A life coaching business plan is a necessary part of building up a successful coaching business from the ground up. The key to avoiding costly mistakes and achieving long-term success is to plan ahead of time. If you are anything like me, you have already made up your mind to become a well-known life coach in your chosen field. It is time to move on from the brainstorming phase and create a strategy for the future.
If you believe the struggles are over, then, think again. The planning process and the actual plan require in-depth investigation, surveys, and hands-on experiences, otherwise, it is quite hard to develop an effective plan for a life coaching business from zero. No use in making something you do not understand. that is where skyrocketcoach arrives on the scene!
We are aiming to make this experience as smooth as possible for you. You don’t have to prepare ridiculous reports and charts to draw up a good and future-proof business plan for life coaching to skyrocket your coaching business, because we are going to create a short, simple, but effective life coaching business plan, together. So let’s jump right in, shall we!
What is a life coach?
Let’s state the obvious first.
What is a Life Coach? Life coaches are experts who have been trained to assist others in reaching their full potential in order to achieve their preferred set of goals. As a mentor, advisor, guide, or trusted collaborative partner, Life Coaches can help people achieve their goals. In this role, you will supervise their life lessons, determine their long-term objectives, watch their thought processes, examine their intentions, and encourage them to make the best decisions possible at the appropriate moment.
Thomas Leonard, a financial planner from the United States, is credited with being the world’s first Life Coach, at least according to historical records. In the 1980s, he cleared the path for Life Coaches and the Coaching Industry around the world to pursue this career as a full-time occupation. In 1985, he founded the International Coaching Federation (ICF), which has grown to become the world’s most important coaching organization and has expanded to become the global focus for all things coaching. Despite the fact that he is no longer alive, Thomas Leonard is still regarded as the father of professional life coaching.
Learn more about Life Coaches and what they do here.
Salary Of A Life Coach
With an average yearly growth rate of 6.7 percent, Life Coaching is the world’s second-fastest-growing business market, according to the International Coaching Federation’s Global Coaching Study: Executive Summary 2020. Globally, it is predicted that there were roughly 71,000 coach practitioners in 2019, representing a 33 percent growth over the previous year’s estimate! So you can see how demanding and growing this career is.
Life Coaches can make about $32.28/hour and $50,321/year, according to the latest research. Are you interested in earning $100,000 a year as a life coach, but you are not sure where or how to begin your journey? Find out how simple it is by clicking here.
The average yearly wage in North America is around $62,500, resulting in the largest annual revenues of any area. Oceania is the second most prosperous region, with an annual income of $61,100. Eastern European life coaches earn just $19,100 per year, but Western life coaches earn $51,100 per year. In Asia, the typical base compensation for a life coach is around $33,600 per year, according to Payscale.
To learn how the salary of a life coach depends on their skills, experience, and area of expertise, read this article.
Life Coach Qualifications And Certifications
Although it is true that academic training and study are not required to become a life coach, in most cases, they are helpful. Because the majority of your abilities and experiences are natural and experiences that you have gained and earned throughout your life.
However, a certified life coach will always be given greater importance and recognition in their respective fields than a non-certified life coach. And it is for very logical and comprehensible reasons.
You can choose a renowned life coach certification school that will provide you with the necessary information and resources in order to become certified as a life coach. These organizations can train you to be either a specialized or a generalized Life Coach, depending on the curriculum and your own preferences. Additionally, the curriculum may be adjusted to accommodate total beginners, as more experienced Life Coaches require a different approach than beginners.
It is possible that these programs will take around 6 months to complete the certification procedure in addition to the training sessions. And, at the end of the day, you will be connected with organizations such as the ICF, which will undoubtedly enhance your professional prospects in the future.
Read this article to know all about Life Coach certifications and why you, as a Life Coach as yourself, need to be certified ASAP!
What Is A Business Plan?
A well-thought-out business strategy is essential to every company’s long-term success. A company’s long-term goals and strategies are outlined in a comprehensive document known as a “business plan.” It makes a significant contribution to the overall performance of a company. It is surprising how many people, even coaches, try to establish or operate a business without a strategy in place first. Without a business strategy, there is no direction and the firm may break up within weeks or months after beginning. We attached sample of a business plan for life coaching at the end to give you a context of what we are talking about. Don’t miss it!
