Why Every Life Coach Needs a Business Plan

Life coaching is a wonderful profession where you have the ability to change people's lives, make a difference in the world, and earn a decent living. Imagine that! Being a coach is not a "job" it’s a credible vocation that is in great need, yet most coaches have never learned how to manage their practice like a business by writing a Life Coaching Business Plan. I've been a coach since 2004 when coaching was just becoming popular. I had been a consultant for many years and owned a chain of retail stores prior to that. In all my entrepreneurial endeavors I have never had a more enjoyable business than coaching. Because of my experience I was able to write my own Business Plan in order to get up and running very quickly in my coaching business. I was able to leverage existing contacts, organize seminars, get out and network with professionals, and put up a stellar website to market my practice. Yet, when networking at my local ICF chapter, I ran into coaches who were just starting out without a plan for growing their practice. I know it takes experience to become a business owner and learn the strategies and tactics that lead to long-term success, so I wanted to create a way for coaches to learn entrepreneurial habits and find more success. If you want success in the coaching business, you do need a Business Plan. It's that simple. This is something you need to do in order to build life you want. The truth is it takes real effort to build your life coaching business and a Business Plan will create a path that leads straight to success. The fact is that successful life coaches have a Grand Business Success Plan and they use it to help them organize their business and boost their income. The sad fact is that 70% of coaches make less than $30,000 annually. If you want more income, you must organize your life coach business. One way to do that is to write a mini plan with a strong marketing component. I don't believe in long scholarly documents. I believe in conciseness when writing a Planning document. There are a few key comments of a good plan. Vision – Your coaching business will not resemble its current state in five years. That's why you need to think about where you're going in the future. What kind of income would THRILL you? What kind of lifestyle would appeal to you in five years? Think about the bigger picture and make this your vision. Goals – Have you ever been motivated to do something? There's a good chance it was because someone set a goal for you to achieve and that created motivation for you to get there. A successful coaching business requires goal achievement to build momentum and attain financial goals. Your Marketing System - If you don’t have a Marketing Plan to promote your coaching business, you definitely need one. Running a coaching business without a Marketing Plan is like believing in the philosophies from The Secret and The Law of Attraction but taking no action to get what you want. Here are a few marketing tips: • Marketing is all about creating a funnel for prospective clients so that they begin a relationship with you. Prospects may not be ready to hire you the first time they meet you. They may not be ready until they have had contact with you six or seven times. That's why it is important to create an E-Book and a newsletter that keeps you in contact with prospective clients. So think about your marketing focus and how you want to position your practice. • Your marketing system should include a marketing calendar which shows WHEN and HOW you are going to achieve your revenue goal. It will motivate you to spend time where it will be most advantageous. • If you don’t have a marketing system you will not maximize your revenue. You will waste time on tasks that don’t add to the BIG PICTURE of your business. • Tape your Marketing Plan to your office wall next to your desk so that you can see it daily. Create mini sections detailing strategies, goals, and tactics. You need to be constantly reminded of who you are, where you’re going, and how you’re going to get there. You can create a successful life coaching business that will give you the income you seek. Writing and following a Life Coaching Business Plan is the key to your success. Your plan does not have to be a long, drawn out boring document. You can create a Mini Plan that accomplishes the same end results as a long complicated plan.