Every type of business, including coaches, consultants and any type of service-based business, needs a business plan.
If you’ve started your coaching business or other service-based business without one, then stop now!
You can’t skip over this critical step just because you offer a service instead of a physical product.
Every business can benefit from a business plan.
A great business plan will give you 3 things in that will make it useable and help you to grow your new business.
#1: Focus & Clarity
When you create a business plan you need to focus on the reasons for the business:
- Who do you want to serve?
- What do you want to provide?
- When do you want to start?
- Where will you set up shop?
- Why do you want to start such an endeavour?
- How will you meld all these things together to create a prosperous business?
These are the primary reasons why you’re going into business and they should always be at the forefront of your mind when making decisions.
You also want to focus on your big life dreams.
- How much money do you want to make over the next 5 years?
- Do you want to sell multiple products or have several locations?
- Everyone’s big dream will be different but you should write it down as part of the plan.
#2: Gives You a Plan
Think of your business plan as a mountain. Your mission statement is at the base of the mountain while your big dream and vision are at the peak.
Everything in between is what you need to plan and these steps should also be incorporated into a business plan.
- What products do you want to create?
- How often do you want to produce a product?
- How can you implement some passive income or affiliate income into your business?
- Are there any speaking engagements or online summit opportunities that will expand your reach and your followers?
- What can you add to your sales funnel for those not yet ready to commit to coaching?
#3: Action Steps
This is the most important step, to ensure your business plan is useful.
This is where your planning steps are broken down into smaller, actionable steps.
Instead of just saying I want to write a book, break the process down further.
- How much time can you dedicate each day to writing?
- Do you want to self-publish or find a publisher?
- You’ll need to hire an editor and someone to design the cover.
These are actionable steps that can easily be crossed off your to-do list once completed.
Don’t get off track when creating these plans. You don’t need to plan 5 years’ worth of action steps at one time.
The idea is to plan a year at a time, keeping your focus in mind, so that the action steps become a pathway or a blueprint to your big dreams.
These can then be broken down into 90-day action plans.
The best business plans are documents you use every day to keep on track when building your business and working towards your goals.
If this seems like a daunting task, I’ve got the perfect resource for you that you’re going to love The Business Plan Template which you can access as part of The Step Up Boss Up New Business Toolkit.
These will help you plan your business and create action steps that you can quickly implement to get results in your new business.