Do You Really Need a Life Coaching Practice Business Plan?

Do you need a life coaching practice business plan? You’ve probably read somewhere that it is a valuable tool which can help you start a life coaching business and build it into a successful practice. It’s a document that tells you where to start, where you want to go, and how you plan to get there.

Life Coaching Practice Business

Life Coaching Practice Business – zagandesign © 123RF.com

However, do you really need one?

3 Reasons You Might Not Need a Life Coaching Practice Business Plan

  • Are you an experienced business person? If you have vast experience starting and operating businesses, then you might not need a business plan. Your business plan may already be in your head, and the tasks and steps necessary to create a profitable business may be merely routine for you.
  • Are you an experienced coach who has already operated a coaching business? Similar to having a vast amount of business experience, the needed steps to success may be routine and well-known to you – a business plan may be unnecessary.
  • Are you a procrastinator and will use the writing of a business plan to delay action? If this describes you, then you might want to get to the action part of starting your life coaching practice. Don’t procrastinate, don’t delay – get going!

A Business Plan Will Help You Succeed

Unless you fit into one of the categories above, it’s advisable for you to take the time to write a life coaching practice business plan. You don’t want to shoot from the hip and completely improvise if you want the best chance for success.

Not a highly-experienced business person? Write a business plan.

Not a highly-experienced coach who has owned other practices? Write a business plan.

Not an extreme procrastinator? Take the time to write a business plan?

Now, Do You Think You Need a Business Plan?

A comprehensive life coaching practice business plan will cover specific areas important to your business and your coaching:

  • Administrative – legal, licensing, office location, business type, etc.
  • Area of specialty – will you specialize in a specific area of life coaching?
  • Fee structure – how much per hour, package deals, discounts, etc.
  • Vision Statement – what impact will your business shave?
  • Mission Statement – the reasons a company exists and its goals and aims.
  • Values – what values will guide the coaching and the operation of the business.
  • Identification of target market – who do you plan to coach?
  • Marketing to your target market – how will you reach your market and how will you measure your marketing success?
  • SWOT – strengths, weaknesses, opportunities, and threats.
  • Outcomes – what outcomes can you offer your clients?
  • Potential additional income streams – books, DVDs, seminars, etc.

Most Coaches Need a Business Plan

Life coach practice business plans are most likely very important for the majority of coaches who plan to start a business. It’s a founding document, a handy reference guide, an outline of your business. It is not absolutely essential for you to write a life coaching practice business plan when you start your business, but it is strongly recommended that you do!

By the way… you’re invited to claim your FREE step-by-step “ Life Coach Salary Secrets” video toolkit. Just go HERE now to get your Life Coach Salary Secrets.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community