Why You Need A business plan for life coaching
There is a common belief in the coaching profession that if you serve with passion and serve from the heart, you will attract clients and your business will thrive.
That sounds fine on paper, but it is a big fat lie in the real world!
One of the most harmful and misleading assumptions about being a good coach is that if you put enough heart and love into your job, you will succeed. And it’s time to put an end to that absurd belief.
True success as a coach can only be achieved if you first have a well-thought-out, well-executed business strategy in place. If you want to build a great life coaching business plan to skyrocket your coaching business, this guide will walk you through the process step by step.
The cherry on top? Unlike traditional life coaching business plans, this one works regardless of where you are in your coaching career. Quickly grasp this essential fact and you will be on your way to serving more people and changing more lives.
Things To Know Before Starting A business plan for life coaching
Every empire started off as a mere idea once. It might be a new service or product that no one else has thought of. But that should not stop you. In order to get your coaching business up and running and to skyrocket your coaching business as soon as possible, you will need more than just passion.
In this section of the article, I will go over some of the most crucial elements that I think any coach should make when attempting to launch an online coaching business.
Choosing the perfect time to publicly launch your business might make the difference between failure and long-term success.When to start your business depends on the state of your field, the performance of your rivals, funding, personal circumstances, your business strategy, and pretty much everything else. When deciding on a launch date, keep an eye on your competition. Keep an eye out for new products/services that may compete with your new startup. Starting early as a new competitor in your industry generally attracts initial interest from your target market. Observe what your rivals are offering and then use user feedback to help influence and enhance your product.
The timing might be the difference between a successful coaching business and a flop when compared to your competition.
Test The Market
To be a successful coaching business, you must undergo thorough market research. Coaches at first frequently fall for the trap of trying to reach as many clients as possible. In order to know who your audience is, you must first answer the following question: What do they need? What will you be able to do for them?
Early market research is crucial for the development of a successful life coaching business. The greatest way to get the most out of your online coaching programs is by figuring out who your ideal customers are. You’ll use the data from your market research to make important decisions about the products and services you offer, as well as the pricing you charge and the value you add.
It takes a lot of time and effort to start an online coaching business and a lot more to skyrocket your coaching business than other methods. You just cannot manage a business on your own. Whether you recruit employees or not, it is critical to building a team that will encourage and support you along the journey.
They do not have to be business partners or coworkers. Some examples are hiring a mentor to help you through the early phases of establishing your online business. It is necessary to have friends to depend on and rejoice with.
Key Points Of A Life Coaching Business Plan
To make the actual life coaching business plan, you have to have some key elements in mind. Because these elements will not only help you focus on the specific steps necessary for you to make your idea succeed, but also help you to achieve short-term and long-term objectives.
Keep your language brief and specific, but make sure everyone reading it understands your business easily. You must be clear about your objectives and be prepared to answer questions such as, what change do you wish to bring to people? How do you want your coaching program to benefit others? Who is likely to benefit from your program? Are you driven enough to make a difference with your business? What is the value or need that you are meeting?
Consider these questions and try to answer them so that you can visualize your purpose as well as make people understand how much thoughts and plans are put into it.
In this step, you will want to clearly outline all of the items and services that your company will provide and take the necessary steps to allow them. You must select the niche of your coaching business first. Otherwise, your plans and strategies will go all over the place and you won’t be able to pinpoint your business concept in one place, let alone make a profit from it. Then comes the specific services you provide or sell. These services will help those people who are particularly looking for something simple and direct. After that, you have to think about your payment system. As we are discussing online business here, trusted electronic payment systems which provide quick and easy solutions and transactions should be a place. And lastly, make a professional website by an expert web designer and developer, also think about gaining publicity and reputation through SEO, social media, etc. You can check our services to gain access to all of them in the quickest way possible. So, there are 4 pillars for this part –
- Payment Methods, and
Here, just like market research, you will find and pinpoint your ideal customers for your niche. You do not have to work with or for everyone. You can do surveys to find what you need in no time. By doing so, you are working for only those who need your help and services and saving your precious time and labor.
