Do your eyes start to roll to the back of your head at the first mention of the words, “Business Plan”?
But you are in business, aren’t you Coach?
Ok then, so you’re going to need my Business Plan For Life Coaches, right, Coach? (Nod dutifully here.)
I created a business plan for life coaches to help them sort out, in their minds, what it takes to build a coaching business, which is absolutely not the same as having a coaching practice. (You need to know the difference.)
And it doesn’t have to be complicated. You can write it all out on ONE piece of paper (yes, I promise you, it is possible to put a goal, a plan, and a dream, on one piece of paper!).
In my book, Gutsy Glorious Life Coach: How To Turn Your Life Coaching Practice Into A Soulful Money-Making Business, I outline what I call my Bare-Bones-Basic Business Plan For Life Coaches.
I also talk about it HERE on my podcast.
It’s what you need to do at the very least when it comes to creating a business plan for the year ahead.
Without a Bare-Bones-Basic Business Plan you will be a rudderless ship. Trust me on this one, Coach, you’ve got to be willing to look ahead so you know where you’re going.
Not having a Bare-Bones-Basic Business Plan makes about as much sense as the following conversation:
“I’m going on a vacation.”
“Oh really, where?”
“I don’t know exactly. I’m off to the airport to see what happens.”
“How will you know what to pack?”
“Um. I have no idea.”
“Why didn’t you figure all this out before heading to the airport?”
“I don’t know. I didn’t really think about it.”
“Have a nice trip!”
Alright, Coach… We’re Going On A Business Trip. Pack Your Bags!
C’mon, Coach. We’re going on a business trip. Here’s what you’ll need to know in order to “pack” for the trip:
- How much money you want to make over the next 12 months.
- What products and services you will offer for sale over the next 12 months.
- How will you price your products and services?
- How many products and services you’ll need to sell each month in order to hit the goal you set in #1.
We go into a lot of detail in my Freedom Mastermind for coaches, but the point is this: when you know the answers to those 4 questions you can get to work on your business. It’s not enough to say I want to make 10k or 100k in the next year. You’ve also got to know HOW you’ll generate that money.
Once you know your numbers you can then figure out what you have to do on a daily, weekly, and monthly basis to hit your financial goal for the year. From there you can decide if the plan suits you. You can always adjust according to how much time you’re able to give to your business.
Let me be clear: a dream coaching business doesn’t have to be one that makes you millions or even hundreds of thousands. It just has to generate the income you need to make you live your dream lifestyle, however you may define it. One of my coaching clients has set a goal of $5,000 for the year, which is realistic and doable considering she’s still working full-time.
The only way to the freedom you were seeking when you decided to go into business for yourself is to have a goal and a plan and the intention to build a dream coaching business. Without all three, you’ll only be left dreaming.
Did you know it takes 46 STEPS to turn your coaching practice into a business? Use this checklist to help you make sure your business is “buttoned up.”
