You already know you need a business plan – so here you’ll find a few tips on business plan writing and a sample business plan for a life coaching business.
A Few Quick Tips on Writing a Business Plan for a Life Coaching Business
- Give yourself time to write it. You may even need to write it over the course of a few days. Don’t rush!
- Make it comprehensive yet concise. That means it needs to contain all pertinent information, but you have to cut out the crap. Stick to the main details!
- Don’t create it at work or in front of the television. Sure, you can jot down some idea or notes at work, but get away from all the distractions when you write your business plan.
- Look at a sample business plan, or a few samples. Get an idea of what a good business plan for a coach looks like. It’s not cheating to take ideas from a quality sample business plan for a life coaching business.
A Sample Business Plan for a Life Coaching Business
Over the years JTS Advisors and Master Coach University has regularly planned out the year ahead in a three step process, ultimately rendering annual business plans for our coaching businesses. I’ve added some of our past business plans below for reference (you’ll notice how they evolve over the 10+ years that these business plans span):
The words won’t be filled in exactly the way you’ll need to, and the details will require some updating, but these sample business plans for a life coaching business will give you the basic structure and what items to include.
Vision and Values
This section is an introduction to who you are as a coach and the aspirations, values, and core competencies of your coaching practice. You can use this section as a guide when making difficult business decisions.
Sample business plans for life coaching businesses often leave this one out. But, you have to write down some of the founding details of your business. Type of business, expected fees, future expected fees, licenses and certifications you need or desire, and anything else that pertains to the set up, operation, location, and function of the business portion of your coaching practice.
Desired Goals and Outcomes
This is what you try to identify with your clients, and you should also be doing it for your own practice. What are your work goals, financial goals, niche goals, future business personal goals, and the goals for your clients?
Marketing and Promotion
Marketing is often a dreaded yet necessary activity. Without marketing, your great coaching skills may remain unknown! This section should include your target market, how you are going to get that market to notice you and pay for your services. What methods will you use? Will you employ someone to help you or do you plan to do it yourself?
SWOT – What is SWOT?
No sample business plan for a life coaching business would be complete without SWOT.
S – Strengths. Experience, training, expertise, training, contacts, character traits, etc.
W – Weakness. Lack of experience, lack of training, skills that need improving, etc.
O – Opportunities. New markets, lack of competitors, alternate streams of income, peer networks, etc.
T – Threats. Competitors, economic issues, market changes, etc.
If you put together a business plan with all these items, you’re going to have one powerful business plan that will help get your life coaching business off to a great start and keep it running successfully and profitably for many years!
SPECIAL BONUS — If 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.
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