Sample Life Coach Business Plan: Complete Template & PDF
This sample life coach business plan contains a detailed operating and marketing plan for a life coaching business, including life coaching services, target market, marketing strategies, competition, and financial projections.
It is a downloadable coaching business plan example that is available as a Google Doc, which can be used in Microsoft Word, Apple Pages or as a PDF.
Table of Contents
How to Use This Life Coach Business Plan to Get Clients
Each section this sample life coach business plan contains two parts:
- Coaching Business Plan Template – This includes details on what to put into each section of your business plan.
- Sample Coaching Business Plan Text – This part provides actual text from a real coaching business plan example that you can modify (or leave as is) for your plan.
Since most coaching businesses are started by individuals working as sole practitioners, I’ll focus on one-person businesses in this sample life coaching business plan. You can easily modify this plan if you have partners or are part of a management team. Just replace “I” with “we” and other plural forms.
I’ve also included an overview of financial projections in this coaching business plan example to help you chart a path to starting a coaching business.
Watch the Free Coaching Business Plan Webinar
The hardest part of starting a coaching business is getting clients.
The free life coach marketing plan that I created as part of this sample coaching business plan shows you the fastest path to building your brand identity and awareness to get clients. It includes SEO for Life Coaches and a List of Life Coaching Keywords. I strongly recommend reading that or listening to the audio version (it’s all free):
Sample Life Coach Business Plan
Let’s start with the sections that make up your life coaching business plan. I include sample text below the description of what to focus on within the section.
The first in your business plan introduction to frame your coaching practice.
1. Coaching Business Plan Executive Summary
Additionally, the executive summary should highlight your key differentiators and explain why your coaching business will be successful.
Most Executive Summaries are at most one or two pages. As a sole practitioner for a life coaching business, your summary can be as brief as a few paragraphs.
Sample Life Coach Business Plan Executive Summary
As a life coach, I am excited to offer my coaching services to help people reach their personal and professional goals. My coaching business plan includes a variety of services that are tailored to each client’s individual needs.
I offer one-on-one coaching, group coaching, and corporate coaching services. I also provide coaching resources, such as books, audio programs, and online courses.
My coaching business is based on the belief that everyone has the potential to achieve their dreams. I am committed to helping my clients reach their full potential through my life coaching services.
Coaching is a very personalized business. Clients need to have a strong rapport with their life coach in order to realize their goals. They also need to trust their coach. To build and maintain that trust, I will build my brand identity and create awareness of my coaching services using content marketing.
This includes SEO keyword research to identify the ideal keyword terms that my target market searches for. I will optimize my local SEO presence on Google and use these keywords as the foundation to launch a social media campaign.
Since I am a sole practitioner, using outside resources will allow me to make the best use of my time. I will take advantage of pre-written content designed for coaches, which I can tweak to include my personal notes and experiences.
Doing so will enable me to go to market faster and maintain my online presence without sacrificing the time I need to provide actual life coaching services to my clients.
2. Coaching Business Plan Company Description
This section can also include information on the history of your coaching business and any significant milestones that you have reached.
It is okay to repeat a little bit of what you included in your executive summary in this section. Here you’ll have the opportunity to describe your company in greater detail.
Sample Life Coach Company Description
Life Coaching is a process that helps people identify and achieve their personal and professional goals. As a life coach, I help my clients get clear on what they want to achieve and create a plan to make it happen.
I specialize in working with entrepreneurs, business professionals, and business students who are seeking clarity and direction in their lives to achieve professional satisfaction. My coaching services are tailored to each client’s individual needs and include one-on-one coaching, group coaching, and corporate coaching.
My life coaching business is based on the belief that everyone has the potential to achieve their dreams. The key to my success is my ability to ask poignant questions that elicit deep thinking in my clients’ minds. I want them to see what life can be like out of their comfort zone while being in a safe space with our conversations.
By using before/after scenarios as one of my techniques, I can help clients remove self-inflicted limits they impose on themselves. Most of the time, it is these limitations that prevent individuals from growing and creating meaningful experiences that result in greater happiness.
3. Life Coach Business Plan Services Offered
The Services Offered section of your life coach business plan should provide an overview of the coaching services that you offer. This can include information on the types of coaching services you offer, such as one-on-one coaching, group coaching, or corporate coaching.
You should also include information on the format of your coaching services, such as in-person sessions, phone calls, video calls, or online courses. In this section, you’ll have the opportunity to describe your coaching services in greater detail and explain how they will benefit your clients.
Sample Life Coaching Services Offered
I offer a variety of life coaching services that are tailored to each client’s individual needs. My coaching services include one-on-one coaching, group coaching, and corporate coaching. I also provide coaching resources, such as books, audio programs, and online courses.
My one-on-one life coaching services are designed to help my clients achieve their personal and professional goals. We will work together to identify your goals and create a plan to make them happen. My goal is to help you gain clarity and confidence so that you can live the life you want.
My group life coaching services are designed for people who want to achieve their goals with the support of others. Group life coaching is a great way to get accountability and feedback from others who are striving to reach their goals. My group life coaching programs are available both in-person and online.
My corporate life coaching services are designed to help businesses achieve their goals. I offer a variety of corporate life coaching services, such as team building, goal setting, and conflict resolution. I also provide life coaching resources, such as books, audio programs, and online courses, to help businesses reach their full potential.
For those clients who prefer a self-paced approach, I provide coaching resources, such as books, audio programs, and online courses. These serve as stepping stones to acquire one-on-one or group coaching customers.
4. Coaching Business Plan Target Market
It is important to focus on a niche rather than offering generic services.
Life coaching as an industry is booming so prospects may not be able to determine who is the best life coach for them. When you focus, your marketing efforts can be customized to the niche you specialize in.
Think of it this way: if you were to build a patio for your house, would you hire a general contractor or a patio specialist? A general contractor remodels kitchens and bathrooms and will likely not be as familiar with the latest trends on patios. A patio specialist, however, will be versed in the best materials, designs and considerations for patios.
You would pick the patio specialist no doubt.
Similarly, your life coaching business plan should focus on a specific target group so that you become known as a specialist for your niche.
Sample Life Coaching Target Market
Given my strong background in corporate and executive leadership, I specialize in working with entrepreneurs, business professionals, and business students who are seeking clarity and direction in their lives.
The career paths of my clients typically hold a special place as part of their holistic identity. I focus on helping them see a vision of themselves that feels true and help them break limiting habits and beliefs. My goal is to assist clients in creating unbounded opportunities and new habits that foster growth.
My life coaching services are designed to help my clients achieve their professional goals and gain fulfillment in their personal lives.
5. Coaching Business Plan Pricing Strategy
The Pricing Strategy section of your life coach business plan should provide an overview of how you will price your life coaching services. This can include information on the rates you charge for your services, as well as any discounts or packages you offer. You should also include information on how you determine your pricing, such as by the hour, by the session, or by the project.
Sample Life Coaching Pricing Strategy
I charge $150 per hour for my life coaching services with a 2 hours per month commitment for a minimum of 3 months.
They also provide prospects with an opportunity to experience what it could be like working directly with me without making a larger financial commitment. My online courses are priced at $297 and $497, respectively, for a 3-month or 6-month self-paced course.
I offer group coaching at the rate of $200 per month per individual. This includes a two-hour session each month in a group of no more than 8 people. I also maintain the same 3-month commitment.
This way, group members can hold each other accountable for commitments they make in prior monthly meetings. This added bond increases the likelihood that new clients will become long term clients.
For corporate clients, I charge $2000 per month per group of up to 6 members. This allows an organization to experience group coaching tailored to improving employee productivity and satisfaction. This is the fastest growing segment of my coaching business because employers are struggling to retain top performing employees due to “The Great Resignation” which is affecting company output.
In a post-COVID world, I offer my life coaching services both in-person as well as virtually. Groups will meet either virtually or in-person for consistency, but not both. For example, an individual may not choose to attend an in-person meeting virtually because that breaks the rapport-building process that is integrated into my group coaching sessions.
6. Life Coach Marketing
Here are 10 marketing ideas to help you get started. Use these as fodder to create your detailed life coach marketing plan, which is the true heart of your business strategy.
Sample Life Coach Marketing Plan
This life coaching marketing plan will not focus on paid advertising, which is a flooded market. Instead, it will leverage the untapped and insatiable market for educational content to help people achieve their personal and professional goals.
The tactics presented below, when done in unison, will generate a steady flow of qualified leads into my lead generation pipeline.
- Develop a website . Aside from my Google Business Profile, my website will be one of the main ways clients learn more about my services. I will use the side not only to share information about my coaching packages, but also – and more importantly – to share my thought leadership content that I create. I will offer a few free guides and checklists to convert website visitors into prospects using a ConvertBox lead capture form.
- Create a social media presence . I will create a Facebook and LinkedIn page for promoting my content (see below) to my target market. As I ramp up in sales, I will explore paid advertising on these platforms, but as the initial effort I will use SEO and content marketing to grow my business.
- Acquire private label rights (PLR) content . I can use this material as a starting point to create social media posts, videos, online courses and articles. I will purchase credits from PLR . This is like having a content marketing writer on staff to produce the material that will propel my name as a coach into the marketplace. This inexpensive way to generate content will make my marketing efforts more efficient because I am a sole practitioner and need to optimize the use of my time.
- Search Engine Optimization . Using the free detailed SEO for Life Coaches guide provided by MoreBusiness.com, I will identify specific keywords related to my niche. This will allow me to quickly tweak the PLR content to create unique content to promote my coaching business. While most other coaches rely heavily on paid advertising on Google and Facebook, I plan to take advantage of the long-tail keyword strategy. This approach targets the numerous “low keyword difficulty” and “high search volume” phrases that my prospects use daily to find coaches like me. This will result in significant cost savings as I ramp up my marketing efforts. I will be able to tap into organic search traffic that continues long after the investment to create it.
- Publish regularly . As part of my branding efforts, I will publish my unique content on my blog and social media channels, including my Facebook page. By sharing my expertise and coaching tips, I will attract potential clients who are interested in my messages. I will use Canva to create attractive designs and schedule social media posts.
- Claim my Google Business Profile . For local SEO, claiming my Google Business Profile will enable me to have a presence that can show up on Google Maps when prospects search for life coaching services. Doing so will display my hours of operation, new blog posts, and send other marketing signals to reach my audience.
- Use online directories . Online directories can help me reach a wide range of prospects. In fact, adding my business to specific directories will dramatically enhance my potential presence on Google Maps when nearby prospects search for life coaching services.
- Speak at events . Getting involved in speaking engagements is a great way to build my reputation and attract new clients. I will reach out to 10 new associations each quarter in order to land a minimum of one speaking engagement that puts me in front of an ideal audience. I will also attend local events to network with business leaders who may be looking for coaching options for their staff.
- Teach workshops and webinars . An offshoot of speaking engagements, hosting my own workshops and webinars will provide an additional way to reach prospects. For my webinars, I will use EasyWebinar to create an automated webinar option that allows prospects to view the webinar on demand. New leads will receive my automated drip email sequence and become part of my email newsletter campaign to stay in touch.
- Create an e-newsletter . To stay in touch and nurture these new leads, I will send helpful tips, articles, and resources in my e-newsletter. This way, my brand will remain top-of-mind even for those prospects who are not yet ready to commit to a coaching program.
- Offer free consultations . An initial free consultation is traditionally a great way to introduce potential clients to my life coaching services. This allows prospects to experience my coaching services and build rapport so they become long-term clients.
The marketing strategy tactics listed in this life coaching business plan may seem like quite a bit for an individual practitioner to tackle. However, most involve an initial investment of time to set up and then run via automations.
Also read our guide How to Get Life Coaching Clients: A 9-Step Complete Guide
By leveraging PLR coaching content published through the lens of long-tail SEO keywords, I will be able to quickly gain exposure to the market I intend to reach. This will build my sales faster than other coaches competing for similar clients.
7. Life Coach Business Plan Financials
Sample Life Coach Financials
In the next 12 months as I ramp up my coaching business, I expect to generate $100,000 in revenue. My expenses will total $20,000, resulting in a profit of $80,000.
Revenue will come from the following sources:
- Online courses: $19,000 – estimated 40 sales at $297 and 15 sales at $497
- eBook sales: $2,000 – estimated 80 sales at $25
- Individual Coaching: $20,000
- Group Coaching: $35,000
- Corporate Coaching: 45,000
As I build my reputation as a life coach, I will add new courses and focus more on corporate and group coaching. These two revenue streams generate a higher profit margin than individual coaching clients.
8. Coaching Business Plan Conclusion
The conclusion of your life coach business plan should summarize the key points of your business plan and explain why you believe your life coaching business will be successful. This can include information on your target market, your unique selling proposition, and your plans for promoting and marketing your life coaching business.
Sample Life Coaching Business Plan Conclusion
I believe my life coaching business will be successful because I am passionate about helping people achieve their goals and have laid out an achievable marketing strategy.
My plan incorporates my strengths and capitalizes on using outside resources, such as private label content and SEO training for myself to increase my footprint quickly. I have a strong understanding of the life coaching market and I am confident in my ability to promote and sell my services. I have realistic financial goals and I am committed to making my life coaching business a success.
Starting Your Life Coaching Business
This comprehensive life coach business plan provides a solid foundation for you to create your own plan. As you know, getting clients for your coaching business will likely be your most challenging startup task.
Use the specific life coach marketing tactics presented here to create awareness and attract qualified prospects. Don’t follow the beaten path: Facebook advertising. Instead, make sure you tap the underutilized strategy of SEO keyword research.
The MoreBusiness.com SEO Coaching program can provide you with the exact steps and research to get your business up and running fast.
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Life Coach Business Plan Template
Are you thinking of starting your own life coaching business? Use Carepatron’s life coach business plan template to start turning your dreams into a reality.
By Alex King on Jul 15, 2024.
Fact Checked by Ericka Pingol.
What is a Life Coach Business Plan Template?
Life coaches help clients succeed with their personal goals through coaching, support, and creating action plans. Life coaching can be an alternative to traditional therapy or counseling, focusing more on mental health issues than practical coaching.
Life coach plans aim to achieve personal and professional goals for those who do not need additional mental health support. As you don't need a specific degree or qualification to become a life coach, many people change their careers to take on life coach responsibilities to help others.
This free coaching business plan will help you kick your life coaching business off to a great start. Starting a business is a huge life decision, so if you have made it this far, congratulations! It's time to turn those dreams into reality by creating a practical and comprehensive business plan for your life coaching business.
This plan is designed to help you get your ideas onto paper and provide a solid starting point for a successful life coaching business. You may have been dreaming about your business structure, marketing strategy, or sales pitch for months now, but you may not have considered other important aspects yet in career coaching. This template is designed to help you organize your ideas into a firm overview of how your life coaching practice will fit into the existing market.
Life Coach Business Plan Template Example
How to use this Life Coach Business Plan Template
Business planning can be intimidating, so we have made our template simple and customizable. To use it, follow these steps.
Step 1: Download the PDF
The first step is downloading the free PDF life coaching business plan template via the Carepatron app or by clicking the button on this page. You can either fill this PDF in digitally using the interactive text boxes or print it out and fill it in by hand if you prefer.
Step 2: Write the executive summary
The executive summary is the first section of our life coaching business plan template. It provides an overview of some of the key parts of your business, including your mission statement, life coaching packages offered, team members and key roles in your business, and the type of company your life coaching business will be.
Step 3: Conduct competitor and customer analysis
This section is part of market research and is essential for differentiating your coaching practice from the competition. In this section, you will compile an overview of the market you will be entering, analyze your competitors and unique selling points for your business, and establish the target market for your life coaching business.
Step 4: Formulate a marketing and financial plan
This section is for the practical side of things. What's your marketing plan? How will you market your services in the coaching industry? What will be your sales strategy once you have a potential client who is interested? How much will you charge for your coaching sessions? What is your start-up budget, and what expenses will you have?
Step 5: Decide on management and growth plan
Finally, your business is bound to change as you grow, and nobody can predict the future. However, it's a great idea to include a plan for how your business will remain sustainable and develop as it grows in your business plan.
You can include plans for expanding it to an online coaching business where you offer online courses. This section also includes the milestones you plan to reach to measure your progress. This could be measured in the number of clients you see, engagements with your marketing, or your client's satisfaction with their life coaching.
Benefits of using the Life Coaching Business Plan Template
Using this coaching business plan will help you get your ideas onto paper and take the first concrete step to start your life coaching business. This template helps you:
Know your target demographic
The first benefit of completing our Life Coaching Business Plan Template is understanding your target demographic. Knowing who you are marketing to is a huge part of your business that will inform all your future advertising decisions and marketing efforts.
Solidify your intentions
Writing down a business plan helps you prioritize what is important to your business. Solidify your intentions for your life coaching business with practical sections such as competitor analysis, mission statement, and marketing strategy.
Stay organized
The template has different sections and headings, all formatted for you. Provide the content, and you will have a well-organized and readable business plan suitable for your individual or group coaching sessions.
Maintain your business focus
Writing something down means you can constantly refer to it and stay on track. By collating your plans, you can ensure you keep sight of your goals as you go forward and reach more target audience or potential clients.
Reflect on your progress
You may be at the beginning of your journey now, but a few years later, you will want to pause and reflect on how far you've come. Setting out your plans and business goals will give your future self a solid reference point for your progress.
Commonly asked questions
Life coaching and therapy have often been confused as both methods can help people with similar problems. One of the most significant differences is that therapists are licensed mental health professionals. In contrast, life coaches focus on helping their clients achieve goals and take positive actions rather than treating mental health issues.
That's okay. We all have to start somewhere! If this is the case for you, you can leave the management team and key roles sections blank. Alternatively, you could establish several roles to fill in the future once you expand as part of your growth plan.
A mission statement will look different for every life coaching business, and there is no one formula for writing your mission statement. The mission statement should capture your business's identity and address how your business will solve problems for your clients in a way that differentiates you from your competition.
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How to Start Your Life Coaching Business Plan & Template
Perhaps like many of us, you’re unsure where to start. Maybe you’re disillusioned by the lack of clear, actionable information available and have shelved your plans – for the moment, at least.
But don’t give in. Help is at hand.
This article introduces many of the answers to the question, “How do I start a life coaching business?”
In doing so, we borrow heavily from a book written by one of our founders at PositivePsychology.com, Seph Fontane Pennock, The 7 Pillars of a Profitable Practice . It is a great read and highly recommended; however, this article offers a powerful starting point regardless, with actionable points, a business plan, and a free template.
