Writing a business plan seems like a difficult task, but there are some easy secrets to writing a business plan for life coaching that will allow you to create a simple yet effective plan that will help knock your business out of the park.
Every business, even a life coaching business, needs a business plan. It is your structure, organization, and vision. It is important to know where you are going and how you are going to get there before you start your business. You cannot run a race and expect to win if you don’t know the location of the finish line nor the best route to get to that line. Writing a business plan for life coaching will provide you with a great start and put you on the fastest and most effective route to that finish line.
Secrets to Writing a Business Plan for Life Coaching
- Write a mission statement. What do you want to achieve? For example, you may write “I want to motivate and inspire over 100 clients to achieve their goals and dreams. You can also add the types of clients you are seeking if you have specific niche. The mission statement is general with some specifics ( over 100 clients, specific niche, etc.)
- Define your service or product. If you have a niche, define it – life coach for single mothers, life coach for ex-athletes, life coach for corporate executives, etc.). Describe what you have to offer. – experience, training, certifications, degrees, etc.)
- How are you going to market your service? This should include a list of the various ways you plan to promote your life coaching practice. One of the most critical secrets to writing a business plan for life coaching is to be specific about your promotional methods. You should have at least a few methods researched and designed before you even think of starting a business. You can add, delete, or amend the list later, but you must be ready to go the minute you open your doors for business.
- What other types of products or services can you offer? This is one of the forward-looking parts of the business plan. Writing a business plan for life coaching should include alternate income streams, even if these potential sources of additional income are a few years down the road. Having alternate streams of income means you have three or four sources of revenue instead of one – like a eight cylinder engine having much more power than a four-cylinder engine.
- Who are your target clients? This goes along with your niche, but this section also serves to identify them in greater detail. How can you get to know your target market (free workshops, seminars, email blasts, offering free services, etc.)? What outcomes do they need?
- Your business plan should also detail your organization and structure. How many employees? Type of business ( corporation, etc.), how you will market (do your own or hire someone), what permits and licenses you need, and anything else that is needed to set your business up and have it running smoothly.
- The last part of the plan is the other forward-looking part of the plan, and should include your vision for the business. Writing a business plan for life coaching should include your thoughts on what your life coaching practice should look like in one year and five years. Be more practical at the one-year mark, and think big, really big, for the five-year mark.
Writing a business plan for life coaches takes some time and effort, but you will find it is time and effort spent wisely. Writing a comprehensive business plan for life coaching will give you a solid foundation for the your practice in the present and a vision for the future of your business.
Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article… Thank you!
Writing Team, Coaches Training Blog Community