business plan for life coaching company

• Coaching Solutions

How To Write A Life Coaching Business Plan: 5 Templates

If you’re passionate about helping others fulfill their potential and reach new heights, life coaching could be a truly rewarding career for you.

This guide will show you how to create a coaching business plan that will help you turn your ideas into reality, so that you can start creating value and deliver real results to your life coaching clients.

5 Tips For Starting Your Life Coaching Business

Starting out as a life coach can seem like a big move, and there’s plenty to consider. For many experienced life coaches, it’s balancing the support, guidance, and coaching theory side of things business admin that can be a little tricky.

Maybe you see yourself more as a development professional than an entrepreneur, or perhaps you’ve helped others professionally but never quite had your own practice.

Regardless of where you are in the coaching game, here are some tips that can help you get started building a life coaching business of your own: [1]

• Decide on a clear, unique value offer. Life coaching is incredibly popular, and that’s not changing anytime soon. To distinguish yourself as a coach, think about the unique value you’ll create for your clients – what’s original about the results you can help them achieve, or how you help them get from A to B?
• Consider accreditation. The right life coaching certification can arm you with useful skills and knowledge in your field while boosting your credibility as a coach. There are plenty of qualifications available online for coaches, and you may find one that goes a long way to enhance your marketability.
• Set your business up, practically. Various states, regions, and countries have different systems for registering and starting an online coaching business. Make sure you allow time to collect or create all the coaching forms you’ll need to enroll and manage your clients.
• Develop or curate your coaching resources. To practice, you’ll need tools such as life coaching worksheets , lessons, exercises, videos (if you’re using them), and more. Create a database of all the coaching tools you’ll need so you know just where to find them when you land your first client!
• Create an online presence. Think about how you’ll reach out to clients, and prepare the things that will help you be discovered online. Some examples include a coaching website , social media profile, or listings in online coaching directories. A strategic way to approach this is by developing a marketing strategy, which covers all the ins and outs of how you’ll grow your visibility.

How To Write A Coaching Business Plan: 2 Examples

A coaching business plan should help you clarify why and how you’ll start and run your coaching practice, as well as the tools you’ll need to help others.

Creating a life coaching business plan might sound terrifying, don’t be put off. You can go into more detail if you prefer a comprehensive organizational roadmap, but your business plan should quite simply help you:

• Clarify your “Why” – What is the ultimate purpose of your business? What is your desired future vision for your practice and clients?
• Solidify your “How” – What are your coaching objectives/your mission? What approaches will you use to achieve them?
• Determine your “What” – Understand the interventions, tools, lessons, or solutions that will help you on your mission.

Depending on the depth of detail you’d like to go into, you can break your plan up into more or fewer sections.

The following two coaching business plan examples illustrate this.

Example 1: Lean Life Coaching Business Plan

A lean business plan is ideal for explaining your coaching practice succinctly, or if you’re planning a small coaching business.

Using this USA Small Business Administration sample as a guide, your lean coaching plan might include the following headings: [2]

• Business identity
• Target client
• Client pain points
• Your solution
• Your competition
• Revenue streams
• Marketing activities
• Team and their key roles, and

Lean coaching business plans can be particularly helpful if you’re keen to refine and enhance your business plan as you learn and gain experience.

Example 2: Life Coaching Business Plan Template

This life coaching business plan template from Profitable Venture is a more comprehensive example, starting with an executive summary and ending with a startup expenditure budget. [3]

SWOT and market analyses are used for an in-depth assessment of potential opportunities, threats, and rivals in the coaching industry.

3 Helpful Templates and Samples For Your Plan

Here are a few good examples of coaching business plans, including some extra sections you might want to include:

• 9 Steps to a Lean Life Coaching Business Plan from Coaching Online – this covers a few more sections such as your competition, marketing, and finances [4]
• Traditional Business Plan from the USA Small Business Administration – a traditional business plan that may work well for larger coaching practices [5]
• Business Plan Template for a Startup from Score.org – a 9-step template for new business owners. [6]

Creating A Business Plan For Your Online Coaching Business

Once you’ve decided on the most relevant format for your business plan, you’ll want to formalize it by writing it all down.

You will most likely be referring to it regularly, as you structure, run, manage, and grow your coaching practice, so it’s critical to keep your plan along with the rest of your business documents.

A quick, straightforward solution for most coaches is to create a digital business plan, as we’ve started to do below using Quenza:

Using Quenza’s Activity Builder , you can create custom sections for each element in your plan, as well as text boxes for all the information that will go into your tool.

This helps you store your plan in your coaching portal alongside your Client profiles, activities, and other coaching tools, so your plan is always near at hand as you start to build your business.

To create your own coaching business plan using Quenza’s Activity Builder, simply:

• Open and title a new Activity
• Create sections for each header of your plan, and
• Save your Activity to your Library when it’s done!

You can also print your plan as a PDF, or access and edit at any time on Quenza’s client app, as shown below:

There’s no right or wrong way to create a coaching business plan template, so don’t be afraid to add in headers or sections as your plan grows. As long as your plan takes you through each milestone of building and running your business, you’re on the right path to creating a successful, growing practice.

Best App and Software For Your Coaching Business

Quenza is a state-of-the-art solution for coaching professionals, regardless of where you are in the process of running your business.

Not only can you plan out your business as a first-time coach, but Quenza’s tools can help you deliver solutions, stay in touch with clients, and even market your business as you gain traction.

With Quenza’s features, for example, you can:

• Design, build, and deliver personal and group life coaching solutions
• Craft coaching programs, curricula, or entire e-courses from your existing tools
• Drip feed your solutions to coaching clients automatically, on a schedule
• Create and customize all your coaching contracts , coaching agreements, and feedback forms
• Collect and securely store all your clients’ data with Quenza’s HIPAA-compliant app and coaching platform
• Offer clients a centralized online coaching portal
• Stay in touch with and engage your clients throughout the course of your programs, using notifications, reminders, and multimedia,
• Track, monitor, and evaluate your clients’ progress in real-time, and
• Document your sessions with Quenza’s Client notes.

5 Unique Features Included in Quenza

We’ve already seen how important it is to carve out your niche as a life coach – and of course, you’re most efficient when you decide on your own workflow, processes, and style.

With Quenza’s custom features, you have all the flexibility you need to get creative with solutions and market yourself in a way that suits you.

For instance, you can make use of Quenza’s:

• Multilingual client app – to translate your own or your clients’ Quenza app into 16 different languages, and custom brand colors
• Group or private chat – to share feedback, reminders, or encouragement
• White label feature – to promote your brand by adding your logo to tools, forms, and programs
• Wheel of Life feature – to design personalized life Wheel of Life assessments , and
• Expansion Library – for customizing popular and evidence-based coaching exercises without starting from scratch!

Final Thoughts

These tips, templates, formats, and examples will help you craft a strategic business plan that can get your coaching practice up and running – even if you’ve never started a business in your life.

If you have a template of your own to share with your fellow coaches, do let us know in the comments below.

We hope this article was helpful. Don’t forget to start your 30-day, 1 dollar Quenza trial for all the tools you need to bring your business plan to life!

Quenza’s practitioner tools will help you craft and deliver powerful online coaching solutions from any connected device, and contains everything you need to run your life coaching practice digitally for brilliant client outcomes.

• ^ Truex, L. (2021). How to start a home-based coaching business. Retrieved from https://www.thebalancesmb.com/how-to-start-a-coaching-business-1794520
• ^ SBA.gov. (2021). Sample Lean Business Plan. Retrieved from https://www.sba.gov/sites/default/files/2017-12/Sample%20Lean%20Business%20Plan%20-%20Wooden%20Grain%20Toy%20Company.doc
• ^ Profitable Venture. (2021). Life Coaching Business Plan Template. Retrieved from https://www.profitableventure.com/life-coaching-business-plan/
• ^ Coaching-Online.org. (2021). 9 Steps to a Lean Life Coaching Business Plan. Retrieved from https://www.coaching-online.org/life-coach-business-plan/
• ^ SBA.gov. (2021). Write Your Business Plan. Retrieved from https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
• ^ Score.org. (2020). Business Plan Template for a Startup Business. Retrieved from https://www.score.org/resource/business-plan-template-startup-business

Leave a reply Cancel

Your email address will not be published.

Download free guide (PDF)

Discover how to engage your clients on autopilot while radically scaling your coaching practice.

Coach, This Changes Everything (Free PDF)

How to Start Your Life Coaching Business Plan & Template

Perhaps like many of us, you’re unsure where to start. Maybe you’re disillusioned by the lack of clear, actionable information available and have shelved your plans – for the moment, at least.

But don’t give in. Help is at hand.

This article introduces many of the answers to the question, “How do I start a life coaching business?”

In doing so, we borrow heavily from a book written by one of our founders at PositivePsychology.com, Seph Fontane Pennock, The 7 Pillars of a Profitable Practice . It is a great read and highly recommended; however, this article offers a powerful starting point regardless, with actionable points, a business plan, and a free template.

This Article Contains

How to start your life coaching business, 3 requirements for setting up your practice, crafting your business model plan: a template, how to market and advertise your coaching business, 10 best names for coaching practices, building and promoting an online coaching business.

• 10+ Software & Forms to Use in Your Practice

A Take-Home Message

Life coaching can have far-reaching and diverse positive impacts on clients’ lives (Clutterbuck et al., 2016).

Many of us have toyed with the idea of starting a life coaching business, helping people change health-related behavior, improve wellness, boost their careers, and strive for personal goals (Karmali et al., 2020; Mann et al., 2022).

You most likely feel you have something to give: highly transferable skills learned from harsh life lessons and/or expertise in psychology, learning, leadership, self-development, and communication.

Or perhaps you are simply great at making people feel so empowered that they stop being “stuck” and take the bold steps to overcome obstacles holding them back.

Whatever your reason and motivation, we will help you get there, and the best place to begin is right here.

Begin at the beginning!

We start by recognizing our barriers.

What’s stopping us? Most likely, it’s our mindset rather than something physical. The following beliefs are potential obstacles, blocking us before we even start:

• Fear of failure : We are afraid we will not succeed.
• Not enough time: “I would give it a try, but I simply don’t have enough time.”
• Self-doubt: Our lack of confidence sabotages our entrepreneurial journey.

It’s not about ignoring the fear or letting it determine how we act; it’s about accepting it as an inherent part of our journey.

Accept fear as part of your journey.

Next, evaluate your existing time commitments. Prioritize your current tasks, dropping some of the nonessentials, and plan to set aside time to start your life coaching business. This is something you’ve dreamed of doing and aligns with your bigger life goals.

There will always be things to do, but by changing your mindset and prioritizing this dream, you will find the time to make it a reality.

Everyone has 24 hours in a day. What will you accomplish with yours?

Finally, recognize your feelings of self-doubt but don’t let them control you. Reflect on some of your past successes and reach out to those closest to you for their support, encouragement, and practical advice.

We’d like to share a great article with you that can help, as it includes tips for increasing your self-confidence. Have a look at What Is Self-Confidence? (+9 Proven Ways to Increase It) .

To build confidence, you have to practice confidence.

If we don’t start, we will never know

Now that we have faced our barriers and established a healthier relationship with them, it’s time to step outside our comfort zone and start the journey.

Who is our dream client?

We can’t be great at everything, so we need to narrow our focus and reach and find an authentic niche.

For example, perhaps you enjoy helping people in the workplace . So, maybe your dream client has worked for several years but now feels stuck in their career. They need help to reevaluate where they are, where they want to go, and how to change their mindset to move toward a more fulfilling career.

Once we’ve defined our ideal client, we can consider each of Seph’s seven pillars for starting and growing a coaching practice sustainably:

• Pillar #1 – Promise We need to be able to make a pledge to our dream client. The five Ps will help: People : Who are we helping? Place : Where are we helping them? Problem : What are we helping them solve? Product : What will we use to do this? Price : What will we charge to do it?
• Pillar #2 – Leads We need to attract more of the right sort of clients (ideally, they will contact us). We must think about how our dream client will find us, perhaps via YouTube, a blog post, a personal website, or social media (think LinkedIn, Instagram, Facebook, etc.).
• Pillar #3 – Clients How will we convert leads into clients? It may involve screening out those who are not a good fit for our services (depending on our coaching philosophy ) and following up quickly with compatible ones.
• Pillar #4 – Traffic Reducing the legwork associated with finding leads is crucial; ultimately, it gives us more time to help others.
• Pillar #5 – Retention Attracting and converting new leads is vital, yet so is holding on to existing clients. What potential offers can we share with existing clients to maintain (or boost) engagement?
• Pillar #6 – Products How can we generate more income without spending extra time? It might include offering group coaching sessions or additional training, downloadable PDFs, podcasts, or webinars.
• Pillar #7 – Team We can’t achieve everything alone. Over time, a successful coaching business may expand and include dedicated staff performing those administrative activities that take our time away from coaching.

What is the best platform for a life coaching business?

Traditionally, life coaching was practiced face to face and involved a great deal of manual administration behind the scenes.

Thankfully, new technology and online platforms mean we can perform coaching remotely through video calls and set up meetings, share activities, and exercises, and take notes online (Ribbers & Waringa, 2015; Kanatouri, 2020).

Our very own Quenza has been designed by and for coaches, counselors, and therapists, and that is why we believe it is the best coaching platform out there. It allows life coaches to focus on client needs, goals, and overcoming challenges and is a scalable solution for a growing business.

Do you need a business license?

You do not need specific qualifications to set up as a life coach, but accreditation can boost potential clients’ confidence in your abilities.

However, obtaining a business license is required in some locations to provide life coaching services legally. If you’re unsure whether you need a license, check with your local government agencies or consult a lawyer or accountant familiar with your jurisdiction (Lumia, 2022; Blackbyrn, 2023).

3 Best life coaching certification programs

There are many life coaching courses available. However, the International Coaching Federation (ICF) is the world’s best-known and respected coaching program certifier.

We list three of our favorite life coaching certification programs, but many others exist.

Spend time researching the one that best matches your coaching plans, availability, and budget.

• Coaching Out of the Box This fast track to ICF certification can help turn your dream of starting a life coaching business into a reality. It includes group and one-to-one coaching and certification and supports individuals as they obtain documented coaching experience.
• Barefoot Coaching This ICF and university-accredited coach training offers online coaching expertise to develop the coaching skills required as a life coach, HR professional, or business leader.
• Life Purpose Institute The institute offers the coaching tools and marketing expertise to build a life coaching practice plus the training hours required to get ICF credentials. The number of students in online courses is limited, and students can learn the skills needed to coach individuals, groups, and workshops.

For further training opportunities, see our articles, 19 Best Coaching Training Institutes and Programs and 8 Best ICF Coaching Certification Programs and Courses .

A life coaching business plan doesn’t need to be complicated and must remain current, capturing the key actions and challenges.

Use the Life Coaching Business Model Plan or one of our templates from our How to Write a Life Coaching Business Plan: 5 Templates article to create an initial plan.

In this example, we target people who feel stuck in their career or their life (or both).

Business identity

What is the business called? “Clarity Life Coaching”

Target client

Our target clients are individuals who feel stuck, lost, or uncertain in their personal or professional lives. We focus on mid-career individuals or those experiencing significant life changes, such as divorce or career transitions.

Client pain points

Our clients struggle with a lack of direction, feel overwhelmed, and lack clarity about their goals and values. They may feel stuck in unfulfilling jobs or relationships and experience high stress or anxiety.

Your solution

Clarity Life Coaching provides personalized coaching services to help individuals clarify their values, goals, and priorities. Our coaching process helps clients identify their strengths and areas for improvement, develop a plan to achieve their goals, and overcome obstacles that may stand in their way. We use various coaching techniques , including goal setting, visualization, and Cognitive-Behavioral Therapy.

Your competition

Several life coaching businesses in the local area provide similar services, but our unique approach and personalized coaching services set us apart from the competition. We focus on a highly customized coaching experience tailored to each client’s needs.

Revenue streams

Our revenue streams include one-on-one coaching sessions, group coaching sessions, and workshops on topics such as goal setting and stress management.

Marketing activities

We use online advertising, social media marketing, and partnerships with local businesses and community organizations. We will also attend local events and conferences to promote our services and network with potential clients.

Existing and future expenses include rent for our coaching space, coaching materials, advertising and marketing costs, and attending events and conferences.

Team and their key roles

The team will consist of one life coach responsible for providing coaching services, managing client relationships, and handling administrative tasks such as scheduling and billing.

Initial thoughts on milestones include:

• Launching the business and securing our first clients within the first three months
• Expanding our client base by 25% within the first year
• Increasing revenue by 35% within the first year
• Hosting a successful workshop or seminar within the first six months of operation

Help mid-career individuals gain clarity and direction and achieve their personal and professional goals.

Your plan will evolve and should be revisited regularly to grow and manage your life coaching practice.

For many of us, marketing and advertising can fill us with fear – an unknown and confusing process.

So here are a few valuable pointers drawn from Seph’s The 7 Pillars of a Profitable Practice and Steve Chandler’s book How to Get Clients: New Pathways to Coaching Prosperity .

Your coaching website should be like a funnel

• When your visitor arrives on your website, they should:
• Know which problem you can help them solve or which goal you can help them achieve.
• Find clear evidence of your successful track record.
• Be confident in your abilities and experience.
• Be provided with some upfront value (perhaps a free e-book).
• Do not overcomplicate the website. Consider removing unnecessary content. The goal is for traffic to arrive as visitors and leave as leads (or sales).
• Make use of a call-to-action, either:
• Offer a giveaway in exchange for their name and email.
• Allow them to sign up for their first (complimentary) coaching session.

Productive conversations

Productive conversations and creating relationships lead to new clients.

• Make sure that you follow up on discussions promptly.
• After an initial chat, ask the potential client to complete a prequalification survey.
• Don’t leave them wondering. Tell them when they will receive a follow-up email.
• Don’t be needy (even if you would like their business).
• Be aware that the client will remember how you made them feel rather than precisely what you said.
• Talk less about yourself and your coaching and listen more to their problems.

Online writing

Writing for a personal blog or elsewhere can increase your reach, get you in front of clients, and help others take you seriously. But remember:

• Aim for quality over quantity – you are targeting the right kind of traffic.
• Change your mindset from “How do I find more clients?” to “How do my dream clients find me?”
• Know what people are looking for and create resources on that topic.
• Earned reach is the organic attention that you receive. Perhaps you got a mention in a podcast or on a news website. Paid reach has a cost, such as Facebook and Instagram ads or using the Google Ads Platform. Consider both.
• If you post on your website, consider your owned reach. You should appear in the search results, so get to know which keywords people are searching for when they look for help.

In The 7 Pillars of a Profitable Practice , Seph covers in more detail how to rank for keywords and create a content marketing plan that includes platforms with active audiences, such as:

• The Huffington Post
• Entrepreneur

Ultimately, your goal is for people with problems to find you so that you can help meet their needs.

Finding the right name for your coaching business is not easy. Too obvious, and it is either likely to be already taken or so bland that it will not be memorable.

One approach involves using AI to create life coaching business names . Use it or your own research to consider and evolve potential names, thinking about:

• The customers’ first impression
• The identity and brand of your business
• The type of customer you wish to attract
• How memorable the name is (and for the right reasons)
• Whether the name is already being used

Here are 10 names to start you off:

• Coaching for Success
• The Successful Living Academy
• Evolve Coaching
• Courage Coaching
• The Breakthrough Coach
• The Change Academy
• Coaching for Vitality
• Abundant Life Coaching
• Positive Change Coaching
• The Courage Academy

The following articles offer more suggestions regarding how to build and promote an online coaching business.

• How to Get Clients for Life Coaching [5 Strategies] provides more information and guidance on nailing your business’s value proposition, marketing funnel, and online and offline strategies.
• How to Start an Online Coaching Business: Step-by-Step Plan is a practical guide for building a successful and profitable business.
• How to Start a Life Coaching Business From Scratch explores what you will need and your first moves to becoming an online coach.

10+ Software & Forms to Use in Your Practice

There are several online platforms for coaching, many of which are introduced in the article 12 Best Online Coaching Platforms & Tools .

PositivePsychology.com’s dedicated coaching software Quenza is compelling and unique because it:

• Is extraordinarily user friendly and intuitive
• Uses the latest SSL encryption to store client results to ensure HIPAA and GDPR compliance
• Is highly scalable, growing with your business
• Stores forms as customizable templates
• Securely delivers exercises and forms to clients
• Enables form completion on mobile, tablet, or desktop
• Nudges clients when they need a reminder to do something

In How to Send & Build Counseling Client Intake Forms Digitally , we explore how to create and share online forms using the Quenza platform.

Next, our two articles, Coaching Forms Toolbox: 17 Templates for Your Sessions and How to Create Feedback Forms: 3 Templates + Best Online Tool , explain how forms can be created from scratch, copied, or modified within the tool.

We suggest using the following forms:

• Pre-coaching questionnaire
• A self-contract to encourage client accountability
• Life domain satisfaction questionnaire
• Strength interview form
• Session rating scale
• Coach evaluation form
• End of therapy evaluation

Many other templates exist, including ones for visualization, mindfulness, goal setting, and benefit finding.

Fear, time constraints, and self-doubt can hold us back from starting a life coaching business. Learning to accept our barriers and shift our focus from ourselves to our clients can dramatically improve our chances of success.

Learning from the experiences of successful business owners like Seph Fontane Pennock can provide valuable insights and help us create a profitable and impactful practice.

You most likely feel like you have something to give to your dream clients. You wish to create an opportunity for positive change in their lives while delivering on a personal vision for a life coaching practice.

Creating a clear and achievable business plan can be simple and will help you find your ideal clients and offer them a path to setting and striving toward their goals.

Having read this article and been inspired to start your life coaching business, why not look at The 7 Pillars of a Profitable Practice and use the many lessons Seph learned along his journey to inform your business plans and give your clients their best chance of success?

• Blackbyrn, S. (2023, February 17). Does a life coach need a business license? Coach Foundation. Retrieved April 20, 2023, from https://coachfoundation.com/blog/life-coach-business-license/.
• Clutterbuck, D., David, S. A., & Megginson, D. (Eds.). (2016). Beyond goals: Effective strategies for coaching and mentoring.  Routledge.
• Lumia. (2022, August 4). Does a life coach need a business license and insurance? Lumia. Retrieved April 20, 2023, from https://www.lumiacoaching.com/blog/does-a-life-coach-need-a-business-license.
• Kanatouri, S. (2020). The digital coach . Routledge.
• Karmali, S., Battram, D. S., Burke, S. M., Cramp, A., Mantler, T., Morrow, D., Ng, V., Pearson, E. S., Petrella, R., Tucker, P., & Irwin, J. D. (2020). Clients’ and coaches’ perspectives of a life coaching intervention for parents with overweight/obesity. International Journal of Evidence Based Coaching and Mentoring , 18 (2), 115–132.
• Mann, A., Leigh Fainstad, T., Shah, P., Dieujuste, N., & Jones, C. D. (2022). “It’s nice to know I’m not alone”: The impact of an online life coaching program on wellness in graduate medical education: A qualitative analysis. A cademic Medicine , 97 (11S), S166–S166.
• Ribbers, A., & Waringa, A. (2015). E-coaching: Theory and practice for a new online approach to coaching . Routledge.