This Article Contains
How to start your life coaching business, 3 requirements for setting up your practice, crafting your business model plan: a template, how to market and advertise your coaching business, 10 best names for coaching practices, building and promoting an online coaching business.
- 10+ Software & Forms to Use in Your Practice
A Take-Home Message
Life coaching can have far-reaching and diverse positive impacts on clients’ lives (Clutterbuck et al., 2016).
Many of us have toyed with the idea of starting a life coaching business, helping people change health-related behavior, improve wellness, boost their careers, and strive for personal goals (Karmali et al., 2020; Mann et al., 2022).
You most likely feel you have something to give: highly transferable skills learned from harsh life lessons and/or expertise in psychology, learning, leadership, self-development, and communication.
Or perhaps you are simply great at making people feel so empowered that they stop being “stuck” and take the bold steps to overcome obstacles holding them back.
Whatever your reason and motivation, we will help you get there, and the best place to begin is right here.
Begin at the beginning!
We start by recognizing our barriers.
What’s stopping us? Most likely, it’s our mindset rather than something physical. The following beliefs are potential obstacles, blocking us before we even start:
- Fear of failure : We are afraid we will not succeed.
- Not enough time: “I would give it a try, but I simply don’t have enough time.”
- Self-doubt: Our lack of confidence sabotages our entrepreneurial journey.
It’s not about ignoring the fear or letting it determine how we act; it’s about accepting it as an inherent part of our journey.
Accept fear as part of your journey.
Next, evaluate your existing time commitments. Prioritize your current tasks, dropping some of the nonessentials, and plan to set aside time to start your life coaching business. This is something you’ve dreamed of doing and aligns with your bigger life goals.
There will always be things to do, but by changing your mindset and prioritizing this dream, you will find the time to make it a reality.
Everyone has 24 hours in a day. What will you accomplish with yours?
Finally, recognize your feelings of self-doubt but don’t let them control you. Reflect on some of your past successes and reach out to those closest to you for their support, encouragement, and practical advice.
We’d like to share a great article with you that can help, as it includes tips for increasing your self-confidence. Have a look at What Is Self-Confidence? (+9 Proven Ways to Increase It) .
To build confidence, you have to practice confidence.
If we don’t start, we will never know
Now that we have faced our barriers and established a healthier relationship with them, it’s time to step outside our comfort zone and start the journey.
Who is our dream client?
We can’t be great at everything, so we need to narrow our focus and reach and find an authentic niche.
For example, perhaps you enjoy helping people in the workplace . So, maybe your dream client has worked for several years but now feels stuck in their career. They need help to reevaluate where they are, where they want to go, and how to change their mindset to move toward a more fulfilling career.
Once we’ve defined our ideal client, we can consider each of Seph’s seven pillars for starting and growing a coaching practice sustainably:
- Pillar #1 – Promise We need to be able to make a pledge to our dream client. The five Ps will help: People : Who are we helping? Place : Where are we helping them? Problem : What are we helping them solve? Product : What will we use to do this? Price : What will we charge to do it?
- Pillar #2 – Leads We need to attract more of the right sort of clients (ideally, they will contact us). We must think about how our dream client will find us, perhaps via YouTube, a blog post, a personal website, or social media (think LinkedIn, Instagram, Facebook, etc.).
- Pillar #3 – Clients How will we convert leads into clients? It may involve screening out those who are not a good fit for our services (depending on our coaching philosophy ) and following up quickly with compatible ones.
- Pillar #4 – Traffic Reducing the legwork associated with finding leads is crucial; ultimately, it gives us more time to help others.
- Pillar #5 – Retention Attracting and converting new leads is vital, yet so is holding on to existing clients. What potential offers can we share with existing clients to maintain (or boost) engagement?
- Pillar #6 – Products How can we generate more income without spending extra time? It might include offering group coaching sessions or additional training, downloadable PDFs, podcasts, or webinars.
- Pillar #7 – Team We can’t achieve everything alone. Over time, a successful coaching business may expand and include dedicated staff performing those administrative activities that take our time away from coaching.
What is the best platform for a life coaching business?
Traditionally, life coaching was practiced face to face and involved a great deal of manual administration behind the scenes.
Thankfully, new technology and online platforms mean we can perform coaching remotely through video calls and set up meetings, share activities, and exercises, and take notes online (Ribbers & Waringa, 2015; Kanatouri, 2020).
Our very own Quenza has been designed by and for coaches, counselors, and therapists, and that is why we believe it is the best coaching platform out there. It allows life coaches to focus on client needs, goals, and overcoming challenges and is a scalable solution for a growing business.
Do you need a business license?
You do not need specific qualifications to set up as a life coach, but accreditation can boost potential clients’ confidence in your abilities.
However, obtaining a business license is required in some locations to provide life coaching services legally. If you’re unsure whether you need a license, check with your local government agencies or consult a lawyer or accountant familiar with your jurisdiction (Lumia, 2022; Blackbyrn, 2023).
3 Best life coaching certification programs
There are many life coaching courses available. However, the International Coaching Federation (ICF) is the world’s best-known and respected coaching program certifier.
We list three of our favorite life coaching certification programs, but many others exist.
Spend time researching the one that best matches your coaching plans, availability, and budget.
- Coaching Out of the Box This fast track to ICF certification can help turn your dream of starting a life coaching business into a reality. It includes group and one-to-one coaching and certification and supports individuals as they obtain documented coaching experience.
- Barefoot Coaching This ICF and university-accredited coach training offers online coaching expertise to develop the coaching skills required as a life coach, HR professional, or business leader.
- Life Purpose Institute The institute offers the coaching tools and marketing expertise to build a life coaching practice plus the training hours required to get ICF credentials. The number of students in online courses is limited, and students can learn the skills needed to coach individuals, groups, and workshops.
For further training opportunities, see our articles, 19 Best Coaching Training Institutes and Programs and 8 Best ICF Coaching Certification Programs and Courses .
A life coaching business plan doesn’t need to be complicated and must remain current, capturing the key actions and challenges.
Use the Life Coaching Business Model Plan or one of our templates from our How to Write a Life Coaching Business Plan: 5 Templates article to create an initial plan.
In this example, we target people who feel stuck in their career or their life (or both).
Business identity
What is the business called? “Clarity Life Coaching”
Target client
Our target clients are individuals who feel stuck, lost, or uncertain in their personal or professional lives. We focus on mid-career individuals or those experiencing significant life changes, such as divorce or career transitions.
Client pain points
Our clients struggle with a lack of direction, feel overwhelmed, and lack clarity about their goals and values. They may feel stuck in unfulfilling jobs or relationships and experience high stress or anxiety.
Your solution
Clarity Life Coaching provides personalized coaching services to help individuals clarify their values, goals, and priorities. Our coaching process helps clients identify their strengths and areas for improvement, develop a plan to achieve their goals, and overcome obstacles that may stand in their way. We use various coaching techniques, including goal setting, visualization, and Cognitive-Behavioral Therapy.
Your competition
Several life coaching businesses in the local area provide similar services, but our unique approach and personalized coaching services set us apart from the competition. We focus on a highly customized coaching experience tailored to each client’s needs.
Revenue streams
Our revenue streams include one-on-one coaching sessions, group coaching sessions, and workshops on topics such as goal setting and stress management.
Marketing activities
We use online advertising, social media marketing, and partnerships with local businesses and community organizations. We will also attend local events and conferences to promote our services and network with potential clients.
Existing and future expenses include rent for our coaching space, coaching materials, advertising and marketing costs, and attending events and conferences.
Team and their key roles
The team will consist of one life coach responsible for providing coaching services, managing client relationships, and handling administrative tasks such as scheduling and billing.
Initial thoughts on milestones include:
- Launching the business and securing our first clients within the first three months
- Expanding our client base by 25% within the first year
- Increasing revenue by 35% within the first year
- Hosting a successful workshop or seminar within the first six months of operation
Help mid-career individuals gain clarity and direction and achieve their personal and professional goals.
Your plan will evolve and should be revisited regularly to grow and manage your life coaching practice.
For many of us, marketing and advertising can fill us with fear – an unknown and confusing process.
So here are a few valuable pointers drawn from Seph’s The 7 Pillars of a Profitable Practice and Steve Chandler’s book How to Get Clients: New Pathways to Coaching Prosperity .
Your coaching website should be like a funnel
- When your visitor arrives on your website, they should:
- Know which problem you can help them solve or which goal you can help them achieve.
- Find clear evidence of your successful track record.
- Be confident in your abilities and experience.
- Be provided with some upfront value (perhaps a free e-book).
- Do not overcomplicate the website. Consider removing unnecessary content. The goal is for traffic to arrive as visitors and leave as leads (or sales).
- Make use of a call-to-action, either:
- Offer a giveaway in exchange for their name and email.
- Allow them to sign up for their first (complimentary) coaching session.
Productive conversations
Productive conversations and creating relationships lead to new clients.
- Make sure that you follow up on discussions promptly.
- After an initial chat, ask the potential client to complete a prequalification survey.
- Don’t leave them wondering. Tell them when they will receive a follow-up email.
- Don’t be needy (even if you would like their business).
- Be aware that the client will remember how you made them feel rather than precisely what you said.
- Talk less about yourself and your coaching and listen more to their problems.
Online writing
Writing for a personal blog or elsewhere can increase your reach, get you in front of clients, and help others take you seriously. But remember:
- Aim for quality over quantity – you are targeting the right kind of traffic.
- Change your mindset from “How do I find more clients?” to “How do my dream clients find me?”
- Know what people are looking for and create resources on that topic.
- Earned reach is the organic attention that you receive. Perhaps you got a mention in a podcast or on a news website. Paid reach has a cost, such as Facebook and Instagram ads or using the Google Ads Platform. Consider both.
- If you post on your website, consider your owned reach. You should appear in the search results, so get to know which keywords people are searching for when they look for help.
In The 7 Pillars of a Profitable Practice , Seph covers in more detail how to rank for keywords and create a content marketing plan that includes platforms with active audiences, such as:
- The Huffington Post
- Entrepreneur
Ultimately, your goal is for people with problems to find you so that you can help meet their needs.
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Finding the right name for your coaching business is not easy. Too obvious, and it is either likely to be already taken or so bland that it will not be memorable.
One approach involves using AI to create life coaching business names . Use it or your own research to consider and evolve potential names, thinking about:
- The customers’ first impression
- The identity and brand of your business
- The type of customer you wish to attract
- How memorable the name is (and for the right reasons)
- Whether the name is already being used
Here are 10 names to start you off:
- Coaching for Success
- The Successful Living Academy
- Evolve Coaching
- Courage Coaching
- The Breakthrough Coach
- The Change Academy
- Coaching for Vitality
- Abundant Life Coaching
- Positive Change Coaching
- The Courage Academy
The following articles offer more suggestions regarding how to build and promote an online coaching business.
- How to Get Clients for Life Coaching [5 Strategies] provides more information and guidance on nailing your business’s value proposition, marketing funnel, and online and offline strategies.
- How to Start an Online Coaching Business: Step-by-Step Plan is a practical guide for building a successful and profitable business.
- How to Start a Life Coaching Business From Scratch explores what you will need and your first moves to becoming an online coach.
10+ Software & Forms to Use in Your Practice
There are several online platforms for coaching, many of which are introduced in the article 12 Best Online Coaching Platforms & Tools .
PositivePsychology.com’s dedicated coaching software Quenza is compelling and unique because it:
- Is extraordinarily user friendly and intuitive
- Uses the latest SSL encryption to store client results to ensure HIPAA and GDPR compliance
- Is highly scalable, growing with your business
- Stores forms as customizable templates
- Securely delivers exercises and forms to clients
- Enables form completion on mobile, tablet, or desktop
- Nudges clients when they need a reminder to do something
In How to Send & Build Counseling Client Intake Forms Digitally , we explore how to create and share online forms using the Quenza platform.
Next, our two articles, Coaching Forms Toolbox: 17 Templates for Your Sessions and How to Create Feedback Forms: 3 Templates + Best Online Tool , explain how forms can be created from scratch, copied, or modified within the tool.
We suggest using the following forms:
- Pre-coaching questionnaire
- A self-contract to encourage client accountability
- Life domain satisfaction questionnaire
- Strength interview form
- Session rating scale
- Coach evaluation form
- End of therapy evaluation
Many other templates exist, including ones for visualization, mindfulness, goal setting, and benefit finding.
Fear, time constraints, and self-doubt can hold us back from starting a life coaching business. Learning to accept our barriers and shift our focus from ourselves to our clients can dramatically improve our chances of success.
Learning from the experiences of successful business owners like Seph Fontane Pennock can provide valuable insights and help us create a profitable and impactful practice.
You most likely feel like you have something to give to your dream clients. You wish to create an opportunity for positive change in their lives while delivering on a personal vision for a life coaching practice.
Creating a clear and achievable business plan can be simple and will help you find your ideal clients and offer them a path to setting and striving toward their goals.
Having read this article and been inspired to start your life coaching business, why not look at The 7 Pillars of a Profitable Practice and use the many lessons Seph learned along his journey to inform your business plans and give your clients their best chance of success?
- Blackbyrn, S. (2023, February 17). Does a life coach need a business license? Coach Foundation. Retrieved April 20, 2023, from https://coachfoundation.com/blog/life-coach-business-license/.
- Clutterbuck, D., David, S. A., & Megginson, D. (Eds.). (2016). Beyond goals: Effective strategies for coaching and mentoring. Routledge.
- Lumia. (2022, August 4). Does a life coach need a business license and insurance? Lumia. Retrieved April 20, 2023, from https://www.lumiacoaching.com/blog/does-a-life-coach-need-a-business-license.
- Kanatouri, S. (2020). The digital coach . Routledge.
- Karmali, S., Battram, D. S., Burke, S. M., Cramp, A., Mantler, T., Morrow, D., Ng, V., Pearson, E. S., Petrella, R., Tucker, P., & Irwin, J. D. (2020). Clients’ and coaches’ perspectives of a life coaching intervention for parents with overweight/obesity. International Journal of Evidence Based Coaching and Mentoring , 18 (2), 115–132.
- Mann, A., Leigh Fainstad, T., Shah, P., Dieujuste, N., & Jones, C. D. (2022). “It’s nice to know I’m not alone”: The impact of an online life coaching program on wellness in graduate medical education: A qualitative analysis. A cademic Medicine , 97 (11S), S166–S166.
- Ribbers, A., & Waringa, A. (2015). E-coaching: Theory and practice for a new online approach to coaching . Routledge.
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How to Craft your coaching business plan in 7 simple Steps (+ FREE Template)
September 24, 2023
July 22, 2024
Are you eager to launch your coaching business but feeling overwhelmed about where to start?
You’re not alone!
In this article, I’ll help you understand what a coaching business plan involves. I’ll provide you with a coaching business plan template and also teach you how to shape it so that it mirrors your vision and goals. I’ll walk you through every step to ensure you create a successful coaching business plan tailored to your niche.
Let’s dive into the world of business planning, where clarity meets strategy.
In Brief : How to Craft your coaching business plan in 7 simple Steps
- Step 1: 📝 Executive Summary – Craft a compelling summary that encapsulates your business vision, mission, and core elements like the business name, owner, and location, setting the stage for what follows.
- Step 2: 🗂️ Business Description – Detail your coaching services, niche, and operational mechanics. Explain how these elements work together to meet the needs of your clientele.
- Step 3: 🔍 Market Analysis – Conduct a thorough analysis of your target market and competition. Use this data to tailor your services and pinpoint market opportunities.
- Step 4: 📈 Create a Marketing Strategy – Develop a comprehensive marketing plan that includes digital and traditional methods to attract and retain clients, ensuring your brand stands out.
- Step 5: ⚙️ Operations Plan – Outline your business’s operational structure, including the logistics of daily operations and the roles of your team members.
- Step 6: 💰 Financial Planning – Forecast your business’s financial health with detailed budgeting, pricing strategies, and expected financial outcomes.
- Step 7: 🚀 Review and Implement – Regularly review and refine your business plan to ensure it remains relevant and effective
Do You Need a Coaching Business Plan?
A few years ago, I was just like you—excited yet baffled about the right steps to take in starting my coaching business. I dabbled in social media, attended conferences, tried podcasting, and explored various other avenues.
Despite my efforts, the results were far from what I needed. It felt like I was constantly moving, but not in the right direction.
Then it clicked. I realized that diving headfirst into business without a well-thought-out plan was like sailing without a compass.
So, I took a step back and started from scratch, this time with a clear strategy in mind. I laid out a business plan that not only guided my business to success but also continues to guide me today.
Starting a coaching business can be an exciting venture , but without a clear plan, it’s easy to lose direction and focus. A business plan helps you outline your business objectives and also provides a roadmap to achieve them.
Here’s why a business plan is vital for a coaching business:
- Clarity and Direction : A business plan defines your coaching business’s purpose and sets clear goals. This clarity guides your decisions and keeps you focused on long-term goals.
- Understanding Your Market : Who are your potential clients? What are their needs and how can your coaching services meet those needs? Analyzing the market helps you tailor your offerings. It also helps you stand out from competitors. This ensures your services are in demand.
- Attracting Investors and Funding : Investors want to know that their money is going into a venture. The venture must have a clear plan to make a profit. This will give potential investors the confidence to back your business.
- Measuring Progress and Success : A business plan sets a baseline for measuring your progress. Setting clear goals and milestones helps you track progress and adjust strategies as needed. This ongoing review keeps you on track and informs smart decisions that drive your business forward.
- Risk Management : All businesses, including coaching ones, face risks. A business plan helps predict and manage these risks, making it easier to handle challenges. It prepares you for economic downturns, shifts in consumer behavior, and new competitors. This proactive approach protects against unexpected problems.
How To Create Your Coaching Business Plan
A well-structured business plan outlines every critical component of your operation, from your business identity and client demographics to your financial management and growth strategy.
Before we jump straight into the coaching business template , let’s understand the structure of your coaching business plan:
- Step 1: Craft your Executive Summary
- Step 2: Business Description
- Step 3: Market Analysis
- Step 4: Create a Marketing and Sales Strategy
- Step 5: Operations Plan
- Step 6: Financial Planning
- Step 7: Review and Implement
1. Crafting Your Executive Summary
To start your coaching business, begin with a powerful executive summary in your business plan. This section is like the front cover of a book—it needs to captivate and inform.
Here’s how to craft an executive summary that sets the stage for a compelling business plan:
- Business Name and Location : Clearly state the name of your coaching business and where you are based. This basic info introduces your business.
- Services Offered : Describe the types of coaching you provide. You might specialize in life coaching, career coaching, or another niche. Give a snapshot of what you offer.
