The Ultimate Guide to Mapping Out a Rock-Solid Coaching Business Plan
The 5-Step Plan to Build a Highly Profitable Business Even if You're a Brand, New Coach
What's the first word that comes to mind when you see the word "coach" or "coaching"?
If you're a coach - and it doesn't matter whether you're just starting out or whether you've been coaching for decades - there's a high possibility that the words coach or coaching brings to mind things like:
These are all amazing elements of coaching and they're a big part of what you do as a coach and why you're a coach, but there's a word that's missing from that list...
It's the one word that's the difference between a successful coach who can create a ripple effect of positive transformation for hundreds - maybe even thousands or millions - of people and a coach who remains unknown, unseen, and unheard.
So, what's this mysterious word?
The word is BUSINESS.
There's a popular viewpoint in the coaching industry that when you serve with passion, and when you serve from the heart, clients will appear and your business will magically start to grow.
It's like that famous line from the movie Field of Dreams, "Build it and they will come..."
That sounds great in a movie but when it comes to the real world, it's a total lie!
Thinking you can become a successful coach if you put enough heart and passion into your work is one of the most dangerous and flawed beliefs out there...
And it's time to bury that belief for good.
The truth is the fastest, smartest way to become a successful, profitable coach is to create a strategic path for your practice with an awesome coaching business plan.
This Guide will take you through the exact steps you need to map out a rock-solid plan for your coaching business.
The best part? It works no matter where you are in your journey as a coach and unlike traditional business plans that can feel super intimidating and complicated unless you have a degree in business, this one is incredibly simple and absolutely effective.
Coaching is a business.
The sooner you understand this fundamental truth, the faster you'll rise up along a profitable, purposeful path that allows you to serve more people and change more lives.
Ready to get started? Let's roll!
Coaching Business Plan
Ever heard of "Shiny Object Syndrome?" It's something a lot of smart, gifted entrepreneurs struggle with...
It's when you're distracted and sidetracked by countless creative ideas or exciting opportunities that you just can't seem to ignore.
You're deep into your work and just as you're gaining momentum, a great coach you know - maybe someone you met in an online community or live networking event - reaches out to you.
Turns out, they have a great partnership or affiliation opportunity and they think it's perfect for you.
You're instantly struck by Shiny Object Syndrome. You abandon your course creation path and start chasing down this new opportunity with this coach.
A few days - or maybe even hours - later, you're hit with another idea. So you drop everything and start going at that new idea. And then, another idea pops up. And another and another...
What if you start an online coaching membership?
Maybe you should write a book?
Maybe you should build out a year-long mastermind program?
Or start organizing retreats and seminars?
And on and on it goes.
Pretty soon, you've raced down a hundred different rabbit holes, but you have zero results to show for it in your business!
So, let's get one thing straight right here, right now...
Shiny Object Syndrome is a fast-track to failure.
A great business plan is the exact opposite.
A coaching business plan gives you immunity. It protects you from having to chase one good idea after the next because you already know what your business needs and you'll instantly reduce the uncertainty of how you're going to create revenue.
Think about it...
When you've mapped out a solid business plan and you know how you're going to make money in your coaching practice, you can actually start to predict how much money you're going to make each week, each month and each year.
You can even do this exercise in reverse and create a business plan based on your financial goals and how much income you want to make. So, you set the goal first and then reverse plan to meet that number.
With an awesome business plan in place, you'll be able to direct your energy to the tasks, projects, ideas, opportunities that will work to grow a thriving, sustainable coaching business that brings you satisfaction and a reliable income.
It will give you a clear roadmap of what you need to focus on and how to manage your time better. It will also give you a sense of security to know you will reach your financial goals if you stick to the plan.
Throughout the rest of this Guide, you'll learn the 5 steps to building an awesome coaching business plan that works for you to achieve the goals you desire.
The 5 steps or 5 Cs are:
Before we get started on step 1 in the next chapter, let's kickoff with "secret step 0" in the Take Action section below to set the stage.
This is where you identify distractions and take an honest look at your mindset so you can easily create laser focus around building an awesome business plan and an extraordinary coaching business that stands the test of time.
A journey of a thousand miles begins with a single step.
That's an old Chinese proverb.
Your single step right now is to do a personal mindset check in and tune up.
Answer the following questions with 100% honesty so you'll be all set to take action and start creating a kicka$$ business plan as you move through upcoming chapters in this Guide.
What are your current ideas around growing your coaching business? This could be things like starting a membership site, building out a group program or anything else that comes to mind.
Note: Writing down your ideas will get them out of your head and help you pick a path that feels good to you as you start to create your business plan in the following chapters.
Write down the names of people or places (online and offline) that have the power to distract you from tasks and projects in your business. This could be a good friend who loves to spontaneously invite you out for coffee, it could be endlessly scrolling through Facebook or Instagram or any other social media platform. List as many as you need to.
Note: This helps you identify your weak spots or triggers to "Shiny Object Syndrome" that take you away from the focus and energy you need to build your business based on a clear plan.
What are your minimum, mid-range, and "out-of-this-world-awesome" financial goals for your coaching business each month and each year, for the next 3 years? You should also list out 1 to 3 dream gifts you will give yourself - travel around the world, purchase your fantasy home, make a generous donation to your favorite charity - when you hit each of your financial milestones.
Note: These milestone numbers will give you in depth clarity and unshakeable motivation to build a successful coaching business that lets you live the life you want while doing the work you love.