Learn how to create an online coaching business plan and the essentials for making the business plan that will scale your coaching to the desired heights.
If you have decided that online coaching is for you, and you want to tow that career path successfully, you should put certain things in place to ensure that your coaching journey goes smoothly and successfully.
Part of making sure you have a great online coaching experience is creating an online coaching business plan.
We have written this post to show you how to create your online coaching business plan.
Creating an online coaching program has many hurdles that you need to be overcome; some of these are writing the vision and mission statement, describing your services, identifying your target market, making packages for your services, setting prices, creating a marketing strategy, launching schedules, and executing your ideas.
With this guide, you can create an online coaching business plan without a lot of stress or even needing a lot of resources.
It will save you time, energy, and money.
If you want to take your coaching to a greater level, then this article is for you.
Let’s get started.
Table of Contents:
9 Steps To Write A PERFECT Online Coaching Business Plan:
1. Write Your Vision
You need to be able to define on paper the reason you got into this business in the first place.
This is super important because it helps you express your reason in your service to your clients and it makes it easy to be able to say to people “I do this because of so and so.”
Write your vision within the context of your needs too.
Nope, that’s not selfish, your plan must serve the world and serve you too.
Also, when you can show people that you care about yourself, it makes it easier to believe that you will care about them as well.
This will also inspire them to care about themselves too.
2. Mission Statement
Now you have your vision statement written down, the next thing you want to do is write down your mission statement.
Your mission statement must describe your business.
What exactly is your mission statement?
Well, it’s a statement that describes your mission.
Simply put, the mission of your business.
This is a very important part of your coaching business plan and you cannot ignore it or pay less attention to it.
Your mission plays an important role as it drives both your professional and personal life.
You need to be clear about your goals when stating out your mission statement.
What change do you want and intend to bring to people through your business?
How do you want to help people through your coaching program?
Who is your program designed for?
These are some of the questions you should ask and answer as you proceed to write your mission statement.
This will help you visualize it better.
3. Describe Your Service
This is a core part of your online coaching business plan.
You must be able to describe your service.
Before you do this, there are four important elements to creating your offer or service summary.
Here they are:
a. Who Your Service Is For
In a short and simple sentence, describe your audience or market.
Use words or descriptors that help to pinpoint or specify who they are.
An example is using “middle-class parents” or “new coaches,” depending on who your service is designed to address.
b. Address Their Biggest Pain Point(s)
Here, you add the top pain points of your audience.
You don’t have to list everything, just go for the most powerful ones, go for the ones that affect them.
For instance, when describing your solution to middle-class parents, who are looking to get out of debt, you can describe their situation as “in debt up to their necks.”
Or you could address new coaching programs with a situation as “struggling to market and grow their business.”
Just go for something that hits home, something they can relate to very personally.
c. Include A Key Feature Or Two Of The Service
You can highlight a key aspect of your service and juice it up further to catch and keep their interest.
You could also include more than one key feature of your program that appeals to them.
It should be an aspect they can perceive to be of immense value and help to them.
d. The Resultant Benefit
The last element of your service summary is the benefits that result as a result of taking your coaching program.
This is to top off or crown your description.
Here, you simply point out the main or ultimate benefits that your clients stand to gain when they take your programs.
You should try to ensure that it includes physical or real things, as well as inner emotions or feelings of satisfaction, reduced stress, and a sense of enjoyment that comes from taking your coaching.
Remember that this is a summary.
Don’t make it longer than it ought to be.
This usually goes in the bottom of a brochure, so don’t go writing an epistle.
4. Identify Your Target Market
Now you have come this far, the next step to take is to research and find out who your target audience is.
This is a vital point for any coaching business plan.
You don’t have to go with everything.
Just make sure you do a little survey and find out who needs your coaching session.
How do you go about this?
First, you ask questions like:
Is my business niche for business executives seeking to grow their business?
Is my business niche for the college graduate who is looking for a job?