- Mission Statement : Your mission statement should reflect the core values and purpose of your business. It tells your audience what your business stands for and what you aim to achieve.
- Vision Statement : This is about the future. Where do you see your coaching business going? What impact do you want to make? Your vision statement paints a picture of the future you are working towards.
- Goals and Objectives : Jot down your short-term and long-term objectives for your coaching business using the SMART criteria—Specific, Measurable, Achievable, Relevant, and Time-bound . Short-term goals might include reaching a certain number of clients. Or, they might include achieving a set income within the first year. Long-term goals could involve expanding your services nationally. Or, they could involve developing a franchise model.
2. Business Description
Here, you explain what your business does, how it operates, and what it aims to achieve.
This section gives context for the rest of the business plan. It helps stakeholders understand your business at a detailed level.
Choose Your Niche
Choosing a coaching niche and specifying your services are key. This sets your business apart.
Detail your target market. Whether you focus on life, executive, or health coaching, each meets unique client needs. Focus on demographics like age, profession, or specific challenges. Your coaching addresses those challenges.
Explain how your services are tailored to meet these needs, and discuss your business’s competitive edge. List your services in this field. Include personal coaching, group workshops, and online courses.
Also, showcase what makes you unique. For example, you might have a special coaching method. Or, you could be highly skilled in a popular coaching area.
Business Structure
The structure of your coaching business can greatly impact its operations and growth. You may operate as a sole proprietorship, a partnership, or a corporation. Each type has its own implications.
A sole proprietorship is easy to start and gives you full control. But it also leaves you fully liable for debts. On the other hand, a corporation shields you from debt and can attract investors. It does this through its structure and ability to sell shares. However, corporations face more rules and taxes.
Choose the structure that fits your business goals. Consider how it affects liability, taxation, and investment.
Business Model
Your coaching business can adopt various models to deliver its services, depending on your target market and your expertise:
- One-on-One Coaching: Tailored specifically to individual clients to address personal or professional goals. This model allows for deep, personalized work and can be conducted in person, over the phone, or via video conferencing.
- Group Sessions: These sessions bring together multiple clients who share similar goals or challenges. Group coaching is effective for workshops, seminars, and regular meetings, offering the added benefit of peer learning and support.
- Online Courses: Providing digital courses allows clients to engage with your coaching material at their own pace. This model can include video lectures, downloadable resources, and interactive elements like quizzes or forums.
Value Proposition
What sets your coaching services apart is your unique value proposition.
For instance, your approach might integrate cutting-edge psychological research, or perhaps you offer a unique blend of strategies drawn from various disciplines such as mindfulness, behavioral science, and leadership training.
Maybe your services are particularly tailored to a niche market, such as startup entrepreneurs or corporate executives facing burnout.
Highlighting this uniqueness in your business plan helps potential clients and investors understand why your coaching services are not just necessary but highly desirable.
3. Market Analysis
A thorough market analysis is crucial. It helps you understand your environment. You can identify opportunities and challenges. Then, you can make strategies. These strategies use your strengths to meet market demands.
This part of your business plan will show the whole market. It will offer key insights. These insights will help you set real goals and grow in a lasting way.
Identify your Target Market
Identifying your target market involves defining the specific group of people who are most likely to benefit from your coaching services. Key aspects to consider include:
- Demographics: Age, gender, profession, income level, and educational background. For instance, your services might cater primarily to mid-level professionals aged 30–50.
- Psychographics: Values, interests, lifestyle, and personality traits. For example, this might include people who value personal development, are career-focused, and seek work-life balance.
- Location: Whether your target market is local, regional, national, or global. Online coaching services can broaden your geographical reach compared to traditional in-person sessions.
Market Need
This section details the specific needs your coaching services address.
Are your clients looking for career advancement, personal growth, better stress management, or improved leadership skills?
Understanding these needs allows you to tailor your offerings effectively.
For example, if there is a high demand for stress management techniques among corporate workers in your area, your coaching could focus on mindfulness and resilience training.
Analyze your Competition
Analyzing your competitors helps you understand the current market landscape and identify what sets your coaching apart. Consider the following:
- Who are your main competitors? Look at other coaching services in your niche.
- What services do they offer? Understanding their offerings helps you spot gaps in the market.
- What are their strengths and weaknesses? This can help you learn from their successes and capitalize on areas where they may fall short.
SWOT Analysis
A SWOT Analysis is a strategic method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats.
Use it to analyze your coaching business:
- Strengths: What advantages does your coaching business have? This could be a unique coaching methodology, a strong personal brand, or deep expertise in a niche area.
- Weaknesses: What areas need improvement? This might include limited market presence or lack of full-time coaching staff.
- Opportunities: Look for external factors that could be advantageous for your business. This could include increasing demand for mental health services or expanding into online coaching.
- Threats: Identify potential challenges that could hinder your business’s success. These might include new competitors entering the market or changes in regulatory laws affecting coaching services.
4. Marketing and Sales Strategies
An effective marketing and sales strategy is critical for the success of any coaching business. This part of your business plan outlines how you will attract and keep clients.
It details your approaches to reaching your target market and turning leads into paying customers. The right strategy boosts visibility. It also improves client engagement and loyalty.
A well-crafted marketing plan is essential. It sets clear goals and identifies the best tactics to reach them. It ensures your marketing is consistent, targeted, and effective. They help build brand recognition and trust.
Developing your coaching brand involves creating a distinctive identity that resonates with your target audience and sets you apart from competitors.
Key elements include:
- Brand Message: What are the core messages you want to convey? This could be your commitment to helping clients achieve specific goals, like improving leadership skills or finding work-life balance.
- Visual Identity: Includes your logo, color scheme, and overall visual style. These should reflect the tone and ethos of your coaching practice.
- Brand Voice: How you communicate in written and spoken words, which should consistently reflect your values and appeal to your target audience.
Marketing Channels
To reach your potential clients effectively, utilize a mix of marketing channels tailored to where your audience spends their time:
- Social Media: Platforms like LinkedIn, Instagram, and Facebook can help build community and engagement. Tailor your content strategy to each platform to maximize reach and engagement.
- Speaking Engagements: Presenting at conferences or local events can establish you as an expert in your field and attract clients looking for proven guidance.
- Networking: Building relationships through industry groups or local business events can lead to referrals and new client opportunities.
- SEO: Optimize your website and content for search engines to attract organic traffic. Focus on keywords that potential clients might use to find coaching services.
Effective marketing can significantly boost your coaching business, attracting a steady stream of clients. It not only draws attention but also captures and retains interest
Sales Strategy
Converting potential clients into paying clients requires a clear sales process:
- Initial Consultation: Offer a free or discounted initial consultation to introduce potential clients to your coaching style and the benefits of your services.
- Follow-Up: After the consultation, follow up with a personalized message that summarizes how you can help them achieve their goals.
- Special Offers: Consider time-limited offers or package deals to encourage sign-ups.
Set up a sales funnel. A sales funnel is a process that guides potential clients from their first interaction with your brand through various stages of engagement until they make a purchase.
It starts with awareness, often through your marketing efforts, and progresses to interest (engaging with content), decision (attending a consultation), and finally action (purchasing a coaching package).
5. Operations Plan
The Operational Plan section of your business plan provides a detailed look at how your coaching business works. This section outlines the day-to-day operations that support your coaching business.
This includes preparing for client sessions, both scheduled and ad-hoc and follow-up activities for each session, client communication, and administrative tasks like scheduling, billing, and client records management.
It’s important to specify how these tasks are handled and by whom, as well as any business hours or response time commitments you make to your clients.
Business Location
Where you operate your business significantly shapes how it runs. Specify whether you offer your coaching services online, offline , or in a hybrid model:
Online | Offline | Hybrid |
---|---|---|
If your operations are mostly or entirely online, detail the platforms and technologies used to facilitate virtual coaching sessions. This model offers greater flexibility and a wider potential client base. It also ensures privacy and security for your communications. | For an offline or physical location, describe your coaching office, its location, and why it’s important to your coaching services. Include any considerations for accessibility, comfort, and professional environment. | A hybrid model involves a combination of online and offline services. Explain how you integrate these aspects smoothly. |
Technology Used
Technology is crucial in running a modern coaching business efficiently. List the specific technologies and software you utilize for various business functions:
- Client Management Systems : Software for scheduling , session notes, and client progress tracking.
- Communication Tools : Tools used for client communication, such as email platforms, video conferencing tools, and instant messaging apps.
- Marketing and Sales Software : CRM systems for managing leads, marketing automation tools, and analytics platforms.
Staff and Resources
Finally, detail any staff or additional resources needed to operate your business effectively. This includes any administrative support, marketing personnel, or additional coaches.
If you handle most operations solo, discuss any outsourced services you might need, such as virtual assistants, accountants, or IT support.
6. Financial Planning
The Financial Plan is a critical section of your business plan. It is crucial for both potential investors and for you as the owner.
It shows that your coaching business is financially viable. It gives a roadmap for financial success.
This section is crucial for securing funding. It shows you understand your business’s finances.
Startup Costs
Outline all initial costs required to start your coaching business. This includes any licensing fees, initial marketing expenses, technology setup costs, office equipment, and any other expenditures necessary to launch your business.
Pricing Strategy
Set your prices for your coaching services based on the value you provide, the demands of your target market, and your competitors’ pricing. You can also offer different pricing tiers based on the length and depth of the coaching provided or discounts for upfront payments for a series of sessions.
Revenue Projections
Project your revenues over the next three to five years. Base these estimates on your market analysis, including expected client numbers, session pricing, and any additional revenue streams like workshops or online courses.
Break-even Analysis:
Calculate when the business expects to break even. This analysis should consider all fixed costs (like rent and salaries) and variable costs (such as session materials or payment processing fees) against expected revenue streams. The break-even point is the moment when total revenues equal total costs, indicating when the business starts to generate profit beyond recovering its initial and operational costs.
Think of it like this: if you have a lemonade stand, you need to know how many cups of lemonade you have to sell to pay for all your supplies and costs. The moment you’ve sold enough cups to cover all your expenses, you hit your “break-even point.” That means you’re not losing money anymore, and any more lemonade you sell after that starts to make you profit.
7. Review and Implement
Once you’ve finalized your coaching business plan, the next steps are critical: reviewing the plan carefully and implementing it effectively.
This ensures that your business is built on a solid foundation and is ready to adapt to challenges and opportunities. Here’s how to approach these important phases:
Reviewing Your Business Plan
- Thorough Read-through: Start by reading your business plan thoroughly from start to finish. This helps you ensure that the plan is cohesive and all parts align well with each other.
- Seek External Feedback: It’s invaluable to get perspectives from trusted mentors, industry peers, or potential investors. They can provide insights that you might have missed and suggest improvements. Consider feedback from people who understand the coaching industry as well as those who might be part of your target audience.
- Revise for Clarity and Accuracy: Based on the feedback and your own assessments, make necessary revisions. This could involve clarifying certain sections, adding missing details, or correcting any inaccuracies. Ensure your financial forecasts and market analysis are realistic and based on the latest available data.
- Finalize the Document: Once revisions are made, finalize the formatting, proofread for grammatical errors, and ensure that the document is professionally presented.
Implementing Your Business Plan
Now that your business plan is meticulously crafted, it’s time to bring it to life. This step might seem a bit overwhelming, but it’s essential for growing your coaching business.
The great news is, you’re not in this alone. We’re here not just to support you but to actively participate in your journey.
Our role extends beyond mere guidance; we’re here to help build your business. While you concentrate on what you do best—coaching and transforming lives—we’ll handle the operational details. From identifying your niche to marketing execution, we’ve got you covered .
As we wrap up, I hope the insights shared here have empowered you to create a structured and effective business plan for your coaching venture.
Crafting a solid plan is crucial, not just for guiding your business but for adapting as your enterprise grows.
If you have any questions about the business planning process or wish to share your own experiences and insights, feel free to leave a comment below.
Resources for your Coaching Business Plan
As a coach, it’s crucial to have the right resources at your fingertips.
We’ve put together a curated list to support your journey to craft your custom coaching business plan.
Your Custom Template
To get your FREE custom Coaching Business Plan Template, click on the “Download Your Coaching Business Plan” Button
Other resources
Financial planning and management tools.
- QuickBooks : An accounting software ideal for small businesses to manage accounts with ease.
- Mint : Helps with personal and business financial planning and budgeting.
- Microsoft Excel / Google Sheets – Spreadsheet tools that are essential for financial analysis, including creating detailed financial projections and budgets.
Software and Online Platforms
- LivePlan : This is an intuitive, user-friendly business plan software that guides you through the process of creating a detailed, investor-ready business plan. It offers templates, financial forecasts, and performance tracking tools.
- Bizplan : Bizplan makes the process of writing a business plan more efficient through step-by-step guidance, templates, and a modern, user-friendly interface that simplifies financial forecasting and business modeling.
- Enloop : This tool automatically writes and formats your business plan as you input information. It offers features like auto-generated financial reports and a real-time performance score to improve your plan.
- SMART Goals – A framework for setting objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound, ensuring well-defined and attainable goals.
- SWOT Analysis – A strategic planning tool used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.
- PEST Analysis – A framework for analyzing and monitoring the macro-environmental factors that may have a profound impact on an organization’s performance.
- Business Model Canvas – A strategic management template for developing new or documenting existing business models across nine key components.
- Value Proposition Canvas – A tool that helps businesses ensure that a product or service is positioned around what the customer values and needs.
- “ Co-Active Coaching: Changing Business, Transforming Lives ” by Henry Kimsey-House, Karen Kimsey-House, Phillip Sandahl, and Laura Whitworth – This book provides a foundational philosophy for professional coaching.
- “ Business Model Generation ” by Alexander Osterwalder & Yves Pigneur – A book that introduces practical tools for creating, analyzing, and reinventing business models, with visual methods for brainstorming.
- “ The Lean Startup ” by Eric Ries – A book that introduces methodologies for developing businesses and products in an efficient way by managing and directing startup activities toward the markets.
Legal Resources for Small Businesses
- U.S. Small Business Administration (SBA) : Information on business registration, legal structures, and licenses.
- Gov.uk (for UK based businesses) : Guidance on starting and running a business in the UK, including legal obligations.
Each resource was chosen based on its practical utility, ease of access, and the most current information available.
From established industry platforms to cutting-edge tools and insightful publications, our editorial team has researched, fact-checked, and curated a diverse mix of resources to cater to various learning styles and needs.
This ensures you have access to the best tools and knowledge, helping you build a solid coaching business plan.
Frequently Asked Questions (FAQs)
What are the steps of a business plan.
A coaching business plan includes the following steps – making a list of the strengths and weaknesses of the company, moving on to a SWOT analysis, outlining a short-term and long-term strategy, creating project benchmarks, and defining the key success factors. Another additional step is how to price the business and launch a new product.
What Must An Entrepreneur Do After Creating their Coaching Business Plan?
A list of tasks that entrepreneurs should complete after setting up their coaching business plan includes: obtaining startup capital, researching trade laws, reviewing business licenses, and choosing a company name.
What Is the Purpose of Writing a Business Plan Before Entering the Market?
Creating a coaching business plan before entering the market can prove beneficial because it allows entrepreneurs to look at the big picture of the company, from the way it will be run to its goals and general purposes. It also gives entrepreneurs an opportunity to look at what they need to do in order to successfully and efficiently run their business.
What Should I Include In A Business Plan?
Every business plan needs to include the questions and answers of these three fundamental issues: what do you want your company to accomplish, why should people buy what you sell, and how will you make it happen? It is important to take this opportunity to be very thorough with your business plan.
How to Make a Business Plan?
To make a business plan, you must know what kind of business you want it to be. You will need to research your market, competition, and finances. If you don’t, then you run the risk of running out of money or building a business that is unable to make a profit.
How Do You Draft A Coaching Plan?
You can draft a coaching plan through plenty of documents and templates that can be used as a guide to help you brainstorm and organize your own thoughts. One great resource is the Coaching Business Plan Workbook and Guide by Mary Baldwin and Amy Levin-Epstein.
How To Write A Business Plan Step By Step?
The precise step-by-step guide on how to write a business starts with first outlining what your business will be and what your long-term goal is. Next, it’s important to start with developing your company’s mission statement, detailing who your customer is and what they want. This is followed by conducting market research and researching your competition.
ABOUT SAI BLACKBYRN
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4 thoughts on “How to Craft your coaching business plan in 7 simple Steps (+ FREE Template)”
This article was very simple and easy to follow. Extremely helpful. Just starting out so needed this kinda help.
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Thank you so much, very insightful especially as I’m starting my coaching business.
Keep up the great work!
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How to Write a Life Coaching Business Plan (+ Template)
Creating a business plan is essential for any business, but it can be beneficial for life coaching businesses who want to improve their strategy or raise funding.
A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you will accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.
This article provides an overview of the key elements that every life coaching business owner should include in their business plan.
Download the Ultimate Business Plan Template
What is a Life Coaching Business Plan?
A life coaching business plan is a formal written document describing your company’s business strategy and feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.
Why Write a Life Coaching Business Plan?
A life coaching business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.
Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.
Writing an Effective Life Coaching Business Plan
The following are the key components of a successful life coaching business plan:
Executive Summary
The executive summary of a life coaching business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.
- Start with a one-line description of your life coaching company
- Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.
Company Description
This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.
You may not have a long company history if you are just starting your life coaching business. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company or been involved in an entrepreneurial venture before starting your life coaching firm, mention this.
You will also include information about your chosen life coaching business model and how, if applicable, it is different from other companies in your industry.
Industry Analysis
The industry or market analysis is an important component of a life coaching business plan. Conduct thorough market research to determine industry trends and document the size of your market.
Questions to answer include:
- What part of the life coaching industry are you targeting?
- How big is the market?
- What trends are happening in the industry right now (and if applicable, how do these trends support your company’s success)?
You should also include sources for your information, such as published research reports and expert opinions.
Customer Analysis
This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.
For example, a life coaching business’ clients may include:
- High school students seeking guidance on what to do after graduation
- Middle-aged professionals wanting a mid-life career change
- Small business owners needing help to expand their companies
You can include information about how your customers decide to buy from you as well as what keeps them buying from you.
Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or life coaching services with the right marketing.
Competitive Analysis
The competitive analysis helps you determine how your product or service will differ from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.
For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive advantage; that is, in what ways are you different from and ideally better than your competitors.
Below are sample competitive advantages your life coaching business may have:
- You offer a more comprehensive life coaching program than your competitors.
- You have a team of certified life coaches with years of experience in various coaching fields.
