A great coaching business starts with a great business plan. A coaching business plan gives you a clear vision and eliminates distractions to help you start your business.
MAPPING IT OUT
Writing a coaching business plan doesn’t have to be an overwhelming process. Once you have identified a few key factors and goals, with a little creativity and organization, it basically writes itself.
While there is no set length for a business plan, it’s best to keep it concise and engaging while relaying as much information as possible to instill confidence in your vision. You will want to structure your business plan to identify and address the key areas of your business.
It is important to accentuate the positive while also acknowledging challenges your business may encounter and how you will address those challenges along the way. A huge benefit of owning your business as a franchisee with The Growth Coach is that a lot of the research and legwork has already been done for you. An alternative to creating a business plan from scratch is joining a franchise system. Franchises offer the freedom of business ownership with the benefits of a support system. The Growth Coach franchise system provides valuable information and training to help you create your own business plan that best suits your strengths while leveraging the proven systems that already exist.
The Franchise Disclosure Document (FDD) provided by any reputable franchisor will offer you a lot of crucial information to help you complete your plan, including the brand’s background, description of the target market, competitive advantages, marketing plans, and a layout of your startup and ongoing costs.
WHAT TO INCLUDE:
- COMPANY DESCRIPTION. If you’re working with The Growth Coach, a lot of helpful information for this portion can be found in Item 1 of the FDD. The description of your business plan should include a general overview of your business’s back story and objectives, including the products or services you intend to offer.
- PRODUCTS AND/OR SERVICES DESCRIPTION. Here you can go into further detail about what will make your business different from other coaching services. Something that sets The Growth Coach apart is the focus on group coaching programs that allows franchise owners and coaching professionals to attract larger numbers of clients. Group sessions help more people and generate faster growth.
- MARKET ANALYSIS. This section of your business plan assures your investors or lenders that you have done your homework and have chosen a franchise model that will be a smashing success. Refer to Item 12 of the franchisor’s FDD to inform the territory description of your local target market. Address the size and potential of your market to forecast how your coaching business will fit into the mix. Include information like experts’ forecasts, demographic factors, and statistics on the prospective competition. The Growth Coach is a unique coaching franchise because the territories are exclusive and protected, meaning, you will not be competing with other coaches in The Growth Coach syste.
- MANAGERIAL STRUCTURE. Address how your coaching business will run on a day-to-day basis. What is your role as the owner? Will you have an outside sales person to generate leads? Detail all levels of operations highlight any prior relevant business experience.
- MARKETING PLAN. This is the section where you reveal your plan for attracting and retaining customers. Item 11 of the FDD will give you an overview of their marketing and advertising systems that support the franchise owners —another massive advantage to investing in an established brand.
- FUNDING & FUTURE FINANCIALS. Time to talk money and get honest about what you need, provide a larger picture about your financial situation, and provide realistic projections about return on investment and loan repayments. Your franchisor can provide a great deal of help here through items 5 and 19 of the FDD, as well as general counsel through the startup process. While franchisors can’t predict future earnings, you can analyze Item 19 to better understand how franchisees reported earnings for the previous year. Loans and funding are often easier to secure when joining a franchise versus a startup.
- APPENDIX. While this isn’t a required part of the business plan, it offers you the opportunity to include any additional information that might enhance your presentation, including press releases, awards, and franchisee testimonials. Give your readers a final taste of what possibilities are in store with your coaching business.
THE GROWTH COACH FRANCHISE OPPORTUNITY
Whether you’re an established entrepreneur or simply looking for an opportunity to share your talents and grow your own business, The Growth Coach can lead you through all the steps of how to start a coaching business.
For coaching entrepreneurs looking for a scalable business opportunity, The Growth Coach provides the perfect platform to grow. Our initial franchise fee of $27,900 is reimbursable through the Winner’s Circle program. This program helps allows franchisees who meet KPIs during their first year in business to earn their entire franchise back
The Growth Coach is an industry leader with built-in support and infrastructure, comprehensive training, high impact marketing, and strong brand culture. Founded on the concept that group coaching allows coaches to better leverage their time and build their business, The Growth Coach was born to create a mutually beneficial relationship between franchisees and the clients they serve.
Here are the next steps you need to take to get started with The Growth Coach.