Why You Need a Business Plan for a Coaching Business

Yes – you need a business plan for a coaching business. You might think that you’re just a one-man, or one-woman shop, and your coaching business is so small that a business plan couldn’t possibly be important.

You’d be wrong!

Business Plan for a Coaching Business

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

Every Business Needs a Business Plan

Whether you operate as a sole proprietorship, or you run a multi-national corporation, you need a business plan. Just because you are starting a one-person coaching practice doesn’t mean you don’t have to plan – plan for the present and the future!

Why You Need a Business Plan for a Coaching Business

A business plan serves as your founding documents. They are like your Constitution and will serve to outline your values, your target market, and your goals. Business plans for coaching businesses are crucial to success and also function as a reference guide going forward.

2 Now Reasons to Write a Business Plan

  • Clarify your business concept. What type of coaching will you do? Who is your target market? Does your target market have the numbers and the disposable income to fill your calendar and pay your fees? Can you offer the outcomes your target market seeks?
  • Se down your goals in writing. Your goals are contained in your mission and vision statements. Where do you want the business to be in one year? Three years? Five years? What is the reason for your business – why does it exist?

2 Future Reasons to Write a Business Plan

A business plan for a coaching business is for the present and the future. It helps you clarify and organize so you can get the business off to a good start. It also details goals, values, and vision so at some point, or points, in the future, you can look back and see how you are doing.

Here are two future reasons why a business plan helps:

  • Allows you to design new products or services that align with your values and goals. Create group coaching, an online coaching service, books, DVDs, or seminars that fit your target market and values.
  • Serves as a reference guide as you make any other future decisions. A business plan for a coaching business is like an owner’s manual for your practice.

A Business Plan Should be Flexible

Founding documents can sometimes be inflexible and hard to amend – look at our country’s own founding papers. However, a business plan needs o be much more adaptable and flexible. As the owner of the business, you have the power to modify and later it at any time. However, it must be for a good reason.

  • Only create new goals when old ones have been reached.
  • Don’t subtract any values – add only if new ones are needed to run an ethical and prosperous coaching business.
  • Create new vision and mission statements that adhere to changing industry and business dynamics.
  • Detail any new products and services you have added or plan to add in the near term.
  • A business plan for a coaching business can grow and expand as your business grows – let it show your personality and your passion.

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.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

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

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