Share this article:

Article feedback

Let us know your thoughts cancel reply.

Your email address will not be published.

Save my name, email, and website in this browser for the next time I comment.

Related articles

How to Become an ADHD Coach: 5 Coaching Organizations

The latest figures suggest that around 1 in 20 people globally has ADHD, although far fewer are actively diagnosed (Asherson et al., 2022). Attention-deficit hyperactivity [...]

Personal Development Goals: Helping Your Clients Succeed

In the realm of personal development, individuals often seek to enhance various aspects of their lives, striving for growth, fulfillment, and self-improvement. As coaches and [...]

How to Perform Somatic Coaching: 9 Best Exercises

Our bodies are truly amazing and hold a wellspring of wisdom which, when tapped into, can provide tremendous benefits. Somatic coaching acknowledges the intricate connection [...]

Read other articles by their category

• Body & Brain (53)
• Coaching & Application (58)
• Compassion (26)
• Counseling (51)
• Emotional Intelligence (23)
• Gratitude (18)
• Grief & Bereavement (21)
• Happiness & SWB (40)
• Meaning & Values (27)
• Meditation (20)
• Mindfulness (44)
• Motivation & Goals (46)
• Optimism & Mindset (34)
• Positive CBT (30)
• Positive Communication (22)
• Positive Education (48)
• Positive Emotions (32)
• Positive Leadership (19)
• Positive Parenting (16)
• Positive Psychology (34)
• Positive Workplace (37)
• Productivity (18)
• Relationships (45)
• Resilience & Coping (39)
• Self Awareness (21)
• Self Esteem (38)
• Strengths & Virtues (32)
• Stress & Burnout Prevention (34)
• Theory & Books (46)
• Therapy Exercises (37)
• Types of Therapy (64)

Sample Life Coach Business Plan: Complete Template & PDF

This sample life coach business plan contains a detailed operating and marketing plan for a life coaching business, including life coaching services, target market, marketing strategies, competition, and financial projections.

It is a downloadable coaching business plan example that is available as a Google Doc, which can be used in Microsoft Word, Apple Pages or as a PDF.

Table of Contents

How to Use This Life Coach Business Plan to Get Clients

Each section this sample life coach business plan contains two parts:

• Coaching Business Plan Template – This includes details on what to put into each section of your business plan.
• Sample Coaching Business Plan Text – This part provides actual text from a real coaching business plan example that you can modify (or leave as is) for your plan.

Since most coaching businesses are started by individuals working as sole practitioners, I’ll focus on one-person businesses in this sample life coaching business plan. You can easily modify this plan if you have partners or are part of a management team. Just replace “I” with “we” and other plural forms.

I’ve also included an overview of financial projections in this coaching business plan example to help you chart a path to starting a coaching business.

Watch the Free Coaching Business Plan Webinar

The hardest part of starting a coaching business is getting clients.

The free life coach marketing plan that I created as part of this sample coaching business plan shows you the fastest path to building your brand identity and awareness to get clients. It includes SEO for Life Coaches and a List of Life Coaching Keywords. I strongly recommend reading that or listening to the audio version (it’s all free):

Sample Life Coach Business Plan

Let’s start with the sections that make up your life coaching business plan. I include sample text below the description of what to focus on within the section.

The first in your business plan introduction to frame your coaching practice.

1. Coaching Business Plan Executive Summary

Additionally, the executive summary should highlight your key differentiators and explain why your coaching business will be successful.

Most Executive Summaries are at most one or two pages. As a sole practitioner for a life coaching business, your summary can be as brief as a few paragraphs.

Sample Life Coach Business Plan Executive Summary

As a life coach, I am excited to offer my coaching services to help people reach their personal and professional goals. My coaching business plan includes a variety of services that are tailored to each client’s individual needs.

I offer one-on-one coaching, group coaching, and corporate coaching services. I also provide coaching resources, such as books, audio programs, and online courses.

My coaching business is based on the belief that everyone has the potential to achieve their dreams. I am committed to helping my clients reach their full potential through my life coaching services.

Coaching is a very personalized business. Clients need to have a strong rapport with their life coach in order to realize their goals. They also need to trust their coach. To build and maintain that trust, I will build my brand identity and create awareness of my coaching services using content marketing.

This includes SEO keyword research to identify the ideal keyword terms that my target market searches for. I will optimize my local SEO presence on Google and use these keywords as the foundation to launch a social media campaign.

Since I am a sole practitioner, using outside resources will allow me to make the best use of my time. I will take advantage of pre-written content designed for coaches, which I can tweak to include my personal notes and experiences.

Doing so will enable me to go to market faster and maintain my online presence without sacrificing the time I need to provide actual life coaching services to my clients.

2. Coaching Business Plan Company Description

This section can also include information on the history of your coaching business and any significant milestones that you have reached.

It is okay to repeat a little bit of what you included in your executive summary in this section. Here you’ll have the opportunity to describe your company in greater detail.

Sample Life Coach Company Description

Life Coaching is a process that helps people identify and achieve their personal and professional goals. As a life coach, I help my clients get clear on what they want to achieve and create a plan to make it happen.

I specialize in working with entrepreneurs, business professionals, and business students who are seeking clarity and direction in their lives to achieve professional satisfaction. My coaching services are tailored to each client’s individual needs and include one-on-one coaching, group coaching, and corporate coaching.

My life coaching business is based on the belief that everyone has the potential to achieve their dreams. The key to my success is my ability to ask poignant questions that elicit deep thinking in my clients’ minds. I want them to see what life can be like out of their comfort zone while being in a safe space with our conversations.

By using before/after scenarios as one of my techniques, I can help clients remove self-inflicted limits they impose on themselves. Most of the time, it is these limitations that prevent individuals from growing and creating meaningful experiences that result in greater happiness.

3. Life Coach Business Plan Services Offered

The Services Offered section of your life coach business plan should provide an overview of the coaching services that you offer. This can include information on the types of coaching services you offer, such as one-on-one coaching, group coaching, or corporate coaching.

You should also include information on the format of your coaching services, such as in-person sessions, phone calls, video calls, or online courses. In this section, you’ll have the opportunity to describe your coaching services in greater detail and explain how they will benefit your clients.

Sample Life Coaching Services Offered

I offer a variety of life coaching services that are tailored to each client’s individual needs. My coaching services include one-on-one coaching, group coaching, and corporate coaching. I also provide coaching resources, such as books, audio programs, and online courses.

My one-on-one life coaching services are designed to help my clients achieve their personal and professional goals. We will work together to identify your goals and create a plan to make them happen. My goal is to help you gain clarity and confidence so that you can live the life you want.

My group life coaching services are designed for people who want to achieve their goals with the support of others. Group life coaching is a great way to get accountability and feedback from others who are striving to reach their goals. My group life coaching programs are available both in-person and online.

My corporate life coaching services are designed to help businesses achieve their goals. I offer a variety of corporate life coaching services, such as team building, goal setting, and conflict resolution. I also provide life coaching resources, such as books, audio programs, and online courses, to help businesses reach their full potential.

For those clients who prefer a self-paced approach, I provide coaching resources, such as books, audio programs, and online courses. These serve as stepping stones to acquire one-on-one or group coaching customers.

4. Coaching Business Plan Target Market

It is important to focus on a niche rather than offering generic services.

Life coaching as an industry is booming so prospects may not be able to determine who is the best life coach for them. When you focus, your marketing efforts can be customized to the niche you specialize in.

Think of it this way: if you were to build a patio for your house, would you hire a general contractor or a patio specialist? A general contractor remodels kitchens and bathrooms and will likely not be as familiar with the latest trends on patios. A patio specialist, however, will be versed in the best materials, designs and considerations for patios.

You would pick the patio specialist no doubt.

Similarly, your life coaching business plan should focus on a specific target group so that you become known as a specialist for your niche.

Sample Life Coaching Target Market

Given my strong background in corporate and executive leadership, I specialize in working with entrepreneurs, business professionals, and business students who are seeking clarity and direction in their lives.

The career paths of my clients typically hold a special place as part of their holistic identity. I focus on helping them see a vision of themselves that feels true and help them break limiting habits and beliefs. My goal is to assist clients in creating unbounded opportunities and new habits that foster growth.

My life coaching services are designed to help my clients achieve their professional goals and gain fulfillment in their personal lives.

5. Coaching Business Plan Pricing Strategy

The Pricing Strategy section of your life coach business plan should provide an overview of how you will price your life coaching services. This can include information on the rates you charge for your services, as well as any discounts or packages you offer. You should also include information on how you determine your pricing, such as by the hour, by the session, or by the project.

Sample Life Coaching Pricing Strategy

I charge $150 per hour for my life coaching services with a 2 hours per month commitment for a minimum of 3 months.

They also provide prospects with an opportunity to experience what it could be like working directly with me without making a larger financial commitment. My online courses are priced at $297 and $497, respectively, for a 3-month or 6-month self-paced course.

I offer group coaching at the rate of $200 per month per individual. This includes a two-hour session each month in a group of no more than 8 people. I also maintain the same 3-month commitment.

This way, group members can hold each other accountable for commitments they make in prior monthly meetings. This added bond increases the likelihood that new clients will become long term clients.

For corporate clients, I charge $2000 per month per group of up to 6 members. This allows an organization to experience group coaching tailored to improving employee productivity and satisfaction. This is the fastest growing segment of my coaching business because employers are struggling to retain top performing employees due to “The Great Resignation” which is affecting company output.

In a post-COVID world, I offer my life coaching services both in-person as well as virtually. Groups will meet either virtually or in-person for consistency, but not both. For example, an individual may not choose to attend an in-person meeting virtually because that breaks the rapport-building process that is integrated into my group coaching sessions.

6. Life Coach Marketing

Here are 10 marketing ideas to help you get started. Use these as fodder to create your detailed life coach marketing plan, which is the true heart of your business strategy.

Sample Life Coach Marketing Plan

This life coaching marketing plan will not focus on paid advertising, which is a flooded market. Instead, it will leverage the untapped and insatiable market for educational content to help people achieve their personal and professional goals.

The tactics presented below, when done in unison, will generate a steady flow of qualified leads into my lead generation pipeline.

• Develop a website . Aside from my Google Business Profile, my website will be one of the main ways clients learn more about my services. I will use the side not only to share information about my coaching packages, but also – and more importantly – to share my thought leadership content that I create. I will offer a few free guides and checklists to convert website visitors into prospects using a ConvertBox lead capture form.
• Create a social media presence . I will create a Facebook and LinkedIn page for promoting my content (see below) to my target market. As I ramp up in sales, I will explore paid advertising on these platforms, but as the initial effort I will use SEO and content marketing to grow my business.
• Acquire private label rights (PLR) content . I can use this material as a starting point to create social media posts, videos, online courses and articles. I will purchase credits from PLR . This is like having a content marketing writer on staff to produce the material that will propel my name as a coach into the marketplace. This inexpensive way to generate content will make my marketing efforts more efficient because I am a sole practitioner and need to optimize the use of my time.
• Search Engine Optimization . Using the free detailed SEO for Life Coaches guide provided by MoreBusiness.com, I will identify specific keywords related to my niche. This will allow me to quickly tweak the PLR content to create unique content to promote my coaching business. While most other coaches rely heavily on paid advertising on Google and Facebook, I plan to take advantage of the long-tail keyword strategy. This approach targets the numerous “low keyword difficulty” and “high search volume” phrases that my prospects use daily to find coaches like me. This will result in significant cost savings as I ramp up my marketing efforts. I will be able to tap into organic search traffic that continues long after the investment to create it.
• Publish regularly . As part of my branding efforts, I will publish my unique content on my blog and social media channels, including my Facebook page. By sharing my expertise and coaching tips, I will attract potential clients who are interested in my messages. I will use Canva to create attractive designs and schedule social media posts.
• Claim my Google Business Profile . For local SEO, claiming my Google Business Profile will enable me to have a presence that can show up on Google Maps when prospects search for life coaching services. Doing so will display my hours of operation, new blog posts, and send other marketing signals to reach my audience.
• Use online directories . Online directories can help me reach a wide range of prospects. In fact, adding my business to specific directories will dramatically enhance my potential presence on Google Maps when nearby prospects search for life coaching services.
• Speak at events . Getting involved in speaking engagements is a great way to build my reputation and attract new clients. I will reach out to 10 new associations each quarter in order to land a minimum of one speaking engagement that puts me in front of an ideal audience. I will also attend local events to network with business leaders who may be looking for coaching options for their staff.
• Teach workshops and webinars . An offshoot of speaking engagements, hosting my own workshops and webinars will provide an additional way to reach prospects. For my webinars, I will use EasyWebinar to create an automated webinar option that allows prospects to view the webinar on demand. New leads will receive my automated drip email sequence and become part of my email newsletter campaign to stay in touch.
• Create an e-newsletter . To stay in touch and nurture these new leads, I will send helpful tips, articles, and resources in my e-newsletter. This way, my brand will remain top-of-mind even for those prospects who are not yet ready to commit to a coaching program.
• Offer free consultations . An initial free consultation is traditionally a great way to introduce potential clients to my life coaching services. This allows prospects to experience my coaching services and build rapport so they become long-term clients.

The marketing strategy tactics listed in this life coaching business plan may seem like quite a bit for an individual practitioner to tackle. However, most involve an initial investment of time to set up and then run via automations.

Also read our guide How to Get Life Coaching Clients: A 9-Step Complete Guide

By leveraging PLR coaching content published through the lens of long-tail SEO keywords, I will be able to quickly gain exposure to the market I intend to reach. This will build my sales faster than other coaches competing for similar clients.

7. Life Coach Business Plan Financials

Sample Life Coach Financials

In the next 12 months as I ramp up my coaching business, I expect to generate $100,000 in revenue. My expenses will total $20,000, resulting in a profit of $80,000.

Revenue will come from the following sources:

• Online courses: $19,000 – estimated 40 sales at $297 and 15 sales at $497
• eBook sales: $2,000 – estimated 80 sales at $25
• Individual Coaching: $20,000
• Group Coaching: $35,000
• Corporate Coaching: 45,000

As I build my reputation as a life coach, I will add new courses and focus more on corporate and group coaching. These two revenue streams generate a higher profit margin than individual coaching clients.

8. Coaching Business Plan Conclusion

The conclusion of your life coach business plan should summarize the key points of your business plan and explain why you believe your life coaching business will be successful. This can include information on your target market, your unique selling proposition, and your plans for promoting and marketing your life coaching business.

Sample Life Coaching Business Plan Conclusion

I believe my life coaching business will be successful because I am passionate about helping people achieve their goals and have laid out an achievable marketing strategy.

My plan incorporates my strengths and capitalizes on using outside resources, such as private label content and SEO training for myself to increase my footprint quickly. I have a strong understanding of the life coaching market and I am confident in my ability to promote and sell my services. I have realistic financial goals and I am committed to making my life coaching business a success.

Starting Your Life Coaching Business

This comprehensive life coach business plan provides a solid foundation for you to create your own plan. As you know, getting clients for your coaching business will likely be your most challenging startup task.

Use the specific life coach marketing tactics presented here to create awareness and attract qualified prospects. Don’t follow the beaten path: Facebook advertising. Instead, make sure you tap the underutilized strategy of SEO keyword research.

The MoreBusiness.com SEO Coaching program can provide you with the exact steps and research to get your business up and running fast.

Like this? Share it with your network:

I need help with:, popular topics:.

• Learning SEO
• Generating Sales
• Writing a Marketing Plan
• Writing a Business Plan
• Leading My Team
• Free Marketing Webinars
• Starting My First Business

Got a Question?

Get personalized expert answers to your business questions – free.

Affiliate Disclosure : This post may contain affiliate links, meaning we get a commission if you decide to purchase something using one of our links at no extra cost to you.

You Might Also Like...

Should I Give a Discount on My Consulting Fees?

SEO Title Tag Makeover: 4 Powerful Examples

5 Steps to Design an Effective Employee Engagement Action Plan

4 Actionable Steps to Find a Mentor for Your Business

5 Effective Scheduling Tips To Boost Your Productivity

Business Coaching vs Executive Coaching: 10 Examples

7 Employee Satisfaction Secrets: Nurturing a Happy Small Business Team

Secure Your First 10 Investors: Step-by-Step Startup Guide

SEO Coaching and Marketing Courses

Get More Business

Marketing tools.

• SEO Keyword Tool
• MSP Website Content Kit
• Done-for-You Content
• Graphic Design Tool
• Webinar Automation
• Getting Referrals
• Hubspot Marketing Automation

Popular Downloads

• Marketing Plan Example
• MSP Marketing Plan
• Life Coach Business Plan
• Consulting Business Plan
• How to Write a Business Plan
• Clothing Line Business Plan
• Restaurant Business Plan
• Personal Trainer Business Plan
• Trucking Business Plan
• Pizza Restaurant Business Plan

Free Guides

• B2B SaaS SEO Best Practices
• MSP SEO Marketing Playbook
• Buyer Persona Examples
• How to Increase Google Rankings
• New Client Welcome Package
• How to Create a Happy Customer
• Brand Development Guide
• SaaS Metrics Dashboard
• Marketing and SEO Videos
• Salary Calculator
• Executive Coaching Newsletter
• Contributing Content
• Affiliate Disclosure

Life Coach Business Plan Template

Written by Dave Lavinsky

Life Coach Business Plan

You’ve come to the right place to create your Life Coach business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Life Coach businesses.

Life Coaching Business Plan Sample

Below is a template to help you create each section of your Life Coach business plan.

Executive Summary

Business overview.

Desert Sun Life Coaching Company is a startup life coaching service located in Tucson, Arizona. The company is founded by Max Morrison, a life coach who has successfully counseled individuals for over twenty years while working for a national life coaching company. Now that he has built a large base of clients, he has received commitments from over forty clients that they will commit to long-term contracts with him in his new company, Desert Sun Life Coaching Company. Max is confident he has not only served each of his current clients well, but that he can grow and supplement his services by recruiting a highly-experienced executive team who will also gain clients. He is also committed to approaching corporate human resources executives to garner corporate accounts on a long-term basis.

Desert Sun Life Coaching Company will provide the full spectrum of life coaching services for individuals of all ages. Desert Sun Life Coaching Company will become known for their friendly and experienced life coaches, but also for the results-driven attitudes and life-affirming changes within the clients who are served by Desert Sun Life Coaching Company during the process.

Product Offering

The following are the services that Desert Sun Life Coaching Company will provide:

• Personalized one-on-one life coaching for individuals of all ages
• Corporate human resources training sessions
• On-going life coach training for new coaches
• Books and book products related to life choices
• Community service via counseling sessions

Customer Focus

Desert Sun Life Coaching Company will target all individuals in Tucson. They will target human resources executives in corporations to target corporate employees. They will also target high schools, universities, and community members who may be aware of coaching needs within the schools or community and require coaching on a pro bono basis.

Management Team

Desert Sun Life Coaching Company will be owned and operated by Max Morrison. He has recruited two life coaches with whom he used to work to join the new startup as additional life coaches. Carrie Costain is a highly-experienced, friendly and warm life coach who has fifty clients who will come with her into the new startup. Her personality invites others to trust her and share with ease; she brings a large social media following with her and will continue to blog on her website, as well as create posts and capture images for her social media following.

Michelle Irwin is a life coach who specializes in elder coaching. Working with those over age sixty is a special challenge, as most individuals at that age have already determined there is nothing left that they would be able to do. Life coaching for these individuals is particularly stressful, but always rewarding in the process. She will bring twenty clients with her to the new company.

Success Factors

Desert Sun Life Coaching Company will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified team of life coaches and counselors.
• Confidential and totally secure environment for sharing personal information and concerns, with each session in private offices.
• Encouraging coaching that brings successful conclusions after life coaching ends; results that are proven by the next steps of past clients.
• Desert Sun Life Coaching Company will offer moderate pricing levels, given the concept that the long-term contracts with corporate partners will defray the costs for those who cannot afford the standard fees, such as seniors.

Financial Highlights

Desert Sun Life Coaching Company is seeking $200,000 in debt financing to launch its Desert Sun Life Coaching Company. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the social media marketing and website construction and design. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph outlines the financial projections for the Desert Sun Life Coaching Company:

ADD IMAGE HERE

Company Overview

Who is desert sun life coaching company.

Desert Sun Life Coaching Company is a newly established full-service life coaching service in Tucson, Arizona. Desert Sun Life Coaching Company will be the most reliable, cost-effective, secure and safe choice for individuals who seek such service in the city and surrounding communities. Desert Sun Life Coaching Company will provide a comprehensive menu of services for coaching, such as training new coaches, selling books and book products, advising and working with disadvantaged seniors and providing excellent service for each client. Their full-service approach includes a comprehensive set of customer choices in session styles.

  Desert Sun Life Coaching Company will be able to provide comprehensive services to individuals, as the team of life coaching professionals are all highly-experienced and qualified in life coaching. The full-service approach of Desert Sun Life Coaching Company means that all support is supplemented with books and book materials that are helpful for clients after their life coaching sessions conclude. Desert Sun Life Coaching Company removes all the headaches and issues of clients having to secure life coaches in unfamiliar places or in uncomfortable surroundings. Desert Sun Life Coaching ensures all issues for their clients are taken care of expeditiously, while delivering the best customer service.

Desert Sun Life Coaching Company History

Since incorporation, Desert Sun Life Coaching Company has achieved the following milestones:

• Registered Desert Sun Life Coaching LLC to transact business in the state of Arizona.
• Has a contract in place at one of the office buildings near the corporate center of Tucson.
• The Desert Sun Life Coaching Company will set up its office space for 10,000 square feet. Reached out to numerous contacts to consider moving client services to Desert Sun Life Coaching Company.
• Began recruiting a staff of office and administration employees for the Desert Sun Life Coaching Company.

Desert Sun Life Coaching Company Services

The following are the services Desert Sun Life Coaching Company Services will provide:

• Personalized introductory assessments
• Evaluations of life interests and plans
• Customized program of one-on-one sessions to determine life pathway
• Group therapy circles to work on interpersonal skills and communication
• Occupational assessments and directional leadership
• Outward bound program evaluations

Industry Analysis

The U.S. life coaching industry is expected to grow by 4.85% over the next several years to reach over 2B in 2030. This significant growth will be driven by consumer interest in determining the life pathways that are open to them. Regardless of age, individuals are showing an increased drive to discover personal, spiritual and life-changing purposes. Costs will likely be reduced as the life coaching industry becomes more recognizable and has become normalized throughout cities. The current 99% of individuals and companies coached who are very satisfied or satisfied will, in all probability, continue to recommend life coaching services.

