life coaching business plans

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How To Write A Life Coaching Business Plan: 5 Templates

If you’re passionate about helping others fulfill their potential and reach new heights, life coaching could be a truly rewarding career for you.

This guide will show you how to create a coaching business plan that will help you turn your ideas into reality, so that you can start creating value and deliver real results to your life coaching clients.

5 Tips For Starting Your Life Coaching Business

Starting out as a life coach can seem like a big move, and there’s plenty to consider. For many experienced life coaches, it’s balancing the support, guidance, and coaching theory side of things business admin that can be a little tricky.

Maybe you see yourself more as a development professional than an entrepreneur, or perhaps you’ve helped others professionally but never quite had your own practice.

Regardless of where you are in the coaching game, here are some tips that can help you get started building a life coaching business of your own: [1]

• Decide on a clear, unique value offer. Life coaching is incredibly popular, and that’s not changing anytime soon. To distinguish yourself as a coach, think about the unique value you’ll create for your clients – what’s original about the results you can help them achieve, or how you help them get from A to B?
• Consider accreditation. The right life coaching certification can arm you with useful skills and knowledge in your field while boosting your credibility as a coach. There are plenty of qualifications available online for coaches, and you may find one that goes a long way to enhance your marketability.
• Set your business up, practically. Various states, regions, and countries have different systems for registering and starting an online coaching business. Make sure you allow time to collect or create all the coaching forms you’ll need to enroll and manage your clients.
• Develop or curate your coaching resources. To practice, you’ll need tools such as life coaching worksheets , lessons, exercises, videos (if you’re using them), and more. Create a database of all the coaching tools you’ll need so you know just where to find them when you land your first client!
• Create an online presence. Think about how you’ll reach out to clients, and prepare the things that will help you be discovered online. Some examples include a coaching website , social media profile, or listings in online coaching directories. A strategic way to approach this is by developing a marketing strategy, which covers all the ins and outs of how you’ll grow your visibility.

How To Write A Coaching Business Plan: 2 Examples

A coaching business plan should help you clarify why and how you’ll start and run your coaching practice, as well as the tools you’ll need to help others.

Creating a life coaching business plan might sound terrifying, don’t be put off. You can go into more detail if you prefer a comprehensive organizational roadmap, but your business plan should quite simply help you:

• Clarify your “Why” – What is the ultimate purpose of your business? What is your desired future vision for your practice and clients?
• Solidify your “How” – What are your coaching objectives/your mission? What approaches will you use to achieve them?
• Determine your “What” – Understand the interventions, tools, lessons, or solutions that will help you on your mission.

Depending on the depth of detail you’d like to go into, you can break your plan up into more or fewer sections.

The following two coaching business plan examples illustrate this.

Example 1: Lean Life Coaching Business Plan

A lean business plan is ideal for explaining your coaching practice succinctly, or if you’re planning a small coaching business.

Using this USA Small Business Administration sample as a guide, your lean coaching plan might include the following headings: [2]

• Business identity
• Target client
• Client pain points
• Your solution
• Your competition
• Revenue streams
• Marketing activities
• Team and their key roles, and

Lean coaching business plans can be particularly helpful if you’re keen to refine and enhance your business plan as you learn and gain experience.

Example 2: Life Coaching Business Plan Template

This life coaching business plan template from Profitable Venture is a more comprehensive example, starting with an executive summary and ending with a startup expenditure budget. [3]

SWOT and market analyses are used for an in-depth assessment of potential opportunities, threats, and rivals in the coaching industry.

3 Helpful Templates and Samples For Your Plan

Here are a few good examples of coaching business plans, including some extra sections you might want to include:

• 9 Steps to a Lean Life Coaching Business Plan from Coaching Online – this covers a few more sections such as your competition, marketing, and finances [4]
• Traditional Business Plan from the USA Small Business Administration – a traditional business plan that may work well for larger coaching practices [5]
• Business Plan Template for a Startup from Score.org – a 9-step template for new business owners. [6]

Creating A Business Plan For Your Online Coaching Business

Once you’ve decided on the most relevant format for your business plan, you’ll want to formalize it by writing it all down.

You will most likely be referring to it regularly, as you structure, run, manage, and grow your coaching practice, so it’s critical to keep your plan along with the rest of your business documents.

