Transforming Lives LLC: A Sample Coaching Business Plan

Are you looking for a sample coaching business plan? Then you have come to the right place because we are going to share with you an example of a coaching business plan to enable you to craft your own business plan. This sample business plan is going to save a lot of your valuable time and money. Remember, there are also a lot of sample coaching business plans available on the Internet that you can refer to. 

The following sample coaching business plan for the fictional firm, “Transforming Lives LLC” is an example of what a coaching business plan might look like.

Let’s get started.

A Sample Coaching Business Plan

Transforming Lives LLC’s business plan consists of the following key components:

1. Executive Summary

Objectives

  • To acquire a personal premise for our business by October 2021.
  • To hire two certified life coaches by October 2021.
  • To acquire at least 100 clients by the end of December 2021.

Mission Statement

To provide life coaching, counseling, and guidance services to a diverse client base and transform their lives.

2. About Us

Transforming Lives LLC will operate in Las Vegas, Nevada, starting on June 01, 2021. Our business intends to provide the most effective solutions to the personal and professional problems of our clients. 

Transforming Lives LLC is a privately held C corporation owned in majority by its founder, Philip Cross. There are two other partners, including one public relation consultant, Jack Thompson and one attorney, Paul Schulman. Neither owns more than 20%, but both are active participants in management decisions.

3. Operating Location

We have one location—a 5,000 square-foot brick and mortar facility located in a suburban shopping center conveniently close to the downtown area. It includes a training and sales area, service department, and offices.

4. Services and Pricing

Transforming Lives LLC will provide life, career, and business coaching services. Clients will be charged on a per session or monthly basis. The price per session will be $100/hr whereas the company will charge $500 monthly if a client chooses a monthly pricing plan.

5. Target Market

The company will target individuals all across Las Vegas who need life, career, and business coaching services.

6. Competition

The company’s main competitors are:

Life Coaching Company – This company is an established coaching firm that has been operating for the past 10 years. It has a huge client base and is known for offering unique coaching facilities and affordable prices. 

Coaching for All Company – This company is well-reputed among the upper-class strata of the city and mainly targets businesspersons, professionals, and celebrities.

7. SWOT Analysis

Here’s an overview of our SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis:

Strengths

  • Affordable prices
  • Dynamic, innovative, and modern coaching techniques and strategies

Weaknesses

  • New to the Las Vegas’s coaching market
  • No clientele

Opportunities

  • Ever-increasing need for life coaches
  • Affordable and easy marketing strategies

Threats

  • Established coaching companies in the market with established clientele
  • Clients prefer experienced and established coaching companies

8. Marketing Plan & Strategy

We strive to build long-term relationships with clients, not single-transaction deals with customers. Our goal is to become their go-to coaching firm and make them understand the value of the relationship.

Our marketing plan consists of two phases. The first phase will be creating accounts on social media platforms that the target market most commonly uses. The second phase will be starting promotional campaigns such as rolling out promotional materials via our website, YouTube channel and email newsletters.

9. Financial Plan

Transforming Lives LLC will incur the following start-up costs:

  • Desk, chair and file cabinet
  • Fax machine, copier, telephone line
  • Computer with printer and Internet connection
  • Legal fees for business formation

Our total start-up cost is $23,000.

Projected Profit and Loss

Year 2021 – $3500

Year 2022 – $60,000

Year 2023 – $95,000

 

Projected Balance Sheet

Year 2021

Total Assets – $24,000

Total Liabilities – $20,000

Year 2022

Total Assets – $40,000

Total Liabilities –$26,000

Year 2023

Total Assets – $29,000

Total Liabilities – $15,000

Projected Cash Flow

Year 2021 – $22,000

Year 2022 – $39,000

Year 2023 – $30,000

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

Crafting a Business Plan for a Coaching Center

If you are planning to start a coaching center, a well thought out business plan for a coaching center can help determine whether your business has a chance of succeeding. And if you are looking for investors to invest in your business, your business plan must demonstrate whether it’s viable in the long run. A solid business plan construction entails deep expertise about the business, a thorough understanding of the industry, and the knowledge of how to start, operate, and grow a business. 

