to see testimonials from business owners who have engaged them. This will help to ensure you are getting your money’s worth and that you end up with a coaching business plan you can proudly distribute.

As with any contract you enter into, be very certain that the contract includes the provision for updates or revisions before the final version is agreed. Also determine if you will pay the writer per word, per page, or by the hour. Make sure both you and the writer fully understand the deal.

By following these points, you should be able to decide whether or not to hire a professional business plan writer. Whilst they can be an additional cost, in the long run, it could be the best investment you ever made.

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Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

 

 

Why You Need a Coaching Business Plan

Don’t think you need a coaching business plan? Well, if you aren’t planning on becoming a coach, then no, you don’t need one. But, everyone who wants to become a self-employed coach must have a coach business plan.

Coaching Business Plan

What is a Coaching Business Plan?

A business plan is a guide that is designed to provide a road map from the starting point of a business to any number of different desired destinations. It doesn’t need to be a long., formal document; it’s not some formal college thesis you are forced to write. You only need an extremely detailed, formal document if you are seeking investors and funding. Most coaches don’t seek out investors – so a brief, yet organized, comprehensive, and concise document will do the trick!

A Business Plan Template

Here’s what you need to include in a coaching business plan:

  • Values – what is important to you and what will be important to your business. What difference do you want to make?
  • Outcomes – what desired outcomes do you expect. What are the desired goals of your coaching business? This includes financial or income goals.
  • Niche – what type of coach do you want to be? Where is the intersection of your passion, the needs of the market, and your ability to provide outcomes to your clients?
  • Target market – where is there a need for your services? Identify the type of client or group of clients with whom you work well.
  • Competition – who will you be competing with? Is there room for you as a coach in your particular location. Identify your competitors, how much they charge, what they offer, and how they promote their practices.
  • Promotion – create a beginning marketing plan. Identify the ways you will market and promote to attract and retain clients.
  • Administration – include all administrative items – licenses, certifications, business tax permits, software requirements, accounting needs, and more.

At the end of the coaching business plan, you should include a SWOT analysis. This is where you identify in outline, and easy-to-read form:

  • S. – Strengths (your skills, knowledge, contacts, competitive edge, etc.)
  • W. – Weaknesses (lack of finances, lack of experience, etc.)
  • O. – Opportunities (lack of competition, large untapped target market, etc.)
  • T. – Threats (economic conditions, competition, high cost to start, etc.)

Why Do You Need a Coaching Business Plan?

If you need funding and are seeking investors, it’s obvious why you need a business plan. But for most coaches, the reasons may be a bit less obvious. But, you do need one!

Here are the main reasons that coaches need a business plan:

  • Writing a plan forces you to review your business concept, organization, and goals all at once.
  • You will force yourself to think about marketing and promotion right away. Some coaches ignore this one nasty detail – you have to market and promote to survive!
  • You will be able to monitor progress toward your business goals.
  • You will have a handy reference guide to refer to as you conduct business.
  • The coaching business plan forces you to act. If you’ve set a goal of 20 clients in six months and you haven’t reached that goal – you may be motivated to work harder with marketing. It provides you with details on your goals and how to reach them!

Format For Your Coaching Business Plan

Are you starting a coaching business and wondering about your business plan format? Or, do you even know what a business plan is?

 

If you didn’t even think about a business plan before starting your business – stop right now. Don’t do anything else until you create a business plan.

Why Do I Need a Business Plan?

Since you asked, I’ll tell you. In fact, I’ll give you 5 good reasons to create a business plan.

  • To avoid setting up a business based on emotions. If you write it down, you will be able to see it in black and white. What may seem like a great idea when it is floating around in your head, may not seem so great when you put it on paper.
  • To develop a game plan. When you start a business, there are specific steps you need to take to get the business off on the right foot. You not only need to have a business plan format, you also need to have a business format. You have to set priorities, establish a few goals, create ways to measure performance, and delineate the proper steps to making your business legal (corporation, business licenses, filings, etc.)
  • To make sure you have enough money and time. Many coaches start their businesses on the side. Do you have the time to do it right? Do you have the money to take classes, get certified, open an office, furnish that office, and market for clients. These steps should be researched, and the results of your research should be included in your business plan.
  • To forecast and predict. No one knows what the future will hold, but forecasting how your business will do and how much money you can make is important. You will be using hypothetical numbers, but you can use different scenarios and numbers to paint a picture of the future.
  • To have an outline to which you can refer. Your business plan will contain all the information about your business – type, address, licenses, partners, employees, assets, goals, plans, and more. The plan can be used as reference material for the life of your business. It is the Declaration of Independence or the Constitution of your business.