A quick, straightforward solution for most coaches is to create a digital business plan, as we’ve started to do below using Quenza:

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, activities, and other coaching tools, so your plan is always near at hand as you start to build your business.

To create your own coaching business plan using Quenza’s Activity Builder, simply:

• Open and title a new Activity
• Create sections for each header of your plan, and
• Save your Activity to your Library when it’s done!

You can also print your plan as a PDF, or access and edit at any time on Quenza’s client app, as shown below:

There’s no right or wrong way to create a coaching business plan template, so don’t be afraid to add in headers or sections as your plan grows. As long as your plan takes you through each milestone of building and running your business, you’re on the right path to creating a successful, growing practice.

Best App and Software For Your Coaching Business

Quenza is a state-of-the-art solution for coaching professionals, regardless of where you are in the process of running your business.

Not only can you plan out your business as a first-time coach, but Quenza’s tools can help you deliver solutions, stay in touch with clients, and even market your business as you gain traction.

With Quenza’s features, for example, you can:

• Design, build, and deliver personal and group life coaching solutions
• Craft coaching programs, curricula, or entire e-courses from your existing tools
• Drip feed your solutions to coaching clients automatically, on a schedule
• Create and customize all your coaching contracts , coaching agreements, and feedback forms
• Collect and securely store all your clients’ data with Quenza’s HIPAA-compliant app and coaching platform
• Offer clients a centralized online coaching portal
• Stay in touch with and engage your clients throughout the course of your programs, using notifications, reminders, and multimedia,
• Track, monitor, and evaluate your clients’ progress in real-time, and
• Document your sessions with Quenza’s Client notes.

5 Unique Features Included in Quenza

We’ve already seen how important it is to carve out your niche as a life coach – and of course, you’re most efficient when you decide on your own workflow, processes, and style.

With Quenza’s custom features, you have all the flexibility you need to get creative with solutions and market yourself in a way that suits you.

For instance, you can make use of Quenza’s:

• Multilingual client app – to translate your own or your clients’ Quenza app into 16 different languages, and custom brand colors
• Group or private chat – to share feedback, reminders, or encouragement
• White label feature – to promote your brand by adding your logo to tools, forms, and programs
• Wheel of Life feature – to design personalized life Wheel of Life assessments , and
• Expansion Library – for customizing popular and evidence-based coaching exercises without starting from scratch!

Leveraging Technology for Efficient Client Management

Integrating technology into your life coaching practice can significantly streamline client management and enhance your service delivery. Utilizing software and applications designed for coaching professionals saves time and ensures a more organized approach to managing client data and scheduling.

For example, client management software lets you keep detailed records of each client’s progress, preferences, and session notes. This can help you tailor your sessions more effectively and provide personalized coaching that meets the unique needs of each client. Having all this information in one place allows you to track progress and adjust your coaching strategies as needed easily.

Additionally, automated scheduling tools can eliminate the back-and-forth communication often required to set up appointments. These tools allow clients to book sessions at their convenience, reducing the administrative burden on you and ensuring that your calendar is always up to date. This improves efficiency and enhances the client experience by providing a seamless and professional service.

Finally, consider incorporating video conferencing software into your practice. This allows you to conduct coaching sessions remotely, expanding your reach to clients who cannot meet in person. Video sessions can be just as effective as face-to-face meetings, and the convenience of remote coaching can be a major selling point for potential clients.

Building a Strong Online Presence

In today’s digital age, having a strong online presence is crucial for attracting new clients and establishing credibility as a life coach. A well-designed website serves as your virtual storefront, providing potential clients with information about your services, testimonials, and an easy way to contact you.

Your website should clearly communicate your unique value proposition and showcase the results you have achieved for your clients. Include case studies or success stories that highlight the impact of your coaching. This builds trust and demonstrates your expertise and effectiveness as a coach.

Social media platforms are also powerful tools for connecting with potential clients and building your brand. Regularly sharing valuable content related to life coaching, such as tips, articles, and motivational quotes, can position you as a thought leader in your field. Engage with your audience by responding to comments and messages, and consider running targeted ad campaigns to reach a wider audience.