Customer Analysis

Demographic profile of target market.

Desert Sun Life Coaching Company will target those individuals and corporations in Tucson, Arizona in need of coaching services.They will target individuals in search of coaching, corporations in need of life coaching services, and community organizations that cater to individuals in need of life coaching services.

The precise demographics for Desert Sun Life Coaching Company are:

Customer Segmentation

Desert Sun Life Coaching will primarily target the following customer profiles:

• Individuals
• Corporations with human resource programs for life coaching
• Individuals who were previously coached
• Referral contacts offered by former clients
• Community opportunities to provide coaching

Competitive Analysis

Direct and indirect competitors.

Desert Sun Life Coaching Company will face competition from other companies with similar business profiles. A description of each competitor company is below.

New Horizons Counseling Center

The New Horizons Counseling Center is a direct competitor, focused on spiritual and life pathway coaching. Counselors are experienced; some have formal training or certifications in counseling. The list of services includes counseling for private individuals and those within the community in need of counseling. Referrals to the New Horizons Counseling Center are garnered from the city governmental agencies and law enforcement agencies, as needed.

New Horizons Counseling Center is a not-for-profit organization and is listed as a 501c3 nonprofit. As such, there is a fund-raising opportunity for community members on a twice-a-year basis. Other than that, there are fund-raising efforts throughout the year to support the staff salaries and administration needs. These include bake sales, craft fairs and other artisan efforts within the community.

Crystal Blue Life Coaching

Crystal Blue Life Coaching is a direct competitor, focused on multi-faceted coaching and counseling, while also acting as a center for teenaged children, ages 13-18, who have experienced trauma or are uncertain about their personal futures. There are drug and alcohol counselors, as well as experienced counselors for child abuse and other traumas of childhood that lead to counseling. The counselors and coaches are all credentialed through the city programs provided by the University of Arizona, and the center offers a 12-step program to wellness and health which includes life coaching chapters. The program at Crystal Blue Life Coaching is 12-14 weeks in length, depending on the nature of the program, need, and any ancillary services required. The costs for these services are very high in comparison to other coaching services available, and are sometimes supplemented by the city of Tucson. Clients can expect to receive expert care; albeit at a very high price and, for teens, a very concentrated, lengthy program. Although not a rehabilitation program, some teens have remarked or posted that this is much the way they “feel” about the program upon departure.

Ocotillo Family Counseling

The Ocotillo Family Counseling partnership is an indirect competitor. Although counseling services are provided, life coaching services are not. The family therapy sessions include adolescent behavior modification, marriage counseling, children’s counseling, couples therapy and other traditional forms of counseling. The owners, Liam and Darcy Trueblood, formed an LLC to begin the counseling company and run it as a for-profit counseling practice. Both Liam and Darcy Trueblood hold Bachelor of Art degrees in psychology and have been in practice for almost seven years.

The focus of Ocotillo Family Counseling has turned to adolescent behavior modification in recent years, with intensive counseling sessions for youth at risk or those who have already entered into high-risk relationships or drug-related activities. Costs for all services are positioned on the high end of the citywide spectrum, due to the families who are willing to pay considerable costs for drug rehabilitation or behavior modification via private rather than public programs.

Competitive Advantage

Desert Sun Life Coaching Company will be able to offer the following advantages over their competition:

• Friendly, knowledgeable, and highly qualified team of Desert Sun Life Coaching Company
• Confidential and totally secure environment for sharing private or personal information and concerns, with each session in an enclosed office.
• Encouraging coaching that brings successful conclusions after life coaching ends; with results that are proven by the next steps of former clients.
• Desert Sun Life Coaching Company will offer moderate pricing levels, given the concept that the long-term contracts with corporate partners will help defray the costs for those who cannot afford the standard fees, such as seniors.

Marketing Plan

Brand & value proposition.

Desert Sun Life Coaching Company will offer the unique value proposition to its clientele:

• Highly-qualified team of skilled employees that is able to provide a comprehensive set of certified counseling services at very reasonable prices.
• Coaches who are referenced repeatedly for the excellent life coaching services they’ve offered to community members, including teenagers and children.
• Books and book products that support life coaching throughout the process.

Promotions Strategy

The promotions strategy for Desert Sun Life Coaching Company is as follows:

Word of Mouth/Referrals

The Desert Sun Life Coaching Company has built up an extensive list of contacts over the years by providing exceptional service and expertise for clients. These current and former clients have communicated to Max Morrison that they kept renewing their contracts because they were satisfied with the service the team of coaches was providing. Once Max Morrison advised them he was leaving to open his own life coaching company, they signed commitments to follow him to his new company and help spread the word of Desert Sun Life Coaching Company.

Professional Associations and Networking

Cosmopolitan Coffee will create a website that includes a splash page, directing customers to interactive pages. One page will demonstrate the process of coffee bean roasting, and one will contain a video from José discussing his background and family history. Seasonal coffee flavors and specials will also be introduced.

Partnerships with Local Businesses

Each of the three executives will spend time and energy promoting their new Desert Sun Life Coaching Company within their aggregate associations. Networking with those who have much in common supports strong relationships and builds new alliances, in addition to structuring new business relationships. These relationships have been pivotal in the previous history of the company and are now considered to be invaluable in referrals and other joint-based efforts.

Social Media Marketing

One of the strengths of Desert Sun Life Coaching is the position of Carrie Costain, the Staff Accountant and part-time social media marketing manager who regularly posts updates, images and comments on behalf of the executives at Desert Sun Life Coaching Company. This representation has led to increased numbers of followers, particularly for Max Morrison, who now has over 15,000 followers on his social media platforms. This arena is perfect for marketing and messaging, which will be accomplished during the first three months of the business.

Website/SEO Marketing

Desert Sun Life Coaching Company will utilize their website developer who designed their messaging to also design their linked pages. The website will be well organized, informative, and list all the services that Desert Sun Life Coaching Company is able to provide. The website will also list contact information and available reservation times with links to reserve online. SEO marketing tactics will be employed so anytime someone types in the Google or Bing search engine, “Tucson life coaching” or “counseling services near me,” Desert Sun Life Coaching Company will be listed at the top of the search results.

The pricing of Desert Sun Life Coaching Company will be moderate and on par with competitors so customers feel they receive value when purchasing their services.

Operations Plan

The following will be the operations plan for Desert Sun Life Coaching Company. Operation Functions:

• Max Morrison will be the Owner and President of the company. He will oversee all staff and manage client relations, business development and long-term growth planning.
• Carrie Costain is a highly-experienced, friendly and warm life coach who has fifty clients who will come with her into the new startup. Her role will be Vice President of the company. She will also engage social media as a part-time provider of those services. She will oversee day-to-day operations and take on the necessary administrative roles to assist employees in onboarding and training new employees.
• Michelle Irwin is a life coach who specializes in elder coaching. She will hold the role of Staff Accountant. She holds a Bachelor of Arts degree in Accounting from the University of Arizona and will oversee day-to-day bookkeeping operations, tax forms and filing, and other fiduciary duties. She will bring twenty clients with her to the new company.

Milestones:

Desert Sun Life Coaching Company will have the following milestones completed in the next six months.

• 5/1/202X – Finalize contract to lease office space
• 5/15/202X – Finalize personnel and staff employment contracts for the Desert Sun Life Coaching Company
• 6/1/202X – Finalize contracts for Desert Sun Life Coaching Company clients
• 6/15/202X – Begin networking at professional and industry events
• 6/22/202X – Begin moving into Desert Sun Life Coaching Company office
• 7/1/202X – Desert Sun Life Coaching Company opens its office for business

Desert Sun Life Coaching Company will be owned and operated by Max Morrison, who will have the role of President. He has recruited two life coaches with whom he used to work to join the new startup as additional life coaches. The company is founded by Max Morrison, a life coach who has successfully counseled individuals for over twenty years while working for a national life coaching company.

Now that he has built a large base of clients, Max has received commitments from over forty clients that they will commit to long-term contracts with him in his new company, Desert Sun Life Coaching Company. Max is confident he has not only served each of his current clients well, but that he can grow and supplement his services by recruiting a highly-experienced executive team who will also gain clients. He is also committed to approaching corporate human resources executives to garner corporate accounts on a long-term basis.

Carrie Costain is a highly-experienced, friendly and warm life coach who has fifty clients who will come with her into the new startup. Her role will be as Vice President and part-time social media manager. Her personality invites others to join her and share with ease; she brings a large social media following with her and will continue to blog on her website and create posts and capture images for her social media following.

Michelle Irwin is a life coach who specializes in elder coaching. Her role will be as Staff Accountant. Life coaching for senior individuals is particularly stressful, but always rewarding in the process. She will bring twenty clients with her to the new company.

Financial Plan

Key revenue & costs.

The revenue drivers for Desert Sun Life Coaching Company are the fees that will be charged to the clients for services rendered. In addition, fees will be collected from those buying books or book products.

The cost drivers will be the overhead costs required in order to staff the Desert Sun Life Coaching Company. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.

Funding Requirements and Use of Funds

Desert Sun Life Coaching Company is seeking $200,000 in debt financing to launch its life coaching business. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Client Visits Per Month: 1,200
• Average Fees per Month: $50,000
• Office Lease per Year: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Life Coach Business Plan FAQs

What is a life coach business plan.

A life coach business plan is a plan to start and/or grow your life coach business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Life Coach  business plan using our Life Coach  Business Plan Template here .

What are the Main Types of Life Coach Businesses?

There are a number of different kinds of life coach businesses , some examples include: Business coaching, Career coaching, Performance coaching, and Wellness coaching.

How Do You Get Funding for Your Life Coaching Business Plan?

Life Coach businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Life Coaching Business?

Starting a life coach business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Life Coach Business Plan - The first step in starting a business is to create a detailed life coach business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your life coach business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your life coach business is in compliance with local laws.

3. Register Your Life Coach Business - Once you have chosen a legal structure, the next step is to register your life coach business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your life coach business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Life Coach Equipment & Supplies - In order to start your life coach business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your life coach business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

How to Craft your coaching business plan in 7 simple Steps (+ FREE Template)

September 24, 2023

June 4, 2024

Are you eager to launch your coaching business but feeling overwhelmed about where to start?

You’re not alone! 

In this article, I’ll help you understand what a coaching business plan involves. I’ll provide you with a coaching business plan template and also teach you how to shape it so that it mirrors your vision and goals. I’ll walk you through every step to ensure you create a successful coaching business plan tailored to your niche.

Let’s dive into the world of business planning, where clarity meets strategy.

In Brief : How to Craft your coaching business plan in 7 simple Steps

• Step 1: 📝 Executive Summary – Craft a compelling summary that encapsulates your business vision, mission, and core elements like the business name, owner, and location, setting the stage for what follows.
• Step 2: 🗂️ Business Description – Detail your coaching services, niche, and operational mechanics. Explain how these elements work together to meet the needs of your clientele.
• Step 3: 🔍 Market Analysis – Conduct a thorough analysis of your target market and competition. Use this data to tailor your services and pinpoint market opportunities.
• Step 4: 📈 Create a Marketing Strategy – Develop a comprehensive marketing plan that includes digital and traditional methods to attract and retain clients, ensuring your brand stands out.
• Step 5: ⚙️ Operations Plan – Outline your business’s operational structure, including the logistics of daily operations and the roles of your team members.
• Step 6: 💰 Financial Planning – Forecast your business’s financial health with detailed budgeting, pricing strategies, and expected financial outcomes.
• Step 7: 🚀 Review and Implement – Regularly review and refine your business plan to ensure it remains relevant and effective

Do You Need a Coaching Business Plan?

A few years ago, I was just like you—excited yet baffled about the right steps to take in starting my coaching business. I dabbled in social media, attended conferences, tried podcasting, and explored various other avenues. 

Despite my efforts, the results were far from what I needed. It felt like I was constantly moving, but not in the right direction.

Then it clicked. I realized that diving headfirst into business without a well-thought-out plan was like sailing without a compass. 

So, I took a step back and started from scratch, this time with a clear strategy in mind. I laid out a business plan that not only guided my business to success but also continues to guide me today.

Starting a coaching business can be an exciting venture , but without a clear plan, it’s easy to lose direction and focus. A business plan helps you outline your business objectives and also provides a roadmap to achieve them. 

Here’s why a business plan is vital for a coaching business:

• Clarity and Direction : A business plan defines your coaching business’s purpose and sets clear goals. This clarity guides your decisions and keeps you focused on long-term goals.
• Understanding Your Market : Who are your potential clients? What are their needs and how can your coaching services meet those needs? Analyzing the market helps you tailor your offerings. It also helps you stand out from competitors. This ensures your services are in demand.
• Attracting Investors and Funding : Investors want to know that their money is going into a venture. The venture must have a clear plan to make a profit. This will give potential investors the confidence to back your business.
• Measuring Progress and Success : A business plan sets a baseline for measuring your progress. Setting clear goals and milestones helps you track progress and adjust strategies as needed. This ongoing review keeps you on track and informs smart decisions that drive your business forward.
• Risk Management : All businesses, including coaching ones, face risks. A business plan helps predict and manage these risks, making it easier to handle challenges. It prepares you for economic downturns, shifts in consumer behavior, and new competitors. This proactive approach protects against unexpected problems.

How To Create Your Coaching Business Plan

A well-structured business plan outlines every critical component of your operation, from your business identity and client demographics to your financial management and growth strategy.

Before we jump straight into the coaching business template , let’s understand the structure of your coaching business plan:

• Step 1: Craft your Executive Summary
• Step 2: Business Description
• Step 3: Market Analysis
• Step 4: Create a Marketing and Sales Strategy
• Step 5: Operations Plan
• Step 6: Financial Planning
• Step 7: Review and Implement

1. Crafting Your Executive Summary

To start your coaching business, begin with a powerful executive summary in your business plan. This section is like the front cover of a book—it needs to captivate and inform.

Here’s how to craft an executive summary that sets the stage for a compelling business plan:

• Business Name and Location : Clearly state the name of your coaching business and where you are based. This basic info introduces your business.
• Services Offered : Describe the types of coaching you provide. You might specialize in life coaching, career coaching, or another niche. Give a snapshot of what you offer.
• Mission Statement : Your mission statement should reflect the core values and purpose of your business. It tells your audience what your business stands for and what you aim to achieve.
• Vision Statement : This is about the future. Where do you see your coaching business going? What impact do you want to make? Your vision statement paints a picture of the future you are working towards.
• Goals and Objectives : Jot down your short-term and long-term objectives for your coaching business using the SMART criteria—Specific, Measurable, Achievable, Relevant, and Time-bound . Short-term goals might include reaching a certain number of clients. Or, they might include achieving a set income within the first year. Long-term goals could involve expanding your services nationally. Or, they could involve developing a franchise model.

2. Business Description

Here, you explain what your business does, how it operates, and what it aims to achieve.

This section gives context for the rest of the business plan. It helps stakeholders understand your business at a detailed level.

Choose Your Niche

Choosing a coaching niche and specifying your services are key . This sets your business apart.

Detail your target market. Whether you focus on life, executive, or health coaching, each meets unique client needs. Focus on demographics like age, profession, or specific challenges. Your coaching addresses those challenges.

Explain how your services are tailored to meet these needs, and discuss your business’s competitive edge. List your services in this field. Include personal coaching, group workshops, and online courses.

Also, showcase what makes you unique. For example, you might have a special coaching method. Or, you could be highly skilled in a popular coaching area.

Business Structure

The structure of your coaching business can greatly impact its operations and growth. You may operate as a sole proprietorship, a partnership, or a corporation. Each type has its own implications.

A sole proprietorship is easy to start and gives you full control. But it also leaves you fully liable for debts. On the other hand, a corporation shields you from debt and can attract investors. It does this through its structure and ability to sell shares. However, corporations face more rules and taxes.

Choose the structure that fits your business goals. Consider how it affects liability, taxation, and investment.

Business Model

Your coaching business can adopt various models to deliver its services, depending on your target market and your expertise:

• One-on-One Coaching: Tailored specifically to individual clients to address personal or professional goals. This model allows for deep, personalized work and can be conducted in person, over the phone, or via video conferencing.
• Group Sessions: These sessions bring together multiple clients who share similar goals or challenges. Group coaching is effective for workshops, seminars, and regular meetings, offering the added benefit of peer learning and support.
• Online Courses: Providing digital courses allows clients to engage with your coaching material at their own pace. This model can include video lectures, downloadable resources, and interactive elements like quizzes or forums.

Value Proposition

What sets your coaching services apart is your unique value proposition.

For instance, your approach might integrate cutting-edge psychological research, or perhaps you offer a unique blend of strategies drawn from various disciplines such as mindfulness, behavioral science, and leadership training.

Maybe your services are particularly tailored to a niche market, such as startup entrepreneurs or corporate executives facing burnout.

Highlighting this uniqueness in your business plan helps potential clients and investors understand why your coaching services are not just necessary but highly desirable.

3. Market Analysis

A thorough market analysis is crucial. It helps you understand your environment. You can identify opportunities and challenges. Then, you can make strategies. These strategies use your strengths to meet market demands.

This part of your business plan will show the whole market. It will offer key insights. These insights will help you set real goals and grow in a lasting way.

Identify your Target Market

Identifying your target market involves defining the specific group of people who are most likely to benefit from your coaching services. Key aspects to consider include:

• Demographics: Age, gender, profession, income level, and educational background. For instance, your services might cater primarily to mid-level professionals aged 30–50.
• Psychographics: Values, interests, lifestyle, and personality traits. For example, this might include people who value personal development, are career-focused, and seek work-life balance.
• Location: Whether your target market is local, regional, national, or global. Online coaching services can broaden your geographical reach compared to traditional in-person sessions.

Market Need

This section details the specific needs your coaching services address.

Are your clients looking for career advancement, personal growth, better stress management, or improved leadership skills?

Understanding these needs allows you to tailor your offerings effectively.

For example, if there is a high demand for stress management techniques among corporate workers in your area, your coaching could focus on mindfulness and resilience training.

Analyze your Competition

Analyzing your competitors helps you understand the current market landscape and identify what sets your coaching apart. Consider the following:

• Who are your main competitors? Look at other coaching services in your niche.
• What services do they offer? Understanding their offerings helps you spot gaps in the market.
• What are their strengths and weaknesses? This can help you learn from their successes and capitalize on areas where they may fall short.

SWOT Analysis

A SWOT Analysis is a strategic method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats.

Use it to analyze your coaching business:

• Strengths: What advantages does your coaching business have? This could be a unique coaching methodology, a strong personal brand, or deep expertise in a niche area.
• Weaknesses: What areas need improvement? This might include limited market presence or lack of full-time coaching staff.
• Opportunities: Look for external factors that could be advantageous for your business. This could include increasing demand for mental health services or expanding into online coaching.
• Threats: Identify potential challenges that could hinder your business’s success. These might include new competitors entering the market or changes in regulatory laws affecting coaching services.

4. Marketing and Sales Strategies

An effective marketing and sales strategy is critical for the success of any coaching business. This part of your business plan outlines how you will attract and keep clients.

It details your approaches to reaching your target market and turning leads into paying customers. The right strategy boosts visibility. It also improves client engagement and loyalty.

A well-crafted marketing plan is essential. It sets clear goals and identifies the best tactics to reach them. It ensures your marketing is consistent, targeted, and effective. They help build brand recognition and trust.

Developing your coaching brand involves creating a distinctive identity that resonates with your target audience and sets you apart from competitors.

Key elements include:

• Brand Message: What are the core messages you want to convey? This could be your commitment to helping clients achieve specific goals, like improving leadership skills or finding work-life balance.
• Visual Identity: Includes your logo, color scheme, and overall visual style. These should reflect the tone and ethos of your coaching practice.
• Brand Voice: How you communicate in written and spoken words, which should consistently reflect your values and appeal to your target audience.

Marketing Channels

To reach your potential clients effectively, utilize a mix of marketing channels tailored to where your audience spends their time:

• Social Media: Platforms like LinkedIn, Instagram, and Facebook can help build community and engagement. Tailor your content strategy to each platform to maximize reach and engagement.
• Speaking Engagements: Presenting at conferences or local events can establish you as an expert in your field and attract clients looking for proven guidance.
• Networking: Building relationships through industry groups or local business events can lead to referrals and new client opportunities.
• SEO: Optimize your website and content for search engines to attract organic traffic. Focus on keywords that potential clients might use to find coaching services.

Effective marketing can significantly boost your coaching business, attracting a steady stream of clients. It not only draws attention but also captures and retains interest

Sales Strategy

Converting potential clients into paying clients requires a clear sales process:

• Initial Consultation: Offer a free or discounted initial consultation to introduce potential clients to your coaching style and the benefits of your services.
• Follow-Up: After the consultation, follow up with a personalized message that summarizes how you can help them achieve their goals.
• Special Offers: Consider time-limited offers or package deals to encourage sign-ups.

Set up a sales funnel. A sales funnel is a process that guides potential clients from their first interaction with your brand through various stages of engagement until they make a purchase.

It starts with awareness, often through your marketing efforts, and progresses to interest (engaging with content), decision (attending a consultation), and finally action (purchasing a coaching package). 

5. Operations Plan

The Operational Plan section of your business plan provides a detailed look at how your coaching business works. This section outlines the day-to-day operations that support your coaching business.

This includes preparing for client sessions, both scheduled and ad-hoc and follow-up activities for each session, client communication, and administrative tasks like scheduling, billing, and client records management. 

It’s important to specify how these tasks are handled and by whom, as well as any business hours or response time commitments you make to your clients.

Business Location

Where you operate your business significantly shapes how it runs. Specify whether you offer your coaching services online, offline , or in a hybrid model:

Technology Used

Technology is crucial in running a modern coaching business efficiently. List the specific technologies and software you utilize for various business functions:

• Client Management Systems : Software for scheduling , session notes, and client progress tracking.
• Communication Tools : Tools used for client communication, such as email platforms, video conferencing tools, and instant messaging apps.
• Marketing and Sales Software : CRM systems for managing leads, marketing automation tools, and analytics platforms.

Staff and Resources

Finally, detail any staff or additional resources needed to operate your business effectively. This includes any administrative support, marketing personnel, or additional coaches. 

If you handle most operations solo, discuss any outsourced services you might need, such as virtual assistants, accountants, or IT support.

6. Financial Planning

The Financial Plan is a critical section of your business plan. It is crucial for both potential investors and for you as the owner.

It shows that your coaching business is financially viable. It gives a roadmap for financial success.

This section is crucial for securing funding. It shows you understand your business’s finances.

Startup Costs

Outline all initial costs required to start your coaching business. This includes any licensing fees, initial marketing expenses, technology setup costs, office equipment, and any other expenditures necessary to launch your business.

