The 7 Step Life Coach Business Plan

The 7 Step Life Coach Business Plan blog image

If you’re looking for an easy business plan for a life coach, this life coach business plan will allow you to create one in just seven steps and will accelerate your journey towards achieving success for your coaching business.

If you’re ready to quit your 9-5 and start your own life coach business, you should have a business plan. A business plan will help you to achieve your goals faster and you’ll have a contingency plan in case things go wrong.

A lot of people out there in the consulting and coaching industry think that you only need a business plan if you need investors or financing. While having one does make it easier for you to get financial support, there are other and even better benefits of creating a business plan for a life coach.

Here are some of the major benefits.

Not an ICF-certified life coach yet? To become a life coach, all you need to do is to choose an ICF-certified life coaching course, practice your skills, get your certification, find your niche and start your coaching business! Read our full blog post here.

Advantages Of Having A Coach Business Plan

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  1. You’ll make better decisions. Having a business plan will help you to figure out what type of coaching services you’re going to offer (online coaching, in-person coaching, mastermind program, etc.), what to charge, marketing strategies, investments, etc.
  2. It will help you to think rationally. By having a business plan, you’ll be able to test your ideas and identify gaps. You’ll be able to figure out what needs fixing before you fully invest in an idea.
  3. It helps to brainstorm new ideas. You’ll come up with new ideas for your coaching business as well as come up with creative solutions to tough scenarios. This is especially helpful when it comes to creating your marketing strategy. Marketing is confusing if you don’t know what you’re doing. And by having a plan, you’ll get a lot more prospects and clients on every dollar that you spend on marketing.
  4. You’ll have a solid action plan to follow. Not only will you be able to see what your current situation is, but you’ll also see a clear path of where you’re headed.

Your journey to success will become much easier since you’ll discover the exact things that you need to do to get to your goals.

The Top 7 Things You Need To Do When Creating Your Life Coach Business Plan

Here is an easy business plan for a life coach that any coach can and should do to have a solid coaching business.

  1. Think of your intent imageWrite down your intent. Write down why you got into this business. Why is it important for you to do this? How do you intend on helping people to live a life that they love?

Write this within the context of you and your needs. Don’t just create a plan to serve the world. Your business plan must include your needs.

And it’s good to be selfish when it comes to your business vision and personal growth. By being selfish, you will become unselfish when you start serving others.

More importantly, when you show people that you care about yourself and that you take care of yourself, you will inspire others to do the same.

  1. Find out what your unique selling point is. Having a unique selling point (USP) will allow you to grab people’s attention and curiosity in this rapidly growing industry.

Write down the unique reasons why people should hire you as their life coach and not your competitors. What do you do or have that other coaches don’t?

Are you a Master Certified Coach by the ICF? Are you an NLP coach? A yogi? Will you offer a service guarantee? Aside from your coaching services, do you also have unique products to offer?

You could also really niche down or specialise so narrowly which will make it easier for you to build your reputation and gain more clients.

  1. Target audience imageDetermine your target market. When creating a business plan for a life coach, one must do their homework and find out who their top competitors are and who they’re targeting as clients. What are their pricing strategies? How are they helping their clients?

This will help you to determine how much you’re going to charge for your services as well as come up with an even better service to help people in your chosen coaching niche.

Wondering about how much life coaches make? In 2019, the average life coach hourly pay in Australia was $98.26.

And remember that you just don’t want to work with anyone. You want to work with your ideal clients – the ones who you think will be perfect for your coaching style, your personality, your personal brand, etc.

This is because they are the ones who will be more than happy to refer you to their friends and loved ones, and they will love everything that you will offer in the future.

  1. Decide what your methods are for building relationships. The internet has created a beautiful opportunity to stay connected with friends and loved ones, no matter where they are on this planet. However, it has also created this empty space in our lives.

While it has allowed us to share everything that’s going on with our lives, we have stopped connecting. Email, text and social media have made it hard for us to truly listen and understand what our friends and family are trying to say.

That’s why we must learn how to effectively use these platforms, or any other platform that you prefer, to build real connections and real relationships.