Additionally, consider creating a blog to share your insights and experiences as a life coach. Blogging helps improve your website’s SEO and provides valuable content that can attract and engage potential clients. Write about topics that resonate with your target audience, and promote your blog posts through your social media channels.

By leveraging these digital tools and strategies, you can build a strong online presence that attracts new clients and reinforces your credibility as a life coach.

Final Thoughts

These tips, templates, formats, and examples will help you craft a strategic business plan that can get your coaching practice up and running – even if you’ve never started a business in your life.

If you have a template of your own to share with your fellow coaches, do let us know in the comments below.

We hope this article was helpful. Don’t forget to start your 30-day, 1 dollar Quenza trial for all the tools you need to bring your business plan to life!

Quenza’s practitioner tools will help you craft and deliver powerful online coaching solutions from any connected device. They contain everything you need to run your life coaching practice digitally for brilliant client outcomes.

• ^ Truex, L. (2021). How to start a home-based coaching business. Retrieved from https://www.thebalancesmb.com/how-to-start-a-coaching-business-1794520
• ^ SBA.gov. (2021). Sample Lean Business Plan. Retrieved from https://www.sba.gov/sites/default/files/2017-12/Sample%20Lean%20Business%20Plan%20-%20Wooden%20Grain%20Toy%20Company.doc
• ^ Profitable Venture. (2021). Life Coaching Business Plan Template. Retrieved from https://www.profitableventure.com/life-coaching-business-plan/
• ^ Coaching-Online.org. (2021). 9 Steps to a Lean Life Coaching Business Plan. Retrieved from https://www.coaching-online.org/life-coach-business-plan/
• ^ SBA.gov. (2021). Write Your Business Plan. Retrieved from https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
• ^ Score.org. (2020). Business Plan Template for a Startup Business. Retrieved from https://www.score.org/resource/business-plan-template-startup-business

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How To Write a Business Plan for a Life Coaching Business + Free Example

John Procopio

5 min. read

Updated February 7, 2024

Free Download:  Sample Coaching Business Plan Template

• Turn your passion for helping others into a thriving life coaching business.

As a life coach, you have the opportunity to empower others and help them achieve their goals. And with an estimated industry value of over $2 billion, the demand for life coaches has never been higher. 

Yes, 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.

Crafting a solid business plan for your coaching practice will help you clarify your vision and objectives, account for certifications and training, and explore how you need to perform financially in order to thrive in an increasingly competitive market. 

In this guide, we’ll walk you through how to create a business plan for a life, performance, or executive coaching business. You can even download a free one-page coaching plan template to fill out as you go.

• What is a life coaching business?

A life coaching business provides professional coaching services to help clients achieve their personal and professional goals. Life coaches work with individuals or groups to provide guidance, support, and accountability. There are many types of life coaching, including:

• Performance coaching: Enhancing specific skills or talents, such as athletes or musicians.
• Executive coaching: Developing effective leadership skills for executives and business leaders.
• Relationship coaching: Improving communication, conflict resolution, and relationship dynamics with partners, family, friends, and colleagues.
• Career coaching: Advancing careers through skills assessment, resume building, networking, and career planning.
• Life coaching: Taking a holistic approach to improving various areas of life like health, work-life balance, productivity, and personal fulfillment.
• Why you should write a business plan for a life or executive coaching business

A solid business plan is crucial for success in your life or executive coaching business. It helps organize your strategies, identify potential obstacles, and invest in certifications and marketing for growth and credibility. By writing a detailed business plan, you can more effectively allocate resources, set achievable goals, and create a roadmap for success.

• How to write a life coach business plan

In this guide, we’ll walk you through the key components of a life coaching business plan to help you lay the foundation for a thriving coaching practice. For a walkthrough of how to write the specific sections of a business plan , check out our full guide and supporting articles.

1. Clearly define your offering

To build a successful life coaching business, you must have a precise understanding of your services and how they stand out from the competition. Determine your areas of expertise—whether career, executive, relationship, life, or wellness coaching—and the specific challenges you can help clients navigate. Becoming properly certified and accredited demonstrates your professional competence to clients.