Pricing Strategy

Set your prices for your coaching services based on the value you provide, the demands of your target market, and your competitors’ pricing. You can also offer different pricing tiers based on the length and depth of the coaching provided or discounts for upfront payments for a series of sessions.

Revenue Projections

Project your revenues over the next three to five years. Base these estimates on your market analysis, including expected client numbers, session pricing, and any additional revenue streams like workshops or online courses.

Break-even Analysis:

Calculate when the business expects to break even. This analysis should consider all fixed costs (like rent and salaries) and variable costs (such as session materials or payment processing fees) against expected revenue streams. The break-even point is the moment when total revenues equal total costs, indicating when the business starts to generate profit beyond recovering its initial and operational costs.

Think of it like this: if you have a lemonade stand, you need to know how many cups of lemonade you have to sell to pay for all your supplies and costs. The moment you’ve sold enough cups to cover all your expenses, you hit your “break-even point.” That means you’re not losing money anymore, and any more lemonade you sell after that starts to make you profit.

7. Review and Implement

Once you’ve finalized your coaching business plan, the next steps are critical: reviewing the plan carefully and implementing it effectively.

This ensures that your business is built on a solid foundation and is ready to adapt to challenges and opportunities. Here’s how to approach these important phases:

Reviewing Your Business Plan

• Thorough Read-through: Start by reading your business plan thoroughly from start to finish. This helps you ensure that the plan is cohesive and all parts align well with each other.
• Seek External Feedback: It’s invaluable to get perspectives from trusted mentors, industry peers, or potential investors. They can provide insights that you might have missed and suggest improvements. Consider feedback from people who understand the coaching industry as well as those who might be part of your target audience.
• Revise for Clarity and Accuracy: Based on the feedback and your own assessments, make necessary revisions. This could involve clarifying certain sections, adding missing details, or correcting any inaccuracies. Ensure your financial forecasts and market analysis are realistic and based on the latest available data.
• Finalize the Document: Once revisions are made, finalize the formatting, proofread for grammatical errors, and ensure that the document is professionally presented.

Implementing Your Business Plan

Now that your business plan is meticulously crafted, it’s time to bring it to life. This step might seem a bit overwhelming, but it’s essential for growing your coaching business.

The great news is, you’re not in this alone. We’re here not just to support you but to actively participate in your journey.

Our role extends beyond mere guidance; we’re here to help build your business. While you concentrate on what you do best—coaching and transforming lives—we’ll handle the operational details. From identifying your niche to marketing execution, we’ve got you covered .

As we wrap up, I hope the insights shared here have empowered you to create a structured and effective business plan for your coaching venture.

Crafting a solid plan is crucial, not just for guiding your business but for adapting as your enterprise grows.

If you have any questions about the business planning process or wish to share your own experiences and insights, feel free to leave a comment below.

Resources for your Coaching Business Plan

As a coach, it’s crucial to have the right resources at your fingertips.

We’ve put together a curated list to support your journey to craft your custom coaching business plan.

Your Custom Template

To get your FREE custom Coaching Business Plan Template, click on the “Download Your Coaching Business Plan” Button

Other resources

Financial planning and management tools.

• QuickBooks : An accounting software ideal for small businesses to manage accounts with ease.
• Mint : Helps with personal and business financial planning and budgeting.
• Microsoft Excel / Google Sheets – Spreadsheet tools that are essential for financial analysis, including creating detailed financial projections and budgets.

Software and Online Platforms

• LivePlan : This is an intuitive, user-friendly business plan software that guides you through the process of creating a detailed, investor-ready business plan. It offers templates, financial forecasts, and performance tracking tools.
• Bizplan : Bizplan makes the process of writing a business plan more efficient through step-by-step guidance, templates, and a modern, user-friendly interface that simplifies financial forecasting and business modeling.
• Enloop : This tool automatically writes and formats your business plan as you input information. It offers features like auto-generated financial reports and a real-time performance score to improve your plan.
• SMART Goals – A framework for setting objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound, ensuring well-defined and attainable goals.
• SWOT Analysis – A strategic planning tool used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.
• PEST Analysis – A framework for analyzing and monitoring the macro-environmental factors that may have a profound impact on an organization’s performance.
• Business Model Canvas – A strategic management template for developing new or documenting existing business models across nine key components.
• Value Proposition Canvas – A tool that helps businesses ensure that a product or service is positioned around what the customer values and needs.
• “ Co-Active Coaching: Changing Business, Transforming Lives ” by Henry Kimsey-House, Karen Kimsey-House, Phillip Sandahl, and Laura Whitworth – This book provides a foundational philosophy for professional coaching.
• “ Business Model Generation ” by Alexander Osterwalder & Yves Pigneur – A book that introduces practical tools for creating, analyzing, and reinventing business models, with visual methods for brainstorming.
• “ The Lean Startup ” by Eric Ries – A book that introduces methodologies for developing businesses and products in an efficient way by managing and directing startup activities toward the markets.

Legal Resources for Small Businesses

• U.S. Small Business Administration (SBA) : Information on business registration, legal structures, and licenses.
• Gov.uk (for UK based businesses) : Guidance on starting and running a business in the UK, including legal obligations.

Each resource was chosen based on its practical utility, ease of access, and the most current information available.

From established industry platforms to cutting-edge tools and insightful publications, our editorial team has researched, fact-checked, and curated a diverse mix of resources to cater to various learning styles and needs.

This ensures you have access to the best tools and knowledge, helping you build a solid coaching business plan.

Frequently Asked Questions (FAQs)

What are the steps of a business plan.

A coaching business plan includes the following steps – making a list of the strengths and weaknesses of the company, moving on to a SWOT analysis, outlining a short-term and long-term strategy, creating project benchmarks, and defining the key success factors. Another additional step is how to price the business and launch a new product.

What Must An Entrepreneur Do After Creating their Coaching Business Plan?

A list of tasks that entrepreneurs should complete after setting up their coaching business plan includes: obtaining startup capital, researching trade laws, reviewing business licenses, and choosing a company name.

What Is the Purpose of Writing a Business Plan Before Entering the Market?

Creating a coaching business plan before entering the market can prove beneficial because it allows entrepreneurs to look at the big picture of the company, from the way it will be run to its goals and general purposes. It also gives entrepreneurs an opportunity to look at what they need to do in order to successfully and efficiently run their business.

What Should I Include In A Business Plan?

Every business plan needs to include the questions and answers of these three fundamental issues: what do you want your company to accomplish, why should people buy what you sell, and how will you make it happen? It is important to take this opportunity to be very thorough with your business plan.

How to Make a Business Plan?

To make a business plan, you must know what kind of business you want it to be. You will need to research your market, competition, and finances. If you don’t, then you run the risk of running out of money or building a business that is unable to make a profit.

How Do You Draft A Coaching Plan?

You can draft a coaching plan through plenty of documents and templates that can be used as a guide to help you brainstorm and organize your own thoughts. One great resource is the Coaching Business Plan Workbook and Guide by Mary Baldwin and Amy Levin-Epstein.

How To Write A Business Plan Step By Step?

The precise step-by-step guide on how to write a business starts with first outlining what your business will be and what your long-term goal is. Next, it’s important to start with developing your company’s mission statement, detailing who your customer is and what they want. This is followed by conducting market research and researching your competition.

ABOUT SAI BLACKBYRN

I’m Sai Blackbyrn, better known as “The Coach’s Mentor.” I help Coaches like you establish their business online. My system is simple: close more clients at higher fees. You can take advantage of technology, and use it as a catalyst to grow your coaching business in a matter of weeks; not months, not years. It’s easier than you think.

4 thoughts on “How to Craft your coaching business plan in 7 simple Steps (+ FREE Template)”

This article was very simple and easy to follow. Extremely helpful. Just starting out so needed this kinda help.

Hi J Dawn, I’m glad you got great value from this piece. And since you are just starting out, the webinar would be extremely helpful to you so do register

Thank you so much, very insightful especially as I’m starting my coaching business.

Keep up the great work!

Leave a comment Cancel reply

How to Write a Life Coaching Business Plan (+ Template)

Creating a business plan is essential for any business, but it can be beneficial for life coaching businesses who want to improve their strategy or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you will accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every life coaching business owner should include in their business plan.

Download the Ultimate Business Plan Template

What is a Life Coaching Business Plan?

A life coaching business plan is a formal written document describing your company’s business strategy and feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Life Coaching Business Plan?

A life coaching business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Life Coaching Business Plan

The following are the key components of a successful life coaching business plan:

Executive Summary

The executive summary of a life coaching business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your life coaching company
• Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

You may not have a long company history if you are just starting your life coaching business. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company or been involved in an entrepreneurial venture before starting your life coaching firm, mention this.

You will also include information about your chosen life coaching business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a life coaching business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

• What part of the life coaching industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and if applicable, how do these trends support your company’s success)?

You should also include sources for your information, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, a life coaching business’ clients may include:

• High school students seeking guidance on what to do after graduation
• Middle-aged professionals wanting a mid-life career change
• Small business owners needing help to expand their companies

You can include information about how your customers decide to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or life coaching services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will differ from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your life coaching business may have:

• You offer a more comprehensive life coaching program than your competitors.
• You have a team of certified life coaches with years of experience in various coaching fields.
• Your company offers a 100% satisfaction guarantee.

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service: Detail your product/service offerings here. Document their features and benefits.
• Price: Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place: Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion: How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or you may promote your life coaching business via word-of-mouth.

Operations Plan

This part of your life coaching business plan should include the following information:

• How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a life coaching business include reaching $X in sales. Other examples include expanding your customer base by X% or adding X new life coaching programs.

Management Team

List your team members here, including their names and titles, as well as their expertise and experience relevant to your specific life coaching industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue: how much revenue you generate.
• Cost of Goods Sold: These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss): Once expenses and revenue are totaled and deducted from each other, this is the net income or loss

Sample Income Statement for a Startup Life Coaching Business

Balance Sheet

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Life Coaching Business

Cash Flow Statement

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include cash flow from:

• Investments

Below is a sample of a projected cash flow statement for a startup life coaching business.

Sample Cash Flow Statement for a Startup Life Coaching Business

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Write a Strong Life Coaching Business Plan

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your life coaching company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

A business plan also serves as a valuable tool for communicating your business goals to employees, partners, and investors. By taking the time to write a comprehensive business plan, you will have a much better chance of achieving your desired results.  

Finish Your Business Plan in 1 Day!

Wish there was a faster, easier way to finish your ultimate business plan?

With our Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Other Helpful Articles

Developing a Life Coaching Contract & Agreement For Your Business (+ Template)

How To Write a Business Plan for a Life Coaching Business + Free Example

John Procopio

5 min. read

Updated February 7, 2024

Free Download:  Sample Coaching Business Plan Template

• Turn your passion for helping others into a thriving life coaching business.

As a life coach, you have the opportunity to empower others and help them achieve their goals. And with an estimated industry value of over $2 billion, the demand for life coaches has never been higher. 

Yes, the dynamic world of coaching presents an array of opportunities to guide clients through personal and professional growth. But just as you are developing plans for your clients you need to do the same for your business.

Crafting a solid business plan for your coaching practice will help you clarify your vision and objectives, account for certifications and training, and explore how you need to perform financially in order to thrive in an increasingly competitive market. 

In this guide, we’ll walk you through how to create a business plan for a life, performance, or executive coaching business. You can even download a free one-page coaching plan template to fill out as you go.

• What is a life coaching business?

A life coaching business provides professional coaching services to help clients achieve their personal and professional goals. Life coaches work with individuals or groups to provide guidance, support, and accountability. There are many types of life coaching, including:

• Performance coaching: Enhancing specific skills or talents, such as athletes or musicians.
• Executive coaching: Developing effective leadership skills for executives and business leaders.
• Relationship coaching: Improving communication, conflict resolution, and relationship dynamics with partners, family, friends, and colleagues.
• Career coaching: Advancing careers through skills assessment, resume building, networking, and career planning.
• Life coaching: Taking a holistic approach to improving various areas of life like health, work-life balance, productivity, and personal fulfillment.
• Why you should write a business plan for a life or executive coaching business

A solid business plan is crucial for success in your life or executive coaching business. It helps organize your strategies, identify potential obstacles, and invest in certifications and marketing for growth and credibility. By writing a detailed business plan, you can more effectively allocate resources, set achievable goals, and create a roadmap for success.

• How to write a life coach business plan

In this guide, we’ll walk you through the key components of a life coaching business plan to help you lay the foundation for a thriving coaching practice. For a walkthrough of how to write the specific sections of a business plan , check out our full guide and supporting articles.

1. Clearly define your offering

To build a successful life coaching business, you must have a precise understanding of your services and how they stand out from the competition. Determine your areas of expertise—whether career, executive, relationship, life, or wellness coaching—and the specific challenges you can help clients navigate. Becoming properly certified and accredited demonstrates your professional competence to clients.

The two top certifying organizations are the International Coach Federation (ICF) and the Coaches Training Institute (CTI). The ICF offers ACC, PCC, and MCC credential levels based on your experience. CTI offers a Certified Professional Co-Active Coach credential. Achieving the right credential for your coaching specialty—such as becoming a Certified Career Coach, Certified Professional Career Coach, or earning a Life Coaching Certification—can maximize your credibility.

With a clear service offering tailored to your target market’s needs and the proper certifications, you will gain the credibility and expertise to help many clients achieve meaningful life changes and reach their full potential. Promote your services boldly by focusing on your areas of specialization, ideal clients, and the specific outcomes you provide.

2. Have specific clients in mind

Speaking of your target market , successful businesses have a clear understanding of their ideal customer and cater to their unique needs.

For example, a life coaching business may target mid-career professionals seeking personal growth or corporate executives looking to enhance their leadership skills. Their needs include developing management skills, thinking strategically, and improving communication. However, you can break this down even further and have market segments such as: 

• Mid-career professionals looking to change jobs or careers. Their needs include identifying strengths and interests, building a strong resume, developing networking skills, and gaining confidence in interviews.
• Young adults transitioning from college into the working world. Their needs include determining a career path, gaining skills and experience, finding mentors, and learning professionalism.  
• Entrepreneurs looking to start a new business. Their needs include business planning, productivity, accountability, motivation, and work-life balance.

3. Create a marketing plan

Developing a strategic marketing plan is vital to building brand awareness and attracting clients to your life coaching business. You’ll need a detailed marketing strategy to maintain a consistent brand identity reflecting your unique coaching style and expertise. 

Strategically choose a few marketing channels, like your website, a targeted social media strategy, and possibly speaking engagements to reach your ideal clients. Run a blog, Substack, or podcast providing actionable advice in your areas of coaching. Submit articles to media outlets your target audience follows and build credibility through these expert placements. 

It’s also important to consider paid media as part of your marketing strategy, such as social media advertising and Google Ads. Monitor your return on ad spend (ROAS) and calculate the lifetime value of a lead to accurately measure the effectiveness of your campaigns. 

With a customized brand and strategic marketing focused on your niche audience’s needs, you will hope to gain visibility, credibility, and quality leads to develop a thriving coaching practice. These are just some of the marketing avenues you may consider exploring.

4. Know your numbers

To build a profitable coaching business you need to understand your financials by monitoring both revenue and expenses closely. Charge what you’re worth based on your experience, certifications, and client outcomes. While gaining momentum, generate extra income through related services. Consider charging for initial consultations to add another revenue stream to your business. 

Here are a few other key things to consider when exploring your numbers:

Track key metrics

Review key metrics monthly, like client retention and profitability. Make adjustments to optimize satisfaction and revenue. Budget for short-term loss but aim for profitability within 6-12 months. Think long-term, progress will take time.

Test your pricing strategy

Explore different pricing models to attract clients with varying budgets. Consider offering packages, retainers, group programs, and online courses, as they provide stability for both you and your clients. 

Keep a close eye on expenses

Assess expenses regularly to minimize waste. Expect costs like marketing, office space (if needed), insurance, and certifications. Budget adequately , reducing expenses will boost profit, and review and refine over time.

• Download your free life coaching business plan template

Now, you’re reading to start creating your business plan. To get started, download our free one-page business plan example for a life-coaching business . For more inspiration, check out our free library of sample plans and templates for service businesses. You can download any of these documents in Word form and get some structure and industry-specific insight for your own plan.

John is a seasoned digital marketing leader with over 25 years of experience across SaaS, e-commerce, and content industries. He has a proven track record of driving growth through data-informed strategies that span the entire marketing pipeline.

Table of Contents

Related Articles

8 Min. Read

How to Write an Auto Repair Shop Business Plan + Free PDF

How to Write a Franchise Business Plan + Template

7 Min. Read

How to Write a Cleaning Service Business Plan + Free Sample Plan PDF

How to Write a Laundromat Business Plan + Example Templates

The Bplans Newsletter

The Bplans Weekly

Subscribe now for weekly advice and free downloadable resources to help start and grow your business.

We care about your privacy. See our privacy policy .

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

Coaching Business Plan Template

Written by Dave Lavinsky

Coaching Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their coaching companies. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a coaching business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Coaching Business Plan?

A business plan provides a snapshot of your coaching business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Coaching Business

If you’re looking to start a coaching business or grow your existing coaching company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your coaching business to improve your chances of success. Your coaching business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Coaching Businesses

With regards to funding, the main sources of funding for a coaching business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for coaching companies.

Finish Your Business Plan Today!

How to write a business plan for a coaching business.

If you want to start a coaching business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your coaching business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of coaching business you are running and the status. For example, are you a startup, do you have a coaching business that you would like to grow, or are you operating a multiple coaching businesses?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the coaching industry.
• Discuss the type of coaching business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of coaching business you are operating.

For example, you might specialize in one of the following types of coaching businesses:

• Business coaching: A business coach specializes in helping business owners clarify their business’s vision and goals.
• Career coaching: A career coach specializes in helping individuals reach their professional goals.
• Life coaching: A life coach specializes in helping people make positive progress in their daily lives, relationships, and careers.
• Performance coaching: A performance coach specializes in helping individuals improve their performance abilities using techniques similar to a sports coach.
• Wellness coaching: A wellness coach specializes in helping individuals develop and maintain healthy habits.

In addition to explaining the type of coaching business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients served, the number of cases with positive outcomes, reaching $X amount in revenue, etc.
• Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the coaching industry. While this may seem unnecessary, it serves multiple purposes.

First, researching the coaching industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your coaching business plan:

• How big is the coaching industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your coaching business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your coaching business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of coaching business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

Finish Your Coaching Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other coaching businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other types of self-development services, therapists, counselors, and online support groups. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of clients do they serve?
• What type of coaching business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you make it easier for clients to acquire your services?
• Will you offer services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a coaching business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of coaching company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide performance coaching, executive coaching, health and wellness coaching, or career coaching services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the services you offer and their prices.

Place : Place refers to the site of your coaching company. Document where your company is situated and mention how the site will impact your success. For example, is your coaching business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your coaching marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your coaching business, including answering calls, planning and providing coaching sessions, billing clients and collecting payments, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth session, or when you hope to reach $X in revenue. It could also be when you expect to expand your coaching business to a new city.  

Management Team

To demonstrate your coaching business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing coaching businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in coaching or running a small business.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you see 5 clients per day, and/or offer group coaching sessions? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your coaching business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a coaching business:

• Cost of utilities, internet service, and office supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and office furniture

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of payment forms you accept.  

Writing a business plan for your coaching business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the coaching industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful coaching business.

Coaching Business Plan Template FAQs

What is the easiest way to complete my coaching business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your coaching business plan.

Where Can I Download a Sample Life Coach Business Plan PDF?

You can download our sample life coach business plan pdf here.

How Do You Start a Coaching Business?

Starting a coaching business is easy with these 14 steps:

• Choose the Name for Your Coaching Business
• Create Your Coaching Business Plan
• Choose the Legal Structure for Your Coaching Business
• Secure Startup Funding for Your Coaching Business (If Needed)
• Secure a Location for Your Business
• Register Your Coaching Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Coaching Business
• Buy or Lease the Right Coaching Business Equipment
• Develop Your Coaching Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Coaching Business
• Open for Business

Learn more about how to start your own coaching business .

Don’t you wish there was a faster, easier way to finish your Coaching business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business planning consultant can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Websites for Coaches by Lovely Impact

How to Write a Life Coaching Business Plan (The Easy Way!)

You’ve been working hard to get your Life Coaching Business off the ground. Now you need to figure out how to market and grow it! That’s where a life coaching business plan comes in!

We’re Cass and Tee , and we’ve been helping coaches succeed for years, as well as being coaches ourselves! We understand the importance of a business plan. This is the most important part of your life coaching business.

Today, we’re going to explore all the steps for creating a simple and effective life coaching business plan. We’ll help you outline what you want to offer in your life coaching business, who your ideal clients are, and what strategies you’ll use to grow your business. 

We’ve even included a template that is ready-to-go for you so all you have to do is fill in the blank. 🙂

Let’s dive right in!

Table of Contents

What is a life coaching business plan, section 1: mission statement, section 2: executive summary, section 3: products and services, section 4: targeted audience, section 5: client needs, section 6: client acquisition, section 7: competitive advantage, section 8: owner passion, section 9: finances, section 10: business goals, final thoughts – how to write a life coaching business plan.

Your life coaching business plan tells you in concrete terms what it is that you wish to achieve from your business. This plan lets you know where you are starting, where you aim to be, and the timescales that you are looking at. It also tells you what resources you need.

It’s an important means of keeping yourself on track with your current plan because you will have an end goal in sight. It will also bring structure to your approach, and encourage you to slow down enough to think about the steps.

You don’t have to write a novel-length plan, however. A short, simple plan is often more effective, and that’s what we are going to show you how to create today.

Get Your Free Coaching Business Checklist!

Fill out this form to access our free comprehensive business checklist with 149+ actionable tasks to setup your coaching business for success.

Plus, join our email list to stay up to date.

What to Include in a Life Coaching Business Plan

Your mission statement should encompass your business and what it involves. A stranger who picked the document up and read it would know exactly what your life coaching business does and how it does it.

You should think about the following areas:

• What do you do? – What role do you see yourself fulfilling and what problems do you solve?
• How do you do it? – Do you engage your clients face to face, over the phone, via email? What teaching methods do you employ?
• Who do you do it for? – Are you looking to improve life for your clients? Yourself? Your family?
• What value do you bring? – Whose problems are you solving? How are you making things better?

Use this section to explore a bit more about your life coaching business and expand on the previous one. Why have you chosen to start this business? What does the business mean to you and to your customers?

Think about things like:

• What type of business it is.
• What industries it serves.
• What its purpose is.

This will help you to better understand your life coaching business and its position.

In this section of your life coaching business plan, break down your products and the services that you offer to your customers. You should have a good sense of the things that you provide and what they cost, even if this is subject to slight alterations later.

Make yourself a full pricing list for the products you will sell, and a separate list for the materials that you will need to buy, with the cost of those materials alongside. Think about what the products you will have to buy will cost you, and start drafting a budget.

