Creating a business coaching business plan is a necessity for your coaching business. Your business is most likely to succeed when you carefully write a business plan.
What is a business plan? A business plan describes how an organization or company, either starting out or already established, will achieve its goals or objectives over some time. A business plan contributes to the overall success of a business. To be successful as a business coaching entrepreneur, a great business plan is an essential first step.
About Business Coaching
Business Coaching has to do with helping business owners and leaders identify problems within their companies to improve performance levels and bring about the desired changes. It is a customized process of developing business owners and senior management within a business organization. Business coaches are typically experienced entrepreneurs and business owners who have decided to use their expertise to assist other business owners in achieving their goals. Business coaches work with clients to develop the marketing and business skills needed to operate successful companies. They help clients manage their time wisely, and assist their clients in networking with other professionals and businesses who can help their entrepreneurial pursuits.
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The Business Coaching Business Plan: What Should it Include?
What should your business coaching business plan look like? The information below is just a guideline to help you create a business plan tailored to your specific niche and clientele. You may not need to include every single one of these things listed below.
- Executive Summary – An executive summary is a brief introduction and outline of your business plan. It should describe your business, the problem that it solves, your target market, and financial highlights.
- Company Overview– includes the type of business entity ( for example, sole proprietorship, limited liability), legal info, mission, and objectives of the business, location, products, services offered, management, and the board of directors.
- Industry Analysis –includes data on market and growth trends, regulatory and policy issues, economic, technological, systems factors, future projections, and revenue growth.
- Target Market – includes your prospective clients, demographics, size, and trend of the market, buying sensitives, i.e., the measure of the impact of price points on consumer purchasing behaviors, purchasing patterns, the distinctive way in which consumers purchase products or services in terms of quantity, frequency, timing.
- Competition – describes what advantages do you have over the competition?
- Marketing Strategy – includes the company’s message, sales force and structure, strategic partnerships, and associations.
- Operations – includes equipment and technology, order fulfillment and customer service, research, and development,
- Management and Organization – includes senior management, principal employees (administrative staff, coaches, trainers, consultants) depending on the type of business entity formed.
- Development and Exit Plans – includes long term company goals, growth strategy, risk evaluation, milestones, and exit plan.
- Financials – includes the income statement, cash flow, revenue, expenses, describes how funds will be utilized.
A business coaching business plan aims to keep you focused on your business objectives and enable you to run your business efficiently. With a great business plan, you will become positioned for immense success as a business coach and entrepreneur.
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Margaret K. Olubiyi
Writer, Coaches Training Blog community