Does Your Business Plan Format Matter?

In a word – no. The format of your business plan is completely up to you. The only part of your business plan format that really matters is that it is inclusive and covers all aspects of your business. If you think something is unimportant, think again…and again. Your business plan should be concise, but it doesn’t have to be brief.

An Easy Business Plan Format Outline

Here is a brief business plan format outline that is perfect for simple business – and most coaching practices are fairly simple in structure.

  • Company summary – this is who you are, what you do, and how you will be doing it.
  • Products and services – this is where you describe the type of coach you are and your niche if you have one.
  • Target market – this goes hand in hand with the previous section and briefly describes the type of client you are seeking.
  • What you can offer the clients – this details the outcomes you can provide your clients, the skills you have, and the knowledge you possess.
  • Marketing and promotion – this describes ways you will market and how they will be financed.
  • Administration and Legalities – this is an addition to the company summary. This is where you detail business licenses, fees, and other administrative expenses (with specific dates for payments and filings).
  • Funding – most coaches don’t need to raise capital or seek funding when they start their business, but if you do, this needs to be a very detailed section.

That’s a very simple business plan format that will work for most entrepreneurial coaches – it’s a basic, step-by-step plan to create a successful coaching practice. However, there are many business plan formats that work – the right one for you just needs to be detailed and comprehensive, and make sense to you!

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Coaching Business Plan: Successful Targeted Marketing

A good coaching business plan will contain a section on targeted marketing. To be successful, you need to clearly define your target market and how you plan to market your services to them. Clearly identifying your target market will help focus your marketing efforts and save time and money over the long term.

Successful Targeted Marketing – © apalebluedot.co.za

Define a Target Market in Your Coaching Business Plan

Coaching is a competitive business and there are many niches in which you can elect to focus. To be successful as a coach, you need to clearly define your target market and get to know the people to whom you wish to sell your products.

You should do plenty of research on your potential buying audience. Your target market could be millions, or if you focus on a narrow niche, it could be much smaller. You should define the gender, age range, income level, marital status, and more for your potential customers. The motivations and inspirations for purchasing your services or products should also be clearly listed and defined.

As you create a comprehensive coaching business plan, you should also learn as much as possible about your target market, including:

  • The motivations behind their needs and wants.
  • What would make them choose your coaching business to satisfy their needs.
  • The purchase habits of this group.
  • Future potential changes in this market
  • The scope of your target market – local, national, international.

Focus Your Marketing Efforts for Maximum Efficiency

Targeted marketing is the act of focusing your marketing efforts toward the preferences, habits, and needs of your defined target market. You merely use the demographic and habit information to create a successful marketing plan.

By outlining your marketing in a coach business plan, you can then use the plan as a handy reference guide in the future. Your defined target market and your initial marketing efforts toward that market can also be changed and adapted as your business grows and matures.

Targeted Marketing Saves Time and Money

Your coaching business plan is a vital resource for your business. It helps to guide you as you make decisions, and it offers reminders on who you are, what values you possess, and the goals of your business. But, if you have written a comprehensive section on marketing, it can also save you money.

Promotional messages and ads can be sent to only those individuals who fall within your target market. Though the digital age has made marketing easier to do, it still takes time and costs money to mass market. When you narrow your focus and target certain groups, your marketing is much more efficient and effective. It can also save you time and money, both of which can then be used in other ways to build up your coaching practice.

A comprehensive coaching business plan is a necessity for anyone starting out as a coach. There are many reasons it helps you achieve success; one of the most important reasons is to detail your marketing and promotional plans. When you include a definition of your target market, and potential ways to market to this group, you are creating a great resource that you can use to make your business a success.

