If you are setting up in business as a coach you will value working with people and helping others. Sales projections and cost controls might not be quite so near the top of your list.
I set up a coaching business to do the work I love doing with the aim of earning a living at the same time. However after spending a few years of only slowly growing my business I realised that I wanted (and deserved) more and decided it was time I took on an experienced business mentor to help me. And the first thing he asked me was ‘Can I see your business plan?' Well the answer was no, as I didn't have one. It wasn't that I hadn't thought about it but I didn't really see the point, after all I knew I wanted to coach, I had a clear idea about my target market and I knew my costs were minimal…or that was what I thought! My mentor however insisted that this was something crucial to my success so my first task was to write a business plan.
My first surprise was what I had to include. I thought business plans were just about the financial aspects of running a business and was pleasantly surprised what I had to include. The first thing was my values…well that was easy for me as I work with clients week in week out helping them determine their values and have a clear ideas of my own. I then had to consider what outcomes I was looking for, again an enjoyable process, afterall who doesn't enjoy thinking what they would like to achieve over the next few years? This not only included the revenue I wanted but also the number of days I wanted to work, the number of weeks I wanted to take off as holiday.
I then documented information about my customers, what their needs and wants were and how I would fulfil their needs – a useful exercise as this really forced me to think about the viability of my market and ensuring that I respond to needs of my clients rather than my own. Equally useful was considering my own competitors. I learned so much from researching what other coaches are doing, what their strengths are, how they market themselves, what they charge etc.
Also included on the business plan was a SWOT analysis of my business, (examining my strengths, weaknesses, opportunities and threats), a marketing plan and of course consideration of the financial aspects of my business. This included looking at my projected revenue along with all the costs associated with my business and determining my break even point.
Just going through this whole process of creating a business plan forced me to consider all aspects of my business and helped me to examine what I was and wasn't doing. And this process alone immediately gave me ideas to accelerate my business. I now also see my business plan as a working document which I will refer to and update as I go along.
If you are looking for funding it is likely you will be required to produce a business plan but even if this isn't your motivation I would recommend just going through the process if only to help ensure you have considered all angles and maximise the chances of your business being a success.
I set up a coaching business to do the work I love doing with the aim of earning a living at the same time. However after spending a few years of only slowly growing my business I realised that I wanted (and deserved) more and decided it was time I took on an experienced business mentor to help me. And the first thing he asked me was ‘Can I see your business plan?' Well the answer was no, as I didn't have one. It wasn't that I hadn't thought about it but I didn't really see the point, after all I knew I wanted to coach, I had a clear idea about my target market and I knew my costs were minimal…or that was what I thought! My mentor however insisted that this was something crucial to my success so my first task was to write a business plan.
My first surprise was what I had to include. I thought business plans were just about the financial aspects of running a business and was pleasantly surprised what I had to include. The first thing was my values…well that was easy for me as I work with clients week in week out helping them determine their values and have a clear ideas of my own. I then had to consider what outcomes I was looking for, again an enjoyable process, afterall who doesn't enjoy thinking what they would like to achieve over the next few years? This not only included the revenue I wanted but also the number of days I wanted to work, the number of weeks I wanted to take off as holiday.
I then documented information about my customers, what their needs and wants were and how I would fulfil their needs – a useful exercise as this really forced me to think about the viability of my market and ensuring that I respond to needs of my clients rather than my own. Equally useful was considering my own competitors. I learned so much from researching what other coaches are doing, what their strengths are, how they market themselves, what they charge etc.
Also included on the business plan was a SWOT analysis of my business, (examining my strengths, weaknesses, opportunities and threats), a marketing plan and of course consideration of the financial aspects of my business. This included looking at my projected revenue along with all the costs associated with my business and determining my break even point.
Just going through this whole process of creating a business plan forced me to consider all aspects of my business and helped me to examine what I was and wasn't doing. And this process alone immediately gave me ideas to accelerate my business. I now also see my business plan as a working document which I will refer to and update as I go along.
If you are looking for funding it is likely you will be required to produce a business plan but even if this isn't your motivation I would recommend just going through the process if only to help ensure you have considered all angles and maximise the chances of your business being a success.
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