The two top certifying organizations are the International Coach Federation (ICF) and the Coaches Training Institute (CTI). The ICF offers ACC, PCC, and MCC credential levels based on your experience. CTI offers a Certified Professional Co-Active Coach credential. Achieving the right credential for your coaching specialty—such as becoming a Certified Career Coach, Certified Professional Career Coach, or earning a Life Coaching Certification—can maximize your credibility.

With a clear service offering tailored to your target market’s needs and the proper certifications, you will gain the credibility and expertise to help many clients achieve meaningful life changes and reach their full potential. Promote your services boldly by focusing on your areas of specialization, ideal clients, and the specific outcomes you provide.

2. Have specific clients in mind

Speaking of your target market , successful businesses have a clear understanding of their ideal customer and cater to their unique needs.

For example, a life coaching business may target mid-career professionals seeking personal growth or corporate executives looking to enhance their leadership skills. Their needs include developing management skills, thinking strategically, and improving communication. However, you can break this down even further and have market segments such as: 

• Mid-career professionals looking to change jobs or careers. Their needs include identifying strengths and interests, building a strong resume, developing networking skills, and gaining confidence in interviews.
• Young adults transitioning from college into the working world. Their needs include determining a career path, gaining skills and experience, finding mentors, and learning professionalism.  
• Entrepreneurs looking to start a new business. Their needs include business planning, productivity, accountability, motivation, and work-life balance.

3. Create a marketing plan

Developing a strategic marketing plan is vital to building brand awareness and attracting clients to your life coaching business. You’ll need a detailed marketing strategy to maintain a consistent brand identity reflecting your unique coaching style and expertise. 

Strategically choose a few marketing channels, like your website, a targeted social media strategy, and possibly speaking engagements to reach your ideal clients. Run a blog, Substack, or podcast providing actionable advice in your areas of coaching. Submit articles to media outlets your target audience follows and build credibility through these expert placements. 

It’s also important to consider paid media as part of your marketing strategy, such as social media advertising and Google Ads. Monitor your return on ad spend (ROAS) and calculate the lifetime value of a lead to accurately measure the effectiveness of your campaigns. 

With a customized brand and strategic marketing focused on your niche audience’s needs, you will hope to gain visibility, credibility, and quality leads to develop a thriving coaching practice. These are just some of the marketing avenues you may consider exploring.

4. Know your numbers

To build a profitable coaching business you need to understand your financials by monitoring both revenue and expenses closely. Charge what you’re worth based on your experience, certifications, and client outcomes. While gaining momentum, generate extra income through related services. Consider charging for initial consultations to add another revenue stream to your business. 

Here are a few other key things to consider when exploring your numbers:

Track key metrics

Review key metrics monthly, like client retention and profitability. Make adjustments to optimize satisfaction and revenue. Budget for short-term loss but aim for profitability within 6-12 months. Think long-term, progress will take time.

Test your pricing strategy

Explore different pricing models to attract clients with varying budgets. Consider offering packages, retainers, group programs, and online courses, as they provide stability for both you and your clients. 

Keep a close eye on expenses

Assess expenses regularly to minimize waste. Expect costs like marketing, office space (if needed), insurance, and certifications. Budget adequately , reducing expenses will boost profit, and review and refine over time.

• Download your free life coaching business plan template

Now, you’re reading to start creating your business plan. To get started, download our free one-page business plan example for a life-coaching business . For more inspiration, check out our free library of sample plans and templates for service businesses. You can download any of these documents in Word form and get some structure and industry-specific insight for your own plan.

John is a seasoned digital marketing leader with over 25 years of experience across SaaS, e-commerce, and content industries. He has a proven track record of driving growth through data-informed strategies that span the entire marketing pipeline.

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How to write a business plan for life coaches (with free pdf template).

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“ You should not ever start a Monday without clarity about what must happen by Friday.” ~ Brendon Burchard, High-Performance Coach

Benjamin Franklin said it in more direct terms:

“If you fail to plan, you’re planning to fail.”

Life coaches are passionate about helping people improve various aspects of their lives, yet many of us  lack the skills required to run the coaching business . I have attended numerous coaching workshops where running the actual coaching business remains one of the recurring concerns of coaches. As a result, many coaches struggle to grow sustainable coaching businesses .

Since you’re here, you must be interested in how to write a business plan for life coaches, and I’ll show you how, so that you avoid the obstacles which threaten the success of many life coaching practices.

