Developing a Good Coaching Company Business Plan

There are many important things to consider when developing a good coaching company business plan, but the first step is to fully understand the main purposes of a business plan.

Developing a Good Coaching Company Business Plan

The four main purposes of a business plan are as follows:

1. A business plan is a tactical planning and management tool for your coaching business.

2. A business plan is a written document showing the capacity of your team to manage all the aspects of the company.

3. A business plan brings you new ideas to refine your business operations or strategies.

4. A business plan can be used in your search for external financing or business partners.

The Importance of Having a Coaching Company Business Plan

The drafting or update of your business plan is essential to the good management of your coaching company. It can be used when you are in the midst of defining some stages of the development of your company, such as:
· The creation of your coaching company.
· The launching of a new coaching product.
· The establishment of your coaching company in a new market.
· The structural development of your company.

Should you hire a consultant or write your coaching company business plan by yourself?

If you are just starting out as a coach, you should be the main (if not single) author of your business plan, because your business plan is, so to speak, your own “baby”. It is a reflection of your personality and it is by this means that your investors will discover the person with whom they collaborate.

But if you are planning to expand your coaching company, for example, franchising your coaching program to other coaches around the world, you may want to call in a consultant for help and consultation. Even so, you should always stay in control of its development!

Tips for Developing a Quality Business Plan

1. To be credible, a business plan must be coherent and each section in the business plan must be based on facts.

2. There are many ways to develop your business plan, but very few can help you correctly carry out reliable financial projections based on a preliminary market study.

Indeed, one frequent mistake when writing a business plan is to first define the target in terms of market share, and then try to “find” the number of customers necessary to fill these objectives! This process should be reversed.

3. In addition, one essential point in a business plan is to define business strategies and estimate sales turnover. Based on a sufficient knowledge of the market, any quantitative estimate of sales turnover must be calculated on realistic monthly and annual increase rates. A well-founded pricing policy then makes it possible for you to estimate the sales turnover in the years ahead.

The calculation of the costs of any planned actions in your business plan are essential and make overall financial projections possible. When doing financial forecasts of your coaching business, you must project a realistic estimate of sales based on concrete market studies.

4. In a business plan, the marketing plans, as well as the financial forecasts, require a basic understanding of how these important figures are calculated. You can use good software some of which are free (www.planware.org) or cost very little (www.liveplan.com) to facilitate the development of your business plan. If finance is not your strong suit, talk to an accountant!

5. The last point and certainly not the least significant is that a good coaching company business plan is never set in stone. A regular follow-up and comparison between the business plan on paper and the reality of its execution are essential. You can then modify your business plan according to your business needs and adapt it to improve performance and achieve your goals.

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Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community