Starting a Life Coaching Business – Sample Business Plan Template
1. Define your specialty
You can’t be a coach in all areas. You need to choose a specialty based on your knowledge and experience. For example, if you are a serial entrepreneur who has established a good number of successful businesses, you can become a business coach.
Similarly, you can become a certified life coach if you have a huge wealth of experience in a particular career, or you have worked as an HR professional for several years. Other examples of coaching specialties include diet and nutrition, relationships and marriage, sports, fitness, personal development, and many more.
2. Get some training
The idea of getting some training sounds odd, right? No, you are not trying to add more to the experience and expertise you already have (it’s never too much, anyway). But you need some training on how to facilitate coaching sessions and create individual plans to help clients meet their goals.
To get this training, you can either enroll for a coaching program or contact a seasoned coach to learn all you need to know. However, if you already have enough knowledge on how to handle clients and manage your time effectively, then this might not be necessary.
3. Obtain your license
The law in some states and countries require that you get a business license before you can start a coaching business. Get one if it is required in your locality. You can consult the appropriate local regulatory agency to find out about the requirements that apply in your state or country.
4. Define your services and set your prices
You will need to make a list of the services that your coaching business will offer. Come up with as many as possible service packages, since client demands will vary (that is, some clients will require services that others don’t).
You need to set prices for each of your services. Most coaches charge by the hour, while some fix rates for service packages. On the average, rates are around $50 per hour, but this varies with specialty. You can contact other coaches to get a range of rates, so you will not overcharge your clients or lowball your prices.
5. Define your target market
After defining your services, you need to define whom those services are meant for. Indicate information about your target clients, such as their occupations, interests, education level, marital status, income level and goals.
Aside the demographic information, you should explore the core concerns of your ideal client.What goals are they trying to achieve? Why are they seeking coaching assistance?
6. Register your business
Register your coaching business as required by your state or country. It is better to register as a corporation or limited liability company, since there is less risk involved in the coaching business. Registering as a corporation or LLC will protect your business from being sued should a client decide to file legal action over the advice you gave them.
When registering your business, you should choose a good business name, as this will become your brand for many years to come.
7. Secure office space
One of the great aspects of the coaching business is that you can run it right from your home. Better yet, you can rent office space in a good location outside your home, where clients can easily reach you when they need your services.
Whether it’s in your home or elsewhere, your office space should be free from distraction and noise. And you should have a comfortable chair for your clients.
8. Brand your business-: Branding is not only about choosing a business name. It also entails designing a unique business identity by designing a unique and professional logo, letterhead, website, and so on.
9. Market your business-: The mode of advertising that will work for your coaching business will depend on your area of specialty as well as your target clients. You should figure out what modes of advertising will work best for you, and adopt them to attract clients to your business.
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