Crafting a Business Plan for a Coaching Center

What are the key aspects to consider when creating a business plan for a coaching center?

Here are some of the things to keep in mind when creating business plans for coaching centers.

1. Coaching qualifications

Coaching-specific knowledge, expertise, and experience are prerequisites of building an effective business plan for a coaching center. You have to demonstrate to your investors that you have coaching experience, or you have assembled a team that has enough experience. Moreover, your coaching credentials play a key role in convincing your investors that the business is in good hands.

2. Self-assessment

In business planning, self-assessment involves performing an analysis of one’s own goals, interests, skills, and experience. Before writing your business plan, ask yourself these questions:

  • “Am I ready to start and operate my own coaching center?”
  • “Is there a market for a coaching center in my area?”
  • Do I have the necessary capital or funds to start if investors do not invest?”
  • “What are the specific types of services my coaching center will offer?”
  • “Which niche should I choose if there is a lot of competition in the industry?”

3. Business plan components

Your knowledge and awareness about the key business plan components are also among the prerequisites of creating an effective business plan for a coaching center. Key business plan components include your business’s vision, objectives, mission, operating plan, market research on the industry and the competition, financial planning, and sales projections.

4. Detailed funding analysis

A business plan for a coaching center must also cover a detailed discussion about funding. You can include cost projections involving start-up and operating costs for the next 4 to 5 years. It is necessary to convince investors as they need assurance on how and where their money will be spent and what will be their return on investment. 

5. Executive summary

The final step is to write an executive summary consisting of one to two pages. An executive summary has the potential to convince your investors to read your whole business plan. Therefore, it must focus on and answer one question: “What makes your coaching center stand out from the crowd?” In a marketplace where being different means a better chance of surviving and getting funding, having a unique selling proposition is one of the most important things you can do for your coaching business.

6. Documentation

Once you are done with coming up with a narrative for your business, your business plan needs factual information that supports it. You need to include a well-structured appendix containing supporting documents in your business plan. For example, you can include market research data, resumes, and credentials of your key personnel, legal documents, and so on.

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

 

Business Plans for Coaches: All You Need to Know

You’ve probably come across this question many times: “What is the basic purpose of business plans for coaches?” Simply put, a life coaching business plan is a written document that provides you some strategies to improve your business performance and achieve your business goals. Business planning for coaches involves thinking deeply about key areas of your business, i.e., vision and mission, target market, marketing strategies, operations, and financial planning, and coming up with actionable strategies that would allow your business to flourish.

Business Plans for Coaches: All You Need to Know

By having a business plan, you can improve your business’s bottom line just by implementing a well-written plan. So, how do you write one? Let’s find out.

Business Plans for Coaches: What Do They Include?

Writing a business plan can be challenging, but to simplify the process, we have come up with some basic elements that you should include in your business plan.

Vision and Mission

The very first and basic thing about your business is the vision statement. This section describes the desired future position of your coaching business, i.e., the destination for your business. Next is the mission statement. This is a guiding light of how to get to the destination with short-term and long-term goals to achieve your vision. 

Business Type/Description

There are three types of business ownership structures you can choose when forming your business: sole proprietorship, partnership, or limited liability corporation. The first two types are almost the same, where owners keep all profits but are held liable for the business’s debts and other problems. Corporations protect the business’s principals from being held liable for its debts, debts, lawsuits, and other problems. Once you’ve chosen a business ownership structure, include details about the coaching services and products you sell along with their prices. 

Market Research

Here, elaborate on the specific niche(s) you cover, for example, mindset coaching, business coaching, empowerment coaching, health coaching, etc. Then, state your unique selling point that distinguishes you from other coaches. It would be best to include your strengths and weaknesses and compare them with your competitors’. You can also mention your competitors’ specific services and selling points in this section.