Sit back and enjoy the read because you’ll get good value from this post.

But first, what is a business plan for life coaches?

A business plan for life coaches is a comprehensive compilation of plans for your coaching practice. It is a presentation of your vision, mission, objectives, and short and long-term strategies for your business. 

A life coaching business plan also illustrates the steps to reach the goals the coach aspires to. If the primary plan fails to deliver anticipated results, you could act on the contingency plan.

Why Do I Need a Business Plan?

You’re probably thinking ”My coaching business is small. As long as I can keep the books in order, I’ll be ok. Why do I need a business plan? ” 

Some businesses have found success without business plans, but those with plans found success faster.

One thing is sure, though. If you don’t create a business plan and systems begin to fail within your business, you’re likely to lose it all by winging it.

Before writing a life coaching business plan, it is imperative to understand the scope of your business, the services to be rendered, and to communicate what the business entails to others. If you know your business and the solutions you want to provide, you’ll sign up your ideal clients easier, create better products and services, and scale your business quicker. 

Furthermore, if you intend to get a loan to fund your business start-up, I strongly advise you to write a comprehensive business plan. Lenders and investors may decide to provide funding based on your projections.

What Are The Types of Business Plans?

There are two primary business plan categories: traditional business plans and lean start-up business plans . Traditional business plans are lengthy, detailed, and more common. In this post, we will focus on the traditional business plan.

A lean start-up business plan is a quick summary of all your business ideas and often covers only one page. It is usually presented in the form of illustrations, such as charts, graphs, and tables, for easy perusal. In addition, lean business plans are easier to amend because of their brief nature.

Neither business plan is superior to the other. In deciding which to use, you’ll have to examine your business needs first. Whichever one you choose to go with, what matters is ensuring your business plan is concise, easy to understand, and fact-based. 

What Do You Do Before Writing a Business Plan for Life Coaches?

The answer? RESEARCH.

You would hear from business coaches about the importance of research to assess possible strengths and opportunities as well as weaknesses and threats (SWOT) before embarking on a business venture, and they would be right. 

Your coaching business may be similar to another. However, it would still require its SWOT analysis to identify what sets your coaching products and services apart from others, create strategies for business growth, and avoid hassles later down the line.

I recommend that the outcome of your research addresses and answers the following questions:

• What type of coaching practice do I want? Your coaching practice is a business, so you should run it as one. Therefore, setting up a legal structure for your company is essential. It is also crucial to pinpoint the right coaching style for your new business to make planning smoother.
• What is my niche? Knowing my target niche clarifies the path I’d follow toward business success. It also sets the stage for determining my business and marketing strategy. 
• What solutions am I offering? The products and services you offer should solve your ideal client’s problems. That’s the only surefire way to get new clients and build a solid portfolio.
• What steps must I follow to grow the business?  Your research must help determine the steps you’d take to expand your life coaching practice.
• Is my coaching business client-focused? It’s common to have a business plan focusing on the owner and what it plans to accomplish. However, it is better to create a business plan focusing more on the client and the benefits they would be getting. Your clients become return clients who cost less to keep, spend more and market your business better on your behalf.
• How will I finance my coaching business? If, like many others, you’re starting your business with limited funds, you’d have to clearly state how you intend to finance your business, especially during the early stages until it begins to profit. 

Ok, so we’ve done our research, and we’ve been able to detect what we can excel at, where we thought wrong, and areas we can improve upon based on our initial guesses. We can now decide if we can proceed with the business or return to the drawing board.

If we’re ready to roll, it’s time to write our business plan.

Life Coach Business Plan Template

If you’re just starting, you could make a simple business plan using the template below. Then, as time goes by, you could expand each section to make it more robust. This template outlines every vital aspect of your coaching business. 

• Mission statement
• Overview of business
• Business contact information
• Target market
• Coaching niche
• Unique selling point
• Short-term and Long-term goals
•  Strategic objectives
• Tactical plans
• Products and services you offer 
• Product differentiation
•  Benefits to your clients
• SWOT analysis
• Target market valuation
• Market trends
• Profile of competitors
• Competitive advantage      
• Pricing model
• Marketing Strategy
• Marketing platforms
• Advertising and promotion
• Sales strategy
• Distribution channels
• Organizational charts
• Training and development
• Procurement
• General operations
• Source of funding
• Key assumptions
• Profit and loss accounts
• Balance sheet
• Cashflow projections

With this template, you can remain focused on building your business rather than chasing every shiny object you see or hear about, as is the case with entrepreneurs without proper business plans.

