Life Coaching Business Plan: A Quick Template
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.
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
Promoters
Advisors/ mentors/ coaches
Products and services
Long term aim of the business
Objectives
SWOT Analysis - Market analysis
Target market
Target market valuation
Targeted share
Market trends
Profile of competitors
Competitive advantage
Benefits to your clients - Marketing/ Sales Strategy
Income sources
Marketing Strategy
Pricing
Advertising and promotion
Sales strategy - Research & development
Patents, copyrights, brands
Product/ service development
R&D - Staffing and operations
Management organisation charts
Staffing
Training plans
Operations - Financial projections
Key assumptions
Profit and loss accounts
Balance sheets
Cashflow projections - 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), take a look at our more comprehensive article, including a free life coaching business plan template.
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
The Truth About Building a Coaching Business
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