Talking with a coach imageSo ask yourself, how can you build a real connection with your ideal clients so that you can build trust? Because trust equals sales.

Would you build that relationship through social media, in person, through speaking events, etc.? Would you like to reach many people in one go then go the distance with a few?

List your top three ways on how you would build meaningful relationships.

  1. Work out how you’re going to start a meaningful conversation. This is the fifth stage of the life coach business plan called the conversation stage. In this stage, you need to discover how you can encourage a conversation that will allow you to present a future that your clients desire.

This is where you plan your marketing. Do some research on how you can effectively market your coaching business. The most effective and cheapest way to market your life coach business is through digital marketing. And that means learning how to create Facebook ads, Google ads, email marketing, etc.

Note: Watch our free webinar here to discover the 7 best marketing strategies so you can stop wasting your valuable time and money on marketing.

This is the stage where you also need to develop your communication skills so you can effectively inform and encourage that deep conversation with your ideal prospects and clients.

So once you find an ideal client from your marketing efforts, think about a great opening question that you can ask to jump-start that meaningful conversation. Think about your own experiences. What were the problems in your life and how did you resolve them? What are people’s most frequently asked questions and objections, and how can you leverage them to trigger that insightful conversation?

Communication is a tool that we need to master if we want to have a thriving coaching business.

You should also come up with coaching packages that you can offer people. What coaching packages will you offer?

  1. Woman on the phone and taking down notes imageCreate a plan on how you’re going to guide your clients to where they want to be. This is the stage where your prospects convert into paying clients – the conversion segment of your life coach business plan. This is where you create a specific coaching plan to help a client achieve their goals whether it’s an executive coaching business plan for a CEO or a coaching plan to help someone stop smoking.

This step is a vital segment of your business plan not just because of the financial rewards of having paying clients, but also the positive impact that it can have on your reputation as a life coach.

So whether it be a 3-month, 6-month or 9-month coaching package, you need to create a coaching plan that will help solve your client’s problem and will also permit them to live a life that they desire.

Here are some coaching methods to get your clients rapid results. They are just some of the methods that we teach in our ICF-certified life coaching course, Accelerated Coaching Certification.

  1. Take charge and execute your ideas. This is the final stage where your intention comes to life. It’s where your intentions become reality by taking action on your ideas.

This may be the hardest part because this is the part where you knuckle down and do the work. So have an action plan to make it easier for you to execute.

Create an action plan that includes small tasks and their timeframes so you can easily start knocking them off your list. Breaking down massive tasks will allow you to become more productive which will speed up your journey to having a successful life coaching business.

In Conclusion

We hope you found some value in this post, and we hope this has motivated you to start creating a business plan that will allow you to achieve all the success that you deserve!

To recap, the biggest advantages of having a life coach business plan are:

  1. You’ll make better decisions.
  2. It will help you to think rationally.
  3. It helps to brainstorm new ideas.
  4. You’ll have a solid action plan to follow.

And the top seven things you need to do when you want to create a solid business plan are to:

  1. Write down your intent.
  2. Find out what your unique selling point is.
  3. Determine your target market.
  4. Decide what your methods are for building relationships.
  5. Work out how you’re going to start a meaningful conversation.
  6. Create a plan on how you’re going to guide your clients to where they want to be.
  7. Take charge and execute your ideas.

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Want to learn more about how you can start a successful life coaching business? Sign up for our free webinar 5 Steps To Starting A Consulting Business Or Coaching Business here.

If you would like to learn a complete marketing system for creating a steady stream of clients, I highly recommend you check out the upcoming online 1-day webinar, Marketing Made Easy.

We will show you how to get a 500% return on your marketing (even if you're starting from scratch, on a budget or bad with computers). This is based on spending $2M for a return of $17M over 10 years using simple marketing strategies anyone can learn. You can read more or book for free here.

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Ben is the Difference-Maker Mentor and Co-founder of Authentic Education. He is exquisite at inspiring people to share their message, make a difference in the world and live abundantly on purpose.

Ben has been featured in media such as the Today Show, Inc.com, Entrepreneur.com, Huffington Post and News.com.au.