Now, let’s take each section at a time.

How To Write a Life Coach Business Plan (Step-By-Step)

1.      Executive Summary

Think of the executive summary as a way of introducing your business to a potential client, lender, or the general public. Therefore, it should include what you do as a business, how you do it, who you do it for, and what value you provide. You should try to keep your executive summary concise at one to two pages maximum. 

It may be easier for you to write the executive summary after completing other sections because you would have highlighted notable points throughout the plan.

2.      Company description

As the section already states, I would describe my coaching business in detail and include the following:

• My registered business name
• Address and contact information
• Legal business structure
• Executives or directors (if any)
• My coaching niche 
• Who my target market is
• My unique selling point

I would also be sure to point out what sets my coaching business apart from the competition and how my company maximizes its opportunities.

3.      Goals and Objectives

What are your business goals? 

This section will state my short-term and long-term goals and the tactical steps my coaching business will take to reach those goals. For instance, if I plan to make X amount in annual revenue by a specified year, I would provide a realistic, research-based breakdown of how I’d reach that goal.

By providing a breakdown of how I’d accomplish my goals, I’d also be generating trust and confidence in the minds of potential investors or lenders about my business if I intend to seek funding.

4.      Products and Services

In this section, you’ll describe your business’s products or services to your target market. These would not be limited to coaching packages, coaching subscriptions, masterclasses, courses, books , etc.

Give a detailed description of each product or service you will offer. Explain how your goods and services are different from or better than your competitors’ offers on the market, and don’t forget to include your pricing model. You would also clearly state the benefits your target market gains by using your products and services.

5.      Market Analysis

Here, you would analyze the coaching industry in which you plan to do business during your research phase before writing the business plan. A comprehensive analysis of the industry would provide valuable information such as:

a.         Results from SWOT analysis

b.         Target market valuation

c.         Market trends

d.         Profile of your competitors

e.         Competitive advantage for your coaching business

f.          Benefits your clients stand to gain

Explain in-depth what prompted your decision to set up your coaching business within that sector and what your competitors are doing. You should also explain how you can improve upon what they aren’t doing well enough to enhance your bottom line but, more importantly, deliver value to your clients.

6.      Marketing and Sales Strategy

Having a fantastic product that creates admirable transformations in clients is one thing. It’s another thing to publicize enough to reach those clients. Your marketing and sales strategy is supposed to convince your clients that your products will provide the solutions they seek.

First, you´ll develop a marketing budget to meet your spending needs. You’d also write a detailed plan for marketing and advertising your products and services to your target market. Which channels would you use?

• E-mail marketing
• Search Engine Optimization
• Social media marketing
• Search Engine Marketing
• Print materials
• Networking,  e.t.c.

Earlier, I mentioned the importance of having repeat clients because they are some of the best and cheapest marketing tools for your business, so it is crucial to know how to sell your coaching services . In this section, you’ll explain your strategy for turning your clients into repeat clients and building customer loyalty. Be sure also to include your sales strategies. For example, which sales distribution channels will you use?

• Direct sales
• Sales representatives
• E-commerce channels

7.      Operations

In this section, I will discuss the day-to-day running of my coaching business. I will explain how I’d operate the business through employees, freelance workers, and business partnerships. I would include an organizational chart to illustrate the internal structure of my coaching business and how employees would contribute to the growth and success of the company.

I’d discuss in detail how I plan to staff my company and what salaries or wages I would pay my staff. I’d then enumerate the freelance workers I may hire, their roles, and their remuneration. I would then discuss my plans for staff and training development.

Finally, I’d give a clear plan for other general operations like procurement of materials and equipment required for the start-up of my coaching business. Such equipment may include video conferencing equipment, software, and personal computers. I would also note essential information about all suppliers and vendors with whom I work.

8.      Financial analysis and projections

As a new coaching business, I don’t expect you to be able to pluck out figures from past performance. However, I hope you would have done your research based on the coaching niche you plan to set up shop in. 

