January 27, 2022 by Amanda Reill
It’s possible to start a business without a solid business plan, but taking the time to chart your course before you embark on a new journey is a wiser way to go. A business plan enables you to take a 360-degree inventory of where you’re starting and where you’re headed. In addition, it helps you create a map of your journey to prevent you from getting lost on the way.
A well-constructed plan can mean the difference between growing a successful career or simply coaching as a hobby. There are dozens of good reasons to make a plan, but here’s three that we find incredibly important:
Many resources can give you sample life coach business plans, examples, and templates. It can be as easy as filling in some blanks. But before you put your confidence in someone else’s work, it’s useful to consider a few things.
First, do your homework. Research business plans from reputable sources to get a feel for the details. Look up the financial and legal considerations for small businesses, especially in your region of the world (the rules can vary!).
Second, network with fellow coaches. Other life coaches, especially ones who have been at this longer than you have, can give you a good idea of what you need. They can offer tips, tricks, and advice. And they may help you to narrow down your niche, which we will discuss more later. Looking at what others are doing and how they present themselves online, etc. provides a lot of inspiration for what is possible. You can inventory what attracts you (or even detracts you) from other coaches’ websites, etc., and also begin to envision what will set you apart. CTEDU has a large and growing community of alumni who meet often for events. These folks are an amazing resource to help you build your own life coaching business.
Third, and perhaps most importantly: be your own first client. Life coaching is all about helping people make and reach their goals to become the best version of themselves. That starts with you! Make sure you’re doing the work you expect from your clients: checking in with yourself, fighting off the censorship of your Inner Critic, and becoming the best you that you can be.
Lastly, a word of caution: stay flexible. Remember that a business plan is a road map, but that doesn’t mean aspects of it won’t change based on your needs and growth. Nothing is written in stone. Stay open and allow yourself to flex.
Overall, your business plan should include anything you truly need to focus on your unique business. To get to the heart of that, here are common aspects of a life coach business plan, in no particular order:
When you do your research, you’ll undoubtedly find other things you can include in your business plan. But this overview should at least give you an idea of where to begin and a place to focus your energy as you design the right plan for you.
There are so many incredible aspects to being a life coach. You get to watch your clients make amazing connections, often for the first time, and see them reach goals they never dreamed possible. It’s truly an incredible feeling! Building a coaching business plan will grant you surprising freedom. A little work now pays off in dividends later, and enables you to actualize the coaching life you’re dreaming of.
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To provide life coach training that changes lives, launches careers, and promotes human flourishing.
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Hood River, Oregon 97031
PO Box 2021
Hood River, Oregon 97031