- Your company offers a 100% satisfaction guarantee.
Marketing Plan
This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.
- Product/Service: Detail your product/service offerings here. Document their features and benefits.
- Price: Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
- Place: Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
- Promotion: How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or you may promote your life coaching business via word-of-mouth.
Operations Plan
This part of your life coaching business plan should include the following information:
- How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
- What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?
The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.
Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a life coaching business include reaching $X in sales. Other examples include expanding your customer base by X% or adding X new life coaching programs.
Management Team
List your team members here, including their names and titles, as well as their expertise and experience relevant to your specific life coaching industry. Include brief biography sketches for each team member.
Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.
Financial Plan
Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix).
This includes the following three financial statements:
Income Statement
Your income statement should include:
- Revenue: how much revenue you generate.
- Cost of Goods Sold: These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
- Net Income (or loss): Once expenses and revenue are totaled and deducted from each other, this is the net income or loss
Sample Income Statement for a Startup Life Coaching Business
Revenues | $ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 |
$ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 | |
Direct Cost | |||||
Direct Costs | $ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 |
$ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 | |
$ 268,880 | $ 360,750 | $ 484,000 | $ 649,390 | $ 871,280 | |
Salaries | $ 96,000 | $ 99,840 | $ 105,371 | $ 110,639 | $ 116,171 |
Marketing Expenses | $ 61,200 | $ 64,400 | $ 67,600 | $ 71,000 | $ 74,600 |
Rent/Utility Expenses | $ 36,400 | $ 37,500 | $ 38,700 | $ 39,800 | $ 41,000 |
Other Expenses | $ 9,200 | $ 9,200 | $ 9,200 | $ 9,400 | $ 9,500 |
$ 202,800 | $ 210,940 | $ 220,871 | $ 230,839 | $ 241,271 | |
EBITDA | $ 66,080 | $ 149,810 | $ 263,129 | $ 418,551 | $ 630,009 |
Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
EBIT | $ 60,880 | $ 144,610 | $ 257,929 | $ 413,351 | $ 625,809 |
Interest Expense | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 |
$ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 | |
Taxable Income | $ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 |
Income Tax Expense | $ 18,700 | $ 47,900 | $ 87,600 | $ 142,000 | $ 216,400 |
$ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 | |
10% | 20% | 27% | 32% | 37% |
Balance Sheet
Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:
- Assets : All of the things you own (including cash).
- Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
- Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.
Sample Balance Sheet for a Startup Life Coaching Business
Cash | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
Other Current Assets | $ 41,600 | $ 55,800 | $ 74,800 | $ 90,200 | $ 121,000 |
Total Current Assets | $ 146,942 | $ 244,052 | $ 415,681 | $ 687,631 | $ 990,278 |
Fixed Assets | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
Accum Depreciation | $ 5,200 | $ 10,400 | $ 15,600 | $ 20,800 | $ 25,000 |
Net fixed assets | $ 19,800 | $ 14,600 | $ 9,400 | $ 4,200 | $ 0 |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 | |
Current Liabilities | $ 23,300 | $ 26,100 | $ 29,800 | $ 32,800 | $ 38,300 |
Debt outstanding | $ 108,862 | $ 108,862 | $ 108,862 | $ 108,862 | $ 0 |
$ 132,162 | $ 134,962 | $ 138,662 | $ 141,662 | $ 38,300 | |
Share Capital | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Retained earnings | $ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 |
$ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 | |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 |
Cash Flow Statement
Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include cash flow from:
- Investments
Below is a sample of a projected cash flow statement for a startup life coaching business.
Sample Cash Flow Statement for a Startup Life Coaching Business
Net Income (Loss) | $ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 |
Change in Working Capital | $ (18,300) | $ (11,400) | $ (15,300) | $ (12,400) | $ (25,300) |
Plus Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
Net Cash Flow from Operations | $ 21,480 | $ 82,910 | $ 152,629 | $ 256,551 | $ 380,709 |
Fixed Assets | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Net Cash Flow from Investments | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Equity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Debt financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow from Financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow | $ 105,342 | $ 82,910 | $ 152,629 | $ 256,551 | $ 271,847 |
Cash at Beginning of Period | $ 0 | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 |
Cash at End of Period | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
You will also want to include an appendix section which will include:
- Your complete financial projections
- A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
- Any other documentation which supports what you included in the body of your business plan.
Write a Strong Life Coaching Business Plan
Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your life coaching company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.
A business plan also serves as a valuable tool for communicating your business goals to employees, partners, and investors. By taking the time to write a comprehensive business plan, you will have a much better chance of achieving your desired results.
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Developing a Life Coaching Contract & Agreement For Your Business (+ Template)
Life Coach Business Plan Template
Written by Dave Lavinsky
Life Coach Business Plan
You’ve come to the right place to create your Life Coach business plan.
We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Life Coach businesses.
Life Coaching Business Plan Sample
Below is a template to help you create each section of your Life Coach business plan.
Executive Summary
Business overview.
Desert Sun Life Coaching Company is a startup life coaching service located in Tucson, Arizona. The company is founded by Max Morrison, a life coach who has successfully counseled individuals for over twenty years while working for a national life coaching company. Now that he has built a large base of clients, he has received commitments from over forty clients that they will commit to long-term contracts with him in his new company, Desert Sun Life Coaching Company. Max is confident he has not only served each of his current clients well, but that he can grow and supplement his services by recruiting a highly-experienced executive team who will also gain clients. He is also committed to approaching corporate human resources executives to garner corporate accounts on a long-term basis.
Desert Sun Life Coaching Company will provide the full spectrum of life coaching services for individuals of all ages. Desert Sun Life Coaching Company will become known for their friendly and experienced life coaches, but also for the results-driven attitudes and life-affirming changes within the clients who are served by Desert Sun Life Coaching Company during the process.
Product Offering
The following are the services that Desert Sun Life Coaching Company will provide:
- Personalized one-on-one life coaching for individuals of all ages
- Corporate human resources training sessions
- On-going life coach training for new coaches
- Books and book products related to life choices
- Community service via counseling sessions
Customer Focus
Desert Sun Life Coaching Company will target all individuals in Tucson. They will target human resources executives in corporations to target corporate employees. They will also target high schools, universities, and community members who may be aware of coaching needs within the schools or community and require coaching on a pro bono basis.
Management Team
Desert Sun Life Coaching Company will be owned and operated by Max Morrison. He has recruited two life coaches with whom he used to work to join the new startup as additional life coaches. Carrie Costain is a highly-experienced, friendly and warm life coach who has fifty clients who will come with her into the new startup. Her personality invites others to trust her and share with ease; she brings a large social media following with her and will continue to blog on her website, as well as create posts and capture images for her social media following.
Michelle Irwin is a life coach who specializes in elder coaching. Working with those over age sixty is a special challenge, as most individuals at that age have already determined there is nothing left that they would be able to do. Life coaching for these individuals is particularly stressful, but always rewarding in the process. She will bring twenty clients with her to the new company.
Success Factors
Desert Sun Life Coaching Company will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly qualified team of life coaches and counselors.
- Confidential and totally secure environment for sharing personal information and concerns, with each session in private offices.
- Encouraging coaching that brings successful conclusions after life coaching ends; results that are proven by the next steps of past clients.
- Desert Sun Life Coaching Company will offer moderate pricing levels, given the concept that the long-term contracts with corporate partners will defray the costs for those who cannot afford the standard fees, such as seniors.
Financial Highlights
Desert Sun Life Coaching Company is seeking $200,000 in debt financing to launch its Desert Sun Life Coaching Company. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the social media marketing and website construction and design. The breakout of the funding is below:
- Office space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
The following graph outlines the financial projections for the Desert Sun Life Coaching Company:
ADD IMAGE HERE
Company Overview
Who is desert sun life coaching company.
Desert Sun Life Coaching Company is a newly established full-service life coaching service in Tucson, Arizona. Desert Sun Life Coaching Company will be the most reliable, cost-effective, secure and safe choice for individuals who seek such service in the city and surrounding communities. Desert Sun Life Coaching Company will provide a comprehensive menu of services for coaching, such as training new coaches, selling books and book products, advising and working with disadvantaged seniors and providing excellent service for each client. Their full-service approach includes a comprehensive set of customer choices in session styles.
Desert Sun Life Coaching Company will be able to provide comprehensive services to individuals, as the team of life coaching professionals are all highly-experienced and qualified in life coaching. The full-service approach of Desert Sun Life Coaching Company means that all support is supplemented with books and book materials that are helpful for clients after their life coaching sessions conclude. Desert Sun Life Coaching Company removes all the headaches and issues of clients having to secure life coaches in unfamiliar places or in uncomfortable surroundings. Desert Sun Life Coaching ensures all issues for their clients are taken care of expeditiously, while delivering the best customer service.
Desert Sun Life Coaching Company History
Since incorporation, Desert Sun Life Coaching Company has achieved the following milestones:
- Registered Desert Sun Life Coaching LLC to transact business in the state of Arizona.
- Has a contract in place at one of the office buildings near the corporate center of Tucson.
- The Desert Sun Life Coaching Company will set up its office space for 10,000 square feet. Reached out to numerous contacts to consider moving client services to Desert Sun Life Coaching Company.
- Began recruiting a staff of office and administration employees for the Desert Sun Life Coaching Company.
Desert Sun Life Coaching Company Services
The following are the services Desert Sun Life Coaching Company Services will provide:
- Personalized introductory assessments
- Evaluations of life interests and plans
- Customized program of one-on-one sessions to determine life pathway
- Group therapy circles to work on interpersonal skills and communication
- Occupational assessments and directional leadership
- Outward bound program evaluations
Industry Analysis
The U.S. life coaching industry is expected to grow by 4.85% over the next several years to reach over 2B in 2030. This significant growth will be driven by consumer interest in determining the life pathways that are open to them. Regardless of age, individuals are showing an increased drive to discover personal, spiritual and life-changing purposes. Costs will likely be reduced as the life coaching industry becomes more recognizable and has become normalized throughout cities. The current 99% of individuals and companies coached who are very satisfied or satisfied will, in all probability, continue to recommend life coaching services.
Customer Analysis
Demographic profile of target market.
Desert Sun Life Coaching Company will target those individuals and corporations in Tucson, Arizona in need of coaching services.They will target individuals in search of coaching, corporations in need of life coaching services, and community organizations that cater to individuals in need of life coaching services.
The precise demographics for Desert Sun Life Coaching Company are:
Total | Percent | |
---|---|---|
Total population | 1,680,988 | 100% |
Male | 838,675 | 49.9% |
Female | 842,313 | 50.1% |
20 to 24 years | 114,872 | 6.8% |
25 to 34 years | 273,588 | 16.3% |
35 to 44 years | 235,946 | 14.0% |
45 to 54 years | 210,256 | 12.5% |
55 to 59 years | 105,057 | 6.2% |
60 to 64 years | 87,484 | 5.2% |
65 to 74 years | 116,878 | 7.0% |
75 to 84 years | 52,524 | 3.1% |
Customer Segmentation
Desert Sun Life Coaching will primarily target the following customer profiles:
- Individuals
- Corporations with human resource programs for life coaching
- Individuals who were previously coached
- Referral contacts offered by former clients
- Community opportunities to provide coaching
Competitive Analysis
Direct and indirect competitors.
Desert Sun Life Coaching Company will face competition from other companies with similar business profiles. A description of each competitor company is below.
New Horizons Counseling Center
The New Horizons Counseling Center is a direct competitor, focused on spiritual and life pathway coaching. Counselors are experienced; some have formal training or certifications in counseling. The list of services includes counseling for private individuals and those within the community in need of counseling. Referrals to the New Horizons Counseling Center are garnered from the city governmental agencies and law enforcement agencies, as needed.
New Horizons Counseling Center is a not-for-profit organization and is listed as a 501c3 nonprofit. As such, there is a fund-raising opportunity for community members on a twice-a-year basis. Other than that, there are fund-raising efforts throughout the year to support the staff salaries and administration needs. These include bake sales, craft fairs and other artisan efforts within the community.
Crystal Blue Life Coaching
Crystal Blue Life Coaching is a direct competitor, focused on multi-faceted coaching and counseling, while also acting as a center for teenaged children, ages 13-18, who have experienced trauma or are uncertain about their personal futures. There are drug and alcohol counselors, as well as experienced counselors for child abuse and other traumas of childhood that lead to counseling. The counselors and coaches are all credentialed through the city programs provided by the University of Arizona, and the center offers a 12-step program to wellness and health which includes life coaching chapters. The program at Crystal Blue Life Coaching is 12-14 weeks in length, depending on the nature of the program, need, and any ancillary services required. The costs for these services are very high in comparison to other coaching services available, and are sometimes supplemented by the city of Tucson. Clients can expect to receive expert care; albeit at a very high price and, for teens, a very concentrated, lengthy program. Although not a rehabilitation program, some teens have remarked or posted that this is much the way they “feel” about the program upon departure.
Ocotillo Family Counseling
The Ocotillo Family Counseling partnership is an indirect competitor. Although counseling services are provided, life coaching services are not. The family therapy sessions include adolescent behavior modification, marriage counseling, children’s counseling, couples therapy and other traditional forms of counseling. The owners, Liam and Darcy Trueblood, formed an LLC to begin the counseling company and run it as a for-profit counseling practice. Both Liam and Darcy Trueblood hold Bachelor of Art degrees in psychology and have been in practice for almost seven years.
The focus of Ocotillo Family Counseling has turned to adolescent behavior modification in recent years, with intensive counseling sessions for youth at risk or those who have already entered into high-risk relationships or drug-related activities. Costs for all services are positioned on the high end of the citywide spectrum, due to the families who are willing to pay considerable costs for drug rehabilitation or behavior modification via private rather than public programs.
Competitive Advantage
Desert Sun Life Coaching Company will be able to offer the following advantages over their competition:
- Friendly, knowledgeable, and highly qualified team of Desert Sun Life Coaching Company
- Confidential and totally secure environment for sharing private or personal information and concerns, with each session in an enclosed office.
- Encouraging coaching that brings successful conclusions after life coaching ends; with results that are proven by the next steps of former clients.
- Desert Sun Life Coaching Company will offer moderate pricing levels, given the concept that the long-term contracts with corporate partners will help defray the costs for those who cannot afford the standard fees, such as seniors.
Marketing Plan
Brand & value proposition.
Desert Sun Life Coaching Company will offer the unique value proposition to its clientele:
- Highly-qualified team of skilled employees that is able to provide a comprehensive set of certified counseling services at very reasonable prices.
- Coaches who are referenced repeatedly for the excellent life coaching services they’ve offered to community members, including teenagers and children.
- Books and book products that support life coaching throughout the process.
Promotions Strategy
The promotions strategy for Desert Sun Life Coaching Company is as follows:
Word of Mouth/Referrals
The Desert Sun Life Coaching Company has built up an extensive list of contacts over the years by providing exceptional service and expertise for clients. These current and former clients have communicated to Max Morrison that they kept renewing their contracts because they were satisfied with the service the team of coaches was providing. Once Max Morrison advised them he was leaving to open his own life coaching company, they signed commitments to follow him to his new company and help spread the word of Desert Sun Life Coaching Company.
Professional Associations and Networking
Cosmopolitan Coffee will create a website that includes a splash page, directing customers to interactive pages. One page will demonstrate the process of coffee bean roasting, and one will contain a video from José discussing his background and family history. Seasonal coffee flavors and specials will also be introduced.
Partnerships with Local Businesses
Each of the three executives will spend time and energy promoting their new Desert Sun Life Coaching Company within their aggregate associations. Networking with those who have much in common supports strong relationships and builds new alliances, in addition to structuring new business relationships. These relationships have been pivotal in the previous history of the company and are now considered to be invaluable in referrals and other joint-based efforts.
Social Media Marketing
One of the strengths of Desert Sun Life Coaching is the position of Carrie Costain, the Staff Accountant and part-time social media marketing manager who regularly posts updates, images and comments on behalf of the executives at Desert Sun Life Coaching Company. This representation has led to increased numbers of followers, particularly for Max Morrison, who now has over 15,000 followers on his social media platforms. This arena is perfect for marketing and messaging, which will be accomplished during the first three months of the business.
Website/SEO Marketing
Desert Sun Life Coaching Company will utilize their website developer who designed their messaging to also design their linked pages. The website will be well organized, informative, and list all the services that Desert Sun Life Coaching Company is able to provide. The website will also list contact information and available reservation times with links to reserve online. SEO marketing tactics will be employed so anytime someone types in the Google or Bing search engine, “Tucson life coaching” or “counseling services near me,” Desert Sun Life Coaching Company will be listed at the top of the search results.
The pricing of Desert Sun Life Coaching Company will be moderate and on par with competitors so customers feel they receive value when purchasing their services.
Operations Plan
The following will be the operations plan for Desert Sun Life Coaching Company. Operation Functions:
- Max Morrison will be the Owner and President of the company. He will oversee all staff and manage client relations, business development and long-term growth planning.
- Carrie Costain is a highly-experienced, friendly and warm life coach who has fifty clients who will come with her into the new startup. Her role will be Vice President of the company. She will also engage social media as a part-time provider of those services. She will oversee day-to-day operations and take on the necessary administrative roles to assist employees in onboarding and training new employees.
- Michelle Irwin is a life coach who specializes in elder coaching. She will hold the role of Staff Accountant. She holds a Bachelor of Arts degree in Accounting from the University of Arizona and will oversee day-to-day bookkeeping operations, tax forms and filing, and other fiduciary duties. She will bring twenty clients with her to the new company.
Milestones:
Desert Sun Life Coaching Company will have the following milestones completed in the next six months.
- 5/1/202X – Finalize contract to lease office space
- 5/15/202X – Finalize personnel and staff employment contracts for the Desert Sun Life Coaching Company
- 6/1/202X – Finalize contracts for Desert Sun Life Coaching Company clients
- 6/15/202X – Begin networking at professional and industry events
- 6/22/202X – Begin moving into Desert Sun Life Coaching Company office
- 7/1/202X – Desert Sun Life Coaching Company opens its office for business
Desert Sun Life Coaching Company will be owned and operated by Max Morrison, who will have the role of President. He has recruited two life coaches with whom he used to work to join the new startup as additional life coaches. The company is founded by Max Morrison, a life coach who has successfully counseled individuals for over twenty years while working for a national life coaching company.
Now that he has built a large base of clients, Max has received commitments from over forty clients that they will commit to long-term contracts with him in his new company, Desert Sun Life Coaching Company. Max is confident he has not only served each of his current clients well, but that he can grow and supplement his services by recruiting a highly-experienced executive team who will also gain clients. He is also committed to approaching corporate human resources executives to garner corporate accounts on a long-term basis.
