Template for a Business Plan for a Coaching Practice

Do you need a business plan for a coaching practice?

Business Plan for a Coaching

Business Plan for a Coaching – dolgachov © 123RF.com

You are starting a coaching practice. You have your training, you know you have the right traits and skills, and you’re ready to hang out your shingle and begin. What’s the one step which people often ignore that you need to do before you start?

If you said write a business plan, give yourself a gold star!

Why Write a Business Plan?

There are plenty of reasons to write a business plan, but I’ll just give you six of them.

  • Forces you to think about your business before you begin.
  • The plan becomes a founding document for your business and keeps things in perspective as you move forward.
  • The plan serves as a handy reference guide as you grow your business – keeping in line with your values, vison, and mission.
  • A business plan for a coaching practice will force you to identify (and write down) your goals, and gives you easy reference to those goals in the future.
  • A business plan gives you space to consider and identify your target market, and perhaps some future target markets you want to explore as you get a foundation in the coaching profession.
  • A good business plan forces you to consider marketing, a necessary evil in the business. It makes you draw up an initial marketing plan, consider other ways to market, and ways to assess and measure your marketing strategies.

A Business Plan for a Coaching Practice Template

Here’s a quick template that can get you started on writing a comprehensive and useable business plan. You can find business plans for coaching practices on the internet – use this one and other templates and samples to determine one that fits your needs.

Background and Administrative

In this section you outline what you know about your field, what training you’ve had, what skills will make you good at coaching, and how you can offer outcomes for your potential clients. You also detail administrative needs – licenses, permits, accounting methods, and other legal and professional items.

Mission Statement

This sections offers your purpose and how you want to change the world for others. For example, if you are a career coach, your mission might be to help clients realize their career potential and help them make changes that support this potential. You would expand on this and create a viable mission statement.

Vision Statement

This is where you dream big. Imagine what you would do if you could do anything to help your clients and change the world. Think out-of-the-box here!

Values

A crucial part of any business plan for a coaching practice is the values section. Here you list all the personal values that are critical to your coaching success. What traits and attributes do you have that will make you a great coach. These values also serve as reference when you make changes or decisions in your business.

Goals

This section should contain goals for different time periods – one year, five years, etc. They should be: SMART:
S – Specific
M – Measurable
A – Achievable
R – Realistic
T- Timebound

Market and Marketing

Every business plan for a coaching practice should have a section on markets and marketing. This will be where you identify your target market and where you detail specific marketing strategies that will be used to reach that target market. Coaches frequently ignore this section, or half-heartedly write it, but it is perhaps the most important section in every business plan for a coaching practice. You can be the best coach in the world, but without a good marketing strategy, who will know it?

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.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

FREE Video Course: How To Build a High Paying Coaching Business

Comments

  1. Melissa says

    I’ve been reading up on whether I should make a detailed business plan for my new ideas and this article just solidified it. Awesome post!

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