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

2 Items to Always Include in a Life Coaching Business Plan

If you are starting a life coaching business, you need a life coaching business plan – simple as that. No excuses!

A business plan is your founding document, your reference guide, your business instruction manual, your constitution.

Life Coaching Business Plan

Life Coaching Business Plan – basketman23 © 123RF.com

Business Plan – Yes or No

You’ll probably come across a few experts who say that a business plan isn’t necessary, especially if you are just starting a small business which isn’t seeking funding, financing, or additional capital from investors. Well, technically they’re right as there are no legal requirements to create a business plan. However, I imagine those experts are just trying to get people to read their article, blog, or post by taking a contrarian view.

A Business Plan Won’t Guarantee Success

A life coach business plan won’t answer all your questions or solve all your issues. It won’t guarantee profit, prosperity or success. It will make you a super coach or a coach to the stars. There is much more to success than creating a business plan. But, it is one small yet significant component of success, and anyone thinking of becoming a life coach should seriously consider creating a comprehensive business plan.

2 Items to Always Include in a Life Coaching Business Plan

There are many items to include on a business plan – some are universal for all businesses and some are more related to the life coaching business. You can find these in numerous articles and blogs on the Internet, and would include administrative tasks, a mission statement, a list of values, a description of the target market, and more.

However, here are two items you may find (or may not find) in other articles. These two items are absolutely essential to creating a comprehensive life coaching business plan. If you are starting a life coaching business, you must take the time to include these two sections in your business plan.

  • Client Outcomes. This is the raison d’etre of coaching. This is why you coach, and this is why clients pay for your coaching. What outcomes can you offer clients? How will you achieve those outcomes? What expertise or skills do you have that will help you help them reach these outcomes? Will your target market pay for these outcomes? Is there enough demand for your outcomes in your area, or online? A useful life coaching business plan will have a detailed section on client outcomes.
  • Marketing is always the very large and scary elephant in the room. Very few coaches like to market and promote. Most run screaming from the room when marketing is mentioned. However, without marketing no one will know about your great coaching skills. Without a good starting marketing plan, you’ll be sitting all alone in your office, waiting for the door to open or the phone to ring. Your life coaching business plan must have a good section on marketing strategies, and ways to measure and assess the benefits (or lack of benefits) for any promotional strategy you create and implement.

By the way… you’re invited to claim your FREE step-by-step “Life Coaching Business Blueprint” video toolkit. Just go HERE now to get your life coaching business blueprint videos.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community