Marketing Plan

People need to know about your services, and for this purpose, you need a marketing strategy for your coaching business. How do you plan to advertise your business? Is it through a website, social media, or an email newsletter? Write down the marketing strategy and budgetary allocation for marketing.

Finances

Include some details about your budgets and sales forecasts in this section. You can create a spreadsheet about your financial plans, including how much money you will spend monthly and yearly. A sales forecast period can be monthly, quarterly, half-annually, or annually for a 3 to 5-year period.

Conclusion

Business plans for coaches play important roles in the success of a business. By coming up with a business plan and changing it as you see fit, your business will not remain stagnant, and you are able to continuously deliver good coaching services and products. 

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 Practice Business Plan & Its Key Components

A coaching practice business plan is a document that summarizes how you are going to operate your business and how it will succeed. In other words, it is a document stating your operational and financial aims and objectives for your coaching business. A business plan is like a GPS system that leads you to success with detailed visions and plans showing how you will realize your business objectives. It should be your first step when starting a coaching practice business as it will help your business grow, attract investors, and ensure you don’t lose focus.

Coaching Practice Business Plan & Its Key Components

Why do life coaches need a business plan?

Life coaches need a business plan for their coaching practice business just like other types of businesses as it will be:

  • A roadmap that tells you where you are right now and where you want to be in the future.
  • A guide to illustrate how you will enhance your revenue, access more resources and increase business assets.
  • A detailed report stating your plans for the growth and development of your coaching business. 

Key sections of a coaching practice business plan

Coaching practice business planning is an essential step to ensure the success of your coaching business. A carefully devised coaching practice business plan has the following key sections.

1. Executive Summary

An executive summary is a brief overview of a business’s goals and objectives. An effective executive summary is one that covers key aspects like:

  • A summary of your business’s goals and objectives
  • A solid analysis of the market and new opportunities for your business
  • Growth potential
  • A brief description of your coaching practice business services

2. Mission, vision, and goal

The mission is a statement that describes the purpose of your venture and how you are going to help people such as using different methods and coaching techniques to bring people towards a better, wealthier, healthier, and happier life. 

Vision is a statement that states where you want to be in the market in the future, for example, to be among the most trusted life coaches in the world.

The goal is a description of broader outcomes that you want to achieve in the future such as to reach the top position in the coaching industry in Florida.

3. Management team

The management team section contains profiles of your management team and illustrates how you are going to assemble quality management consisting of qualified and dedicated professionals to support your business operations. 

4. Market analysis and target market

This section provides a thorough analysis of the coaching market. It highlights key aspects like growth potential, new trends in the market, and potential new opportunities presented by the market. It also illustrates the target market that your business should focus on and capitalize on new opportunities. 

5. Marketing strategies

The market strategies section focuses on how you will deploy different marketing strategies to draw more clients to your business by presenting different offers and enticing promotional activities.

6. Financial planning

This section focuses on how to generate income and sales as well as operating capital to achieve your goals and objectives. It contains four important financial statements: the income statement, the balance sheet, the cash flow projection, and the statement of shareholders’ equity. It also includes a brief explanation and analysis of these four statements.

You can use a business plan throughout all stages of your coaching business to guide it towards success. While it may take some time and energy to come up with a business plan, in the end it will be well worth taking the time to get it done right.

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

Just Health LLC: A Sample Health Coaching Business Plan

Below you will find a sample health coaching business plan you can use as a springboard to help you get started on organizing your own plan.

Just Health LLC: A Sample Health Coaching Business Plan

Sample health coaching business plans are a great resource to explore if you want to set up your own business in this niche.

A Sample Health Coaching Business Plan

Executive Summary

  1. Just Health is a health and fitness coaching program designed for people with physical health restrictions.
  2. Just Health provides low-cost, specialized workouts.
  3. Just Health provides easy meal recipes for specific diet needs.
  4. Founder has experience in this area due to her own health conditions.
  5. There is a big market for health and wellness, but not much of it focuses on those with specific health needs or restrictions.
  6. The business will be easily accessible from the home.