This will help you build your pricing sheet and ensure you are charging enough for the things you plan to sell to your customers.

A good life coach knows their clients intimately, so take some time to think about your ideal clients and who they are. This might be one of the most important steps, so take your time over it and refine it.

Look at the demographics you’re serving and think about how you can speak to them. What social networks do they use online? What sorts of things do they share and engage with? What are the current trends and how can you tap into them?

Build a profile for your client, looking at things like their age, gender, preferences, etc.

Once you have your client profile, you’ll need to start thinking about what problems you are solving for your potential customers. What are the pain points in their lives, and how are you going to make a difference to those points?

This area is about pinning down exactly what your business offers. Be specific and detailed. For example, don’t write:

“I will help people feel happier.”

“I will help people pinpoint what they need to change to feel happier.”

Being specific will ensure you have a strong foundation for your life coaching business.

Next, you will need to think about how you are going to actually attract those clients. How will you let them know about your life coaching business?

You should think about the areas that you can use to promote yourself. Do your customers spend a lot of time in yoga studios, and could you put up notices there? Are you going to advertise on public transport?

Social media is a very powerful promotional tool, but you should also think about tapping into forums and advertising in print.

Once you’ve identified the areas, think about what you will do to attract customers, such as free trials, etc.

Think about what makes you stand out and who you are up against. What sets you apart from the crowd and why?

Make a list of your products and how they differ from products offered by your closest competitors. It isn’t enough to just feel like you are a better coach; you need an edge that makes you a preferable choice for clients.

Make some bullet points of things that make your life coaching business different from the others in your industry, and use these to craft your angle so that you are clearly offering something unique.

You might already know in your head why you are passionate, but write it down in your life coaching business plan. It matters, and putting it on paper is a good way to stay focused on it. Many coaches leave this step out of the business plans, but it’s a really good way to motivate yourself and keep yourself on track.

Once you have written about what drives you in your life coaching business, you should add three bullet points that reflect the top strengths you will bring to it. For example:

• I will show my clients compassion.
• I am an excellent listener.
• I am good at identifying problems.

Few people enjoy looking at the financial side of things but it is important, and you don’t have to go super in-depth here. Simply spend a bit of time thinking about:

• What you want to gain financially from the business.
• What funds you will need to put into the life coaching business and where you will get these.

Write down some of the basic costs of setting up, such as website design, logos, promotional materials, and any training that you require.

It’s very important to know where you are going next, so make sure that you also write down some goals for the future. What are you going to accomplish in the coming months?

You can list as many goals as you like, but you should make sure that you have a six-month goal, a one-year goal, and a five-year goal as a minimum. These will motivate you to keep taking your life coaching business to new heights and stay on task, rather than losing your momentum.

A life coaching business plan is a must-have for any coach. It’s where you outline what you want to do in order to grow your business, how much time you will spend on each task, and what tools you can use to make it easier for yourself. 

To help, we have a free template in our resource library for coaches HERE . Sign up and you’ll see the coaching business plan in the business resources section: 

Let us know in the comments if you download it and use it in your business! Have fun with this process – don’t think of it as work but rather an opportunity to dream big about the future success of your coaching business!

About The Author

Hey! I’m Cass, a brand coach and the Co-Founder & Chief Brand Officer at Lovely Impact, a website template shop for coaches. I help coaches elevate their businesses with beautiful branding and websites. Here on our blog, my content focuses on branding, web design, and storytelling.

Hey! I’m Tee, a brand and marketing coach and the Co-Founder & CMO at Lovely Impact, a website template shop for coaches. I help coaches grow their coaching businesses digitally. Here on our blog, my content focuses on web design, marketing, business, and social media strategy.

Leave a comment Cancel reply

Your email address will not be published. Required fields are marked *

The most comprehensive coaching library online including trainings, ebooks, checklists, and more.

We’ll Set Up Your Coaching Business & Design Your Website in Just 9 Weeks!

Privacy Overview

• Yoga Life Book
• Chakra Journal
• Abundance Journal
• Listen to the Podcast
• Master the Basics
• Chakra Challenge
• Yoga Business Plan
• Sequencing Masterclass
• Somatic Yoga Workshop
• Pregnancy Resource Center
• 2024 Yoga Calendar
• Advanced Yoga Poses
• Basic Yoga Poses
• Seated Yoga Poses
• Standing Yoga Poses
• History of Yoga
• Kundalini Demystified
• Business Launchpad
• Yoga for Self Mastery
• Prenatal: Pregnant & Powerful
• Uplifted Academy
• 200 Hour Certification
• 300/500 Hour Certification
• Somatic Yoga & Life Coaching Certification
• Kundalini Yoga Certification
• How to Pick a Yoga Teacher Training
• Doctor’s Roundtable
• FREE – Brett’s PDF Sequences & Masterclass
• Chakra Affirmations
• The Seven Chakras
• Becoming a Yoga Teacher
• For Yoga Teachers
• 8 Limbs of Yoga
• Yoga Sutras
• Positive Affirmations
• Styles of Yoga
• Yoga By Benefit
• Uplifted Login
• Contact / Help

• How To Make A Life Coach Business Plan (With Template)

If you are anything like me, you have been traditionally educated. So, unfortunately, a lot of times that means we sat through classes wondering when we would ever need XYZ in real life. Unless we have a specific roadmap, core content does not include business courses. 

And, we have spent all of this time getting certified to be life coaches so the last thing we want to do is invest more money into business courses just to learn how to be successful in our life coaching business.

So, I have compiled a quick frame of reference in the sections below to take away some of the guesswork, and give you some ideas that you can quickly and easily apply to your life coaching business plan to receive success sooner than later 😍.

Here’s everything you need to know to create a life coach business plan.

What Is Life Coaching

Life coaching is a type of wellness coaching that helps clients achieve a higher state of being. This can come in many forms, and there are many forms of life coaches as well. Overall, life coaches are significant because they help people explore within themselves, to identify their limitations/ things holding them back, and the answers for how to overcome those limits.

Those same elements are what makes life coaching different from other forms of coaching. As a life coach , you get to help people identify their personal and professional goals. Then, you get to help them create a course of action in order to help your clients reach the goals they have discussed with you.

The beauty here is that even after the conclusion of your time together, your client will be able to take the steps and principles learned with you to continue to improve elements of their lives. That is a very rewarding experience to have.

Why Every Life Coach Needs a Business Plan

A life coaching business requires more than just a good marketing plan. You also need a business plan , which includes a marketing strategy. The difference between the two, simply put, is:

• Business plans outline all of your big picture goals. Your current end game/ what you identify as what will be your definition of success right now. 
• Your marketing plan is how you are going to use marketing to achieve the goals you identify in your business plan.

Now, why would you as a life coach need a business plan? Having a life coaching business plan will help keep you accountable and authentic to your business and your life coaching clients.

How to Start Your Life Coaching Business

Before we get into the key components of a life coaching business plan, it’s helpful to understand the general steps to starting your life coaching business. That way, we can develop clear goals and direction at each step.

These are the steps to start your life coaching business:

• Become a life coach : get certified as a life coach through an International Coaching Federation (ICF) accredited course.
• While going through your life coaching certification course , work on gaining a following on no more than 2 social media platforms.
• If you are looking to specialize in a specific category of coaching such as business coaching, performance coaching, executive coaching, spiritual coaching, relationship coaching, career coaching, etc. you will need to further your education by taking a course that is specific to those areas.
• Get your brand together from the look you are going for to the color palette you like.
• Do a competitive analysis to help you niche down. EX: I am a relationship coach helping women in their golden years rediscover who they are on their own after a long term relationship ends.
• Develop your marketing strategy and marketing plan.
• Determine your personal and professional goals for your coaching business.
• Construct a product suite filled with free, low, medium, and high ticket offers.
• Put together your group coaching or one on one coaching packages and begin to talk about what your coaching practice can achieve. Be vocal about who your ideal clients are. Ideally, your ideal clients should be acknowledged in your social media bios.

5 Key Components of a Life Coaching Business Plan

Below are some examples of what you should include in your life coach business plan. Feel free to omit, or add any sections as needed for your coaching business. This is merely a look at life coach business plan examples to help your own life coaching business be successful.

1. Business Identity and Branding

Your business identity and branding need to appeal to your target market, yes. However, it needs to also stay true to who you are as a coach and an individual. If you do not stay true to yourself, it will become hard at some point to continue to deliver your message when attempting to speak to people based on what you THINK they want as opposed to what you know and can successfully deliver.

Your brand identity is how you present yourself to the public aka your followers and potential clients. Some things to consider:

• How do you dress?
• What colors do you like?
• Do you prefer luxury or the great outdoors? 
• Ocean or mountains?
• Spring or fall?

Overall, you want to ask yourself every possible question about how you present yourself so that you can consistently show up as yourself, and also offer your coaching services in a way that your target market will want.

Your branding is what distinguishes you from your competition. There are thousands of life coaches out there that help every niche imaginable, so your branding is what sets you apart from those other coaches.

The main question you should ask yourself is, how will people always know this is me ? Maybe that’s a logo, a specific color palette, a certain symbol. Think back to your brand identity and determine which of these branding methods would best work with your coaching practice, and your niche in order to best serve your online coaching business.

Again… consistency is key . The goal is for your audience to ALWAYS know it is you and once they notice it is you, your potential clients will always read your posts. Thus, leading to your successful life coaching business.

2. Defining Your Target Client

You can read more in-depth about this in how to get clients for life coaching , but there are 2 really important aspects worth mentioning.

2.1: You need to have a clear and specific niche.

If you say you help everyone, you are actually helping no one. 🔥 While you may actually be able to help everyone, you have to first help someone . Knowing who you help, how you help them, and what you will do to help them get results is paramount to your business plan. As you grow or move on from certain niches, you can always re-evaluate your niche and who you help. Your marketing strategy will also change with you.

2.2: Create a client avatar.

This will help you consider different facets of all kinds of people. It will help you decide where your clients are coming from and where they want to go. The better you know your client, the better you can meet them where they are and serve them better . Most often, coaching programs have their students do this within the first three modules or weeks of their coaching certification. But, if for some reason you did not do that… Here is a worksheet I created to help you. Simply, make a copy and fill it in according to your coaching services.

3. Addressing Client Pain Points

Your clients’ pain points are what kind of issues they are up against . These are the issues you help them work through as their life coach. Their pain points should also be what all of your content within your business plan are centered around. 

You should constantly be offering help and solutions for why they should work with you. Use that to let them know how you will help them move on from these issues.

Most often these pain points center around large concepts such as balance, freedom, clarity, mindset, inner peace, and confidence . Your job is to take the large concept that you help your clients achieve and break it down into smaller pain points that showcase the kinds of results you get your clients.

It will look something like this:

• pain point → results you get your clients = how you’re marketing your coaching services

For example:

• intense PMS symptoms → calmer menstrual cycles = menstrual cycle awareness coaching program

4. Your Unique Solution

Your unique solution is the HOW. HOW you get your clients the results they want. For instance, I have the RISE method in which I help my clients identify their higher selves versus where they are. We then RISE by developing an action plan and doing the identity work in order to step into our power and embody our higher self until we actually BECOME her.

Your method doesn’t have to have a fancy name, but it does need to be something catchy that people will remember. Then, every time you talk about that method, people will say, “Oh. I keep hearing about her RISE method. I wonder what that is.” This falls into the branding and identity mentioned earlier.

Remember : there are hundreds of coaches in your niche, but your clients are paying to work with YOU. They like your messaging. They like your HOW. They like YOU.

5. Analyzing Your Competition

When it comes to analyzing your competition, do not overwhelm yourself. Instead do this:

• I recommend choosing one with a large audience (10,000+ followers), a medium audience (5,000 followers), and small/ growing audience (less than 5,000 followers)
• What are they offering in each category? How much are they charging for their services in each category? What problem(s) are they solving?
• Anything else you find worth noting for the sake of market research
• Subscribe to their email list if they have one so you can stay up to date on their offers without having to do the digging again.
• The key here is not to compare yourself to or copy the other coaches, but more to know what problems other coaches with a like audience are solving and how they are helping their clients solve those problems.
• Take a look at your offers and determine how they are similar to and different from the research you just did.
• What is unique about their offers and who they are as a life coach/ their coaching method?
• What is unique about you and your own method? What problems do you solve?

By conducting this research, you are not only getting insight into the market and your target customers, but you are also getting clear about your messaging and how to use it to your advantage within your coaching business plan. You are also conducting a little customer analysis by looking at what kinds of problems your dream clients are looking to solve using a life coach. This research can also assist you in gaining a competitive advantage.

If you are needing some additional help finding your style, consider this 9 Day Find Your Style Yoga Challenge from Brett. Getting into the groove of finding your yoga style and coming back to your yoga practice will help you gain clarity for the hard answers regarding your uniqueness and style when it comes to branding methods.

Financial Aspects of Your Life Coaching Business Plan

While you can definitely utilize your individual profiles, shares, likes, comments, etc to drive traffic and convert sales, there are some money aspects of your life coaching business plan for you to consider as well.

Revenue Streams and Pricing

As previously mentioned, you should be using freebies, low ticket, mid- ticket, and high ticket sales strategy when it comes to your coaching business.

To break this pricing strategy down, consider:

• EX: if I want to make $50,000 in a year, that means I need to make $4,167 a month, $1,042 a week, and 148.81 per day
• To determine your numbers, take your goal income and divide it by 12 to get your monthly need, then divide that by 4 for your weekly need, and then that number should be divided by 7 for your daily need.
• freebie= entirely free (usually at the cost of giving an email address to an email list)
• low ticket= anything under $100
• mid- ticket= anything under $1,000
• high ticket= anything over $1,000

Use the two bullet points above to determine how to price each of your ticket items in order to meet your annual income goal.

Budgeting and Expenses

Using your financial projections from the above sections, you will now need to decide how much of that income will be used to pay expenses within your business. If any adjustments need to be made to your bottom line once you figure this part out, that’s okay. This is why you do your business planning on the front end. 😃

Some expenses to consider:

• Coaching website (read about the best blog platforms )
• Online course platforms , if you plan on using those (some website providers have this option built in for an additional cost as well)
• Management team, if you plan to have one
• Continuing education or growth plan for you as a coach and for your 
• Online advertising
• Other types of marketing costs include local events, networking events, chamber meetings, community organizations etc.
• Online business memberships
• Any other expense that could arise

While this list is not a full list of everything that could be an expense as a life coach, it is here to give you an idea of things to consider when it comes to both your operations plan and your life coaching business plan.

Brett has a really in-depth post about managing cash flow in a yoga business that could be helpful for you now.

Marketing and Promoting Your Life Coaching Business

Now that you have your financial plan and your expenses accounted for, it is time to create a life coaching business marketing plan .

Building an Effective Online Presence

While a website is not necessary, should you choose to use one make sure you include the following:

• NOTE: try using some search engine optimization (SEO) to see what specific phrases you can include in your about page specifically when it comes to talking about your coaching business to increase your rankings when people use a search engine to find a life coach.
• Testimonials from previous clients , even if they just did one session with you, or they were a beta client, include it. People want social proof, so anything anyone that has worked with you in any capacity has said… include it.
• Your offers , every single one of them. You never know where your clients are within their own journeys so listing your offers with a brief description of what is included and the end result is necessary.
• An option to join your email list , whether via pop up and/ or an option as a footer on the bottom of each page, you want to make sure there are multiple opportunities on your website for your target customers to join your email list.

Read this thorough search engine optimization guide to educate yourself on how to publish content strategically.

For social media:

• EX: I help bored women who know you are made for more step into your power, claim your purpose, and become your best self.
• Get your branding sorted for your coaching business, such as colors, vibe, and voice.
• Use your market research and competitor analysis to hone in on your messaging for your coaching business. Know exactly who you are talking to and WHY you are talking to them by constantly communicating the problems you solve and what those problems look like when manifested into the day to day life. Then, include how you help those problems go away.
• Do no post and ghost 👻 Simply posting to stories or your grid or profile will not do you any favors. As a life coach, you should set out 3-4 times a day for 10 minutes at a time to respond to any comments or DMs you get and also engage on other accounts as well. You are looking for visibility, so the more people you can get in front of the sooner your coaching business will get clients.
• Stay true to you and what your coaching business is. Do not make posts or stories around what you think people want to hear. Be authentic and always give the message that is both on brand for you and what YOU believe people NEED to hear.

If you have made it this far, and are still feeling uncertain and overwhelmed, head to Brett’s Yoga For Self Mastery course to see if that would be a good fit for you. She explores yoga as a tool for supporting you and your unique composition. Something like this can help you as a life coach and your coaching business by exploring your consciousness and what it is you bring to the table as a life coach and as a human.

Networking 

Your coaching business plan should include networking and relationship building of all kinds. As for networking, your coaching business plan should absolutely include collaborating with other coaches. This again should be something that showcases your life coaching services and gives people a feel of what it would be like to work with you.

Some options to consider are:

• Being an IG live or podcast guest for other coaches whether in your niche or not
• Doing a guest social media or blog post
• Doing an online course bonus for another coach’s program outside your niche, but that you are an expert on as it is relevant to their online course.
• Pretty much anything that gives you the opportunity to get in front of someone else’s audience

Building Client Relationships

Your life coaching services start in your online presence, like on social media or your website. This is where most people will “meet” you. So, whether you are giving service-level guidance in the comments, or offering support through the DMs, that is your life coaching services in action. Do not do free coaching, but just like your different levels of offers, there should be some level of coaching services taking place anytime you communicate with others in order to build credibility and social proof.

Your clients want to be heard. By demonstrating even a glimpse of your coaching services, your life coaching business plan is in play. By providing even minimal support, you will gain a following because your followers will know instantly that you walk your talk.

You are not chasing money, you are there for them. You are in it for the passion and the need to help others up-level.

Now, it’s time to put it all together in your life coaching business plan! Brett has a yoga business plan template that you can download right now to get some ideas about what to put in yours.

Save Hours with my Proven Formula. FREE Yoga Business Plan Download & Checklist 👇

Save Hours with my Proven Formula. FREE Yoga Business Plan Download

Common Questions About Life Coaching Business

How profitable is a life coaching business.

Grand View Research put out a study that says that the life coaching industry is expected to grow at least 4% from now until 2030. Life coaching has been on the rise for some time, and it is present and needed in all states.

On average, life coaches make about $5,000 per month. You can read more in depth on this topic by reading my previous post, How Much Does A Life Coach Make .

Is it profitable to be a life coach?

Depending on your niche, audience, results, and the life coaching services you offer, it can be very profitable to be a life coach.

According to an article on the U.S. Bureau of Labor Statistics website written by Kathleen Green, The national average salary for a life coach is $61,900 with the mid- range of that salary being $36,200 in the United States.

Do life coaches need a business plan?

Life coaching should be treated just like any other business. Even if it is just you on your “staff”, you should have a life coach business plan.

A life coaching business plan will help you:

• stay focused
• set and reach attainable goals
• stay organized
• stay on budget/ create budget
• have a social media plan
• connect with other coaching businesses
• a wide variety of other management items as well depending on how in depth you choose to make your business plan.

Final Thoughts

Your business does not have to be anything super elaborate. You will add more detail and take away items as you begin to find your groove, get clients, and achieve results. Your coaching practice and the direction you want to take it should help guide your business plan in order to assist in your own desires to come to fruition.

Whether you offer group coaching sessions, online courses, attend local events, provide coaching resources, or simply stick with 1:1 coaching, having a business plan is necessary.

As someone that started their life coaching without a business plan, I can tell you that it is not worth the headache of not knowing your expenses, and having to start using personal savings to support my business on the front end because I was too stubborn to create one.

Have fun and be creative. Approach your life coach business plan the same way you would approach a client. It merely serves as a guide that can be molded and adapted as your business begins to adapt and mold into shape. Don’t take it too seriously when creating it, and always remember that you are ultimately in charge of your own business.

About the Author | Ashlie Franey

Ashlie Franey is a Woman Rising. She is a Higher Self & Identity Coach helping women to bridge the gap from their current selves to their future selves. Using her RISE method, her clients learn to step into their power & begin to fully embody the woman they want to be.

• If you’re interested in practical kriya yoga as a way to improve your daily life and relationships, check out my Yoga for Self Mastery course.
• Order my Yoga Life book for a practical guide to creating balance in your life through yoga.
• Check out my YouTube channel and find some yoga classes that you can try out for yourself!

FREE Embodied Yoga Workshop (usually $67) Somatic Techniques & Cord Cutting Ritual

YOU MIGHT ALSO LIKE

• What Is Spiritual Coaching? How To Become A Spiritual Coach
• What Is Mindset Coaching? A Complete Breakdown
• How To Make A Life Coaching Intake Form
• 7 Steps To Start A Life Coaching Business
• What Is A Self Love Coach? And How To Become One
• Self-Coaching: How To Become Your Own Life Coach
• Types Of Life Coaches: How To Choose Your Life Coaching Niche
• Life Coach Marketing: A Comprehensive Guide For Long-Term Growth
• How To Get Clients For Life Coaching
• Are Life Coaches Worth It? Take This Self-Assessment To Find Out.
• How Much Does A Life Coach Make? Around $5k+ A Month
• Life Coaching Skills: Are You Meant To Be A Life Coach?
• How To Become A Life Coach (For Yoga Teachers)
• What is a Life Coach? 21 Ways a Life Coach Can Help You

Search the blog

• Beginner PDF
• January 2024 Calendar
• February 2024 Calendar
• March 2024 Calendar
• April 2024 Calendar
• May 2024 Calendar
• June 2024 Calendar
• July 2024 Calendar
• August 2024 Calendar
• September 2024 Calendar
• October 2024 Calendar
• November 2024 Calendar
• December 2024 Calendar
• How to Pick a YTT
• Uplifted vs YogaRenew
• Uplifted vs Siddhi Yoga
• Uplifted vs Ithaca Farm
• Uplifted vs Drishti Beats
• Uplifted vs. My Vinyasa Practice
• Uplifted vs Akasha Yoga Academy
• Uplifted vs. Online Yoga School
• Register for 200-Hr YTT
• FREE Download – My Sequences
• YTT Student Login
• Kundalini University YTT
• Free Pregnant Yogini Resource Center
• Pregnant & Powerful Course
• Prenatal Certificate Program for Teachers

Coaches Training Blog

Videos for Learning High Caliber Coaching to Cash Clients

• Free Sample Life Coaching Business Plan for a New Firm

June 3, 2024 by Jeannie Cotter Leave a Comment

Looking for a free sample life coaching business plan ? This detailed sample provides an outline and framework for launching a new coaching practice focused on helping busy professionals achieve more balance and fulfillment in their lives.

A Free Sample Life Coaching Business Plan

Drawing from industry research and best practices, the free sample life coaching plan below covers key sections including the executive summary, company overview, services, market analysis, financial overview, and milestones for a hypothetical life coaching business aimed at serving professionals seeking greater work-life balance and fulfillment.

