Business Plan for a Coaching Business

This is 4 in a series of 24 blog posts on Business and Marketing.

When you want to have a coaching business, does it matter whether you have a business plan?  Before, a business plan was often developed for the purpose of seeking funding.  Because starting a coaching business from home is a low-cost venture, developing a business plan is for your own purposes.

Creating a business plan as a coach is a process for exploring how you are going to organize your business legally, logistically, financially, and in terms of providing services.  There are a multitude of services available to help with this process including the Small Business Administration, Small Business Development Centers, and organizations that support specific groups such as women or veterans.  In addition to offering classes or advisers  they offer examples and shells.  Links to many of these organizations are available on the ‘Resources’ page of the Center for Coaching Certification website.

As you move forward with your business planning, consider how much information and how much detail makes sense for your coaching practice.  Typically you do want to explore the viability of your business in terms of demand and competition.  Decide how your business will differentiate itself from similar businesses.  Explore your organizational structure and if you want your business to be around in the future, sustainability.  Define the services you will provide and how you will charge for each.  Outline your operational plan.  Of course one big area is your budgeting for start up and operations until you are earning money as a coach.