Company Description

Just Health, LLC was founded by Minnie Steelworth in 2021 when she realized, due to her own health needs, that there was a need for easily accessible health coaching programs specifically formatted for individuals with physical health restrictions. It provides easy, from anywhere access to health coaches and recipes customized to fit the individual’s physical and eating needs and/or restrictions.

The company strives to create a space where those with health conditions or restrictions can find customized exercises and recipes to help them live a healthy, high quality life on a low budget.

Industry Analysis

According to the Centers for Disease Control and Prevention, 1 in 4 people in the United States are living with a disability. Out of that group, 13.7% are specifically living with a physical disability. 

Statista Research Department published data in February 2021 showing that 87.4 million people in the United States used a health and fitness app in the year 2020. 

Evidence shows health and fitness apps are a popular way people work on their health goals. With the amount of people with smartphones or smart devices and the continuing development of technology, it stands to reason that they will continue to be popular. And with the number of individuals with physical disabilities in the United States alone, there is a clear need for a quality app they can access for their unique health and fitness needs and goals.

Products & Services 

  1. App-customizable with health goals, check-ins with a health coach.
  2. Pre-recorded exercise videos specific to different physical limitations.
  3. Live, one-on-one sessions with a personal health coach.
  4. Wide range of recipes for specific diet needs.
  5. Exercise and clothing merchandise.

Marketing Plan

  1. Start with social media and a website.
  2. Advertise outside medical facilities.
  3. Subscription incentives.
  4. 30-day free trial (with limitations)

Operational Plan

  • Timeline
  • Find personnel to create a quality app.
  • App creation (up to 3 months with testing).
  • Hire trainers to create exercise videos.
  • Hire dieticians for recipe creation.
  • Create a product sample.
  • Create a website.
  • Upload content to the app.
  • Make app accessible to the public and start marketing.
  • Create and sell merchandise.

 

  • Legal Needs
  • Make sure health coaches and dieticians are certified professionals.
  • Copyright the app and its contents.

 

  • Staff
  • Start with 2 dieticians and 5 health coaches.
  • Expand staff over time.

Financial Plan

  • Expenses – Research for competitive prices
  • Creating app
  • Marketing
  • Paying health coaches
  • Paying dieticians
  • Creating merchandise
  • Income
  • Subscriptions
  • Merchandise
  • Web hosting advertisements for other businesses

Conclusion

Having reviewed a sample health coaching business plan, you can be aware of what you need to include in your own business plan for it to be thorough, and a thorough, written-out plan will lead to starting a business with a strong foundation.

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

 

Life Coaching Business Blueprint: Be an Entrepreneur

Are you a life coach who is looking to craft a life coaching business blueprint? To create a profitable and fulfilling career as a coach, you need to learn how to be an entrepreneur. 

Life Coaching Business Blueprint: Be an Entrepreneur

There has never been a better time in history to start your life coaching business, no matter how small it is. With many countries still facing new waves of Covid-19, there’s a growing hunger in the marketplace for personalized, trustworthy, practical and heart-centered life coaching advice. A highly skilled and passionate life coach can play an important role in assisting people to navigate crucial life’s challenges with confidence.

But, the path to building a successful life coaching business is another matter and you need a perfect life coaching business blueprint to realize your dreams. Here’s how you can build your coaching blueprint

Life Coaching Business Blueprint Rule #1: Avoid These Mistakes

A whopping 80% of new businesses fail in their first year. Of those that are left, 50% fail within the next two to five years. Do not let this happen to you. As a coach, you need to avoid the following three basic missteps that can kill your business dreams, taking your confidence and your money with them.

  • Choosing the wrong coaching niche

When you choose the wrong path, you never reach your destination. People fail to search their souls and find out what exactly embodies their full potential and self-expression. You need to choose a coaching niche that uniquely synchronizes with who you are so that you can inject passion and authenticity into your work.

