We all understand the importance of having a plan.
As people, we’re always trying to prepare for what’s coming next, whether that’s in our health, careers, or relationships. And as coaches, we listen to our clients’ needs and concerns to create short and long-term goals, define action items, and check in frequently to ensure they complete their coaching program.
Sometimes, we have to be our own coach. When we set out to create and maintain a successful life coach business, we must outline a plan similar to those we make for clients.
In this article, we outline how to create a life-coaching business plan so you can analyze the success of your operation, correct issues as they arise, and reach professional and financial goals.
What’s a business plan?
A business plan defines your short and long-term mission and goals. Creating one provides an excellent opportunity to notice potential problems with your model and make corrections.
A solid plan also acts like a detailed business card for investors. You can easily show them what your business is all about and how you plan to succeed. Thorough business plans feature comprehensive financial data, like cash flow statements, that help investors understand where your business is and where it’s headed.
Creating a life coaching business plan
While we often have the relevant information in our heads, it can be challenging to know where to start when creating a business plan as a life coach. Make sure your plan covers the following sections:
- Executive summary: This is a high-level view of your business. Explain the nature of your coaching services and the client type you intend to serve.
- Vision and mission statement: In this section, explain why life coaching is important to you, why you’re establishing this business, and where you hope to take it.
- Description of your services: Go in-depth on the services you intend to offer, like individual or group coaching programs and the coaching packages you’ll provide.
- Market analysis: Research other life coaching providers in your area to determine their target demographics and how their pricing and services compare to yours. Outline your market research findings for the reader, stating your target market and why.
- Competitive advantage: Explain what makes your business different and what will help it stand out among the competition.
- Marketing strategy: Detail how you plan to reach potential clients.
- Financial plan: Provide any information you have on hand, like balance sheets or cash flow statements and talk about how you plan to reach your financial goals. Include the basics like upstart costs, any debt you’ll incur, and how you’ll make money to cover loans and overhead.
Starting a business as a life coach
Once your plan is defined, it’s time to start strong. Here’s how to start a business as a life coach.
- Define your business structure: Figure out how you’re going to operate and what structure your business will follow. Are you a solopreneur or embarking on a partnership? How do you want to organize your finances? Will you do the accounting or hire someone during tax season?
- Register your business: Research what steps your state requires to register your business and make sure you follow them carefully.
- Set a budget: Your business plan’s financial goals section should give you a clear idea of your start-up and overhead costs. Set a budget so you know how to distribute funds during the first few months.
- Define your brand: Before marketing your services, define the look and feel of your brand. Create a logo, decide on a color scheme, and establish a brand voice to use on your website and in marketing materials. Keep this image as consistent as possible, so coaching clients recognize your company wherever you go.
- Promote your services: Use the points in your marketing plan to guide the first promotional campaigns. Social media platforms are a great place to start because you can make aesthetically pleasing posts online, link to outside content like your website, and benefit from virtual “word-of-mouth” marketing as followers or satisfied clients share your posts with friends and family.
Examples of successful lifestyle coaching companies
A great life coaching business prioritizes people. Perhaps these coaches have gone through challenging life changes themselves and want to share lessons learned. Or maybe they used a life coach once and are inspired to return the favor.
No matter your reason for becoming a life coach, a little inspiration is a great place to start when developing a new business. Here are a few exemplary life coach companies — your company’s in good company.
This revolutionary healthcare company takes a holistic approach, offering clients online coaching for life and wellness.
This company, whose name translates to “love life,” pairs top coaches country-wide with individuals seeking to improve their career, health, or personal life.
This business supports LGBTQIA+ folks by pairing them with community-member coaches.
Taking the next step
You’ve trained as a coach, made your business plan, and registered your business. You’re ready to open doors and embark on a rewarding career. Now what?
Continue improving your coaching sessions and skills by taking advantage of Practice’s resources. Our app allows you to easily schedule appointments, communicate with clients, and take payments. We offer a variety of templates and blog articles to jog pre-session creativity and bolster your coaching practice.