Why Have a Business Plan for Coaching Classes?

Do you need a business plan for coaching classes?  If you have coaching business where you are teaching coaches, you need a business plan. If you have any type of business, you need a business plan.

Business Plan for Coaching Classes

First a Few Lies About Business Plans

Before we get into an overview of what a business plan for coaching classes should contain, let’s go over a few of the misconceptions – the lies!

  • It’s hard to write a business plan. Don’t be so lazy – yeah, it takes some time and a little bit of effort, but you don’t have to be a rocket scientist or sequester yourself in a locked room for days to finish a business plan.
  • There are plenty of successful businesses without a plan. Lebron James is the best basketball player of his era, and though there is a chance he would be in the NBA without any training because he was blessed with a tremendous amount of talent, but do you think he would be as successful as he is without training his ass off like he does? Success takes training…and planning!
  • Business plans are only for companies looking for funding. Yes, a business plan is a must if you are going to be seeking capital. However, there are numerous other reasons to have a business plan – direction, guidance, reference, and clarification re a few of those important reasons.

Failing to Plan is Planning to Fail

This bit of wisdom from Benjamin Franklin is applicable in many situations. John Wooden used it with his basketball players, Alan Lakein used it in his books on time management, and Winston Churchill used something similar during World War II.

It is also true in business. Successful businesses aren’t usually the result of serendipity and luck, though that certainly happens at times. Success in business is usually the result of hard work and planning.

Why Have a Business Plan for Coaching Classes?

If you build a house without a plan, can you imagine what it will look like? Don’t take this chance with your business. Here are a few reasons you need a business plan for coaching classes:

  • It is estimated that 70 to 80% of all businesses fail in their first year. Of the ones that survive, only half survive for five years. What’s one thing that could help your coaching classes business defy those odds? That’s right – a business plan!
  • Some people think that a business plan is a static document, but nothing is further from the truth. Because business and market environments are constantly changing, a business plan is a dynamic and living document that can be changed to reflect new realities.
  • Business plans for coaching classes help ensure that everyone is on the same page. Unless you are running the business and teaching all the classes yourself, you need to make certain all members of your team know the guiding principles and strategies of the business.
  • A business plan is like a game plan. Think of yourself as a coach and your business plan as the strategies about execution you write on the blackboard.
  • A business plan for coaching classes will hold you accountable. It can be used as a reference to see how well you are doing. In some ways, a business plan is like a coach – it helps you identify goals, develop an action plan, and provides accountability.
FREE Video Course: How To Build a High Paying Coaching Business

Comments

  1. Tyra says

    I agree having a business plan for businesses including coaching classes is the way to go. Being prepared and planning for success is important. Knowing what steps to take ensures an easier path to success.

  2. Ralph says

    Thanks for the advice. I agree that creating a business plan is not easy but nothing comes easy. But when you put your mind to it you’ll be writing up your plan in no time. Great read!

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