Executive Summary

This life coaching business plan outlines the launch of a new life coaching practice focusing on helping professionals achieve work-life balance and fulfillment. The business will be founded and run by Jane Smith, an experienced and certified life coach. The target market is professionals aged 30-50 in the city area who are feeling unfulfilled, stressed and seeking more work-life balance. The business will offer 1-on-1 life coaching sessions in person or virtually, as well as group workshops. Competitive advantages include the founder’s strong qualifications and experience, a unique niche focus, and flexible packages. The business requires a modest upfront investment and projects over $100k in revenue in Year 1.

Company Overview

The life coaching business will be structured as an LLC founded and run by Jane Smith. Jane has over 10 years experience as a life coach and received her training and certifications from the International Coach Federation. She specializes in helping busy professionals find fulfillment and balance. The business will be based in Cityville, but also serve clients virtually nationwide. The company’s vision is to help thousands of professionals create lives they love through empowering coaching.

The business will offer two core services:

1-on-1 Life Coaching: Customizable packages of 1-hour private coaching sessions, offered in-person or virtually by phone/video. Focus areas will include finding purpose, achieving career and life goals, reducing stress and burnout, improving work-life balance, and boosting happiness and fulfillment.

Group Coaching Workshops: Half and full-day small group coaching workshops focused on specific topics like finding your passion, getting unstuck, beating burnout, achieving work-life balance, and finding meaning.

Market Analysis

The target market is professionals aged 30-50 in Cityville and nationwide seeking more passion, purpose, balance and fulfillment. Market research shows there is significant demand in this demographic for coaching to address burnout, disengagement at work, and lack of work-life balance. The life coaching industry continues to grow over 6% annually. Competitive advantages include the founder’s expertise, unique niche focus, and flexible coaching packages.

Sales and Marketing Plan

To attract clients, a multi-pronged sales and marketing strategy will be deployed including search engine optimization, content marketing through a blog/newsletter, networking with local businesses, social media promotions, and email/print advertising campaigns. A free sample session will be offered to allow prospects to experience the benefits of coaching. Marketing messages will focus on the problems the business solves for professionals and the advantages of coaching. Promotional offers like initial free consultations and discounts on the first paid session will convert prospects into paying clients. Partnerships with local companies may also drive employee referrals. Through persistent outreach and compelling marketing, the business aims to sign 5-10 new clients per month.

Financial Overview

The business requires an upfront investment of $10,000 to cover branding, website development, equipment and marketing materials. Revenue is projected to surpass $100,000 in Year 1 through sales of coaching packages and workshops. With low overhead costs, the business is projected to turn profitable within the first year. Funding will come from the founder’s personal investment as well as a small business loan.

Key milestones in the first year include: official business formation, securing necessary licenses and insurance, developing brand and website, establishing service packages, recruiting 5 initial clients, and delivering over 500 coaching hours.

This detailed free sample life coach business plan provides a framework for launching a successful coaching practice focused on helping professionals achieve work-life balance and fulfillment. With passion for serving clients, targeted marketing, and excellence in program delivery, this plan outlines a model for building a profitable and impactful coaching business in under a year. The rewarding journey of guiding professionals to thrive personally and professionally awaits.

Jeannie Cotter

Editor/Writer, Coaches Training Blog community

Facebook comments:

Leave a Reply

Your email address will not be published. Required fields are marked *

• How to Grow Your Life Coaching Business & Prosper
• Developing a Strategic Executive Coaching Business Plan
• Filling Your Coaching Practice
• Fine-Tuning Your Coach Training Outline

Quick Links

• Privacy Policy

ICF Level One Accredited Coaching Education Provider

Need a business plan? Call now:

Talk to our experts:

• Business Plan for Investors
• Bank/SBA Business Plan
• Operational/Strategic Planning
• L1 Visa Business Plan
• E1 Treaty Trader Visa Business Plan
• E2 Treaty Investor Visa Business Plan
• EB1 Business Plan
• EB2 Visa Business Plan
• EB5 Business Plan
• Innovator Founder Visa Business Plan
• UK Start-Up Visa Business Plan
• UK Expansion Worker Visa Business Plan
• Manitoba MPNP Visa Business Plan
• Start-Up Visa Business Plan
• Nova Scotia NSNP Visa Business Plan
• British Columbia BC PNP Visa Business Plan
• Self-Employed Visa Business Plan
• OINP Entrepreneur Stream Business Plan
• LMIA Owner Operator Business Plan
• ICT Work Permit Business Plan
• LMIA Mobility Program – C11 Entrepreneur Business Plan
• USMCA (ex-NAFTA) Business Plan
• Franchise Business Planning 
• Landlord Business Plan 
• Nonprofit Start-Up Business Plan 
• USDA Business Plan
• Cannabis business plan 
• eCommerce business plan
• Online Boutique Business Plan
• Mobile Application Business Plan
• Daycare business plan
• Restaurant business plan
• Food Delivery Business Plan
• Real Estate Business Plan
• Business Continuity Plan
• Buy Side Due Diligence Services
• ICO whitepaper
• ICO consulting services
• Confidential Information Memorandum
• Private Placement Memorandum
• Feasibility study
• Fractional CFO
• How it works
• Business Plan Examples

Life Coaching Business Plan Sample

Published Sep.11, 2018

Updated Apr.23, 2024

By: Jakub Babkins

Average rating 5 / 5. Vote count: 4

No votes so far! Be the first to rate this post.

Table of Content

Life coaching business plan for starting your own practice

Are you planning how to start your own life coach business ? Life coaching is an essential part of society considering the high number of people who need the services of a professional to help them attain their personal goals. Since time immemorial, coaching has been part and parcel of the society as there were no formal schools or training centers. Today, the demand for life coaches has increased because many people are stressed, overwhelmed and confused about how to make certain key choices in life.

Factors such as the high cost of living and stress have contributed to the increase in demand. To succeed, you need to have a genuine passion to help and advice others. In the U.S, statistics have indicated an average annual growth of the life coaches industry by 3.3%. As a thriving industry, it’s definitely a good business idea with great potential so long as you have a good business plan for life coach in place.

Executive Summary

2.1 the business.

The life coaching business will be registered under the name MakCoach LLP and will be based in Detroit, Michigan. The business will be owned by Paul Markins who is an experienced Personal Life Coach. This life coach business plan is supposed to guide you on what you need to know and what should be accomplished to ensure a successful set-up and strategic positioning of the business.

2.2 Management Team

Before having an interest in entrepreneurship and coming up with a life coaching business plan , Paul worked as a professional life coach and boasts of over 25 years’ experience in this field. In the course of his career, Paul Markins worked in federal institutions, the private corporate sector as well as the sports industry. He had a privilege of working for various reputable entities across the United States, Canada and Mexico.

2.3 Customer Focus

Mark has been a personal life coach for many years; over two decades and has seen how the industry has changed over the years. Given his extensive experience, he has offered his services in various industry sectors including numerous government agencies. With this in mind, Paul Markins has an in-depth understanding of the industry trends and is therefore in a good position to know who needs his services most.

2.4 Business Target

Paul Markins knows where he needs to concentrate his energy and focus to ensure MakCoach LLP reaches out to the right target market and acquire an attractive revenue for the life coach business plan . His intention is to have this business plan for life coach be the most famous and highly rated life coaching service in Detroit, Michigan and the surrounding areas. With his in-depth skills and industry knowledge, it is expected MakCoach LLP will easily meet its business targets.

Company Summary

3.1 company owners.

Paul Markins is an experienced life coach with extensive skills in life coaching. Before venturing into life coach business plan , Paul worked for various establishments both in the private and public sector across United States, Canada and Mexico. Paul knows how to run an effective life coach business model as aside from his professional experience, he has also bagged numerous life coaching and personal training certifications. He is a certified NPL Practitioner and is a member of numerous regional and global federations such as the International Coach Federation. A lot of people across various social, economic and cultural circles have benefitted from his expertise.

3.2 Aim of Starting the Business

Even though life coaching has been there for long, the demand for these services has continued to increase. With an increasing segment of the society that needs professional help, Paul knows too well now is the best time to chat his own way and invest in a life coach business plan that he has direct control over. Having been in the industry and witnessed all the changes, this sample life coaching business plan if well implemented has a good chance of building a successful business brand. As time goes by, the demand for personal life coaches is expected to increase.

3.3 How the Business will be Started

MakCoach LLP is expected to launch operations after doing an extensive market research. Even though Paul Markins is an experienced life coach with extensive experience, he intends to hire a team of financial analysts and professionals to come up with a detailed financial analysis for the business. Paul is also relying on his vast knowledge of the industry to propel the business plan for life coaches to success. With a team of business consultants handling the figures and projections, it is expected the life coach business plan will get its priorities right.

Services for Customers

MakCoach LLP plans to offer a wide variety of services in order to have a better foothold of the market and compete effectively in the industry. Paul Markins knows his experience, his personal and professional image as well as track record as a personal life coach will help him to effectively market his service and grow the clientele base. Aside from individual customers, MakCoach is keen to customize its services for the corporate industry to increase its revenue base.

In this coaching business plan , the plan is to be creative and diversify as much as possible. Paul wishes to stand out and create as much personal linkages and connections as possible. When planning how to start a life coach business , you need to get your priorities right and tailor your products and services to respond directly to market needs. In this regard, MakCoach LLP intends to offer the following products and services.

•  Family and Relationship coaching
•  Personal Improvement coaching including career and financial coaching
•  Business coaching
•  Weight Loss and Fitness coaching

Marketing Analysis of Life Coaching Business

Life coaching has been around since time in memorial only that the techniques and environment for coaching has changed. With the current economic challenges and career-related pressure, many people are now seeking the services of a life coach. As an ever expanding industry, there are plenty of opportunities for entrepreneurs to tap into.

The Life Coaches Industry is the United States is expected to grow at an annual average rate of 3.3% to around $868.5 million. In the U.S. alone, there are more than 12,000 licensed and registered life coach companies with almost over 18,000 employees working in the industry.

In this coaching business plan , MakCoach LLP has carefully surveyed the industry and identified opportunities to be tapped into. This coaching business model template shows how MakCoach LLP has carried out an extensive market analysis knowing where to focus on to grow revenue shares.

5.1 Market Segment

For MakCoach LLP to achieve its revenue targets, the life coach business plan has identified the appropriate markets that are in need of both personal and business coaching. Detroit is a large city that presents many untapped opportunities which this life coach business plan sample hopes to identify and harness. If you intend to venture into this business, finding a comprehensive life coaching business plan pdf online with step-by-step instructions is a great idea to help you have an idea of the target market.

Business plan for investors

5.1.1 enterpreneurs and business executives.

Detroit is a large city with many corporate establishments and a large number of business plans for life coach professionals and executives. With a desired to succeed and build sustainable brands, many entrepreneurs are increasingly looking for professional and quality business coaching services. This is a lucrative market as new businesses keep opening in the city and entrepreneurs are in need of personal coaching to help them acquire skills that will help them to excel in business.

Marketing a life coaching business should place emphasis on this target group as it has endless opportunities to explore and promises great revenue channels. Corporate executives keen on getting a good professional image and outlook are also in need of coaching services especially in areas such as corporate governance and management.

5.1.2 Celebrities and Public Figures

Celebrities and personalities have an image and perception to protect. MakCoach LLP stands a good chance to offering different types of coaching services to individuals such as celebrities and politicians as well as groups who’re always in the public limelight. These people know the society is likely to judge every decision they make and therefore, require a professional to constantly advice and guide them on the right way to do things. In this life coach marketing plan , strategies have to be put in place to connect the business plan for life coach to personalities in various segments of the society.

5.1.3 School Leavers and Students

MakCoach LLP offers coaching services which touch on areas such as career choices and excelling in school. For students still in school, constant coaching and mentoring is important to enable them excel in their academic work and attain good grades. School leavers on the other hand are at a critical stage in their lives where they need to be guided appropriately in order to make wise career selections. This is definitely a good market for the life coaching business considering the high number of schools and colleges.

5.1.4 Government Officials

Because of the sensitivity of their jobs, government employees need to be constantly guided and advised to excel both at the workplace and personal lives. Due to the nature of their responsibilities, having a personal coach to advise them on a wide variety of issues is an opportunity MakCoach shouldn’t let go. To enhance performance, governments are increasingly looking for professional life coaching services for their employees in different cadres.

5.1.5 Sports Men and Women

The services of a personal coach are highly appreciated by sports professionals. In most cases, these individuals have to endure numerous challenges and require coaching services to boost morale, increase optimism and improve personal image. MakCoach LLP has an incredible chance to market its life coaching services to stakeholders in the sports industry. With an ever increasing sports industry, there are numerous new opportunities the life coach business plan can tap into to make its impact and usefulness felt in the sporting industry.

5.2 Business Target

MakCoach LLP intends to establish itself as one of the most popular and reputable life coaching businesses in Detroit. Detroit is a large city with good success prospects across all the customer target groups. Good life coach business plan examples should clearly highlight the intentions or gains a business hopes to benefit right from its inception. In this case, MakCoach LLP hopes to achieve an annual sales growth of between 20%-25% in the first three years since opening.

L-1 Update – RateGain – KOTHARI, Siddharth

Alex has been super quick with his responses to my emails. I needed my business plan very urgently and whether it was Saturday or Sunday, Alex made sure that i had my plan ready in the shortest amount of time possible. My finance team is also very impressed. Well done Alex and keep up the good work!!!!! Sid Kothari Executive Vice President www.rategain.com 470.422.8578 8300 Greensboro Drive, Suite 800, Mclean, VA, 22102

5.3 Product Pricing

This life coach business plan pdf and outline indicates how pricing for MakCoach LLP will be implemented. Before making a decision on prices, extensive research was carried out to check what competitors are charging and carefully structure the prices to attract customers but at the same time, ensure profit margins are maintained.

MakCoach LLP intends to come up with an effective marketing strategy to help the life coach business plan target all the crucial target markets. The success of any business plan for life coach depends on the nature of marketing strategies implemented to sell the business brand in a highly competitive market. This life coaching marketing plan template clearly outlines the strategies the business intends to roll out in order to reach out to prospective customers in need of life coaching services. When choosing a marketing strategy, it is important to come up with a sustainable and cost effective strategy that will support the growth of the life coach business plan .

6.1 Competitive Analysis

MakCoach LLP has done an in-depth market research to have a better understanding of the market. The secret is to put in place the most effective strategies that will not only help the business to compete favorably but increase the market share as well.

6.2 Sales Strategy

For MakCoach LLP to effectively reach the intended customer segments, this life coaching business plan template free intends to use the following strategies to advertise the services offered by the business.

•  Send out introduction letters, flyers and brochures to different sectors of the target market in order to create awareness about the business
•  Organize a grand opening party and invite guests from all the targeted markets in order to create awareness about the life coach business plan . During the event, take time to interact with guests and explain various products and services offered.
•  Take part in exhibitions, seminars and other industry related events in order to bring MakCoach into the limelight and establish connections with other stakeholders.
•  Use social media networks such as Facebook and Twitter to advertise the life coaching business to an online audience. Use of Google Ads is also an excellent idea.
•  Design a simple but powerful search engine optimized business website in order to boost visibility in search engine rankings.
•  Advertise the life coach business in local directory listings such as Yellow Pages and other business directories
•  Utilize both local print and broadcast media channels such as television, radio, newspapers and magazines.
•  Post information about the business and coaching services on school bulletin boards and other places such as libraries and local coffee shops.
•  Direct marketing approach which involves use of friends, family, relatives, colleagues and other referrals to spread the word.

6.3 Sales Forecast

Before starting life coach business plan  operations, a comprehensive sales forecast has been formulated to guide the business on what it can anticipate in terms of sales volumes.

Personnel Plan

When determining the cost to start a life coach business , it is important to factor in a personnel plan in order to have an idea how much you will spend on your personnel. Personnel plays a key role in determining the success of a business and therefore, it is good to put in place a good strategy to hire the best staff.  With a good team of staff in place, a business can be assured to achieve its targets and have exceptional results.

The business will hire members of staff to work in different departments but all cooperating towards a common goal to see MakCoach LLP succeed. As part of the plan to start a life coach business , Paul Markins has put in place a personnel plan that identifies who shall be employed to work in the business.

7.1 Personnel Plan

To help the life coach business plan realize its goals, the following members of staff will be hired to work in MakCoach LLP. Paul Markins who is an expert personal life coach and owner of the business will be the Chief Executive Officer. He will be assisted by the following team of staff.

• 1 Business Coordinator
• 1 Office Administrator
• 4 Life Coaches/Personal Trainers
• 2 Marketing Executives
• 1 Accountant
• 1 Customer Service Executives

Upon successful hiring, staff will undergo training to equip them with useful skills before the life coaching business opens its doors to the public.

7.2 Average Salaries

MakCoach LLP plans to pay its staff the following salaries within the first three years of operations.

Financial Plan

MakCoach LLP has formulated a detailed financial plan which is supposed to guide and orient the business towards achieving a high life coaching profit margin. To ensure the business makes profits, it is important to identify and compute key business financial parameters with an aim of determining the financial soundness of a business plan for life coach . At this point, issues such as start-up capital and how the business will finance its operations need to be addressed. When starting a life coach business , Paul Markins clearly understands that for life coaching for profit to be realized, having an extensive financial plan is a must-have. In this case, Paul will raise capital from his personal savings and seek additional financing from two investors. In addition, he will seek a small bank loan for business plan to bridge the financial gap.

Below is a detailed financial analysis for MakCoach LLP.

8.1 Important Assumptions

The financial forecast for MakCoach LLP is based on the assumptions below.

8.2 Brake-even Analysis

MakCoach LLP brake-even analysis is shown in the graph below.

8.3 Projected Profit and Loss

Profit and loss information for MakCoach LLP as calculated on a monthly and annual basis is indicated below.

8.3.1 Monthly Profit

8.3.2 Yearly Profit

8.3.3 Monthly Gross Margin

8.3.4 Yearly Gross Margin

8.4 Projected Cash Flow

Below is a summary of MakCoach LLP Pro forma cash flow, subtotal cash received, subtotal cash spent, subtotal cash from operations and subtotal cash spent on operations.

8.5 Projected Balance Sheet

Below is a Projected Balance Sheet for MakCoach LLP that shows assets, liabilities, capital, long term assets and current liabilities.

8.6 Business Ratios

The following is the Ratio Analysis, Business Ratios and Business Net Worth for MakCoach LLP.

Download Life Coaching Business Plan Sample in PDF

Professional OGS capital writers specialized also in themes such as home inspection business plan , home inventory business plan , rental property management business plans , property preservation business plan , hotel business plan , mortgage lender business plan and many others.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

Case: OGScapital Provides Quality of Earnings (QoE) Support

Ice Vending Machine Business Plan

OGScapital at the National Citizenship and Immigration Conference

How to Start a Plumbing Business in 2024: A Detailed Guide

Vegetable Farming Business Plan

Trading Business Plan

Any questions? Get in Touch!

We have been mentioned in the press:

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Search the site:

Grow Your Business

How to start a coaching business from scratch, share this article.

You’ve heard that coaching is a great way to help people while earning a decent income, and you think you have the chops for it. But you’re not sure how to start a coaching business from scratch. 

Then it’s a good thing you’re reading this article. Here, we’ll share actionable steps that will help you build a thriving coaching business and bring your dreams to life. Some of the things you’ll learn include: 

• How to choose a coaching niche
• How to price your coaching program 
• Marketing tips and tricks 
• And how to comply with legal requirements 

Skip ahead:

What is coaching ? 

What do you need to become a coach  , why should you want to be a coach  , eight steps for building a successful coaching business  , growing your coaching business, how to start a coaching business from scratch faqs.

We’ll start by explaining what coaching is all about so everyone’s on the same page. 

Coaching means providing personalized guidance to help someone (or a group of people) achieve specific professional or personal goals. It’s about showing them the ropes based on your knowledge and experiences so they can avoid common mistakes and reach their goals faster. 

Think of a coach as a personal trainer at the gym. The trainer sets fitness goals, designs a unique workout plan, shows you how to perform exercises correctly, and motivates you to push through tough workouts. While you do the actual work, the trainer provides the expertise, encouragement, and accountability to help you achieve your fitness goals.

Types of coaching/coaches

You’re spoiled for choice when it comes to becoming a coach. Here are a few options you can explore. 

Related : How to design a coaching business plan model

What’s the difference between coaching and mentoring?  

“If I’m providing personalized guidance, doesn’t that make me their mentor?” Not exactly. While coaching and mentoring overlap to some degree, they play different roles in improving a person’s life. 

The major difference between coaching and mentoring is the timeline. Coaches help you achieve a specific goal within a well-defined timeframe — usually a shorter period, like a few weeks or months. Mentoring, on the other hand, is a long-term relationship that can span several years or decades. A mentor provides ongoing support for a particular aspect of your life, such as career or marriage. 

Here’s a table showing the key differences between these two skills. 

Coaching is a great responsibility. You have people depending on you to achieve their goals and transform their lives. So, you need to be sure you’re cut out for it from day one. 

A good coach checks the following boxes: 

• Experience  

Experience means that you’re knowledgeable in the specific area or subject you want to offer coaching services. Maybe you worked in that industry for a few years, or you’ve acquired professional certification showing that you’re an expert in that field. 

This is especially important if you want to offer Your Money Your Life (YMYL) coaching services, like becoming a financial or legal coach, as these niches significantly impact a person’s financial status, health, safety, or overall well-being. You can’t afford to wing things. 

Having verifiable experience gives you credibility, making it easier to attract the right audience. 

Track record  

Picture this : You’re looking for a coach, and you come across two people who might fit. The first one has relevant experience and certification but no student testimonials. The second one, on the other hand, has the right experiences plus positive feedback from past students. They even let you schedule a conversation with a past student and ask questions directly. Which coach are you likely to choose?

If you’re like us, then the second coach is a no-brainer. Why? Because there’s proof that they’ve helped people like you in the past. In other words, you can trust them to a large extent. 

So how do you build a track record as a coaching newbie? Good question! One way is to offer free coaching services in exchange for a testimonial. You can also share free coaching advice on social media or via podcasts and guest blog posts to build trust with your target market. 

Learn more : How to use blogging to build an audience and sell  

The difference between working with a coach and watching a YouTube video for advice is personalization. And there’s no personalization without empathy. 

Empathy lets you put yourself in your client’s shoes to understand their challenges better. That way, you can connect with them better and provide meaningful support tailored to their unique situation. 

Remember, no two coaching clients are the same. Approaching each case with empathy enables you to asses each client objectively, grasp the full scope of their circumstances and offer tailored support. 

If you meet the requirements in the previous section but are still having jitters about setting up a coaching business, allow us to convince you further. Here are four reasons to be a coach as a digital creator. 

