When it comes down to writing a life coach business plan, there are various aspects that you must incorporate to ensure you don’t miss any vital information. Having a strong business plan can provide you with a solid backbone to guide you through your business operations, and can ensure that you meet your goals, as well as make effective coaching notes. To get you started, here are some things you should be considering:
Mission Statement - You must create a mission statement that summarizes why your business exists, who you help, what change you can bring into clients’ lives, and how you will do it. Keep in mind that this is short, usually 1-2 sentences long.
Vision - Similar to a mission statement, this is a statement that explains the long-term goals of your business. This aims to explain the ‘why’ behind your business operations, and what community impact you would like to have. It’s important to remember that the vision typically accompanies mission statements by providing more detail behind your business goals.
Business Type - Before starting, you must consider what type of business you’re operating. For instance, you could run as a sole proprietorship, partnership, or a limited liability corporation (LLC). Each has its own tax and financial implications, with different legal regulations that they must adhere to, so it’s important that you do your research.
Niche - While you are a life coach, you need to figure out what your specialty or niche is. This way, you can segment your market and gain more profit. Hopefully, you already have a niche in mind, otherwise, you could look into areas of career, business, mindset or grief life coaching.
Target Audience - You need to have a specific target market to ensure that you have an ideal customer in mind. This could be through the evaluation of different local needs, genders, ages, occupations, and more. Admittedly, this stage does require research to assess your markets but can allow you to become much more specialized.
Unique Value - To distinguish yourself from competitors, you need to consider what your unique value or selling points are. Clients need to know that your service offers something special that others cannot, and to put things simply if you can’t explain why your business should be chosen, then perhaps more work needs to be done! Conducting a SWOT analysis can help you identify strengths and weaknesses so you can draft a value examination.
Marketing - Naturally, you need to also consider the marketing of your business, as you need to attract clients to your services. There are numerous ways to do this, though the most common is using an online social media platform, as well as a website, to advertise your business. It’s essential, so make sure you set aside a budget to accommodate for sales and advertising!
Evaluate Competition - You need to ensure that your services are appropriately priced and marketed in comparison to competitors, as at the end of the day, you need to place yourself in your client’s shoes. If there are better prices or value elsewhere, then you need to make some changes.
Finances - One of the most important aspects of a business plan, particularly for third parties, is creating a spreadsheet covering your finances, your spending budget, and your sales forecast. This way, you can ensure that you’re not overspending and that you’re allocating investments into resources appropriately, as well as making a profit.