There are tons of options out there to choose from like Health Coaching Business Plan, Executive Coaching Business Plan, Financial Coaching Business Plan, Career Coaching Business Plan, Sports Coaching Business Plan, etc. If you or your target region of target prefers something more than the others, it is wise to go with that flow. For example, if you are a fitness expert and have experience with fitness-related programs, you will be a perfect fit for Fitness Coaching Business or Sports Coaching Business. But if you try to become a Financial Coaching Business expert, you have to start from the bottom and learn about financial stuff first.
Now you have to think about customer needs and satisfaction. What do people want? Why do they want it? How do they want it? When do they want it? Answer these questions to find out the trouble spots and dissatisfactions your potential clients are having and how your business will take care of those issues.
Find your passion because that is what keeps you motivated. Your coaching business is not an exception for that. Be sure to include your license and certifications, skills, experience, and area of expertise while thinking about your business niche. It will help find your passion for the job and the people in the future.
Get Clients Faster
There are two ways you will reach and meet with your clients.
The traditional way is to reach your potential clients through flyers and brochures etc. This way you make people aware of your business and the services you provide. Also, learn to build connections via participation in exhibitions and seminars. You will always appreciate the limelight. Also, be aware of the power of social media tools and Google Ads.
On the other hand, you can use your website to build your reputation around it by ranking on search engine giants like Google. Learn how efficient SEO is and why it matters. You can also start an online community for your clients. That way, you can personally oversee your potential customers and reach out to them as soon as possible.
Types of Life Coach for Different Life Coach Business Plan
Your plan is directly related to which field you are going to choose. And we hope that you already chose it in your brainstorming phase, otherwise, this part is not gonna help much. There are a few popular types of Life Coaches out there you can choose from. We will discuss who they are and why it matters while making your Life Coaching Business Plan-
- Health Coaching Business Plan – A health coach uses a range of health and wellbeing approaches to help people feel better about themselves. They support the community by sharing positive transformation and health strategies that anybody may apply. Personalized solutions that match a person’s lifestyle help them stay to a strategy. As appealing as it may sound, owning a health coaching business demands a lot of dedication and commitment. There may be obstacles that prevent you from achieving your goals. The good news is that the plan might go more smoothly if you know what to aim for. That’s what we are here for, right?
- Financial Coaching Business Plan – For those who have a history in the finance field or already work in it, you may start your own financial coaching business and work your way up to being a licensed financial adviser or coach. Working as a financial coach may be a rewarding opportunity to use your expertise in helping others achieve their goals and objectives while also skyrocketing your own successful business. Beginning a coaching business, on the other hand, may seem intimidating at first glance. But with proper planning and your utmost passion, nothing can go wrong.
- Career Coaching Business Plan – A growing number of people are looking for work, yet employment rates are limited in comparison. Helping people improve their personal brand and career trajectory by providing expert advice can be a highly rewarding business, both financially and personally. To be a successful businessman, you need a well-thought-out business strategy. Your business’s specifics should be mapped out and certain unanswered questions answered before diving into the market.
- Executive Coaching Business Plan – Executive coaching is one of the most popular industries for launching a coaching business. Executive coaching is a significant and expanding industry since corporate leaders and executives require ongoing coaching to improve their abilities, thrive at work, and contribute to their organizations’ success. Making a decision on which sector of the market to focus on when developing an executive coaching business plan is the very first step of many. You will have more success if you are comfortable selling your products or services in that sector.
- Sports Coaching Business Plan – There are a few things to keep in mind while writing a business plan for your sports business. Any business startup should have a business plan. A business plan summarizes objectives, strategies, marketing opportunities, and revenue plans. We evaluated all aspects of starting a sports coaching business.
What does a Life Coaching Business Plan Sample/ Template look like?
We nitpicked everything you needed to know before and after crafting a life coaching business plan of your own and skyrocket your business in no time. But do you know how a business plan should look like? What may be the most efficient and reliable business plan template that you can use right away? Don’t worry. We got your back!
Here we are providing a “Life Coaching Business Plan Sample”, for FREE (courtesy of SkyRocketCoach).