  • Letting fear block your way

When you let fears like failure, inadequacy, mediocrity, etc. block your way, you cannot work freely and enthusiastically. Fear hinders your progress and you need to break the shackles of fear to realize your dreams.

  • Unable to create a vision and strategy

When you don’t have the vision to guide you, you’d probably end up somewhere else. Before making big decisions, set a powerful vision for your coaching business. Then, create a viable plan or strategy that is grounded in that vision. Vision and strategies are the key elements to driving your business to success.

Life Coaching Business Blueprint Rule #2: What You Have to Do

Now that you’ve learned the three mistakes that can hinder the success of your coaching business, here are three things you need to do when crafting your life coach blueprint.

  • Choose the right niche

In order to choose the right coaching niche, find your passions, strengths, unique value, your unique personality, and style. Dive deep into your soul and find all those precious pearls in the depths of your soul. Base your business around those priceless pearls and let them do their magic. 

  • Accept but manage your fear

When you can’t get rid of your fears, embrace them but turn your fears into your strengths. Develop a new and empowering attitude to subdue your fears and don’t ever let them get in your way.

  • Create a realistic vision and develop strategies accordingly

Create a compelling vision for your life coaching business to form solid foundations of a viable strategic plan. Let your business be inspired and guided by a compelling vision.

The Wrap Up

Your life coaching business blueprint needs to be impactful enough to guide you through each stage of starting and managing your business. Don’t wait and don’t hesitate because now is the time to create one. Take the necessary steps to start a business and be an entrepreneur. What you have to do is avoid making the three mistakes and focus on what you have to do.

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

Writing the Financial Part of Life Coach Business Plans

While many components of life coach business plans can easily be crafted, the financial section can be quite burdensome, as it requires some financial know-how. In this article, we explore how you can write the financial section of a life coach business plan.

Writing the Financial Part of Life Coach Business Plans

Life Coach Business Plans: How to Write the Financial Section 

The financial part is a key point of any business plan. Therefore, it must be written with a lot of attention. This makes it possible to convince investors who will be reading the business plan.

Thus, it is important to take note of certain points before starting the financial part. You must keep a clear objective in mind, which is to convince investors to fund your life coaching startup.

1. The four main financial sections

Normally, a good life coach business plan should include four sections that will highlight the finances of the company. Investors may be reluctant to commit to a project that lacks one of these sections. Specifically, the following will need to be considered:

The projected income statement: The coaching company’s projected profit and loss will be shown in this statement. This concerns the income as well as the expenses that the company will incur to function properly. When writing this section, you’re not providing actual data, but a financial forecast about the financial stats of the future.

Cash flow statement: This statement summarizes the net cash flow of the business for each month. In other words, your business’s cash inflows and outflows. A cash flow statement shows your company’s ability to meet monetary commitments on a timely basis.

The balance sheet: This statement is a snapshot of what your business owns (assets) and owes (liabilities), as well as the amount invested by shareholders. A balance sheet indicates the capital needs of a business and helps identify the allocation of resources and how much financing is needed.

The projected financing plan: A comparison between the existing financial resources and the extra funding needed will be highlighted in this table. In this section, stress the profitability of the business and why your business needs financing.

2. Meeting the expectations of the readers

The second step towards writing the financial section of a life coach business plan is ensuring that each section mentioned earlier meets the expectations and requirements of the readers. Different readers, for example, an angel investor, a venture capitalist or a banking institution, may have different requirements. So, find out what they need before crafting your financial plan.

3. Write honestly while remaining realistic 

Many business owners writing their business plans tend to think that inflating the numbers in the financial part will help them get a lot of financing. It is important to know that this can create an unfavorable situation for you and your company. Consequently, investors will not take the risk of validating the file or supporting the business since they will have difficulty trusting the figures.

Finally, always use “What-if” scenarios when projecting your financials and coming up with future plans. This would increase transparency and help the investor to understand the best, expected, and worst sides of your coaching business.