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Successful Productive Coaching Business Plan

If you want to have a successful coaching business, you need to create a successful and productive coaching business plan. It’s tough to compete if you don’t have a plan!

What’s a Business Plan?

Every business needs a plan, and a coaching practice is no exception. Before you hang out your shingle and start coaching, you need to create a detailed plan of how your business will be run.

In the simplest terms, a business plan is a guide – it’s like a treasure map that outlines the ways for you to reach your goals and dreams in your business – to find and grab your treasure! Your coaching business plan needs to detail how the business will be set up and how it will be operated. It should cover the personnel, the finances, the marketing, the administration, and anything else that is critical to the successful operation of your coaching practice.

Should a Coaching Business Plan be a Long Boring Document?

If you’re starting up a multinational corporation, your document is probably going to be over fifty pages – it’s going to be filled with legalese and details. However, a coaching business plan can be much, much shorter. As long as you include the basics, you’ll be fine

There are many places online where you can find information on how to create a business plan. You can also find templates that will make it even easier.

How to Make a Coach Business Plan Successful and Productive

To take your business plan one step further, you should include ways to attract clients. After all, you can be a fantastic coach, but if you don’t have any clients, you’ll never get the chance to show how good you are!

Coaches are made, not born. Sure, some people are probably born with qualities that give them just a bit of an edge at the beginning. But, no one is born a great coach. Coaches become great through education, experience, mentoring, and effort.

Since coaches are made, it also follows that coaching practices are made. To help make they great, you need to follow a plan. If you have a plan on how to attract clients and become a better coach, this will make it easier. So – coaches, your business plan should have information on ways to attract clients and to improve your coaching skills.

Coaches Need Mentors

Many business plans will have ways to get clients – advertising, networking, cold-calling, websites, social media. Business plans will also have details about education and skill improvement. This is great, but most coaching business plans lack one critical component in the pursuit of excellence.

What is it that your coaching business plan needs to stand above most of the others?

Mentors! That’s right – mentors! Coaches get better, good coaches become great, and great coaches become even greater when they work with mentors. Your coaching business plan should include details about how you will seek out and work with mentors to improve your skills.

You obviously know the value of mentoring – you are a coach, or thinking of becoming a coach, and you know how valuable coaching is. If it’s valuable for your clients – guess what? It is just a valuable to you!

If you combine your successful promotional techniques (methods detailed in your business plan) with improved skills gained through education, experience, and mentors, you are on the way to finding that pot of gold (coaching income) listed on your treasure map.

Coaches – Don’t Forget to Include Mentors on Your Business Plan

When creating a coaching business plan that is successful and productive, don’t forget to include everything you need to become a better coach. One of the most overlooked items is mentoring – if you remember to include it, and then follow your plan, you’ll have an advantage on the competition!

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A Simple Quiz You Need To Answer For Your Coaching Business Plan

You know you need a coaching business plan, right? You should know that a well-written and comprehensive business plan can help be a success in the coaching business. Though many coaches overlook the importance of a good business plan, writing a good plan can be one of the most important things you can do for your success.

Yes You Need a Business Plan

You might think that just because your business consists of only you that a business plan is unnecessary. You might think that just because you are only starting out as a part-time coach, that writing a coaching business plan is a waste of time. But, you would be wrong. Every business, from a sole proprietorship to a multi-national corporation needs a comprehensive business plan.

Test Your Coaching Business Plan Knowledge

Here is a simple quiz to test your knowledge about business plans. It’s good to have an idea of how a business plan is written before you begin on your own coach business plan.

  1. What section of the business plan is usually written last?
    1. Market definition
    2. Executive summary/ administrative
    3. Vision statement
  2. What section of the business plan is usually placed first in the plan?
    1. Values section
    2. Executive summary/ administration
    3. Mission statement
  3. What timeframe does a business plan usually address?
    1. 12-24 months
    2. 24-48 months
    3. 5 years
  4. What is the biggest mistake you can make with a business plan?
    1. Not doing enough research
    2. Not having one
    3. Both
  5. Does your coaching business plan need financial projections and forecasts?
    1. No
    2. Yes
    3. Maybe
  6. What type of goals should your business plan contain?
    1. Short-term
    2. Long-term
    3. Both

Now that you’ve taken the quiz, let’ see the answers.