Coaching is lucrative  

In 2023, the average hourly rate for a life coach was $244 — 9% higher than the figure from 2019. This tells you two things: coaches are making bank, and you’re likely to earn more money as time passes. What’s not to love? 

There’s a huge demand for coaches

The coaching industry is worth about $6.25 billion , representing a 17% increase from the previous year. The significant increase in market size indicates a growing demand for coaching services, creating a substantial client base for new coaches to tap into. In other words, people are willing and able to pay for your coaching services; you just need to start. 

It’s flexible  

You decide when and how to coach. You can do it as a side hustle for extra cash if you have other commitments, such as a full time job. In the same vein, you can scale your coaching business into a full-time career with ideal clients all over the world.

You can also set your own schedule and work from anywhere, especially if you offer online coaching. Offer one-time sessions, take on a handful of clients for a longer period of time, or some other arrangement — it’s totally up to you. 

You’ll enjoy personal fulfillment

Coaching allows you to make a significant positive impact on people’s lives by helping them reach their personal and professional goals.

Many coaches find deep satisfaction and meaning in their work, as it involves guiding and supporting others on their journey to success and fulfillment. 

“I’m ready to start a coaching business. Now what?” Here’s exactly how to go about it. 

Choose your niche 

Having a niche allows you to focus on a specific area of expertise, which helps you stand out in a crowded coaching market. Prospective clients aren’t looking for a Swiss Knife coach. They want someone with specialized knowledge who can help them solve a specific problem. Niching down makes it easier for the people you can actually help to find you.

The right niche typically lies at the intersection of three things: experience, interest, and market. 

• Experience : Think about your professional background, education, and any unique skills you possess. You need some level of knowledge in the subject to be a good coach. 
• Interest : What do you enjoy doing? Think about those activities you can engage in for hours without getting bored. 
• Market : Most importantly, are people willing to pay for this? Do some preliminary research to see if others already offer coaching services in these areas. If yes, then it means a market exists, and you can make a living off it as a profitable niche. 

For example, here’s the ideal background for a creator who wants to be a fitness coach: 

• Experience: Studied dietetics and nutrition
• Hobbies: Enjoys working out; creates fitness programs for friends who want to lose weight 
• Market: Worth about $15 billion

Learn more : Expert tips for finding the right niche

Narrow down to a specific pain point 

This tracks closely with our earlier point. Choosing a niche is only one piece of the puzzle. To really stand out, you need to hyperfocus on one pain point and present yourself as the expert.

There are two ways to do this: 

Look to your own journey 

Think about what you struggled with as you tried to achieve a specific goal. That challenge might be a recurring obstacle others are facing and presents a solid coaching opportunity. 

For example, when Jo Kelly was taking acting classes, she struggled a lot with stage fright and noticed that it wasn’t an isolated problem. In her words, “Most of my acting colleagues were suffering from the same thing,” she says. “We were all so passionate, but when it came time to act, we were afraid.”

She decided to find a solution to this problem and then became an acting coach — helping other actors overcome stage fright. “When I discovered the solution, I spent the rest of my time really helping actors unlearn their conditioning so that they could show up and be themselves with that childlike energy that they used to have,” explains Jo. 

Now, she’s not just any acting coach. Instead, she’s an acting coach who helps upcoming performers overcome stage fright. 

Ask your audience 

Go straight to the source and ask your target audience what they need help with. The easiest way to do this is to conduct a social media poll or survey to gather direct responses. 

You can also administer email surveys or organize focused groups to get one-on-one feedback from your audience. It’s good practice to offer an incentive to encourage and reward participation. For example, you can offer a coaching discount for the first 20 participants. 

Choose a coaching delivery method 

The coaching delivery method is how you will connect with your audience and make the content available to them. It should be convenient, scalable, and familiar to your audience. 

Generally, there are three coaching delivery methods: in-person, online, and hybrid. Most people start out with in-person coaching but eventually transition into online coaching because the latter allows them to scale, deliver more personalized help, and reach more people. 

Take hockey coach, Jason Yee , for example. He grew his in-person coaching person business to 300 students a year before switching to online coaching on Thinkific to reach more students and deliver exceptional coaching experience. 

“Online courses help me reach more students and allow me to deliver even more in-depth training than I could in person. Students are developing their skills faster by watching the videos before trying the moves on the ice,” Jason explains.

Why use Thinkific for online coaching? 

Thinkific offers an all-in-one online coaching platform that allows you to: 

• Host live events : You can schedule and organize group or one-on-one coaching sessions in Thinkific without necessarily having a community. This can be done as a one-off paid session to earn extra income or as part of an existing coaching program to offer more personalized guidance to clients. 
• Receive payments easily : Thinkific Payments (TCommerce) makes it really easy to sell and receive payments globally. With the Buy Now, Pay Later feature, you can offer flexible payment plans to boost conversions and connect with more clients. 
• Market your online coaching program : Thinkific integrates with various marketing and business tools, including email marketing platforms, payment gateways, and analytics tools, to help you market and sell your online coaching program effectively.
• Track and report on performance : Thinkific provides insights into student progress, course performance, and sales analytics, empowering you to make data-driven decisions to improve your offering and grow your coaching business.

Embed : How to create an online coaching program

Structure your coaching program

You already know what to teach your clients to help them succeed. But, you need to structure your coaching program logically, otherwise you end up with an information dump that’s more confusing than helpful. 

To kick things off, break your main topic into categories. For example, let’s say your main topic is: How to improve your written communication. Your subcategories could be: 

• How to brainstorm ideas
• How to transform ideas into text
• Grammar rules for written communication 

You can break each category further into subtopics and create separate courses for them. Or offer different modules within a central coaching program.

Now that’s out of the way, the next step is to select content formats for supplementary materials to support face-to-face coaching. You can choose text, audio, video, or a mix of these. The most important thing here is to choose a format that: 

• Your audience is already familiar with
• Makes it easy for them to understand your coaching content

For example, let’s say you’re a fitness coach for working parents. In addition to one-on-one coaching sessions, you can offer bite-sized video content with quick exercises that they can complete in their limited free time. 

Format(s) determines the coaching tools you use for content creation and delivery. Say you’re creating video content. In that case, you’ll need cameras, a good microphone, and video editing software, at the very least. 

Learn more : The best equipment and software for online course creation

Set your pricing and coaching packages 

Pricing is always a big decision for coaches. You want to charge a price that reflects the value of your coaching program and helps you earn good money. At the same time, you want to make sure that the people who actually need your coaching program can afford it. 

We’ve already created an extensive guide for pricing all types of digital products , including coaching programs, so I won’t focus too much on that here. What I’ll do is share some pricing strategies that can help you solve the dilemma. 

Offer tiered pricing

Tiered pricing is a pricing model where the price of a product or service is set at different levels depending on the features, functionality, or level of service provided. 

For example, you can have three pricing tiers: 

Tier 1 : Online coaching courses ($250)

Tier 2 : Online courses + monthly group coaching call ($350)

Tier 3 : Online courses + one-on-one coaching call + exclusive membership community ($500)

Your clients can then choose the pricing structure that best fits their needs and budget. Check out how Jay Acunzo and Melanie Deziel of The Creator Kitchen pull this off. 

Allow clients to pay in installments

Consider allowing clients to spread payments over a specific period of time if you’re offering premium coaching. That way, people who can’t afford the one-time payment can still participate in your coaching program. 

Freelance coach, Rachel Meltzer , does this really well. Her clients can either pay a one-time $2000 coaching fee or spread the payment over three months ($665/month). 

Sell bundles

If you offer multiple coaching products, you can bundle them into a single, discounted package. It’s a great way to help your clients save on cost compared to buying each digital product separately. 

Let’s say you have three coaching products costing $3,000 dollars if purchased separately. You can offer a bundle at a 20% discount, making these products more affordable for clients. 

Here’s a great example from Melissa Steginus . 

Create a coaching website 

Even if you’re offering in-person coaching, you’ll still need a website. Think of it as a central hub for your coaching program. People will go there to learn more about you and your offering and, hopefully, sign up for coaching.

A website is key to marketing too. It’s where all your marketing efforts — whether it’s PPC or social media campaigns — converge. Since all these marketing activities drive traffic to the website, your coaching website becomes a key point for tracking and analyzing their effectiveness. 

Tools like Google Analytics can help you monitor visitor behavior, source of traffic, conversion rates, and other critical metrics to measure the impact of your marketing efforts. 

Thinkific’s site builder lets you create a beautiful, on-brand website for your coaching program. With customizable themes and drag-and-drop pages, you can build a professional website in minutes without writing any code. Thinkific also makes it easy to optimize your website for optimal SEO performance, so you can rank higher in the search results for relevant keywords. 

Market your coaching program 

Just because you’ve built a valuable coaching program doesn’t mean you’ll enjoy an influx of clients. To make that happen, you need to deliberately put your program in front of people who are willing and able to pay for it. 

Here are a few tips for marketing your course: 

• Attend industry events, webinars, and networking sessions to connect with potential clients and build partnerships with other professionals in your field. 
• Set up a drip marketing campaign to acquire, nurture, and convert leads into clients over a specific period of time. 
• Partner with influencers in your niche to get your coaching program in front of a wider audience. 
• Presell your coaching program to generate interest and secure commitments from potential clients before its launch. 
• Use social media platforms like Twitter, Instagram, and LinkedIn to engage with your audience, share valuable content, and promote your coaching program.

Related : 58 Ways To Market Your Online Course and Increase Sales

Set up a legal structure

While you don’t necessarily need a business license as a coach, you do need certain permits to operate legally in your business jurisdiction. 

If you’re in the U.S., for example, you may have to obtain a DBA license (Doing Business As) to operate as a sole proprietorship. You may also require a seller’s permit to collect and remit sales tax. 

Research the legal requirements for running a coaching business in your country or state to ensure you’re on the right side of the law. 

You’ve set up a coaching business, but it doesn’t end there. To grow, you must assess the business performance regularly to identify areas that require improvement. 

Analyzing business data is an important part of this, yes. But more importantly, you need to speak with your clients to gather real-time feedback on how to better serve their needs. 

Want to learn more about growing an online coaching business? Download our comprehensive coaching guide for practical tips and tricks to help you succeed! 

We’ve answered the common questions you have about starting a successful business as a coach. 

How do I start my own coaching business?  

To start your coaching business, you need to choose a niche first and develop a coaching program that speaks to your ideal client’s pain points. From there, you can develop coaching packages, set up a legal structure, and start to market your program to your target audience. 

Where can I sell my coaching program? 

Use Thinkific to create, market, and sell your coaching program. With our seamless site builder, marketing integrations, and TCommerce payment gateway, it’s never been easier to sell your coaching program to a global clientele. 

What qualifications do I need to start a coaching business?

Qualifications for starting a coaching business can vary, but having relevant training, certifications, and experience in your coaching niche can be beneficial.

Does Thinkific have coaching? 

Yes. Thinkific has a live events feature that you can use to schedule and host one-on-one and group coaching programs easily. Creators can monetize and charge for these live events, opening up a new revenue stream for paid coaching sessions. 

Faith Uzuegbu is a content marketer and freelance writer for B2B SaaS and tech companies like Classpass, PlayPlay and Thinkific. When she's not writing, she’s daydreaming or reading a good book.

• 10 Best Life Coach Certification Programs
• How To Use Webinars To Promote Your Courses (Complete Guide)
• How to Create a Sales Funnel to Sell Online Courses (Sales Funnel Template)
• Udemy’s Pricing Model: How To Use It To Your Advantage As An Online Course Creator
• How to Build a Personal Brand (Complete Guide)

Related Articles

How to presell a course (ultimate guide to pre-selling).

Pre-selling is the best way to validate the demand for your online course idea. We show you how to sell online courses before creating them to avoid wasting time.

10 Techniques to Increase and Sustain Webinar Engagement

In this guide, learn how to maximize webinar engagement before, during, and after your webinar and get more people talking about your brand.

Coaches: Here’s How To Make 2022 Your Year

There has never been a better time to be an online coach – here's why now might be the best time to get going, and what you can do.

Try Thinkific for yourself!

Accomplish your course creation and student success goals faster with thinkific..

Download this guide and start building your online program!

It is on its way to your inbox

Coaching Business Plan

Quick and Easy Business Plan For Life, Executive, Health, and Business Coaches

A Sample Business Plan for Life Coaching

Business plans guide you along the rocky journey of growing a coaching company and referencing a sample business plan for life coaching throughout your voyage will keep you on the path toward success.

There are plenty of sample business plans for life coaches on the Internet but how do you actually write a viable and convincing business plan?

Let’s review a sample business plan for life coaching you can use to inspire your own.

A Sample Business Plan for Life Coaching: Youth Alive Corp

Executive Summary Youth Alive is a new company providing high-level expertise in youth life coaching, channel development, distribution strategies, and marketing of coaching products. Its founders are certified life coaches. They are founding Youth Alive to formalize the coaching services they offer.

Initial focus will be development in the American market, or for clients in the Latin American market. As it grows it will take on people and coaching work in related markets, such as the United Kingdom market, and similar markets.

Mission Youth Alive Corp offers students and young professionals reliable, high-quality life coaching services for personal development and career development on an international scale. We offer a very high level of practical coaching experience, know-how and confidentiality.

Company Ownership Youth Alive Corp will be created as a Limited Company based in Florida, USA, owned by its principal investors, Alice Smith and Melanie Adams.

Management Team Alice Smith is the founder and owner of Youth Alive Corp. She will serve as the managing director, and is therefore responsible for all of the company’s operations as well as its chief fiduciary. Ms. Smith has spent her entire professional career in youth coaching and development.

Melanie Adams will serve as the company’s Program Director and will develop the company’s coaching programs. She will lead the learning sessions on-site and online. A native of Colombia, she is a dedicated, positive and outgoing life coach who has been extensively trained in youth development and education.

We will be hiring two course administrators, five full-time life coaches to conduct on-site or online coaching classes and workshops and two content developers to develop our website.

Start-up Summary Total start-up expense (including legal fees, logo design, website development, stationery and related expenses) is $65,350. Start-up assets required include $130,000 in current assets (office furniture and equipment, course development,etc) and $100,000 in initial cash to handle the first few months of coaching operations as sales and accounts receivable come in.

Products and Services Youth Alive offers youth coaching courses and workshops as well as the expertise an organization needs to develop new coaching products and services in new markets. This can be taken as high-level retainer coaching, project consulting, online workshops, coaching courses and publications and youth camps.

Market Analysis Our most important group of potential clients are students, young professionals in larger corporations and organizations or universities interested in developing white-label coaching solutions.

There are thousands of coaching organizations and individual coaches for every one of the few dozen well-known companies in the United States.One of Youth Alive’s challenges will be establishing itself as a real coaching company, positioned as a relatively risk-free alternative.

The key element in purchase decisions made at the Youth Alive client level is trust in the professional reputation, track record and reliability of our company. Youth Alive positions itself as the most obvious choice in terms of service quality, price and convenience and this will be attractive to youths in the United States and Latin America.

Promotion We intend to promote our organization and our unique value proposition on an ongoing basis via the following channels:

Internet marketing -This strategy consists of a well-designed, professional website that is informative, client-oriented and “sells” Youth Alive, reinforcing our value proposition of quality, price and convenience.

Open house sessions -Twice a year, we will host an “open house” and / or a “meet and greet” at select area locations where parents congregate and at our center. We will promote new youth coaching programs and give away free sample courses.

Financial Plan The following is the projected profit and loss for the next three years. Detailed break even analysis, monthly projected cash flow numbers and projected balance sheet are included in the appendix.

Year Annual Profits 2021 $120,000 2022 $180,000 2023 $350,000

Jeannie Cotter Editor/Writer Writer, Coaches Training Blog community

Speak Your Mind Cancel reply

Search Website

(858) 707-5920

Recent Posts

• Crafting Resilient Business Plans for Coaching Startups
• Sample Business Plan to Provide Coaching to Executives
• Mistakes to Avoid in a Coaching Business Business Plan
• How to Compile a Sports Coaching Business Plan
• A Christian Life Coach Business Plan with Purpose
• Developing a Christian Life Coach Business Plan
• Mastering the Art of Planning a Coaching Business
• Developing a Business Plan for Health Coaches
• How a Life Plan Kit Can Bring Focus to Your Ambitions
• How to Create a Profitable Coaching Business

Recent Comments

• gotheglobals on How to Write a Business Plan for Coaching (Simplified)
• Reese Evans on Business Plans for Coaches: All You Need to Know
• Michael Fallquist on Business Plan for Life Coach Business: 10 Quick Tips
• Taylor Hansen on A Sample Business Coaching Plan
• Rico on You Don’t Need a Business Plan Coach

Return to top of page

Copyright © 2024 · Coaching Business Plan Design by Autopilot Online Success

[email protected]

Coaching and Consulting Services for Professional and Personal Growth

Welcome to Bethany S. Consulting! I'm Bethany, and my passion lies in helping clients reach their personal and professional aspirations.

Whether you're seeking coaching to gain insight and focus on your priorities or consulting to reach career or business goals, I'm here to support you every step of the way.

If you're ready to take action and achieve success, contact me today to discover how I can assist you on your journey. Together, we'll overcome obstacles and unlock your full potential. Let's start making your goals a reality!

• Google Plus
• sign up for OUR newsletter
• Privacy Policy

• Find a Coach
• Coach Directory
• What is Life Coaching?
• Life coach reviews
• Life coaching advice
• Coaching Shop
• Coaching Software
• Pricing & Packages

• Find a coach

• Life coaching Advice

• For Coaches Home
• Resources For Coaches

Pavel Verbnyak

FEES from $200 USD to $1500 USD for coaching packages. more...

PRIVATE COACHING

Online coaching, short courses or group coaching, ongoing training, experience, certifications and training, certifications and degrees.

• Jack Canfield's Certified Success Trainer

Fee description

Fees: from $200 USD to $1500 USD

Read verified client reviews from real customers.

There are no customers reviews yet.

WRITE A REVIEW

Let others know what you think about this coach by submitting a review.

		5 stars
		4 stars
		3 stars
		2 stars
		1 star

My Expert Contributions

More From Forbes

Building a lasting legacy: 8 strategies for coaches and trainers.

• Share to Facebook
• Share to Twitter
• Share to Linkedin

Doaa Darwish , CEO at TRAINER'S BOX.

In the ever-evolving world of professional coaching and training, building a business that outlasts one's lifetime requires foresight, strategic planning and an unwavering commitment to excellence. Coaches and trainers have the unique opportunity to impact lives profoundly, and establishing a legacy can help ensure that this influence continues well into the future. Here are eight key strategies to help achieve this enduring success.

1. Develop A Clear Vision And Mission

The foundation of any lasting business is a clear vision and mission. Your vision should encapsulate your long-term goals and the broader impact you want to have in the world. The mission should define your business's core purpose and the services you provide to achieve this vision.

A well-articulated vision and mission serve as guiding stars, helping you make strategic decisions that align with your long-term objectives and resonate with your audience. Communicate these elements consistently across all platforms to build a strong, unified brand identity.

2. Invest In Continuous Learning And Innovation

The coaching and training industry is dynamic, with new methodologies, technologies and insights emerging regularly. To remain relevant and effective, continuous learning is paramount. Attend workshops, obtain advanced certifications and stay updated on industry trends.

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024.

Innovation should also be a cornerstone of your practice. Embrace new technologies, such as virtual reality for immersive training or AI-driven analytics for personalized coaching plans. This commitment to growth and innovation is imperative in enhancing your skills and demonstrating your dedication to providing the best possible service to your clients.

3. Build A Strong Personal Brand

Your personal brand is the perception others have of you and your business. It encompasses your reputation, the quality of your services and your core values. You can leverage social media channels like LinkedIn, Instagram, Twitter and YouTube to share your knowledge, insights and success stories.

Regularly posting content such as tips, client testimonials and thought leadership articles helps you stay top-of-mind and positions you as a thought leader in your field. Actively engage with your audience and run live Q&A sessions, webinars and interactive posts to build a loyal following.

4. Use A Learning Management System (LMS)

A learning management system (LMS) can be a game changer for coaches and trainers looking to scale their business and ensure a lasting impact. An LMS allows you to create, manage and deliver online courses efficiently. With an LMS, you can offer structured learning paths, track client progress and provide resources that can be accessed anytime, anywhere.

Your LMS not only makes your coaching more accessible but also ensures consistent delivery of your methodologies and principles. Moreover, an LMS can be a repository of your knowledge and training materials, preserving your legacy for future generations.

5. Create Scalable Programs And Products

To ensure your business outlasts your active involvement, focus on creating scalable programs and products. Online courses, e-books, membership sites and mobile apps are powerful ways to reach a large crowd without the constraints of one-on-one coaching.

These scalable solutions can allow you to disseminate your knowledge and methodologies to a larger group of people, extending your influence and impact. Additionally, they provide a passive income stream, contributing to your business's financial stability and longevity.

6. Foster A Community And Network

Building a hemogenous network around your brand fosters loyalty and engagement. Create platforms where your clients and followers can interact, share experiences and support each other. Examples of building effective communities are social media groups, forums or live events.

A strong community can enhance the client experience and ensure your influence extends beyond individual coaching sessions. Networking with other professionals in your field can also open doors to collaborations, referrals and new opportunities, further solidifying your legacy.

7. Partner With A Professional Team

Collaborating with a professional team can significantly amplify your impact and ensure the longevity of your business. This team might include other coaches, marketing experts, business consultants and administrative support. By bringing together diverse expertise, you can delegate tasks outside your core competencies, allowing you to focus on what you do best.

A professional team can also bring fresh perspectives and innovative ideas, helping you stay competitive and relevant in the industry. Moreover, a well-structured team can carry on your vision and mission, maintaining continuity even if you step back from active involvement.

8. Plan For Succession And Legacy

Succession planning is critical to building a business that outlasts your lifetime. Identify potential successors within your organization or from your network who share your vision and values. Providing them with the training and resources they need to lead your business effectively is essential.

Additionally, consider creating a legacy plan that outlines your business's future direction, fundamental principles and strategies for growth. This plan should be a living document, updated regularly to reflect new goals and changing circumstances. Legal measures, such as trusts or foundations, can also be established to ensure your legacy is protected and your business continues to operate according to your wishes.

Final Thoughts

We conduct one-on-one meetings to help trainers and coaches with their business vision strategy. When it comes to delivering your self-paced programs, I always advise using software awarded as the learner's best choice, where the user experience (UX) and user interface (UI) exceed expectations.

Your learning management system must also be entertaining and efficient for the instructors and administrators at the back end to leave a 360-lasting experience for everybody who engages with your programs and help it stand for a long time. Your legacy is not just about the business you build, but the lives you touch and the impact you make along the way.

Forbes Coaches Council is an invitation-only community for leading business and career coaches. Do I qualify?