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Jeannie Cotter
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Writer, Coaches Training Blog community

Top 10 Steps to Developing a Coaching Business Plan

Being a coach can be one of the most rewarding career choices, but one of the first things that you will need to take care of when starting your business is developing a coaching business plan. The process of writing a business plan can be tedious and annoying, especially when you don’t know where to start. As such, in this article, we will be guiding you on how you can easily develop a coaching business plan.

Top 10 Steps to Developing a Coaching Business Plan

Why Develop a Coaching Business Plan?

A business plan will mainly allow you to have an idea of the viability of your coaching business, solicit investors and obtain a loan from a bank. Concretely, the plan is made of two parts: 

  • Your project: Who, What, Where, How, Why
  • The financial part: Your income and your estimated expenses

By developing a coaching business plan, you will be able to assess your needs and resources as well as devise strategies that’ll help you achieve your business goals.

10 Key Steps to Developing a Coaching Business Plan

There are several key steps to writing a business plan. The steps may vary depending on the type of coaching business you intend to launch. Following these ‘10 Key Steps to Developing a Business Plan’ will give you a general idea and help the process run smoothly.

Step. 1: Products and services

Your first step towards developing a coaching business plan is to describe your various services, to whom you offer them, why and what benefits they will derive. To do this, it is recommended to draw a table, as it will be more convenient especially if you have several offers.

Step 2: The target market 

Once you have determined the product and services you plan to offer, write down a detailed description of the market you want to target.

Step 3: Competition 

It is a well-known fact that you will always encounter competition in business. As such, it is essential for you to look for and list your competitors. In general, your competitors can be divided into two categories:

Direct – Those who offer the same service as you 

Indirect – Those who offer a service that your clients consider identical to yours. 

For example, you can compete directly with a coaching firm and indirectly with an author who has written a book on your subject. 

Make a list of your top 5 competitors and study the following:

  • Their type of business proposal 
  • How much they charge 
  • How they charge 
  • Their strengths and weaknesses 
  • The type of marketing they use 

Then, think of at least 5 things that differentiate you and would allow you to attract more clients.

Step 4: SWOT analysis 

The SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is a strategic analysis tool that concerns a particular area of activity. For example, if you want to create a consulting, training & coaching company, you will have to do this analysis for each of the areas: advice, training, and finally coaching.

You’re going to have to think about:

  • Internal strengths of your future coaching activity 
  • Internal weaknesses in this area 
  • External opportunities available to you 
  • External threats that exist 

Step 5: Positioning 

With the information you have gathered on competition and SWOT analysis, you will now determine your positioning by answering the following questions: 

  • How will you take advantage of the weaknesses of your competitors? 
  • What are the 5 reasons why someone would want to become your client instead of one of your competitors?
  • Why are you the best person for this job? 
  • What skills, abilities, and experiences are you offering your clients that they cannot find elsewhere? 
  • How can you focus on the value you bring?

Step 6: The marketing strategy 

Explain and develop the ways you will use to find, convince and win your clients. You probably won’t have a completely clear idea right from the start, so put in place a framework that will allow you to establish a fruitful marketing strategy.

Step 7: The financial plan 

Developing a coaching plan also means that you will have to estimate your expenses and revenues per year over the next 3 years. 

Step 8: The emergency plan 

While it is always a good idea to be positive, anticipating certain setbacks can be helpful when the time comes. List what could happen and what solutions you could put in place to solve the problem. 

Step 9: Your biography 

A short biography of you and your work will go a long way in ensuring the credibility of your coaching business plan.

Step 10: The summary 

The last step of developing a coaching business plan is to be able to draw a summary of the 9 previous steps, which will provide you with the ability to determine: 

  • Why your company should exist
  • The products and services offered
  • Your target market
  • Your business goals and objectives and how you plan to achieve them

This part, once written, will serve as an introduction to your business plan.