Carrie Costain is a highly-experienced, friendly and warm life coach who has fifty clients who will come with her into the new startup. Her role will be as Vice President and part-time social media manager. Her personality invites others to join her and share with ease; she brings a large social media following with her and will continue to blog on her website and create posts and capture images for her social media following.
Michelle Irwin is a life coach who specializes in elder coaching. Her role will be as Staff Accountant. Life coaching for senior individuals is particularly stressful, but always rewarding in the process. She will bring twenty clients with her to the new company.
Financial Plan
Key revenue & costs.
The revenue drivers for Desert Sun Life Coaching Company are the fees that will be charged to the clients for services rendered. In addition, fees will be collected from those buying books or book products.
The cost drivers will be the overhead costs required in order to staff the Desert Sun Life Coaching Company. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.
Funding Requirements and Use of Funds
Desert Sun Life Coaching Company is seeking $200,000 in debt financing to launch its life coaching business. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of Client Visits Per Month: 1,200
- Average Fees per Month: $50,000
- Office Lease per Year: $100,000
Financial Projections
Income statement.
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
Revenues | ||||||
Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
Expenses & Costs | ||||||
Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
LIABILITIES & EQUITY | ||||||
Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
Share Capital | $0 | $0 | $0 | $0 | $0 | |
Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
CASH FLOW FROM OPERATIONS | ||||||
Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
CASH FLOW FROM INVESTMENTS | ||||||
Investment | ($180,950) | $0 | $0 | $0 | $0 | |
Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
CASH FLOW FROM FINANCING | ||||||
Cash from equity | $0 | $0 | $0 | $0 | $0 | |
Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Life Coach Business Plan FAQs
What is a life coach business plan.
A life coach business plan is a plan to start and/or grow your life coach business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Life Coach business plan using our Life Coach Business Plan Template here .
What are the Main Types of Life Coach Businesses?
There are a number of different kinds of life coach businesses , some examples include: Business coaching, Career coaching, Performance coaching, and Wellness coaching.
How Do You Get Funding for Your Life Coaching Business Plan?
Life Coach businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Life Coaching Business?
Starting a life coach business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Life Coach Business Plan - The first step in starting a business is to create a detailed life coach business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your life coach business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your life coach business is in compliance with local laws.
3. Register Your Life Coach Business - Once you have chosen a legal structure, the next step is to register your life coach business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your life coach business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Life Coach Equipment & Supplies - In order to start your life coach business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your life coach business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
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Life Coaching Business Plan
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SummitRise Coaching
Value proposition.
SummitRise Coaching helps mid-career professionals find their purpose and navigate career transitions. Our tailored coaching programs provide the insights, confidence, and strategies to transform your life and open doors to new experiences.
The Problem
Mid-career professionals often feel unfulfilled or stuck but lack support to make a successful life transition.
The Solution
SummitRise Coaching empowers mid-career professionals to navigate life transitions through customized guidance. Our tailored programs help clients discover purpose, build confidence, overcome obstacles, and reinvent their lives in a fulfilling new direction.
Target Market
- Mid-career professionals, ages 30-50, earning $75K-$200K seeking life transition support. 5M prospects spending $3K-$10K/year.
- Executives and managers interested in leadership and work-life balance. 3M prospects earning $125K-$300K, spending $5K-$15K/year.
- Entrepreneurs starting or advancing businesses. 500K prospects earning $75K-$150K, spending $2K-$7K/year.
- Couples navigating life or relationship transitions together. 2M prospects with $100K-$250K combined income, spending $5K-$12K/year.
Competitors & Differentiation
Current alternatives.
- Traditional counseling: Provides mental health benefits but lacks life transition support. SummitRise offers tailored strategies and accountability.
- Outplacement firms: Focused on job search, not purpose reinvention. Generic, not customized services. SummitRise provides personalized solutions based on individual goals.
- Free/low-cost life coaching: Impact may be limited. Fewer credentialed coaches and services. SummitRise has certified, experienced coaches and high-touch programs.
- Online courses: Impersonal with little motivation or accountability. SummitRise combines digital learning with dedicated coach guidance focused on clients’ unique situations. Superior experience.
SummitRise Coaching stands apart through customized solutions and support for purposeful life reinvention.
- Certified, experienced coaches with proven success guiding life transitions.
- Personalized programs tailored to individual needs and goals.
- Practical strategies and accountability for sustainable change.
- Ongoing partnership through challenges and wins.
Our caring professionals provide guidance and motivation customized to your priorities so you can gain clarity, build confidence, and forge a fulfilling new direction.
Funding Needs
Here are funding needs, sales channels, marketing activities, financial projections, and milestones for SummitRise Coaching:
- $10,000 for website, marketing materials, certification and training
- $5,000 buffer for unforeseen initial costs
Sales Channels
- Website and email newsletter
- Referral partners like therapists, career counselors, and mentors
- Media exposure and contributions to build authority
- Networking and live events
Marketing Activities
- Search engine optimization for website
- Paid media (Google, Facebook, LinkedIn) targeting personas
- Blog posts and email newsletter to share advice and resources
- Organic social media profiles and engagement, especially LinkedIn
- Public speaking at live and virtual events
- Strategic partnerships and networking
Financial Projections
With a focus on gaining initial clients through our proven introductory offer and word-of-mouth referrals, SummitRise Coaching anticipates:
2022 $99,000
2023 $138,873
2024 $170,858
Expenses/Costs
2022 $74,400
2023 $103,400
2024 $130,000
2022 $24,600
2023 $35,473
2024 $40,858
- Earn life coaching certification (3 months)
- Build company website (2 months)
- Create marketing materials and brand identity (1 month)
- Set up business legal structure and insurance (1 month)
- Define services and coaching program offerings (1 month)
- Build email list and following on social media (6 months)
- Continuously network, search for strategic partners (ongoing)
- Gain first private coaching clients (4-6 months)
- Run initial 6-week group program (8 months)
- Line up speaking engagements and media interviews (10 months)
- Reassess, gain feedback and adjust programs/offerings (12 months)
- Meet with a business advisor to plan growth (18 months)
- Consider bringing on additional coach(es) or admin support (24 months)
- Review progress and set next 3-year business goals (24 months)
The quickest way to turn a business idea into a business plan
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How to Create a Simple Life Coaching Business Plan
- By Luisa Zhou
- Coaching Business , Life Coaching
- Updated: April 17, 2024
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Want to know how to write a simple coaching business plan?
You’ve come to the right place. Today, you’ll learn how to create a coaching business plan to get clarity fast.
Here’s what you need to know!
You’ll learn…
Do you need a coaching business plan?
How do you write your coaching business plan, coaching business plan template.
Here’s the thing:
You actually don’t need a coaching business plan.
I know on the surface, it might look like running a business involves fancy marketing tactics or that it takes an MBA to make it happen. And that a coaching business plan is part of it all.
But the truth is:
Owning a business is not a fancy, pie-in-the-sky thing that’s only available to certain people.
That’s why I don’t typically tell my students to create a business plan, because they don’t really need one.
But if you want a roadmap for yourself or you’re applying for a grant or funding (which might require a business plan), then, you might spend some time on a business plan.
That said, keep it simple and don’t spend too much time on it.
After all, there are plenty of steps you need to take to build your coaching business. You need to…
- Find your business idea and audience
- Understand how to position your offer
- Learn marketing and sales
And to get a quick start, the best place to start is to talk to potential clients. (You should do this before you write your business plan.)
Hop on a few calls and ask your potential clients why they’d want to buy your services. Not only will you get out of your head, actually understand what your clients are looking for, and get their feedback, but you might even land a client or two.
And these types of quick wins will build your confidence fast so that you see just how possible it is for you to build a business.
To find people to talk to, go to an online forum (like a Facebook group) where your audience hangs out and ask them if they want to get your advice in exchange for a market research call where you can ask them questions about what they’re looking for in terms of your services and why.
I explain the process in more detail here:
You’ll get tons of material for your coaching business plan — and you’ll create a really valuable plan, rather than base it on your own assumptions (a surefire way to fail as a new business owner).
Get the Ultimate Guide
For building a 6-figure coaching business so you can achieve more freedom.
The next step is to write your plan with this coaching business plan outline:
Introduction
- Executive Summary
- Company Description
- Product/Service Description
- Value Proposition
- Market Analysis
Business Model
- Sales Strategy
- Growth Plan
- Management & Staffing
- Financial Summary
And how do you write each of these steps? That’s what we’ll look at next.
Step 1: Introduction
An executive summary summarizes your coaching business plan. Include a high-level overview of:
- What your business does
- What you sell (your coaching services)
- Your business goals, what your market looks like
- Who your clients are
- How your coaching differs from other coaching offers out there
- How big you envision your business to get
- What your business model looks like
The company description explains what your business does and includes:
- The business structure (is your coaching business a sole proprietorship, incorporation, or another business structure?)
- Your coaching industry
- Your services
- Your long-term plan for if you want to ultimately sell or keep your business
- Your vision, mission , and values
- Your short-term, next-year goals and long-term goals for the next 1-5 years
- Your team (although you’ll likely not have one when you’re starting your business)
In this section, you present your coaching pricing strategy . How much do you charge for your services? (I recommend $1,500 for a 3-month package as a new coach.)
What pricing model do you use? Monthly, per-session, or a package price? I’m strongly in favor of a package price. After all, if your client doesn’t commit to a set amount of time for their coaching, how will they get results?
Also, is there a risk that your coaching offer infringes on someone’s IP rights? The main risk would be your coaching business name. That’s one of the reasons why the best way to get started is to use your own name as the name of your coaching business.
Step 2: Value proposition
The next step is your value proposition, which consists of two parts: your market analysis and value proposition.
Market analysis
First, you need to understand your target market . That means both your clients’ demographics and psychographics .
Their demographics are:
- Where they live
- Income
- Interests
But even more so, their psychographics explain why they buy from you. Your job is to figure out how to explain why your service is the one for them. In a way that’s true and believable and that connects with your potential clients.
What language do they use to describe their needs or goals? If you look at a 40-year old parent, they’ll describe their weight loss goals very differently than a 25-year old.
Ask yourself:
- What is the problem my clients want to solve?
- Why can’t my clients solve it right away?
- What’s the measurable outcome my clients want to achieve?
You also need to understand your industry . How big is your potential market? What trends are there? How might your industry be changing over time?
You can look at news outlets, government statistics offices, and academic research to understand where your industry is headed.
Additionally, your value proposition includes a SWOT analysis. Here, you analyze your strengths, weaknesses, opportunities, and threats.
Remember that you don’t have perfect information and you will sometimes operate on assumptions.
So ask yourself what assumptions you have that could cause your business to fail, if they’re proven wrong. For example, assumptions about your coaching clients could potentially mean that your business fails.
Finally, you need to include a section on your competition , something that Harvard professor Michael Porter’s Five Forces Framework is useful for.
This model builds on five forces to determine the competitive intensity and the attractiveness of an industry in terms of profitability.
A coaching industry with a lot of competition won’t have high profitability. But fortunately, most coaching and consulting industries have mild competition, which means that they have room for high returns.
The Five Forces Framework consists of:
- Threat of new entry. How likely is it that new businesses will enter your market? It’s relatively easy to start an online coaching business, so there can be a lot of competition.
- Buyer power. What buying power do your clients have? You need to consider this so that you know if YOUR audience has buying power. For instance, if you sell career coaching to employees, they’ll have much better buying power than someone who is unemployed.
- Supplier power. Are there many suppliers on the market? If not, you might need to cover high costs. As a coach, this isn’t a huge concern for you, because you don’t rely on suppliers to sell your services.
- Threat of substitution. How likely is it that your coaching service will be substituted by a low-cost, better alternative? High-ticket coaching isn’t easy to substitute because people aren’t buying your services for the price; they’re buying it for the transformation they get.
- Competitive rivalry. How can you distinguish yourself from your competition? A few examples include: serving a specific group of clients, your marketing, or establishing technological leadership. As a coach, you’ll most likely use your niche and/or branding to stand out.
Value proposition
One of the main reasons why 20% of small businesses fail within the first year is that they don’t understand their value proposition. Your value proposition explains how your business will stand out.
Michael Porter’s Generic Competitive Strategies shows you how to create one.
It includes three factors:
- Cost leadership. If you go with this value proposition, you lead with price. You become a low-cost business in your industry. This isn’t anything I recommend for coaches. Scaling low-cost coaching would take a lot of resources and you’re far better off with offering high-ticket coaching services and then scaling less hands-on products, such as online courses.
- Differentiation. Your business stands out by being unique, for instance by having a unique solution to a problem. Take my client David, a health coach, who helps people lose weight with the help of herbs. That’s a very unique way to position a health coaching business.
- Cost focus or differentiation focus. Your business serves a specific niche, a specific target market need or a target market cost behavior.
For example, I started my current business when I realized that there wasn’t a great product for employees who want to quit their jobs and become entrepreneurs. I used differentiation focus to target a specific segment within a competitive market (business coaching).
This chart should help you answer two questions:
- Who is your target customer?
- How are you different from the competition?
Step 3: Business model
The next step is your business model, which consists of six parts:
An operations plan includes the workflows you’ll need to implement to make your coaching business work.
As a coach, you don’t need to put too much thought into this part. An operations plan mainly includes information about things like suppliers, logistics, and inventory. A coaching business doesn’t need more than yourself and your laptop.
Your marketing plan explains how you’re going to market and promote your business. Focus on where your clients are hanging out, such as on Instagram or Facebook or in a physical space like a Toastmasters or Meetup event.
Include answers to these questions in your marketing plan:
- What is the pricing of your coaching services? Why did you choose this price?
- How do you promote your coaching business?
- Where will you sell your coaching services?
- What are you selling and how is that different from other existing coaching services?
Sales strategy
Next, what does your sales strategy look like? In other words, what are the steps you take to make a sale?
For instance, your sales strategy could look something like this:
Facebook ad → Potential client subscribes to your email list → Potential client reads your emails → Potential client buys from you
Growth plan
What will your business growth look like? How will you, specifically and realistically, make it happen? Define the exact steps you’ll take to grow your business.
In this quick video, I show you how to plan for business growth:
Management & staffing
How is your business run? As a new coach, you’ll likely be the only person in your business. You shouldn’t hire anyone before you’ve done everything yourself for a while. The reason is simple: you’ll need to identify your market and build systems before taking on other people.
But you can define if you’ll start hiring people at some point. Decide what your business will look like.
Financial summary
Your financial plan consists of your income statement, balance sheet, and cash-flow statement.
Income statement: Where do you get your revenue? What are your expenses? Use this information to make a profit-and-loss calculation. At this point, you can estimate your income. Around one out of every ten sales calls will turn into a sale in the beginning, when you’re just learning to sell.
Cash-flow statement: Your cash-flow statement is like your income statement, but you’ll also take into account when revenues are collected and expenses are paid. If more money comes in than is going out, you have positive cash-flow.
Balance sheet: List your business assets that you own and owe. Deduct liabilities from assets to get your business’ shareholder equity.
Plus, you’ll need to consider your risks. What are the biggest risks to your financial viability?
For example, let’s say you’re a health coach who teams up with a local gym to provide their members with health coaching. Your biggest financial risk (assuming this was your only way to get clients) would be that the gym went bankrupt.
If you know your risks upfront, you can prepare for them. By including them in your business plan, you understand your risks and can plan ahead.
Take the example above. You might team up with two or more gyms to ensure that you don’t rely on one income source.
And next, let’s take a look at a coaching business plan template that makes it easy to create your business plan.
One of my favorite ways to create a business plan is to use the Business Model Canvas. This business model template was first developed by Alexander Osterwalder in 2005 and the idea behind it was to simplify how business plans are created.
The plan includes nine building blocks and you’ll be able to fill in each block with the help of the brainstorming you’ve done in the steps above.
I put together this fillable PDF to help you use what you learned in this post:
Start by filling in this PDF to answer all the business plan elements we’ve looked at so far.
And here’s the Business Model Canvas as a PDF.
Let’s take a look at each of the building blocks here below:
What coaching services do you sell? What’s the problem you help solve with your services? And what value are you providing to your clients?
As a coach, you sell coaching services. The best way to get started is to sell one-on-one coaching. You can later expand into group programs and online courses.
Customer segments
Who are your most important client segments? When you’re starting your business, one client segment is enough. In other words, what’s your niche?
Not sure how to get started? This guide shows you how to find a niche .
Revenue streams
List your revenue streams. As you’re starting your business, you’ll likely have just one: your first coaching package . Later on, as said, you can add on group programs and self-study courses.
How do you communicate with your clients? Which channels do you use to do so? For example, your main channel might be a few Facebook groups or Instagram. Essentially, this is your main marketing channel.
Here you can read more about marketing to coaching clients and the different channels you can use.
Customer relationships
What’s your relationship with your clients? Is it personal? Automated? It all depends on what your clients expect. For coaching services and especially as you start your business, your relationship with your audience will be personal.
When you’re building your business, your #1 goal is to give as much value as you can to people (without expecting something in return from them). That’s how you establish your reputation and show your value.
Just like I did when I landed my first client. I had helped her for free for two weeks. She realized that I could help her even more if we worked together and asked if I’d be interested.
Key activities
What are your key activities for executing your value proposition? In other words: what do you need to do to make your business operate successfully?
Your key activities are your coaching services; your client calls and the support you give them in between calls.
Key resources
What knowledge, money, people, and means do you need to run your business?
This one is easy: you only need yourself, your skill, an internet connection, and a laptop!
The coaching business model is great for new entrepreneurs who want to start a business because you can start without any upfront investment and by using skills you already have.
Key partners
Who are your key partners and suppliers? What partners are essential to your business?
As a new coach, you don’t really need partners. Later on in your business, you might have affiliate partners who promote you and joint ventures where you team up with another business to sell your product or service.
Cost structure
What are your business costs? These are determined based on your key resources, key activities, and key partnerships.
Early on, your costs will be very low. The main costs you’ll have include:
- Coaching contract (you can buy an affordable template rather than work directly with a lawyer)
- HelloSign (a virtual contract management tool with which you can send your contracts to your clients)
- Calendly (a scheduling tool for your coaching sessions)
- Payment processor, such as Stripe or PayPal (you need a payment processor to get paid by your clients and these will charge you a small commission)
- Educational material, such as business building programs/courses and books
But as your business grows, you will likely take on new costs. For instance: hiring costs (for example, a virtual assistant, support coaches for your programs, Facebook ads manager, and so on), advertising costs (Facebook ads), and different tools to build your business.