When you’ve done this, you should make financial plans and projections for a five-year periodhttps://costhack.com/business-plan-cost to begin with. Five-year plans give you enough room to meet and exceed SMART goals . You may refresh any goals you don’t meet in your five-year plan, if need be, and insert them into the following timeline until you achieve them.

It is important to note that this is the section every lender and investor is particularly interested in, so you must take extra care to be factual in your illustrations and realistic in your projections. If you’re seeking start-up funding, this is where you state it. Explain how you’ll use the investment and communicate the expected returns.

Don’t blow up figures to entice them because what you’d do is leave a wrong impression because they’d probably see through it. Instead, make your projections align with what your competitors are also achieving, and if you surpass those goals, great.

For an existing coaching business, you’ll want to include: 

• Financial statements
• Profit margins

I’ll advise you to speak to an accountant who will guide you better in putting all the required information together.

9.      Appendix

The appendix is where you put in any other necessary information that may not have fit anywhere else in the different sections of the business plan. These may be documents such as: 

1.    Certifications

2.    Your resume 

3.    Resumes of key team members

4.    Licenses

5.    Contracts

6.    Marketing materials e.t.c.

7.    Market research report

With the above guide, you’d have a well-written yet concise report to keep you on track and direct your business toward success.

You may wonder how long it’ll take to write a business plan. Ideally, it shouldn’t take more than a few months to complete the research and write the business plan. However, if you take longer than a few months may disrupt other vital activities in the start-up process.

Can I Hire Someone To Write My Life Coach Business Plan?

Ok, I get it. Life can get hectic. You’re being pulled from every angle and can’t find the time to write your business plan.

Fortunately, you can hire a professional business plan writer or consulting firm to provide the service. Professional business plan writers cost from $2,000 to upward of $20,000 to write a business plan for a small to medium size business. If hiring a writer instead of a firm, verify all credentials and portfolios to ensure they meet your needs.

If you decide to hire a consulting firm, it’ll cost you more. However, the upside is the breadth of expertise they offer. Other factors that may affect the plan’s cost are the length, turn-around time, editing, review, and any additional support service.

I would advise putting together as much information as you can on your own before approaching a professional because you would have a better idea about how the plan is woven together. A professional would then develop a foolproof plan, especially one that captures investments if you’re seeking start-up funding. 

Common Business Plan Mistakes Life Coaches Must Avoid

Although I’ve mentioned some mistakes to avoid, I figured it was best to state them clearly. If you make mistakes while developing a business plan, they could jeopardize your business. Some of these mistakes to avoid are:

Inadequate research: Avoiding research or doing insufficient research before writing your business plan is a dangerous mistake you don’t want to make. If you still go ahead to write the plan, you may not identify all the risks involved. As a result, your coaching business plan may be based on non-factual information and lead to inaccurate projections, which you may never meet.

Overestimating your financial projections: Avoid padding up figures in your business plan to impress lenders and investors. Lenders and investors are experts and analyze financial information for a living, so injecting false estimates into your plan may make you lose those opportunities altogether.

Ignoring the competition: Knowing what your competition is doing gives you insight into exploiting areas they may be neglecting, thereby giving you a competitive advantage.

Not setting a target niche: This is a common mistake. Many new life coaches attempt to get any and every client and end up losing focus. Without setting a target niche, your business will have no direction. 

When your business has no direction, you can’t establish workable goals. In other words, you’d be everywhere and nowhere simultaneously. As a result, your business will not be operating optimally and may remain stagnant after a little while.

Ignoring future trends: Times change and economies evolve. Imagine you started your coaching business pre-internet and remained stuck in paper-based marketing after the arrival of the internet, social media, and email marketing. 

What do you think would happen?

That’s right. Your business won’t be able to keep up and will fold up in no time.

Creating unrealistic goals: This is also a mistake many people make. If you create unrealistic goals, there won’t be measurable targets to track your progress, and soon enough, you’ll stop taking action.

Establishing a rigid plan : A business plan that isn’t flexible enough to accommodate changes can also negatively impact the business. No life coach can predict the future of their business. There’ll be ups and downs. A flexible plan gives room for unforeseen changes without disrupting the long-term goal.

Download your free life coaching business plan template

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