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

Coaching Institute Business Planning Tips for Success

If you are planning to start a coaching institute, proper coaching institute business planning can not only save you from a lot of headaches in the beginning but can also mean the difference between a successful coaching institute versus a monetary disaster waiting to happen.

Coaching Institute Business Planning Tips for Success

Top 10 Tips for Coaching Institute Business Planning

Here are ten tips to guide you along the way as you begin your coaching institute business planning. Remember, success depends on many factors and the most important factor is your determination and energy you put into making your coaching institute a success!

Step 1: Ask Yourself Why?

Why do you want to get into the coaching education business? It is because you would enjoy working with people and coaching them or is it because you think it is an easy way to make money quick?

Running a coaching institute is a demanding business and can require lots of planning and development in terms of coming up with fresh interesting lessons and people skills.

Step 2: Study Your Competition

It does no good to enter a market where there already exist established, credible coaching institutes for a particular coaching niche. Clients want to know they have a dependable coaching institute that meets their needs and often will not change coaches once they get good results. Just because you start a coaching institute does not mean they will come.

Use your local Chamber of Commerce, the Internet and even Facebook groups to find out what coaching institutes exist in your area. If you want to specialize in a specific coaching niche, find out who your competitors are in your region. There may be none in your state, or there could be five down the street.

Step 3: Assess your Financial Situation

Starting a coaching institute can require a lot of upfront capital and expenditures before you even see one cent of income. Do you have the resources to spend on setting up a coaching institute at the right location? Do you have the money to invest in e-coaching systems?

Be sure to look past the startup costs as well. Employees, taxes, property rental and insurance are just a few of the things you will need to factor in as ongoing costs.

Step 4: The Business Plan

A solid business plan is the foundation of any business. You need to come up with a good coaching institute business plan and spell out what you intend to do and how you intend to get it done. Not only will banks require this for financing, but often other investors you deal with will want to see it as well. It should be the guidelines that you follow every day in your coaching institute to achieve the goals you have set forth.

For this part, it is often wise to work with a business lawyer or seek professional advice from business consulting services. A good resource to help you find people in your area with the necessary skills and background is the Small Business Administration government site.

Step 5: Apply for Licenses and Other Necessary Paperwork

Nothing is as certain as death and taxes. It is no different in the coaching business. As a business owner, you will be required to pay taxes and other fees to your state and to the federal government.

Be sure to get his part right because one wrong mistake can end up costing you not only money, but possible your entire business.

Step 6: Establish Your Facilities

Businesses must exist somewhere and like most things in life, there are rules and regulations on where they can be. Will you be having clients coming to your location at certain hours? Or do clients have the option to attend online coaching sessions? What about electrical, water and sewage needs?

To find a suitable location for your coaching institute, work with commercial real-estate agencies or seek recommendations from friends or family who might be able to point you to the right location.

Step 7: Establish Your Relationships

You have the facilities, you have the finance, now do you have anyone helping you out with your website or coaching content for your website? Work with other coaches, writers or web developers and build strong relationships with them.

In addition, relationships extend beyond your clients and business associates. It is good practice to establish relations with your local Chamber of Commerce, retail associations and labor organizations in your area.

Step 8: Marketing

How can you build relationships or expand on existing ones? You can use your website, blog, or social media to market your coaching institute to existing or potential clients. Publish useful and relevant coaching-related content on these avenues. 

Marketing works hand in hand with building a relationship and maintaining it.

Step 9: Servicing Your Clients

Delivering coaching courses or lessons to your clients, answering questions about your coaching services, and working with your staff to develop new product lines are demanding parts of the business.

This is where back end systems come into play by maintaining records and logs of all activity with your clients and staff. Do not underestimate the value of a good customer relationship management or human resource system.

Step 10: Employees, Finances and Other Administrative Matters

Once everything is up and running, your next focus is administrative matters. Employees need to be hired and payroll needs to be met. Money must come in and money must go out. Get the help of an accountant if you do not possess them already.

