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:
- Company description
Advisors/ mentors/ coaches
Products and services
Long term aim of the business
- Market analysis
Target market valuation
Profile of competitors
Benefits to your clients
- Marketing/ Sales Strategy
Advertising and promotion
- Research & development
Patents, copyrights, brands
Product/ service development
- Staffing and operations
Management organisation charts
- Financial projections
Profit and loss accounts
- Sales pipeline
- 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
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