Writing a Winning Career Coaching Business Plan

Writing a career coaching business plan can be a lot of hard work or it can be great fun. You have so many ideas floating around in your head that it can be difficult to capture them all in a logical format and know where to start. However, committing time to write an effective plan can help improve your chances of success as a career coach.

 

Writing a Winning Career Coaching Business Plan

Not every business needs a 100-page bound business plan. However, all businesses need to have some idea of where they want to go and how they are going to get there.

Here are some tips on how to write a killer career coaching business plan!

The first stage of any career coaching business plan is ANALYSIS. You need to take a very objective look at certain factors that may impact your business. The two major ones to consider are competition and your operating environment.

First, let’s look at your competition. Clients only have so much money available so your first task is to ask yourself “What is my competition like?” and “Can I beat them?” The more you understand your competition, the more you can develop your unique selling proposition and compete in the market.

Next, let’s look at your operating environment. This is basically understanding what factors around your area of operation are likely to affect your business performance. You need to ask questions like:

· How is the economy doing?

· What is consumer confidence like?

· Where is technology heading in my industry?

After answering all the questions, you need to decide how these might negatively or positively influence your business.

Now that you have discovered more about your competition and explored your operating environment, it’s time to set some OBJECTIVES. This is what you want to achieve in the period your business plan covers. It is said that good objectives are SMART, i.e. specific, measurable, achievable, realistic and targeted. Here’s an example of a SMART objective for a career coaching business.

By the end of this year, we will have increased sales of our career coaching workshop by 6.5% over the previous year.

It is much easier to achieve high performance when you set clear objectives.

Next, you need to outline your STRATEGY. How are you going to reach your objective(s)? This is where your marketing plan comes in as it helps describe your marketing strategy and how you are going to achieve your desired objective(s).

When developing your marketing strategy, consider the following:

Products & Services: What products or services will you be offering? Will you be offering on-site career coaching services or will you be conducting group workshops at another venue?

The Target Market: The target market is the clients that you expect to do business with. For example, will you focus on millennials who are looking for someone to help them out in their job search or experienced executives who are looking for a career change?

To make your strategy work, you must also allocate appropriate RESOURCES and why you believe this is adequate to get the results desired. This could be dollars, people, equipment, etc.

A career coaching business plan must also have some PROJECTIONS. This covers your basic financial projections that your business plan will deliver. Are you expecting a profit or loss? How much?

Lastly, you need to allow for CONTINGENCIES. Plans change all the time and your career coaching business plan needs to consider these possibilities in advance. A good way to do this is to yourself ask some “What if?” questions. Here are some examples of “What if?” questions:

· What if a new competitor enters your market?

· What if the unemployment rate increases?

· What if the career coaching industry experiences a downturn?

Being aware of likely contingencies will save you a lot of stress and allow you to deal with problems before they become a big problem.

These few things will help your career coaching business to become a great success and also provide you with peace of mind knowing that you have thoroughly thought about and planned for your business.

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.

Jeannie Cotter
Editor/Writer
Writer, Coaches Training Blog community

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