• Editorial Standards
• Reprints & Permissions

• Name Search
• Browse Legal Issues
• Browse Law Firms

How to Start a Self-Storage Business in Four Steps

By Catherine Hodder, Esq. | Legally reviewed by Jordan Walker, J.D. | Last reviewed June 26, 2024

Legally Reviewed

This article has been written and reviewed for legal accuracy, clarity, and style by  FindLaw’s team of legal writers and attorneys  and in accordance with  our editorial standards .

Fact-Checked

The last updated date refers to the last time this article was reviewed by FindLaw or one of our  contributing authors . We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please  contact an attorney in your area .

Are you looking to start your own self-storage company? The self-storage market is booming as many people are downsizing their households or moving from one household to another. However, as with any new business, it has its challenges. Learn the first steps you should take in launching a storage unit business to protect yourself and your business.

Ready to form your LLC with confidence? Our trusted partner LegalZoom has packages starting at $0 + filing fees.

1. Create a Business Plan

A detailed business plan is the foundation of your business. Not only does it help you organize your business and identify challenges, but lenders will also want to see your business plan before loaning you money. While business plans vary, there are common elements:

Market Analysis

An essential part of your business plan is a market analysis. Conduct market research for your new business to determine if there is a need for another self-storage business in your community.

Look at your area’s demographics. Who are your potential customers, and what do they want? Climate-controlled units? 24-hour security?

Evaluate other local self-storage facilities. What do they offer, and what rental rates do they charge per square foot? What are the most popular unit sizes?

How can you differentiate your business from your competitors? How will you reach your target market? What are your marketing strategies?

Another critical piece of your business plan involves money and determining how much you need as an initial investment to launch your business.

Will you build a new facility or purchase or lease an existing self-storage facility? If building a new business, you will have real estate acquisition and construction costs. If you are leasing, you must factor in the monthly rental cost.

What are your startup costs? Will you build a new facility or purchase or lease an existing self-storage facility? If building a new business, you will have real estate acquisition costs, or if leasing, you must factor in the monthly rental cost.

What are your monthly operating expenses for things such as upkeep, maintenance, security, pest control, and property insurance? Will you need to hire on-site attendants?

How many self-storage units will you have, and how much revenue will it generate? What is your projected monthly cash flow, and will it cover your monthly operating costs?

Learn as much as you can about the self-storage industry and what makes a successful business when putting your business plan together. For example, industry experts estimate that the average occupancy rate for self-storage space is 83.85% . Find out what the typical profit margin is for this type of business. The U.S. Small Business Administration (SBA) assists with business plans.

2. Determine Your Business Structure

When starting any business, it is critical to separate your business debts and liabilities from your personal assets. Entrepreneurs often form corporations, limited partnerships, or limited liability companies (LLCs) to shield their personal assets from their business activities.

Many sole business owners form a single-member LLC. The benefits of an LLC are that they are easy to create and maintain, they do not require bylaws or corporate minutes, and they offer flexible tax treatment. You can include the business’ profits or losses on your personal income tax return, eliminating double taxation. If you are going into business with partners, you can form a multi-member LLC, and each member’s share of the company goes on their tax return.

You can form an LLC with your Secretary of State’s office or use an online business formation service company .

3. Get an EIN and Set up a Business Bank Account

You want to keep your business assets separate from your personal assets. To do that, you should set up a bank account for your business and handle all business transactions through your business bank account. First, you will need an Employer Identification Number (EIN) for your business. You can apply for an EIN online with the Internal Revenue Service (IRS). Then, go to the bank and open a bank account in your business name. The bank may want to see your articles of organization if you are an LLC or articles of incorporation if you are a corporation.

4. Apply for Business Licenses, Permits, and Zoning

Your business may need a business license issued by the state or your local jurisdiction. Find out if you need any permits or special zoning authorization for your storage buildings. Apply for your business license and permits before you start operating your business. Your self-storage property may also have to comply with building codes or land use permits.

Taking these steps before launching your own self-storage business organizes your business, protects your personal assets from your business activities, and sets up your business for success.

Kick-Start Your LLC in Minutes!

LegalZoom can help you form an LLC on your own or with advice  every step of the way .

• Starts at $0 + state fees
• Protect your personal assets
• Launch with the #1 online business formation service

FORM MY LLC NOW

You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help

Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.

Need Help Forming Your LLC?

FindLaw's trusted partner LegalZoom provides a straightforward process to help you set up your LLC.

Related Resources

• Forming an LLC
• Starting a Limited Liability Company Checklist
• Start-Up Basics

Find a Lawyer

• Search Legal Resources
• Find Cases and Laws

Get the Reddit app

Welcome to Moscow!

Looking for a life coach. Do i have any chance?

Well just for information its been 9 months till i got to Moscow and working in a construction as a filed architect with very high pressure and stress bla bla bla.

Yesterday i met a guy from my country which he was tourist in here and told me about a technique called EFT (emotional freedom techniques). I have problems to see my future and started to feel lost. Then i started to search internet about coaching and stuff so i found out that there was something like Expat and global executive coaching which is suitable for me.

So dear my lovely moscowian freinds do i have any chance to find a English speaking EFT coach or something like that?

• Best Online Advisor for Low Fees 
• Best Online Advisor for Diversified Investing
• Best Online Advisor for 529 Plans
• Best Online Advisor for Financial Planning and Personal Development
• Best Online Advisor for Retirement Saving
• Why You Should Trust Us

Best Online Financial Advisors 2024: Find the Right Fit for Your Needs

Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.

What Are Online Financial Advisors?

A financial advisor is a catch-all term that includes financial planners and investment advisors. Most online advisors offer investment management — whether it's carried out by a human or a sophisticated computer algorithm — and financial planning services or tools.

Types of Online Advisors

The main types of online financial advisors are: 

• Robo-Advisors: Automated investment platforms (aka robo-advisors) use algorithms to generate a custom investment portfolio based on an individual's risk tolerance, goals, and time horizon. Robo-advisors typically offer low-cost ETFs as a cost-effective way to instantly diversify an investor's asset allocation and mitigate risk. 
• Human Advisors (Virtual): Financial advisors that offer personalized financial planning and investment advice online through virtual meetings, email, and other virtual communication channels. 
• Hybrid Models: Some online brokerages offer hybrid financial advice, combining automated investment advice and management through a robo-advisor and one-on-one consultation from a human advisor. 

Benefits of Using Online Financial Advisors

Online financial advisors allow you to ditch the in-person hassle and access expert financial guidance from your phone or home computer. Online financial advisors leverage investment technology and generally low-cost compared to traditional in-person consultants.  

Not only does it make investing more affordable for many individuals, but clients can more easily adjust and monitor their investments on their own time. Robo-advisor and hybrid online advisors typically offer online dashboards and tools for convenient managing and monitoring. 

Compare the Top Online Financial Advisors 2024

For this list, we didn't consider online advisors that match clients and advisors for comprehensive financial  planning services, such as Zoe Financial or Facet Wealth . Instead, we focused on tech-driven firms where you can access an automated and personalized portfolio and consult a professional for advice when needed.

Here are our top picks for the best online financial advisors as picked by Business Insider editors in 2024.

SoFi Automated: Best Online Advisor for Low Fees 

SoFi Automated Investing supports individual investment accounts, joint accounts, traditional IRAs, Roth IRAs, SEP IRAs, and 401(k) rollovers.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No account minimum or management fees to invest
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Goal planning and automatic portfolio rebalancing
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Range of other account options across SoFi website
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. SoFi offers complimentary CFP access across all accounts
• con icon Two crossed lines that form an 'X'. No tax-loss harvesting
• con icon Two crossed lines that form an 'X'. No socially responsible portfolio options

SoFi Invest is one of the best investment apps and the best investment apps for beginners. It's a great platform for US investors who are looking for an intuitive online trading experience, an open active or automated investing account, and assets like cryptocurrencies.

• Promotion: None at this time.
• Consider it if: You're new to investing and want to leave the trading decisions to professionals.

SoFi Automated Investing offers individual and joint taxable brokerage accounts , traditional IRA, Roth IRA, and SEP IRA.

SoFi stands out for its lack of advisory fees, free one-on-one consultations with CFPs, portfolio diversity, and goal-planning features. SoFi builds a personalized investment portfolio based on your risk tolerance, goals, and time horizon. Additional SoFi membership perks include loan discounts and career counseling. 

What to look out for: SoFi doesn't have tax-loss harvesting features and limited portfolio diversity. 

SoFi Invest review

Betterment: Best Online Advisor for Diversified Investing

Betterment offers individual or joint accounts, IRAs, trust accounts, and cash reserve or checking accounts.

$0 to open, $10 to start investing ($100,000 for premium plan)

$4 per month (or 0.25%/year) for digital plan; 0.40%/ year for premium plan; 1%/year for crypto portfolios

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum for standard investing account
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Goal-based planning, tax-loss harvesting, charitable giving, and socially responsible investing available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to certified financial planners
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Mobile app with external account syncing options
• con icon Two crossed lines that form an 'X'. You'll have to pay to consult a human advisor, unless you have the premium plan
• con icon Two crossed lines that form an 'X'. $4 monthly fee (or 0.25% annual fee)

Betterment is best for hands-off investors who want to take advantage of professionally built, personalized ETF and cryptocurrency portfolios. The platform offers CFP access, so it could suit those in search of additional guidance from human advisors.

• App store rating: 4.7 iOS/4.5 Android
• Consider it if: You want access to robo-advice with multiple service levels.

Betterment Investing offers individual and joint taxable brokerage, traditional IRA, Roth IRA, SEP IRA, inherited IRA, and trust.

What stands out:  Betterment is a robust trading platform offering premium plans with unlimited access to CFPs through phone or email. Investors can use the platform's goal-setting feature, ESG investing, automatic rebalancing, and easy-to-use financial dashboard. 

What to look out for:  Accounts with a $100,000 balance can upgrade to get advisor access, but the annual fee increases from 0.25% (an industry low) to 0.40%

Betterment review

Wealthfront: Best Online Advisor for 529 Plans

Fund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.

$1 ($500 for automated investing)

$0 for stock trades. 0.25% for automated investing (0.06% to 0.13% for fund fees)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low annual fee for investment accounts; crypto trust investments available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Tax-loss harvesting, portfolio lines of credit, 529 college savings plans available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cash account
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Mobile app and investing and retirement tools
• con icon Two crossed lines that form an 'X'. You need at least $100,000 to utilize additional investment strategies
• con icon Two crossed lines that form an 'X'. No human advisor access

Wealthfront is one of the best robo-advisor options if you're in search of low-cost automated portfolio management, and one of the best socially responsible investing apps for features like tax-loss harvesting, US direct indexing, and crypto trusts.

• Consider it if: You're balancing several goals and want to streamline your finances.
• Promotion: Fund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.

Wealthfront Investing offers individual and joint taxable brokerage, traditional IRA, Roth IRA, SEP IRA, trust, and 529 savings plan .

Wealthfront is one of the best online financial advisors for college education savings and cryptocurrency trusts. You can borrow up to 30% of your investment balance at a low interest rate with a portfolio line of credit. Wealthfront also offers personalized recommendations with smart financial planning software. 

What to look out for:  On-staff financial advisors don't offer personalized advice

Wealthfront review

Ellevest: Best Online Advisor for Financial Planning and Personal Development

Ellevest offers two investing portfolios to fit your needs.

$1 - $240 (varies by portfolio)

$54 - $97 annually; $5 or $9/month

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Personalized, automated investment advice with a $0 minimum requirement
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Monthly plans include discounted access to certified financial planners
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Automated IRA accounts and 401(k)/403(b) rollovers available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Private wealth management for individuals, families, and institutions who have at least $1 million to invest
• con icon Two crossed lines that form an 'X'. No active trading opportunities available; money is mainly invested in stock ETFs and bond ETFs
• con icon Two crossed lines that form an 'X'. You can only open individual investment accounts and retirement accounts; joint accounts or custodial accounts not available

Ellevest is one of the best robo-advisors for goal-focused investing. It could be a good fit if you want automated investing and retirement accounts.

• Consider it if: You're looking for a one-stop shop for financial planning.

Ellevest offers individual taxable brokerage, traditional IRA, Roth IRA, and SEP IRA (all held at Folio Investments).

Ellevest is a comprehensive financial advisor and trading platform built around women's unique needs and challenges. Investors get access to an extensive library of content and advisor-led workshops. Additionally, Ellevest offers a socially responsible investment portfolio and monthly progress reports. 

What to look out for:  Financial coaching costs extra (but members get 30%- 50% off). Access to retirement account management requires an upgrade.

Ellevest review

Ameriprise Financial Investments: Best Online Advisor for Retirement Saving

Ameriprise Financial Services has been operating for 130 years Ameriprise Financial Services is licensed in all 50 states but only has 10 physical locations throughout the US; it's currently headquartered in Minneapolis, Minnesota

Varies by account

$500 annual advisory fee, 2% AUM

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to personal finance research and investment tools
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Fiduciary financial advisor access
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Various account and investment options
• con icon Two crossed lines that form an 'X'. High account minimums
• con icon Two crossed lines that form an 'X'. Difficult to navigate website
• con icon Two crossed lines that form an 'X'. Complex fee structure

Ameriprise Financial Services is a brokerage and financial advisory firm best for experienced, passive investors interested in using the site's financial planning services, wealth management tools, and fiduciary advisor access.

Ameriprise Financial Investments offers three managed account options that can be opened as an individual brokerage account, traditional IRAs, Roth IRAs, Simple IRAs, SEP IRAs, 401(k)s, 403(b)s, 529 plans, and Coverdell education savings accounts (CESA). 

Ameriprise Financial Investments is one of the largest registered investment advisors in the US and is best for experienced investors looking for advanced charting and investing features. You'll get access to fiduciary financial advisors for consultations or account management. 

What to look out for: Ameriprise 's managed account fees are high, and it has a complex fee structure. 

Ameriprise Financial Services review

How Much Do Online Financial Advisors Cost?

Financial advisors providing financial advice often charge by the hour, typically between $100 to $300. Advisors creating a comprehensive financial plan tend to charge a flat rate between $1,000 and $3,000. 

If you hire an advisor to manage your investment portfolio, you'll be charged a percentage of your account balance, typically between 1% and 3% annually. In comparison, that's much higher than the fees that the best robo-advisors charge; you get the added benefit of building a relationship with a trusted source who can adjust your strategy as needed, provide personal recommendations, and answer questions when they arise.

How to Choose the Best Online Financial Advisors

The best online financial advisor for you depends on your goals, risk tolerance, investments, and time horizon. If you're a new investor interested in passive investing, an online robo-advisor is likely a good place to start. On the other hand, if you're looking for professional insight and a customized financial plan, you're better off with access to a human advisor through phone or video calls. 

You can also meet with an expert in person for financial guidance. So if you prefer to meet face-to-face, here are some tools to find some in your area:

• This is a database of all CERTIFIED FINANCIAL PLANNER™ professionals who are authorized to use their CFP® marks by the CFP® Board and are accepting new clients.
• Using the advanced search function, you can choose from over 40 focus areas you're looking to get help with and include your current amount of investable assets.
• Click here to visit the CFP Board website .
• This database helps connect young professionals — those in generations X and Y (millennials) — with individual advisors.
• Every advisor holds the CFP® certification, is a fiduciary , does not require a minimum net worth to take on new clients, and does not earn commissions.
• Click here to visit XY Planning Network .
• This platform maintains a database of fee-only financial advisors, not specifically CFP® certificates, who commit to a fiduciary oath once a year. 
• You can filter by location to see a list of advisory firms in your area.
• Click here to visit the National Association of Personal Financial Advisors website .

Online financial advisors are generally trustworthy. The best advisors follow the fiduciary rule, meaning they operate in their clients' best interest and are fee-only. This means client fees are their only compensation, and they don't earn a commission when they invest in certain funds or buy financial products.

Not everyone needs a robo-advisor, but beginners or passive investors looking for a hands-off approach to stock trading may prefer how cost-effective and convenient robo-advisors are. Affordable financial advisors can be hard to come by, so robo-advisors are a great alternative for many people. However, a financial advisor may be better if you need specific advice on your finances or investment strategy or if you're too overwhelmed or confused by your money to plan for retirement or invest in the stock market. 

The cost of an online financial advisor varies from platform to platform and advisor to advisor. The cost largely depends on the services, licensing, account balance, and complexity. Robo-advisors typically charge lower fees than human advisors. 

Why You Should Trust Us: Our Methodology

We Reviewed the best online financial advisors using Business Insider's methodology for rating investment platforms . We compared a long list of Registered Investment advisors (RIAs), considering fees, investment selection, access, ethics, and customer service. The best online advisors have top marks in all five categories. Investment platforms are given a rating between 0 and 5.

• Credit cards
• Investing apps
• Retirement savings
• Cryptocurrency
• The stock market
• Retail investing

• Main content

Ukraine war latest: Russia says it is considering nuclear shift - and tells West it is 'playing with fire'; US leads drills after North Korea warhead test

A senior Russian diplomat says Putin is reviewing the country's nuclear doctrine - and warns the West it is "playing with fire". Meanwhile, a Russian navy missile cruiser carries out drills in the Mediterranean. Listen to a Sky News podcast on Putin and North Korea while you scroll.

Friday 28 June 2024 08:56, UK

• US warned of 'dangerous illusions' as Russia mulls change in nuclear stance
• EU signs security agreement with Ukraine in Brussels
• Ukraine receives latest EU financial support package worth £1.6bn
• N Korea tests multiple warhead missile - as US leads drills after Putin-Kim pact
• Your questions answered : Has the West been honest about Ukraine's failures?
• Big picture : What you need to know this week
• Listen to the Daily above and tap here to follow wherever you get your podcasts
• Live updates by Katie Williams

Ask a question or make a comment

We're pausing our live coverage of the war in Ukraine for this evening.

Scroll through below to catch up on the latest developments.

Two people have been killed and two more are wounded as a result of Russian shelling in Ukraine's eastern Donetsk region, an official has said.

Vadym Filashkin, head of the regional military administration, said Russian forces struck the centre of Kurakhove city, killing a woman and a 40-year-old man.

Two injured people were taken to hospital, he said.

He added that the extent of the damage in the attack was being assessed.

Volodymyr Zelenskyy and Hungarian Prime Minister Viktor Orban had a seemingly lively chat ahead of a meeting of European leaders in Brussels today.

It's not known what that the two men discussed - but relations between Budapest and Kyiv have become more strained since the Russian invasion in 2022.

Hungary is Russia's closest ally in the EU and Mr Orban has maintained a friendship with Vladimir Putin while criticising the EU's strategy on Ukraine.

In December, Mr Orban blocked a €50bn aid package for Ukraine in a move that frustrated other EU leaders. He lifted the veto several months later.

Two people have been injured in a Russian drone attack on southern Ukraine, an official has said.

The Kherson regional administration said Russian forces launched an attack on the village of Novodmytrivka, leaving a 66-year-old man and 71-year-old woman hurt.

Both have blast injuries and have been taken to hospital for treatment, it said on Telegram.

The US, Israel and Ukraine are all in talks to provide Ukraine with up to eight Patriot air defence systems, according to the Financial Times.

Volodymyr Zelenskyy has repeatedly called for NATO members to send his country the US-made Patriot systems as it battles intensifying Russian attacks.

The FT said the deal would likely involve Israel first sending the systems it plans to retire to the US, before they are handed over to Kyiv.

Sources with knowledge of the negotiations told the paper the outlines of the deal have been discussed between ministers and senior officials from each of the three countries.

Mr Zelenskyy said in May that Kyiv urgently needed at least seven more Patriot missile systems to ward off Russian strikes against its power grid, civilian areas and military targets.

Pictures have emerged this evening of the aftermath of Russia's latest airstrike on the northeastern Ukrainian region of Kharkiv.

Emergency services said earlier that five people were injured and buildings were damaged in the attack (see 17.55 post).

Russian forces launched an assault on a new front in Kharkiv in May, after months of fighting focused on the east.

Ukrainian troops have repelled Russian forces from a neighbourhood in the frontline town of Chasiv Yar, a Ukrainian military official has said.

Nazar Voloshin, a spokesman for the Khortytsia operational-strategic group, told the Interfax-Ukraine news agency that Russian forces had been pushed out of the Kanal neighborhood in the east of the town.

Mr Voloshin claimed Moscow's forces were not slowing down in their push to break through in Chasiv Yar, and said two assault operations were ongoing.

"Ukrainian defenders reliably hold the defence in this area and give a decent rebuff to the Russian aggressor," he told the agency.

For context: Chasiv Yar, a strategically-important town in the eastern Donetsk region, has long been a Russian target.

It has been pummelled by Russian air, artillery and drone strikes for months now, as Moscow views the town as a gateway to launch direct offensives against several Ukrainian "fortress cities".

Chasiv Yar had a pre-war population of more than 12,000, but now only a few hundred residents remain.

Volodymyr Zelenskyy has urged EU leaders to make good on their promises to provide his country with military aid after the bloc signed a security agreement underlining its support for Kyiv in the long term.

"Fulfilment of every promise is important, not only in terms of protecting lives but also to destroy the Russian illusion that they will achieve something by war," he said at the summit in Brussels today.

The Ukrainian president thanked countries that have so far promised equipment and arms aid, but pointed out that they were "needed urgently on the battlefield".

He also urged more help on "the urgent things - air defence, that is one".

The EU-Ukraine security agreement entrenches the EU's commitment to help Ukraine in nine areas of security and defence policy - including arms deliveries, military training, defence industry cooperation and demining,

In essence, it encapsulates what the 27-nation bloc has been doing for the country since the start of the war.

But the EU has made a specific commitment to the "predictable, efficient, sustainable and long-term provision of military equipment" for Ukraine.

Kyiv in return has promised to uphold European values and continue on its reform path in preparation to join the EU.

Five people have been injured in Russian airstrikes in Ukraine's northeastern Kharkiv region, according to emergency services.

The State Emergency Service of Ukraine said the strikes hit a residential area of the region, partially destroying one building and damaging others - including a school - as well as cars.

Crews at the scene said five people were hurt.

The windows and gates of the local fire station were also damaged, the emergency service said.

While the apparent gains made by Russia during its spring offensive in Kharkiv were the focus of much of the news coverage of the way in May, a new report indicates any progress made by Vladimir Putin's troops came at a significant cost.

According to UK and other Western intelligence agency sources cited by the New York Times, more than 1,000 Russian soldiers were injured or killed each day last month.

However, the newspaper also cites US officials as saying Moscow is continuing to recruit between 25,000 and 30,000 new soldiers a month - roughly as many as it is losing from the battlefield.

American officials told the outlet that Russia achieved a critical objective of Mr Putin in creating a buffer zone along the border to make it more difficult for the Ukrainians to strike into the country.

But, the Western officials said, this did not threaten Kharkiv and was ultimately stopped by Ukrainian forces.

Be the first to get Breaking News

Install the Sky News app for free