Is my business niche for women groups or mothers who are looking to work from home?
These questions will help you to identify your ideal coaching client.
This will also help you to create your marketing ideas more effectively.
With these, you can now focus your message on a specific group of people.
5. Package Your Coaching Services
You may have more than one program or coaching service.
You want to package your coaching services well so that people perceive them as quality.
You may decide to go for one-on-one or personalized coaching services or you can settle for group coaching.
From this point, you can decide to upsell or cross-sell.
6. Set Your Prices
Financial planning is not just for individuals or families.
You need financial planning as a coach too.
This is where you make a budget plan.
By now, you should know that without money, a business cannot grow.
And without this, your online coaching business plan is not complete.
You may know of coaches who were undercharged when they started because they felt their experience was quite low.
But the challenge is you cannot continue that way.
At the end of the day, you will not be satisfied to keep working for a client if you are underpaid.
This is why you should ensure that you plan your fee structure.
This will help you to confidently ask for the fee that you are worth.
This will also help you to avoid having to deal with clients that just love to bargain and save you the headache of dealing with them.
You need to outline your financial model.
The following is required in your financial model:
- Your Start-up Cost: Find out what you need. Do you need to lease an office space? How much would it cost? Do you need a computer and internet? What will you need to start, and how much will it cost?
- Make Financial Projections: Mention all you need to include or add to your profit-and-loss statement, make your financial projections and include them in your online coaching business plan; this is also part of your financial model and your online coaching business plan is not complete without it.
- Funding Via Investors: how is your business going to be funded? Do you need a loan to support it? Who are the investors? Can your audience afford your rates? How much does your target audience earn per year? Answering these questions will help you to match your rates with your target audience.
7. Create A Marketing Strategy
What marketing strategy or methods do you intend to use?
How do you make people notice you?
Are you going to do the marketing/sales all by yourself or do you intend to appoint someone to do it?
What sales strategy do you feel will work best for your business model?
These are questions that you must answer while creating your marketing strategy.
You might need to plan both offline and online marketing strategies in your coaching business plan.
For this explanation, we will share a bit of the online marketing strategies that will work.
For your online audience, you can use various social media tools like Facebook and Twitter.
You can also use Google Ads which is an amazing sales tool.
To get rankings on a search engine, you can make your website search engine optimized.
You can also begin to publish articles in popular magazines and newspapers, create a blog or write articles for other blogs and media which can help you gain exposure, as well as credibility.
You can also start an online community for your clients.
When there is a new post, you can get them to share the group among others.
This will help you to scale your business.
8. Launch Schedule
You also need to get a launch schedule.
What exactly is a launch schedule?
The launch schedule is a calendar that guides the activities in your business.
It shows when your programs open and when they close.
You can also use the launch schedule to plan out the steps you need to successfully launch your program.
Let’s say, for instance, you may need to create a sales page.
The steps to take would be that your sales page needs to first be written, it needs to be designed, and to be set up on your website.
This is a vital part of your online coaching business plan.
9. Execute Your Idea
This is the last bus stop.
This is the part your intentions come to life.
This is the part where your intentions become a reality as you take action on your ideas.
It’s not enough to have all these great and nice ideas on paper.
They will do no good if you do not take action.
You must take action on your ideas.
This may seemingly be the hardest part because this is where you get to work and work is not always fun.
This is where we recommend that you make sure you get or have an action plan.
Your action plan should include small tasks and their timeframes that you can stick to.
This is to help you start attacking the tasks off your list easily.
You can do this one by one.
When you have an action plan, you can easily break down massive tasks into smaller chunks.
This will allow you to be a more productive coach and help to speed up your journey to experiencing a great and successful coaching business.
When you follow the steps mentioned here, you will make better decisions, and also have a solid action plan to follow.
We hope you found this article valuable and useful.
Let this motivate you to create your business plan as this will move you faster towards achieving all that success that you deserve.
Cheers to your success.