Next steps!
There you have it! Now you know how to write a coaching business plan.
Ultimately, your business will only grow if you take steps to market and sell your coaching services. Once you’ve written a short, simple business plan, go out there and get your first paying clients. THAT’s how you prove to yourself just how possible it is to build your own coaching business.
Want to learn how to build your coaching business?
Get my free coaching business blueprint here:
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Learn more:
How to Build Your Coaching Business
Checklist for Starting a Coaching Business
How to Build an Online Coach Business
About Luisa Zhou
Luisa Zhou has helped thousands of students build and scale their own profitable online Freedom Business. Fun Fact: She used to work as an engineer for the Space Station and holds a B.S.E. from Princeton. Click here to learn more about Luisa.
Hope you enjoy this blog post.
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2 responses.
Just a brief note to say thank you for taking the time to pull this amazing summary (and words of encouragement) together. I’m hoping to start my coaching business soon and this summary does a great job of pulling all the different tools and perspectives together.
You’re welcome! Good luck with your business launch!
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published: | 21 Jan 2022 |
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updated: | 17 Jun 2024 |
- Online Coaching
Choosing The Right Life Coaching Business Model + Templates
Building a profitable life coaching practice can be a lot of work. It involves a lot more than simply racking up your billable hours, and that alone sounds daunting enough to put off most aspiring practice owners.
Having a solid life coaching business model can take a lot of the complexity out of setting up and getting started, and it’s an essential way to stay on track as you scale up your practice and grow.
We’ll show you how to plan your own business plan in this article so that you can create, deliver, and capture value strategically while you grow. If you’re keen to design your own as you read, why not work along as you read with your 1-month, $1 Quenza trial ?
What is a Business Model? 2 Examples
If you’re like most new coaches, the words “business model” might conjure up images of how you deliver your sessions, from personal face-to-face coaching to online group sessions and similar.
While these do account for how you run your practice as a coach, there’s a little more to it.
Here’s what a sustainable business model looks like at its most basic, according to international business experts. [1] This diagram ties in beautifully with how Strategyzer co-founder Alexander Osterwalder defines a business model, which is: “…the rationale of how an organization creates, delivers, and captures value.” [2]
Where do you think your session delivery fits into the above diagram?
That’s right—it’s only one part. As a coach, you need a business model that considers the elements of your value proposition, value creation, and value capture strategy, all of which work together to help you grow your practice.
Let’s take a closer look.
Crafting Your Life Coaching Business Model
So what does each element represent in real life?
Your life coaching business model is simply the rationale of how your practice creates, delivers, and captures value.
Here’s what each element represents.
Value Proposition
It’s critical to get very clear on your value proposition before you can create value as a new life coach—or before you start trying to scale up as an established practitioner.
You may have done this informally at some stage, but taking the time to solidify your offer is the key to creating consistent value sustainably over time.
You can create your proposition by formulating your promise as a life coach:
- Who (specifically) do you help? Where can they be found? What are the defining characteristics of your dream client?
- What before-state do you help them solve?
- What after-state do you help them achieve?
- What product or service do you use to help them achieve that?
This stage is all about being customer-oriented. If you haven’t created a dream client persona just yet, now is the time to do so as it will help you clarify your life coaching niche .
Value Creation and Delivery
The way you create value will stem from your proposition, and may even overlap with it if you’ve drilled down to the specifics of your offer.
Value creation is all about your product or service, whether that’s:
- One-to-one sessions
- Group or team coaching
- E-courses, learning modules , or workshops
- Information products, or
- Life coaching packages featuring all the above.
This is where you can plan a differentiated or “signature” package that’s tailored directly to your dream clients. It’s also where you can consider free products that help you promote your business, such as downloadable, ebooks, or introductory discovery calls.
Delivery is just what it sounds like, and precisely what we looked at a little earlier. When it comes to how you’ll reach potential clients and how you’ll deliver your offer, consider the following questions:
- Will I offer online, offline, or blended coaching solutions?
- Where can I get in front of potential clients, e.g. what social media, blogs, or podcasts do they use?
- How can I (better) tailor my solutions to their lifestyle, preferences, or needs?
Value Capture
Why did you start a life coaching practice in the first place? Value capture is all about what you get out of coaching clients.
While you may have got into the field primarily to help others, this is where you think about the following:
- What will my revenue streams be? (There will ideally be more than one!)
- How will my pricing structure look? What differently priced packages/tiers can I offer?
- What costs do I need to account for?
Recommended: How to Become A Life Coach: Best Online Certifications
Creating A Health Coaching Business Model
If this all sounds confusing, here’s how a (very) basic health coaching business model might look:
Career Coaching Business Model: An Example
Let’s zoom in on an example career coaching business model to unpack it a little further.
Consider the following value proposition: “I help ladder-climber CXOs in Vancouver to land a promotion with in-person group coaching sessions and online learning modules.”
Your Value Creation and Delivery elements will of course be different from the health coaching clients in the last example, as your dream clients and expertise vary with the type of life coaching you do.
- A few example key activities might be: a career health check, discovery call, team coaching sessions, workshops, or online classes
- Resources could include: Group coaching package options, a downloadable ebook or worksheets, or podcast episodes, to name a few
- Channels may look more like: LinkedIn, Glassdoor discussion boards, and contributions to Forbes or HRAscend, and
- Tech might include online learning software .
Templates For Your Coaching Business Model
If you’re looking for more in-depth coaching business model templates, check out our full guide to How To Write A Life Coaching Business Plan: 5 Templates .
You can, of course, use the 3-step example we’ve already considered and create your own in a blank template using Quenza’s Activity Builder as shown above.
A few other helpful resources include:
- This Lean Canvas Coaching Business Model Template from Leanstack [3]
- This collection of Value Proposition Canvases from Edit.org
- This Business Model Canvas Template from Miro.com
A Closer Look: Business Model For Online Coaching
So what do you need to figure into an online coaching business model, if you’re practicing digitally?
A coaching management platform like Quenza makes it extremely easy to plan, manage, and even deliver all your different business model elements from one centralized location.
While you’ll still need to formulate your own value proposition(!), software such as Quenza helps you create and deliver value while differentiating your product.
Quenza offers a unique suite of online coaching tools that allow you to customize your products and solution, while reaching your target audience of dream clients anywhere in the world.
Let’s get specific, though.
11 Benefits of Using Digital Tools In Your Practice
Here’s how Quenza not only helps you configure value, but build your solutions too–and share them seamlessly with your life coaching clients.
With your subscription, you can:
- Design entirely bespoke resources such as life coaching session plans , programs, and life coaching packages—both from scratch or from handy, free Expansion templates.
- Deliver your personal or group sessions asynchronously and automatically by drip-feeding Pathway content to your clients (ideal for e-courses, classes, and learning modules).
- Stay on top of your clients’ engagement and progress with live, HIPAA-compliant results tracking.
- Develop information products, free lead magnets, and other paid solutions for sale on your life coaching website (e.g. habit trackers, gratitude journals , or standalone exercises).
- Brand all of your solutions with your custom practice logo using Quenza White Label .
- Give your clients a free, practice-branded, and multilingual coaching portal app for receiving their solutions, tracking their progress, and downloading your resources as PDFs.
- Chat in real-time with your life coaching clients.
- Manage cohorts with easy-to-use bulk import and export features, group chat, and more.
- Keep notes on all your sessions and programs using Quenza’s private Notes feature.
- Share video, audio, image, and PDF files securely at any time using Quenza Files .
- Keep them on track and motivated using notifications, updates, and reminders, among other client engagement tools.
Best Software and App For Coaches
There is no shortage of different business model templates available online for life coaches, and you’ll also find a wealth of different apps for separate aspects of your planning and execution.
But when it comes to bringing all your plans, resources, and clients together in one connected space, Quenza is by far the best way to manage and grow your practice.
With Quenza, you’ve got all you need to deliver completely custom solutions directly to your clients in the way that suits you both best.
5 Ways You Can Use Quenza With Your Clients
Need some inspiration for your coaching business model? Here are some ways you can use Quenza to bring your strategy to life:
- Develop a screening questionnaire to zero in on your dream clients
- Plan out your signature coaching program using Expansions and resources as Pathway steps
- Design and publish your free products, such as downloadable checklists, “How To” guides, interactive gratitude journals, and worksheets
- Engage clients virtually between sessions by scheduling homework for automatic delivery,
- Create online learning modules, e-courses, or workshops featuring your personal Vimeo or YouTube files. Use them alongside your programs or as standalone life coaching products!
Final Thoughts
There’s a world of ways to create value, so planning your business model should be an exciting experience, not a daunting one.
Use these tips, frameworks, and examples to get you started, because these are the first steps to turn your day-to-day coaching job into a thriving business!
Don’t forget to start your $1 trial of Quenza for all you need to bring it to life.
Frequently Asked Questions
A coaching business model is the framework that outlines how a coaching business will generate revenue, attract clients, and deliver services. The most common coaching business models include one-on-one coaching, group coaching, and online coaching.
The most common coaching models are: – One-on-One Coaching: This model involves working with individual clients to achieve their specific goals. – Group Coaching: This model involves working with a group of clients who have similar goals or challenges. – Online Coaching: This model involves providing coaching services through online platforms, such as video conferencing or email. – Hybrid Coaching: This model combines one-on-one coaching with group coaching or online coaching.
To structure a coaching business, you’ll need to determine the type of coaching you’ll offer, define your target market, and establish your pricing and service delivery methods. You may also need to consider the legal and financial aspects of your business, such as registering your business, obtaining insurance, and managing your finances.
- ^ Bocken, N. M., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of Cleaner Production, 65, 42-56.
- ^ Osterwalder, A., Pigneur, Y., Oliveira, M. A. Y., & Ferreira, J. J. P. (2011). Business Model Generation: A handbook for visionaries, game changers and challengers. African Journal of Business Management, 5 (7), 22-30.
- ^ Leanstack.com. (2021). Lean Canvas. Retrieved from https://leanstack.com/lean-canvas
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Life Coaching Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business ideas » Service Industry » Life Coaching Business
Are you about starting a life coaching business ? If YES, here’s a complete sample life coaching business plan template & feasibility report you can use for FREE to raise money .
The life coach profession has continued to soar high in recent times. This is because of the need to help people put their lives in the right perspective. If you think this looks like what you have the penchant for, then it is required that you have a word or two with experts.
This is especially important so that you can know all that needs to be known as it concerns the business that you are looking to start. One of the reasons why this is vital is because of the information the experienced people can give you.
A Sample Life Coaching Business Plan Template
1. industry overview.
In the early days of human civilization, especially the period when they were very few formal schools, personal training has been in existence.
Although it was only the rich and influential people in the society that could afford personal trainers or life coach at that time, but that does not in any way stop this very old profession from prospering from one generation to another generation.
As a matter of fact, the profession is transforming from one form to another which is why you can now hire personal trainer or life coach to help you achieve what you plan to achieve in life. Life coaches generally help their clients set and achieve their goals; they motivate cum coach their clients to become peak performers in life.
In essence, the Life Coaches industry is made up of professionals whose job is to primarily help their clients set and achieve personal goals. Such goals can be relevant to a client’s job, personal life or interpersonal relationships; they provide counseling services to people in the areas of personal growth, relationship issues, career path and related topics.
The demand for the services of life coaches grows when personal or professional stress arises or intensifies, as well as under strong economic conditions. While industry demand is somewhat negatively correlated with economic health, severe economic contractions ultimately constrain industry growth because consumers are unable to spend freely on discretionary services.
In the coming years, the revenue for the services offered by the Life Coaches industry is projected to grow at an average annual rate of 3.3 percent to $868.5 million
The Life Coaches industry is a thriving sector of the economy of the united states of America and they generates a whooping sum of well over 9 million annually from more than 12,043 registered and licensed life coach companies scattered all around the United States of America.
The industry is responsible for the employment of well over 17,944 people. Experts project the Life Coaches industry to grow at a 3.3 percent annual rate. It is important to state that there is no single organization that has a lion share of the available market in the Life Coaches industry
It can’t be over emphasized that the demand for the services offered by the Life Coaches industry grows when public confidence declines and people’s ability to handle the issues on their own wanes. When the housing bubble burst and the US economy fell into a recession, consumer confidence plummeted.
This decline, coupled with high unemployment, falling incomes and bleak outlooks, caused Americans to seek out the assistance of professional coaches, benefiting the industry. However, as the economy slowly continues to recover and consumer confidence returns, demand for life coaches is expected to diminish.
Going forward, clients and potential clients alike will likely require less guidance, high-income households will serve as the primary vehicle of growth for the industry
Lastly, as a life coach, the key attributes needed to be able to make good success from the trade is patience, enthusiasm, passion about the specific area or goals to be handled, and constant positivity. You are also expected to be highly proactive; you would need to be good at planning, preparation, and certain other organizational skills.
It is one thing to have a skill and it is another thing to know how to coach people into becoming successful; which is why you must constantly get feedbacks from your clients to be able to measure their progress and your performance.
2. Executive Summary
Barry & Becky®, LLP is a professional and licensed Life Coaching Firm that is specialized in helping her clients achieve their personal goals and improving their competence, capacity and productivity. The scope of our business offerings cover areas such as business coaching, personal improvement coaching, family and relationship coaching, weight loss and fitness coaching, executive coaching, career and financial et al.
Our business will be located in – between a well – populated residential estate and a business district in Smethport – Pennsylvania, United States of America.
Barry & Becky®, LLP is a client-focused and result driven life coaching organization that provides broad-based motivational, learning approaches and experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.
We will ensure that we work hard to meet and surpass all our clients’ expectations as it relates to their career and personal goals whenever they hire our services.
At Barry & Becky®, LLP, our clients’ overall best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professional and certified life coaches with various skill set areas that are well experienced and passionate in helping our clients achieve their personal goals within record time.
Barry & Becky®, LLP will at all times demonstrate her commitment to sustainability, both individually and as a personal training organization, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our clients’ needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our overall business goal is to position our life coaching organization to become the leading personal training / coaching brand in the coaches industry in the whole of Smethport – Pennsylvania, United States of America, and also to be amongst the top 10 personal training and coaching business in the United States of America within the first 5 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Smethport is the right place to launch our personal training cum life coaching business.
Barry & Becky®, LLP is founded by Dr. Barry Jimmy and he will run the business with his business partner for many years Dr. Becky Allison.
Dr. Barry Jimmy is a renowned personal effectiveness cum life coach and he has well over 20 years of experience as a life coach working with top government officials, corporate executives and sports people both in the United States of America and Canada.
He has several life coaching and personal training certifications, he is certified NPL practitioner and he is a member of many relevant organizations both in the United States and on a global level (International Coach Federation – ICF amongst others).
3. Our Products and Services
Barry & Becky®, LLP is going to offer varieties of personal training and life coaching services within the scope of the personal training and life coaching industry in the United States of America. Our intention of starting our life coaching organization is to help our clients achieve their personal goals and improving their competence, capacity and productivity.
And of course to also make profits from the personal training cum life coaching industry and we will do all that is permitted by the law in the US to achieve our aim and business goal. Our service offerings are listed below;
- Business coaching
- Personal improvement coaching
- Family and relationship coaching
- Weight loss and fitness coaching
- Career and financial
- Online Coaching Services
- Retailing of Self – help Books and Materials
4. Our Mission and Vision Statement
- Our vision is to build a highly competitive and effective life coaching business that will become the number one choice for both individuals and corporate organizations in Smethport – Pennsylvania and the whole of the United States of America
- Our mission is to provide affordable professional and highly effective personal training / life coaching services to a wide range of clients that cuts across different divides.
- Our overall business goal is to position Barry & Becky®, LLP to become one of the leading life coaching brand in the industry in the whole of Smethport – Pennsylvania, and also to be amongst the top 10 personal training and coaching brand in the United States of America within the first 5 years of operations.
Our Business Structure
Barry & Becky®, LLP, is a life coaching firm that intend starting small in Smethport – Pennsylvania, but hope to grow big in order to compete favorably with leading personal training and life coaching firms in the industry both in the United States and on a global stage.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.
At Barry & Becky®, LLP, we will ensure that we hire people that are qualified, hardworking, creative, passionate, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff / partners and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Principal Partner / Chief Executive Officer
- Personal Trainers for Various Skill Sets
- Accountant / Bursar
Client Service Executive
- Front Desk Officer
5. Job Roles and Responsibilities
Head of the Tutorial College / School Coordinator:
- Responsible for providing direction for Barry & Becky®, LLP
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for handling high profile clients and deals (clients such as Top Government Officials, Politicians, Superstars, and Celebrities et al)
- Responsible for fixing fees and signing business deals (partnership)
- Responsible for signing checks and documents on behalf of the tutorial college
- Coordinate all arms of the business and develop curriculum for the school
- Evaluates the success of the business
- Reports to the board of Barry & Becky®, LLP.
Office Administrator
- Responsible for overseeing the smooth running of HR and administrative tasks for Barry & Becky®, LLP
- Design job descriptions with KPI to drive performance management for life coaches
- Regularly hold meetings with key stakeholders to review the effectiveness of the organizations’ Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily activities of Barry & Becky®, LLP.
Life Coaches / Personal Trainers
- Handles business coaching services
- Responsible for personal improvement coaching services
- Responsible for family and relationship coaching services
- Handle weight loss and fitness coaching services
- Responsible for career and financial coaching services
- Handles online coaching services
- Handles any other duty as assigned by the Principal Partner / CEO.
Marketing Executive
- Identifies, prioritizes, and reaches out to new students, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents Barry & Becky®, LLP in strategic meetings
- Helps to increase sales and growth for Barry & Becky®, LL.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Barry & Becky®, LLP
- Serves as internal auditor for Barry & Becky®, LLP.
- Welcomes clients and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the principal partners in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels / documents for Barry & Becky®, LLP
6. SWOT Analysis
We are aware that one of the best things to happen to any business is to be aware of their areas of strengths and weaknesses. This is exactly what we plan to do when we conducted a similar research.
Barry & Becky®, LLP engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured personal training and life coaching business that can favorably compete in the highly competitive personal training and life coaching industry in the United States and the world at large.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Barry & Becky®, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Barry & Becky®, LLP;
Our core strength lies in the power of our team; our workforce. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in personal development and life coaching.
Aside from the synergy that exist in our carefully selected team members and our strong online presence, Barry & Becky®, LLP is well positioned in a community with the right demography and we know we will attract loads of students from the first day we open our doors for business.
