How To Create A Business Plan For Your Coaching Business
Every business, even a coaching business, needs a business plan. Don’t skip this step because you offer a service instead of a physical product, or you’re not trying to get funding. Every business can benefit from a business plan.
First Step: Focus
When you create a business plan, you need to focus on the reasons for the coaching business: Who do you want to serve? What do you want to provide? When do you want to start? Where will you set up shop? Why do you want to start a coaching business? How will you meld all these things together?
These are the primary reasons you’re going into business, and they should always be at the forefront of your mind when making decisions.
Something else to focus on is your big dream. How much money do you want to make over the next 3 years? Do you want to sell multiple products or have several locations? Everyone’s big dream will be different, but you should write it down as part of the plan.
I like to use Jamboard, a brainstorming app with sticky notes created by Google to organize my thoughts. Of course, you can use real sticky notes if you want.
Second Step: Plan
Think of your coaching business plan as a mountain. Your mission statement is at the mountain’s base, while your big dream is at its peak. Everything in between is what you need to plan, and these steps should also be incorporated into your plan.
What products do you want to create? How often do you want to produce a product? How can you implement some passive income or affiliate income into your business? Are there any speaking engagements or online summit opportunities that will expand your reach and your followers? What can you add to your sales funnel for those not yet ready to commit to the service that you offer?
Third Step: Action
This is where your planning steps are broken down into smaller, actionable steps. Instead of saying, “I want to write a book,” break the process down further. Why do you want to write a book? How much time can you dedicate each day to writing? Do you want to self-publish or find a publisher? You’ll need to hire an editor and someone to design the front and back cover. These are actionable steps that can easily be crossed off your to-do list once they are finished.
Don’t be thrown off here! You don’t need to plan three years’ worth of action steps simultaneously. The idea is to plan a quarter to a year at a time, keeping your focus in mind, so the action steps become the pathway to your big dreams.
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