One oversight can mean the loss of hundreds of thousands of dollars; a missed payroll deadline could mean your entire business comes to a halt. It is critical that you constantly keep an eye on the books and on your expenditures. Most importantly, know when to tighten the belt, and know when to expand.

Special Bonus – Learn 3 simple ways to become a life coach with the “30-Days to Become a Coach” video toolkit when you fill in the form at the top right and click the “Watch The Videos Now” button. You’ll learn how to change your client’s life in 45 minutes.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

 

A Sample Business Plan for Life Coaching

Business plans guide you along the rocky journey of growing a coaching company and referencing a sample business plan for life coaching throughout your voyage will keep you on the path toward success.

A Sample Business Plan for Life Coaching

There are plenty of sample business plans for life coaches on the Internet but how do you actually write a viable and convincing business plan?

Let’s review a sample business plan for life coaching you can use to inspire your own.

A Sample Business Plan for Life Coaching: Youth Alive Corp

Executive Summary
Youth Alive is a new company providing high-level expertise in youth life coaching, channel development, distribution strategies, and marketing of coaching products. Its founders are certified life coaches. They are founding Youth Alive to formalize the coaching services they offer.

Initial focus will be development in the American market, or for clients in the Latin American market. As it grows it will take on people and coaching work in related markets, such as the United Kingdom market, and similar markets.

Mission
Youth Alive Corp offers students and young professionals reliable, high-quality life coaching services for personal development and career development on an international scale. We offer a very high level of practical coaching experience, know-how and confidentiality.

Company Ownership
Youth Alive Corp will be created as a Limited Company based in Florida, USA, owned by its
principal investors, Alice Smith and Melanie Adams.

Management Team
Alice Smith is the founder and owner of Youth Alive Corp. She will serve as the managing director, and is therefore responsible for all of the company’s operations as well as its chief fiduciary. Ms. Smith has spent her entire professional career in youth coaching and development.

Melanie Adams will serve as the company’s Program Director and will develop the company’s coaching programs. She will lead the learning sessions on-site and online. A native of Colombia, she is a dedicated, positive and outgoing life coach who has been extensively trained in youth development and education.

We will be hiring two course administrators, five full-time life coaches to conduct on-site or online coaching classes and workshops and two content developers to develop our website.

Start-up Summary
Total start-up expense (including legal fees, logo design, website development, stationery and related expenses) is $65,350. Start-up assets required include $130,000 in current assets (office furniture and equipment, course development,etc) and $100,000 in initial cash to handle the first few months of coaching operations as sales and accounts receivable come in.

Products and Services
Youth Alive offers youth coaching courses and workshops as well as the expertise an organization needs to develop new coaching products and services in new markets. This can be taken as high-level retainer coaching, project consulting, online workshops, coaching courses and publications and youth camps.

Market Analysis
Our most important group of potential clients are students, young professionals in larger corporations and organizations or universities interested in developing white-label coaching solutions.

There are thousands of coaching organizations and individual coaches for every one of the few dozen well-known companies in the United States.One of Youth Alive’s challenges will be establishing itself as a real coaching company, positioned as a relatively risk-free alternative.

The key element in purchase decisions made at the Youth Alive client level is trust in the professional reputation, track record and reliability of our company. Youth Alive positions itself as the most obvious choice in terms of service quality, price and convenience and this will be attractive to youths in the United States and Latin America.

Promotion
We intend to promote our organization and our unique value proposition on an ongoing basis via the following channels:

Internet marketing -This strategy consists of a well-designed, professional website that is informative, client-oriented and “sells” Youth Alive, reinforcing our value proposition of quality, price and convenience.

Open house sessions -Twice a year, we will host an “open house” and / or a “meet and greet” at select area locations where parents congregate and at our center. We will promote new youth coaching programs and give away free sample courses.

Financial Plan
The following is the projected profit and loss for the next three years. Detailed break even analysis, monthly projected cash flow numbers and projected balance sheet are included in the appendix.

Year Annual Profits
2021 $120,000
2022 $180,000
2023 $350,000

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