As a new personal training and life coaching organization in Smethport – Pennsylvania, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated personal training and life coaching industry; that is perhaps our major weakness.
- Opportunities:
No doubt, the opportunities in the personal training and coaching industry is massive considering the number of individuals and corporate organizations who would want to achieve their goals and to perform excellently well in their jobs and personal life.
As a standard personal training and life coaching organization, we are ready to take advantage of any opportunity that comes our way.
Every business faces a threat or challenge at any part of the life cycle of the business. These threats can be external or internal. This shows the importance of a business plan, because most threats or challenges are to be anticipated and plans put in place to cushion what effect they might bring to the business.
Some of the threats that we are likely going to face as a personal training and life coaching organization operating in the United States of America are unfavorable government policies that might affect business such as ours, the arrival of a competitor within our location of operations and global economic downturn which usually affects spending / purchasing power.
There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
We have left no stone unturned in know the advantages, as well as all the odds that are stacked against us. One thing is certain, the trend in the personal training and coaching industry is such that if you want to be ahead of your competitors, you should be able to acquire as much certifications as possible and you should be able to have loads of testimonies from your clients.
The truth is that, if your clients experienced huge difference in their life as a result of hiring the services of your organization, then they will be compelled to help promote your organization. Another notable trend in this industry is the influence of technology; the advent of technology is responsible for the increase in income generated by life coaches and personal development coaches all over the world.
With technology, it is no easier for life coaches and personal trainers to coach and train clients that are thousands of kilometers away from them. Tools like video calling / Skype, YouTube, DVDs and Webcast et al are being used by life coaches and personal trainers to train cum coach clients in different parts of the world.
8. Our Target Market
The target market for a personal training and life coaching companies is all encompassing. Barry & Becky®, LLP is a professional and licensed Life Coaching Firm that is specialized in helping her clients achieve their personal goals and improving their competence, capacity and productivity.
As a standard personal training and life coaching organization, Barry & Becky®, LLP offers a wide range of personal development trainings and life coaching services hence we are well trained and equipped to services a wide range of clients (public figures, celebrities and non – celebrities alike).
Our target market as a life coaching company cuts across people of different class and people from all walks of life. We are coming into the personal development and coaching industry with a business concept and company’s profile that will enable us work with the clients at different learning stages and different status.
Below is a list of the clients that we have specifically design our life coaching services for;
- Working Class Adults / Corporate Executives
- Politicians
- Business People / Entrepreneurs
- Government Officials
- Celebrities
- Public Figures
- Applicants / School Leavers
- Sports Men and Women
- College Students
Our Competitive Advantage
Competition must not only be looked at in the bad light, but should be seen as a blessing indeed. No doubt, the personal training and coaching industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can successfully help them achieve their personal goals or acquire a new soft skill set that will help them to be effective at work and in their personal life.
It is the practice for personal trainers and life coaches to acquire as much certifications as it relates to their area of specialization; it is part of what will make them stay competitive in the industry
We are quite aware that to be highly competitive in the personal training and coaching industry means that you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference and improvement and you should be able to meet the expectations of your clients at all times.
Barry & Becky®, LLP might be new Smethport – Pennsylvania, but the management team and the owner of the business are considered gurus in the industry. They are people who are core professionals, licensed and highly qualified life coaches that can successfully build soft skills in people with zero proficiency to 8 or 10 on a scale of 10 within a short period of time.
These are part of what will count as a competitive advantage for us. Aside from our robust experience and expertise of our life coaches, we have a very strong online presence that will enable us coach and mentor clients in different parts of the world from our online portals.
Lastly, our employees (personal trainers and life coaches) will be well taken care of, and their welfare package will be among the best within our category (startups personal training and life coaching businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Barry & Becky®, LLP is established with the aim of maximizing profits in the personal training and coaching industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis. Barry & Becky®, LLP will generate income by offering the following training / coaching services;
10. Sales Forecast
One thing is certain, there would always be corporate organization and individual who would need that extra coaching or push in other for them to achieve their personal goals and also to enable them become peak performer in the career and in their family life. This is the major reason why the services of personal trainers or life coaches will always be needed.
We are well positioned to take on the available market in Smethport – Pennsylvania and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our personal training and coaching business and our clientele base.
We have been able to critically examine the personal training and life coaching market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Smethport – Pennsylvania.
Below is the sales projection for Barry & Becky®, LLP, it is based on the location of our personal training and coaching company and of course the wide range of trainings that we will be offering;
- First Fiscal Year-: $150,000
- Second Fiscal Year-: $350,000
- Third Fiscal Year-: $750,000
N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there is stiffer competition amongst personal training and coaching firms in the United States of America, hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of Barry & Becky®, LLP.
We will also ensure that our clients’ becomes experts with the skills they acquire; we want to build a standard and first – class personal training and life coaching business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow Barry & Becky®, LLP to become one of the top 10 personal training and life coaching organization in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in Smethport – Pennsylvania but also in other cities in the United States of America.
Barry & Becky®, LLP is set to make use of the following marketing and sales strategies to attract clients;
- We will do well to introduce our personal training and coaching company by sending introductory letters alongside our brochure to corporate organizations, households and key stake holders in Smethport – Pennsylvania.
- We will also print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our personal training and coaching company
- Post information about our personal training and coaching school on bulletin boards in places like schools, libraries, and local coffee shops.
- Placing a small or classified advertisement in the newspaper, or local publication about our personal training and coaching company
- Advertise our life coaching company in relevant educational magazines, newspapers, TV stations, and radio station.
- Attend relevant educational expos, seminars, and business fairs et al
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients.
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
We are set to become the number one choice for both corporate clients and private clients in the whole of Smethport – Pennsylvania which is why we have made provisions for effective publicity and advertisement of our business. Below are the platforms we intend to leverage on to promote and advertise Barry & Becky®, LLP;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Smethport – Pennsylvania.
- Engage in road show from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact corporate organizations by calling them up and informing them of Barry & Becky®, LLP and the services we offer
- List our life coaching company on local directories / yellow pages
- Advertise our life coaching company in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our personal trainers, life coaches and staff members wear our branded shirts and all our vehicles are well branded with our schools’ logo et al.
12. Our Pricing Strategy
Generally for personal training and life coaching business bills both per hour billing and flat fees on a weekly or monthly basis applies. As a result of this, Barry & Becky®, LLP will charge our clients flat fees except for few occasions where there will be need for us to charge special clients on hourly basis.
At Barry & Becky®, LLP we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to all our clients at regular intervals.
We are aware that there are some clients that would need special assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
At Barry & Becky®, LLP, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment via mobile money
- Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
13. Startup Expenditure (Budget)
In setting up a personal training and life coaching business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a higher amount of capital as you would need to ensure that your employees are well taken care of.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The start – up capital for a home based personal training and life coaching business might fall between $500 and $2,000, while that of a medium and large scale would definitely be higher.
The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a personal training and life coaching business; it might differ in other countries due to the value of their money.
However, this is what it would cost us to start our own standard and world class life coaching company in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring an office space that will accommodate the number of employees we intend employing for at least 6 months (Re – Construction of the facility inclusive) will cost – $35,000.
- Equipping the office (computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- Launching an official Website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
- Miscellaneous – $5,000
While a home tutor might not have to incur all these expenses but going by the above report, we will need an average of $150,000 to start a medium scale life coaching business in the United States of America.
Generating Funding / Startup Capital for Barry & Becky®, LLP
Barry & Becky®, LLP is a business that will be owned by Dr. Barry Jimmy and his business partner for many years Dr. Becky Anderson. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $50,000 ( Personal savings $35,000 and soft loan from family members $15,000 ) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Barry & Becky®, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our life coaching services and advisory and consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Barry & Becky®, LLP will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner of our business strategy.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check : Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID : In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business : Completed
- Leasing a standard office facility in a good location plus reconstruction: In Progress
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the school: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In Progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the tutorial school in Smethport – Pennsylvania: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress
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Life Coaching Business Plan Sample
Published Sep.11, 2018
Updated Apr.23, 2024
By: Jakub Babkins
Average rating 5 / 5. Vote count: 4
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Table of Content
Life coaching business plan for starting your own practice
Are you planning how to start your own life coach business ? Life coaching is an essential part of society considering the high number of people who need the services of a professional to help them attain their personal goals. Since time immemorial, coaching has been part and parcel of the society as there were no formal schools or training centers. Today, the demand for life coaches has increased because many people are stressed, overwhelmed and confused about how to make certain key choices in life.
Factors such as the high cost of living and stress have contributed to the increase in demand. To succeed, you need to have a genuine passion to help and advice others. In the U.S, statistics have indicated an average annual growth of the life coaches industry by 3.3%. As a thriving industry, it’s definitely a good business idea with great potential so long as you have a good business plan for life coach in place.
Executive Summary
2.1 the business.
The life coaching business will be registered under the name MakCoach LLP and will be based in Detroit, Michigan. The business will be owned by Paul Markins who is an experienced Personal Life Coach. This life coach business plan is supposed to guide you on what you need to know and what should be accomplished to ensure a successful set-up and strategic positioning of the business.
2.2 Management Team
Before having an interest in entrepreneurship and coming up with a life coaching business plan , Paul worked as a professional life coach and boasts of over 25 years’ experience in this field. In the course of his career, Paul Markins worked in federal institutions, the private corporate sector as well as the sports industry. He had a privilege of working for various reputable entities across the United States, Canada and Mexico.
2.3 Customer Focus
Mark has been a personal life coach for many years; over two decades and has seen how the industry has changed over the years. Given his extensive experience, he has offered his services in various industry sectors including numerous government agencies. With this in mind, Paul Markins has an in-depth understanding of the industry trends and is therefore in a good position to know who needs his services most.
2.4 Business Target
Paul Markins knows where he needs to concentrate his energy and focus to ensure MakCoach LLP reaches out to the right target market and acquire an attractive revenue for the life coach business plan . His intention is to have this business plan for life coach be the most famous and highly rated life coaching service in Detroit, Michigan and the surrounding areas. With his in-depth skills and industry knowledge, it is expected MakCoach LLP will easily meet its business targets.
Company Summary
3.1 company owners.
Paul Markins is an experienced life coach with extensive skills in life coaching. Before venturing into life coach business plan , Paul worked for various establishments both in the private and public sector across United States, Canada and Mexico. Paul knows how to run an effective life coach business model as aside from his professional experience, he has also bagged numerous life coaching and personal training certifications. He is a certified NPL Practitioner and is a member of numerous regional and global federations such as the International Coach Federation. A lot of people across various social, economic and cultural circles have benefitted from his expertise.
3.2 Aim of Starting the Business
Even though life coaching has been there for long, the demand for these services has continued to increase. With an increasing segment of the society that needs professional help, Paul knows too well now is the best time to chat his own way and invest in a life coach business plan that he has direct control over. Having been in the industry and witnessed all the changes, this sample life coaching business plan if well implemented has a good chance of building a successful business brand. As time goes by, the demand for personal life coaches is expected to increase.
3.3 How the Business will be Started
MakCoach LLP is expected to launch operations after doing an extensive market research. Even though Paul Markins is an experienced life coach with extensive experience, he intends to hire a team of financial analysts and professionals to come up with a detailed financial analysis for the business. Paul is also relying on his vast knowledge of the industry to propel the business plan for life coaches to success. With a team of business consultants handling the figures and projections, it is expected the life coach business plan will get its priorities right.
Legal | $1,500 | |
Consultants | $2,000 | |
Insurance | $8,500 | |
Rent | $6,000 | |
Research and Development | $9,000 | |
Expensed Equipment | $10,000 | |
Signs | $3,000 | |
TOTAL START-UP EXPENSES | $40,000 | |
Start-up Assets | $0 | |
Cash Required | $50,000 | |
Start-up Inventory | $20,000 | |
Other Current Assets | $8,000 | |
Long-term Assets | $4,000 | |
TOTAL ASSETS | $10,000 | |
Total Requirements | $15,000 | |
$0 | ||
START-UP FUNDING | $50,000 | |
Start-up Expenses to Fund | $20,000 | |
Start-up Assets to Fund | $22,000 | |
TOTAL FUNDING REQUIRED | $0 | |
Assets | $12,000 | |
Non-cash Assets from Start-up | $7,000 | |
Cash Requirements from Start-up | $0 | |
Additional Cash Raised | $30,000 | |
Cash Balance on Starting Date | $10,000 | |
TOTAL ASSETS | $0 | |
Liabilities and Capital | $0 | |
Liabilities | $0 | |
Current Borrowing | $0 | |
Long-term Liabilities | $0 | |
Accounts Payable (Outstanding Bills) | $0 | |
Other Current Liabilities (interest-free) | $0 | |
TOTAL LIABILITIES | $0 | |
Capital | $0 | |
Planned Investment | $0 | |
Investor 1 | $10,000 | |
Investor 2 | $12,000 | |
Other | $0 | |
Additional Investment Requirement | $0 | |
TOTAL PLANNED INVESTMENT | $70,000 | |
Loss at Start-up (Start-up Expenses) | $55,000 | |
TOTAL CAPITAL | $35,000 | |
TOTAL CAPITAL AND LIABILITIES | $40,000 | |
Total Funding | $65,000 | |
Services for Customers
MakCoach LLP plans to offer a wide variety of services in order to have a better foothold of the market and compete effectively in the industry. Paul Markins knows his experience, his personal and professional image as well as track record as a personal life coach will help him to effectively market his service and grow the clientele base. Aside from individual customers, MakCoach is keen to customize its services for the corporate industry to increase its revenue base.
In this coaching business plan , the plan is to be creative and diversify as much as possible. Paul wishes to stand out and create as much personal linkages and connections as possible. When planning how to start a life coach business , you need to get your priorities right and tailor your products and services to respond directly to market needs. In this regard, MakCoach LLP intends to offer the following products and services.
- Family and Relationship coaching
- Personal Improvement coaching including career and financial coaching
- Business coaching
- Weight Loss and Fitness coaching
Marketing Analysis of Life Coaching Business
Life coaching has been around since time in memorial only that the techniques and environment for coaching has changed. With the current economic challenges and career-related pressure, many people are now seeking the services of a life coach. As an ever expanding industry, there are plenty of opportunities for entrepreneurs to tap into.
The Life Coaches Industry is the United States is expected to grow at an annual average rate of 3.3% to around $868.5 million. In the U.S. alone, there are more than 12,000 licensed and registered life coach companies with almost over 18,000 employees working in the industry.
In this coaching business plan , MakCoach LLP has carefully surveyed the industry and identified opportunities to be tapped into. This coaching business model template shows how MakCoach LLP has carried out an extensive market analysis knowing where to focus on to grow revenue shares.
5.1 Market Segment
For MakCoach LLP to achieve its revenue targets, the life coach business plan has identified the appropriate markets that are in need of both personal and business coaching. Detroit is a large city that presents many untapped opportunities which this life coach business plan sample hopes to identify and harness. If you intend to venture into this business, finding a comprehensive life coaching business plan pdf online with step-by-step instructions is a great idea to help you have an idea of the target market.
Business plan for investors
5.1.1 enterpreneurs and business executives.
Detroit is a large city with many corporate establishments and a large number of business plans for life coach professionals and executives. With a desired to succeed and build sustainable brands, many entrepreneurs are increasingly looking for professional and quality business coaching services. This is a lucrative market as new businesses keep opening in the city and entrepreneurs are in need of personal coaching to help them acquire skills that will help them to excel in business.
Marketing a life coaching business should place emphasis on this target group as it has endless opportunities to explore and promises great revenue channels. Corporate executives keen on getting a good professional image and outlook are also in need of coaching services especially in areas such as corporate governance and management.
5.1.2 Celebrities and Public Figures
Celebrities and personalities have an image and perception to protect. MakCoach LLP stands a good chance to offering different types of coaching services to individuals such as celebrities and politicians as well as groups who’re always in the public limelight. These people know the society is likely to judge every decision they make and therefore, require a professional to constantly advice and guide them on the right way to do things. In this life coach marketing plan , strategies have to be put in place to connect the business plan for life coach to personalities in various segments of the society.
5.1.3 School Leavers and Students
MakCoach LLP offers coaching services which touch on areas such as career choices and excelling in school. For students still in school, constant coaching and mentoring is important to enable them excel in their academic work and attain good grades. School leavers on the other hand are at a critical stage in their lives where they need to be guided appropriately in order to make wise career selections. This is definitely a good market for the life coaching business considering the high number of schools and colleges.
5.1.4 Government Officials
Because of the sensitivity of their jobs, government employees need to be constantly guided and advised to excel both at the workplace and personal lives. Due to the nature of their responsibilities, having a personal coach to advise them on a wide variety of issues is an opportunity MakCoach shouldn’t let go. To enhance performance, governments are increasingly looking for professional life coaching services for their employees in different cadres.
5.1.5 Sports Men and Women
The services of a personal coach are highly appreciated by sports professionals. In most cases, these individuals have to endure numerous challenges and require coaching services to boost morale, increase optimism and improve personal image. MakCoach LLP has an incredible chance to market its life coaching services to stakeholders in the sports industry. With an ever increasing sports industry, there are numerous new opportunities the life coach business plan can tap into to make its impact and usefulness felt in the sporting industry.
Potential Customers | Growth | CAGR | |||||||
Entrepreneurs and business executives | 25% | 13,000 | 15,000 | 17,000 | 19,000 | 21,000 | 12.00% | ||
Celebrities and public figures | 24% | 12,000 | 13,000 | 14,000 | 15,000 | 16,000 | 11.00% | ||
School leavers and students | 20% | 11,000 | 13,000 | 15,000 | 17,000 | 19,000 | 10.00% | ||
Government officials | 18% | 9,000 | 11,000 | 13,000 | 15,000 | 17,000 | 14.00% | ||
Sports men and women | 13% | 7,000 | 9,000 | 11,000 | 13,000 | 15,000 | 8.00% | ||
Total | 100% | 45,000 | 56,500 68,000 | 79,500 | 91,000 | 10.00% |
5.2 Business Target
MakCoach LLP intends to establish itself as one of the most popular and reputable life coaching businesses in Detroit. Detroit is a large city with good success prospects across all the customer target groups. Good life coach business plan examples should clearly highlight the intentions or gains a business hopes to benefit right from its inception. In this case, MakCoach LLP hopes to achieve an annual sales growth of between 20%-25% in the first three years since opening.