  1. The answer is (B).
  2. The answer is (B). Yes, this section is often written last because it is basically a summary of your business, but it appears first because it provides a good overview of what your business is all about.
  3. The answer is (A). Most business plans address a time frame from 1-2 years. However, it is up to you to decide. You can certainly project out to five or ten years as long as you realize that your plan may need modification at some time.
  4. The answer is (B). However, both answers are good because not doing enough research is one of the most common mistakes when writing a business plan. But, not writing one would be your first and only mistake!
  5. The answer is (C). Large businesses need to include comprehensive financial projections in their plans because they may need to look for capital or investors at some stage. A sole proprietorship, the type of business most coaches have, usually don’t need much more than income estimates based on price charged and number of clients.
  6. The answer is (C). Both short-term and long-term goals should be included in your coaching business plan. Having clearly defined goals of both types is important for decision making and assessments.

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The Top 6 Coaching Business Plan Mistakes

Most people don’t think about the mistakes they are making when they create a coaching business plan. They are usually striving to include everything they can. Coaches are especially prone to mistakes since they often enter their profession with little real world business experience – they think all they have to do is learn about being a good coach. They forget that they also have to be a good business person!

Why Do I Need a Business Plan?

This could be classified as the very first mistake – you shouldn’t even be asking this question. You shouldn’t even be thinking about this question! But, here’s the first answer to this question.

  • It’s a must-have if you are planning to look for a loan, approach investors, or bring in a partner.

This first answer doesn’t apply to many coaching practices, but the next few are explicitly for coaches who think a coaching business plan is a waste of time:

  • It will help you make decisions – about what to offer, what niche to enter, what to charge.
  • It will serve as a reality check – big ideas are great, but goals that are unreachable aren’t worth the paper they’re written on.
  • A coaching business plan also serves as an action plan – composed correctly it offers a step-by-step guide to starting your business and getting off to a great start.
  • It will help you develop new ideas – if it’s a flexible document it can be used as a creative tool to come up with new coaching and marketing ideas and solutions.

Now that you know why you need a coaching business plan, let’s explore the most common mistakes business owners make when creating this all-important document.

The Top 6 Coaching Business Plan Mistakes

  1. Writing it because you know you’re supposed to write it. If you just go through the motions, it won’t serve it’s a purpose as a founding document for your business, a step-by-step guide to starting your business, and as a creative tool to operate your business.
  2. Writing it all at once. Think it’s best to sit down one night and get it all done, just like you used to do for your college essays? Nope! It’s best to create it over a period of time – writing it in sections and adding to those sections as you come up with additional ideas.
  3. Not making it a document of priorities. Though a coaching business plan will contain an abundance of information about your business, potential clients, and market, you need to create priorities. What should be done first? In what order should specific tasks be completed? It helps you get the bigger tasks done first and then move on to the other ones.
  4. Don’t finish your coaching business plan. Huh? Don’t finish it – why should I leave it incomplete? You don’t want your business to be done before it starts, do you? Leave your business plan open-ended – this will allow for changes, flexibility, and adaptability. Your business is on-going – your business plan should be, too!
  5. Not being honest. When you forecast the future or predict client numbers and revenue – be honest. Optimism is good, but your optimism and excitement when starting a new business must be tempered by realism. It takes time to build up a coaching business – many coaches take years before they are pulling in the big bucks!
  6. Don’t over-emphasize the business idea. Yes – you have to include a mission statement, but there is much more to a coaching business than that. Coaching business plans must be detailed and comprehensive. It’s great to say that your goal is to be a great coach with plenty of clients who pay a high fee for your services, but it’s the details that will help you reach those goals.

A Business Plan is Your Founding Document

A coaching business plan is your founding document. Create it with care, treat it with respect, and update it as market and business changes happen. It is one of the foundations of your coaching practice – without it, your business may crumble and break apart!

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article… Thank you!