Article Do you have a business plan in place for your coaching business? 0 2016 Life coaching https://www.lifecoachhub.com/img/uploads/articles/thumbs/793_1459198116.jpg Running your coaching business life coaching Lifecoachhub Pty Ltd LifeCoachHub
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Life Coaching Business Plan: A Quick Template

 
TAGS: coaching, life coaching, business coaching, coach, life coach, self help, personal development business plan, planning your business, marketing strategy, sales strategy, business venture, life coaching business plan
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Life Coaching Business Plan

Plenty of coaches start a business without having a proper plan in place. However it is vital for your own success that you plan for every eventuality. In order to get started, the best you can do is to create a business plan.

You can find templates all over the internet; simply google them and choose one that is suitable for you. It's easy to complete (although it will take you some time and research) and overall it's very straight forward. You can also contact me and I'd be happy to email you the template for free.

Creating your life coaching business plan

Many people believe that they only need a business plan if they need financing or investors. This is actually so far from the truth that if any consultant or coach ever tells you that, show them the door immediately.

The type of business you want to start doesn't really matter, what matters is that you know where exactly you are going. This is crucial and will help you on the way to success.

A quick life coach business plan template

Every step of your business should be outlined. To make it a bit simpler, here are some of the most important aspects of your business plan:

  1. Company description
    Promoters
    Advisors/ mentors/ coaches
    Products and services
    Long term aim of the business
    Objectives
    SWOT Analysis
  2. Market analysis
    Target market
    Target market valuation
    Targeted share
    Market trends
    Profile of competitors
    Competitive advantage
    Benefits to your clients
  3. Marketing/ Sales Strategy
    Income sources
    Marketing Strategy
    Pricing
    Advertising and promotion
    Sales strategy
  4. Research & development
    Patents, copyrights, brands
    Product/ service development
    R&D
  5. Staffing and operations
    Management organisation charts
    Staffing
    Training plans
    Operations
  6. Financial projections
    Key assumptions
    Profit and loss accounts
    Balance sheets
    Cashflow projections
  7. Sales pipeline
  8. Funding requirements

In other words, a business plan is a way to anticipate success, and at the same time, it provides a contingency plan in case the business fails. This is because you always need a Plan B, and if Plan B fails, you should have a Plan C ready to go.

A business plan can help you with all of this. Anticipating your next moves if one doesn't bring the desired results is one of the most important aspects of business.

Can you overplan?

I have to admit, sometimes you can overplan. Also, I'm not trying to say all you need to do is plan because it is also important to know how to implement it. The execution of the plan is a must, but more on that in a later post.

You need to have a contingency plan in place for the worst case scenarios. You should also update your life coaching business plan on a regular basis since things may change down the line. Looking at the plan every now and then can help you to see if you are on track with your goals and targets.

If you require help developing a business plan and you want to start your business strong (or make your current business stronger), please feel free to reach out.

I hope you found this tip useful.

Thank you for reading

Carsten

Want more marketing advice for your growing business? Check out my other articles:

How to Sell Coaching Services: Selling Coaching is a Must

Get Past the Gatekeeper in Sales

How to Improve Sales

The Truth About Building a Coaching Business

How to Make Your Business Stand Out From the Crowd

How to Set Your Life Coaching Fees


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