L-1 Update – RateGain – KOTHARI, Siddharth
Alex has been super quick with his responses to my emails. I needed my business plan very urgently and whether it was Saturday or Sunday, Alex made sure that i had my plan ready in the shortest amount of time possible. My finance team is also very impressed. Well done Alex and keep up the good work!!!!! Sid Kothari Executive Vice President www.rategain.com 470.422.8578 8300 Greensboro Drive, Suite 800, Mclean, VA, 22102
5.3 Product Pricing
This life coach business plan pdf and outline indicates how pricing for MakCoach LLP will be implemented. Before making a decision on prices, extensive research was carried out to check what competitors are charging and carefully structure the prices to attract customers but at the same time, ensure profit margins are maintained.
MakCoach LLP intends to come up with an effective marketing strategy to help the life coach business plan target all the crucial target markets. The success of any business plan for life coach depends on the nature of marketing strategies implemented to sell the business brand in a highly competitive market. This life coaching marketing plan template clearly outlines the strategies the business intends to roll out in order to reach out to prospective customers in need of life coaching services. When choosing a marketing strategy, it is important to come up with a sustainable and cost effective strategy that will support the growth of the life coach business plan .
6.1 Competitive Analysis
MakCoach LLP has done an in-depth market research to have a better understanding of the market. The secret is to put in place the most effective strategies that will not only help the business to compete favorably but increase the market share as well.
6.2 Sales Strategy
For MakCoach LLP to effectively reach the intended customer segments, this life coaching business plan template free intends to use the following strategies to advertise the services offered by the business.
- Send out introduction letters, flyers and brochures to different sectors of the target market in order to create awareness about the business
- Organize a grand opening party and invite guests from all the targeted markets in order to create awareness about the life coach business plan . During the event, take time to interact with guests and explain various products and services offered.
- Take part in exhibitions, seminars and other industry related events in order to bring MakCoach into the limelight and establish connections with other stakeholders.
- Use social media networks such as Facebook and Twitter to advertise the life coaching business to an online audience. Use of Google Ads is also an excellent idea.
- Design a simple but powerful search engine optimized business website in order to boost visibility in search engine rankings.
- Advertise the life coach business in local directory listings such as Yellow Pages and other business directories
- Utilize both local print and broadcast media channels such as television, radio, newspapers and magazines.
- Post information about the business and coaching services on school bulletin boards and other places such as libraries and local coffee shops.
- Direct marketing approach which involves use of friends, family, relatives, colleagues and other referrals to spread the word.
6.3 Sales Forecast
Before starting life coach business plan operations, a comprehensive sales forecast has been formulated to guide the business on what it can anticipate in terms of sales volumes.
Unit Sales | Year 3 | ||
Family and relationship coaching | 200,000 | 210,000 | 220,000 |
Personal improvement coaching | 210,000 | 220,000 | 230,000 |
Business coaching | 220,000 | 230,000 | 240,000 |
Weight loss and fitness coaching | 230,000 | 240,000 | 250,000 |
TOTAL UNIT SALES | |||
Unit Prices | Year 1 | Year 2 | Year 3 |
Family and relationship coaching | $130.00 | $140.00 | $150.00 |
Personal improvement coaching | $120.00 | $130.00 | $140.00 |
Business coaching | $110.00 | $120.00 | $130.00 |
Weight loss and fitness coaching | $100.00 | $110.00 | $120.00 |
Sales | |||
Family and relationship coaching | $130,000 | $140,000 | $150,000 |
Personal improvement coaching | $120,000 | $130,000 | $140,000 |
Business coaching | $110,000 | $120,000 | $130,000 |
Weight loss and fitness coaching | $100,000 | $110,000 | $120,000 |
TOTAL SALES | |||
Direct Unit Costs | Year 1 | Year 2 | Year 3 |
Family and relationship coaching | $0.50 | $0.60 | $0.70 |
Personal improvement coaching | $0.30 | $0.35 | $0.40 |
Business coaching | $0.25 | $0.30 | $0.35 |
Weight loss and fitness coaching | $2.00 | $3.00 | $4.50 |
Direct Cost of Sales | |||
Family and relationship coaching | $80,000 | $100,000 | $150,000 |
Personal improvement coaching | $45,000 | $70,000 | $105,000 |
Business coaching | $15,000 | $25,000 | $40,200 |
Weight loss and fitness coaching | $14,000 | $36,000 | $70,000 |
Subtotal Direct Cost of Sales | $150,000 | $200,000 | $250,000 |
Personnel Plan
When determining the cost to start a life coach business , it is important to factor in a personnel plan in order to have an idea how much you will spend on your personnel. Personnel plays a key role in determining the success of a business and therefore, it is good to put in place a good strategy to hire the best staff. With a good team of staff in place, a business can be assured to achieve its targets and have exceptional results.
The business will hire members of staff to work in different departments but all cooperating towards a common goal to see MakCoach LLP succeed. As part of the plan to start a life coach business , Paul Markins has put in place a personnel plan that identifies who shall be employed to work in the business.
7.1 Personnel Plan
To help the life coach business plan realize its goals, the following members of staff will be hired to work in MakCoach LLP. Paul Markins who is an expert personal life coach and owner of the business will be the Chief Executive Officer. He will be assisted by the following team of staff.
- 1 Business Coordinator
- 1 Office Administrator
- 4 Life Coaches/Personal Trainers
- 2 Marketing Executives
- 1 Accountant
- 1 Customer Service Executives
Upon successful hiring, staff will undergo training to equip them with useful skills before the life coaching business opens its doors to the public.
7.2 Average Salaries
MakCoach LLP plans to pay its staff the following salaries within the first three years of operations.
1 Business coordinator | $30,000 | $32,000 | $34,000 |
1 Office administrator | $25,000 | $27,000 | $29,000 |
4 Life coaches/ Personal trainers | $100,000 | $110,000 | $120,000 |
2 Marketing Executives | $50,000 | $52,000 | $54,000 |
1 Accountant | $23,000 | $25,000 | $27,000 |
1 Customer service executives | $20,000 | $22,000 | $24,000 |
Total Salaries | $248,000 | $268,000 | $288,000 |
Financial Plan
MakCoach LLP has formulated a detailed financial plan which is supposed to guide and orient the business towards achieving a high life coaching profit margin. To ensure the business makes profits, it is important to identify and compute key business financial parameters with an aim of determining the financial soundness of a business plan for life coach . At this point, issues such as start-up capital and how the business will finance its operations need to be addressed. When starting a life coach business , Paul Markins clearly understands that for life coaching for profit to be realized, having an extensive financial plan is a must-have. In this case, Paul will raise capital from his personal savings and seek additional financing from two investors. In addition, he will seek a small bank loan for business plan to bridge the financial gap.
Below is a detailed financial analysis for MakCoach LLP.
8.1 Important Assumptions
The financial forecast for MakCoach LLP is based on the assumptions below.
Plan Month | 1 | 2 | 3 |
Current Interest Rate | 8.00% | 10.00% | 11.00% |
Long-term Interest Rate | 6.00% | 6.00% | 6.00% |
Tax Rate | 15.00% | 16.00% | 18.00% |
Other | 0 | 0 | 0 |
8.2 Brake-even Analysis
MakCoach LLP brake-even analysis is shown in the graph below.
Monthly Units Break-even | 3000 | |
Monthly Revenue Break-even | $120,000 | |
Assumptions: | ||
Average Per-Unit Revenue | $80.00 | |
Average Per-Unit Variable Cost | $1.00 | |
Estimated Monthly Fixed Cost | $130,000 | |
8.3 Projected Profit and Loss
Profit and loss information for MakCoach LLP as calculated on a monthly and annual basis is indicated below.
Sales | $200,000 | $220,000 | $230,000 |
Direct Cost of Sales | $45,000 | $50,000 | $60,000 |
Other | $0 | $0 | $0 |
TOTAL COST OF SALES | |||
Gross Margin | $300,000 | $350,000 | $400,000 |
Gross Margin % | 80.00% | 84.00% | 90.00% |
Expenses | |||
Payroll | $500,000 | $600,000 | $700,000 |
Sales and Marketing and Other Expenses | $2,000 | $4,000 | $6,000 |
Depreciation | $1,000 | $2,000 | $3,000 |
Leased Equipment | $0 | $0 | $0 |
Utilities | $3,000 | $5,000 | $7,000 |
Insurance | $1,000 | $1,500 | $1,700 |
Rent | $5,000 | $6,000 | $7,000 |
Payroll Taxes | $25,000 | $30,000 | $40,000 |
Other | $0 | $0 | $0 |
Total Operating Expenses | $150,000 | $200,000 | $250,000 |
Profit Before Interest and Taxes | $70,000 | $80,000 | $90,000 |
EBITDA | $30,000 | $35,000 | $40,000 |
Interest Expense | $0 | $0 | $0 |
Taxes Incurred | $12,000 | $15,000 | $18,000 |
Net Profit | $60,000 | $75,000 | $90,000 |
Net Profit/Sales | 20.00% | 30.00% | 40.00% |
8.3.1 Monthly Profit
8.3.2 Yearly Profit
8.3.3 Monthly Gross Margin
8.3.4 Yearly Gross Margin
8.4 Projected Cash Flow
Below is a summary of MakCoach LLP Pro forma cash flow, subtotal cash received, subtotal cash spent, subtotal cash from operations and subtotal cash spent on operations.
Cash Received | |||
Cash from Operations | |||
Cash Sales | $30,000 | $35,000 | $40,000 |
Cash from Receivables | $5,000 | $7,000 | $9,000 |
SUBTOTAL CASH FROM OPERATIONS | |||
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 |
SUBTOTAL CASH RECEIVED | |||
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $15,000 | $17,000 | $19,000 |
Bill Payments | $12,000 | $20,000 | $35,000 |
SUBTOTAL SPENT ON OPERATIONS | |||
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $0 | $0 | $0 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
SUBTOTAL CASH SPENT | |||
Net Cash Flow | $10,000 | $14,000 | $16,000 |
Cash Balance | $18,000 | $20,000 | $22,000 |
8.5 Projected Balance Sheet
Below is a Projected Balance Sheet for MakCoach LLP that shows assets, liabilities, capital, long term assets and current liabilities.
Assets | |||
Current Assets | |||
Cash | $140,000 | $180,000 | $220,000 |
Accounts Receivable | $9,000 | $11,000 | $14,000 |
Inventory | $1,500 | $3,000 | $4,500 |
Other Current Assets | $2,000 | $2,000 | $2,000 |
TOTAL CURRENT ASSETS | |||
Long-term Assets | |||
Long-term Assets | $8,000 | $10,000 | $12,000 |
Accumulated Depreciation | $11,000 | $13,000 | $15,000 |
TOTAL LONG-TERM ASSETS | |||
TOTAL ASSETS | |||
Liabilities and Capital | Year 1 | Year 2 | Year 3 |
Current Liabilities | |||
Accounts Payable | $10,000 | $12,000 | $14,000 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 |
SUBTOTAL CURRENT LIABILITIES | |||
Long-term Liabilities | $0 | $0 | $0 |
TOTAL LIABILITIES | |||
Paid-in Capital | $20,000 | $20,000 | $20,000 |
Retained Earnings | $25,000 | $50,000 | $75,000 |
Earnings | $80,000 | $110,000 | $140,000 |
TOTAL CAPITAL | |||
TOTAL LIABILITIES AND CAPITAL | |||
Net Worth | $190,000 | $210,000 | $250,000 |
8.6 Business Ratios
The following is the Ratio Analysis, Business Ratios and Business Net Worth for MakCoach LLP.
Sales Growth | 5.00% | 20.00% | 40.00% | 3.00% |
Percent of Total Assets | ||||
Accounts Receivable | 5.00% | 4.00% | 3.00% | 8.00% |
Inventory | 2.00% | 1.80. % | 1.60% | 9.00% |
Other Current Assets | 1.00% | 2.00% | 1.95% | 20.00% |
Total Current Assets | 100.20% | 130.10% | 150.25% | 44.00% |
Long-term Assets | -5.00% | -20.00% | -25.30% | 40.40% |
TOTAL ASSETS | ||||
Current Liabilities | 4.00% | 3.00% | 2.50% | 23.70% |
Long-term Liabilities | 0.00% | 0.00% | 0.00% | 20.50% |
Total Liabilities | 4.10% | 2.00% | 1.50% | 44.10% |
NET WORTH | ||||
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 80.10% | 82.00% | 84.00% | 0.00% |
Selling, General & Administrative Expenses | 73.00% | 70.00% | 65.00% | 62.00% |
Advertising Expenses | 2.00% | 1.00% | 0.20% | 1.20% |
Profit Before Interest and Taxes | 22.00% | 25.00% | 28.40% | 1.50% |
Main Ratios | ||||
Current | 10.1 | 13 | 16 | 0.5 |
Quick | 23 | 25.88 | 30.36 | 0.3 |
Total Debt to Total Assets | 2.08% | 1.00% | 0.66% | 45.00% |
Pre-tax Return on Net Worth | 60.00% | 70.00% | 72.20% | 1.20% |
Pre-tax Return on Assets | 54.20% | 57.00% | 60.00% | 5.00% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | 15.20% | 18.10% | 20.00% | N.A. |
Return on Equity | 40.00% | 43.00% | 46.00% | N.A. |
Activity Ratios | ||||
Accounts Receivable Turnover | 3 | 4 | 5 | N.A. |
Collection Days | 82 | 89 | 104 | N.A. |
Inventory Turnover | 16 | 19 | 22 | N.A. |
Accounts Payable Turnover | 13.1 | 13.4 | 15 | N.A. |
Payment Days | 25 | 25 | 25 | N.A. |
Total Asset Turnover | 1.6 | 1.4 | 1.2 | N.A. |
Debt Ratios | ||||
Debt to Net Worth | 0 | -0.01 | -0.03 | N.A. |
Current Liab. to Liab. | 0 | 0 | 0 | N.A. |
Liquidity Ratios | ||||
Net Working Capital | $100,000 | $120,000 | $140,000 | N.A. |
Interest Coverage | 0 | 0 | 0 | N.A. |
Additional Ratios | ||||
Assets to Sales | 0.35 | 0.38 | 0.41 | N.A. |
Current Debt/Total Assets | 3% | 2% | 1% | N.A. |
Acid Test | 20 | 24 | 27 | N.A. |
Sales/Net Worth | 1.3 | 1 | 0.4 | N.A. |
Dividend Payout | 0 | 0 | 0 | N.A. |
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20+ SAMPLE Coach Business Plan in PDF | MS Word
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How to Use This Life Coach Business Plan to Get Clients. Each section this sample life coach business plan contains two parts: Coaching Business Plan Template - This includes details on what to put into each section of your business plan.; Sample Coaching Business Plan Text - This part provides actual text from a real coaching business plan example that you can modify (or leave as is) for ...
What is a Life Coach Business Plan Template? Life coaches help clients succeed with their personal goals through coaching, support, and creating action plans.
Quenza's Activity Builder helps you create custom sections for your coaching business plan with simple page breaks and text boxes. Using Quenza's Activity Builder, you can create custom sections for each element in your plan, as well as text boxes for all the information that will go into your tool.. This helps you store your plan in your coaching portal alongside your Client profiles ...
How to Start Your Life Coaching Business. Life coaching can have far-reaching and diverse positive impacts on clients' lives (Clutterbuck et al., 2016).. Many of us have toyed with the idea of starting a life coaching business, helping people change health-related behavior, improve wellness, boost their careers, and strive for personal goals (Karmali et al., 2020; Mann et al., 2022).
Life Coaching Business Plan: A Quick Template; What Becoming an ICF Certified Life Coach Means; How to Get ICF Certification: Level 1, 2, ACSTH, ACTP, CCE, Making Sense of it A...
THE ULTIMATE COACHING BUSINESS BLUEPRINT coachesconsole.com [email protected] (540) 391-0746 Being a great coach is one thing. Running a thriv - ing coaching business is all-together different. I know you have big dreams and goals to work
Step 1: 📝 Executive Summary - Craft a compelling summary that encapsulates your business vision, mission, and core elements like the business name, owner, and location, setting the stage for what follows.; Step 2: 🗂️ Business Description - Detail your coaching services, niche, and operational mechanics. Explain how these elements work together to meet the needs of your clientele.
Business Name: Life Coaching. Business Plan. Executive Summary. 1. Vision: Mission: Business Overview: Company Description. 2. Business contact information: Target ...
Download a free life coaching business plan template that includes pre-written examples for every section to help you write your own plan.
The dynamic world of coaching presents an array of opportunities to guide clients through personal and professional growth. But just as you are developing plans for your clients you need to do the same for your business.
Learn how to create a coaching proposal here. Establishing a competitive advantage is paramount, ensuring that your action plan aligns with the industry's needs and your target customers' desires.
Writing an Effective Life Coaching Business Plan. The following are the key components of a successful life coaching business plan:. Executive Summary. The executive summary of a life coaching business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.
Life Coach Business Plan. You've come to the right place to create your Life Coach business plan. We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Life Coach businesses.
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[Company Name] Business Plan Page 3 III. Industry Analysis Market Need • What customer need are you fulfilling? Market Fundamentals Market/Industry Overview • In what market(s) do you compete? Market/Industry Trends
Value proposition. One of the main reasons why 20% of small businesses fail within the first year is that they don't understand their value proposition. Your value proposition explains how your business will stand out. Michael Porter's Generic Competitive Strategies shows you how to create one.. It includes three factors:
Career Coaching Business Model: An Example. Let's zoom in on an example career coaching business model to unpack it a little further. Consider the following value proposition: "I help ladder-climber CXOs in Vancouver to land a promotion with in-person group coaching sessions and online learning modules." Your Value Creation and Delivery elements will of course be different from the ...
A Sample Life Coaching Business Plan Template 1. Industry Overview. In the early days of human civilization, especially the period when they were very few formal schools, personal training has been in existence.
Company Summary 3.1 Company Owners. Paul Markins is an experienced life coach with extensive skills in life coaching. Before venturing into life coach business plan, Paul worked for various establishments both in the private and public sector across United States, Canada and Mexico.Paul knows how to run an effective life coach business model as aside from his professional experience, he has ...
ON BECOMING A LIFE COACH All Rights Reserved ©2021 www.iaplifecoaches.org 5 money... how much you think you deserve, how much you can ask for, and how you treat
Relationship and Family Coaching: This type of life coach can aid communication between couples and family members who are having difficulties communicating. It can also assist folks in identifying practical solutions to their current challenges. They can give clear counsel and bring people together to solve problems.
How To Write a Coach Business Plan. When writing performance reports and reviews for specific individuals, you, as their superior, may discover that they require coaching rather than abrupt termination. When there is a high demand for such services, the coaching industry thrives. Here are some measures you can include and write in your coach business plan template.