Write Your Online Coaching Business Plan Using These 8 Steps
If you fail to plan then you are planning to fail within your coaching business. Create a solid foundation by following this 8 step online coaching business plan.
Hi Trish Davies here to talk about creating an online coaching business plan. You wouldn’t build a house without architectural plans. Likewise, you wouldn’t manufacture items unless you had plans to follow.
Your online coaching business is no different. As I said in the title of this post “if you fail to plan then you plan to fail”. Your online coaching business will never get off the ground if you don’t have a step by step online coaching business plan.
It will be like the blind leading the blind. You won’t be able to see what you are doing, understand why you are doing it, let alone how to do it. Now I don’t want to come across as some kind of schoolteacher who is lecturing you. Far from it but I really want to ram home the importance of knowing what you are doing and why you are doing it.
All great ideas start with that seed in your brain. You may have one right now, maybe that is still to come but this online coaching business plan will either nurture that seed or generate it.
I am going to cover 8 steps that must be completed to create the ultimate online coaching business plan. By then end of this article you will have clarity on what to do and why you are doing it.
Then I will give you an opportunity to develop those initial ideas and concepts through my free 9 step program. Sound good? Then let’s crack on.
The Ultimate 8 Step Online Coaching Business Plan
This is going to be a practical exercise to go through so make sure you have something to make notes with. Old school pen and paper, mind mapping software, whiteboard on the wall. All will do the job.
Create Your Vision
You must create a vision of what you want to create. if you can’t see it then how do you think it will become a reality? Your vision is a visual interpretation of your dream or idea.
The vision you have must be aligned with any goals that you set for your coaching business. The two will work hand in hand, they will give you direction and they will keep you focused.
Create Your Mission Statement
Just a few weeks a go I did create a post about creating a personal branding statement. You can read that post here which will help you with your mission statement.
Your mission statement will be a brief description of your business. Your mission statement is the ultimate goal for your business.
Describe Your Business
Now this section of creating your online coaching business plan is quite intense. There are things about your online coaching business that you must have total clarity on.
Set Your Niche
Now a niche is a segment of society and business. Your niche can be broad, or you can drill down deep into that broader nice. For example, “Fitness” is a broad niche whereas one of my passions which is Zumba is a sub-niche.
Imagine “Fitness” as an onion. Zumba is one of those layers that your peel off. The first step to this section is to define what niche you want to coach in.
What Are Your Products & Services?
An online coaching business delivers many products and services covering many formats. Common digital products are eBooks, video courses & audio courses. You will also offer more personal services such as one on one consultation as well as group masterminds.
Collecting Your Money
You need payment processing services. These are more commonly know as merchant accounts such as Stripe or PayPal. These are for digital transaction online, but you may also accept old school methods such as cheques or e-cheques.
Whatever method you decide on then you will need a business bank account.
Create Your Website
You must have what is referred to as an authority website. This makes you look credible to your potential audience. Now I won’t go to much into creating your authority website here as I have previously created an extensive post on this subject.
Defining Your Target Marget
Your target market is that segment of society I referred to earlier. They are your niche. I mentioned Zumba earlier because I attend weekly sessions in my hometown. I am my instructors target market.
Define who needs your products and services. More importantly why do they need them?
How Will You Market Your Online Coaching Business
In this section you must create a marketing plan within your overall online coaching business plan. There are hundreds, if not thousands, of ways to market your online coaching business.
Online methods are hugely effective but that can still be said for some offline methods. The objective of advertising and marketing is to sell you products and services. This is what puts money in that business bank account your created earlier.
However, there are other objectives to marketing and advertising. You must create a following, build your audience, develop a tribe of loyal fans. In many ways this is where you start because it is easier to sell to a warm audience who you already have a relationship with.
Therefore, you must define your marketing strategy. This is something that my free 9 step program can help you with.
Find Out Who Your Competition Is
You can be 100% sure that there is competition out there in the marketplace. If there wasn’t then you are either at the start of new trend or this isn’t any demand from consumers.
Find out who they are, what they are doing, what they are offering to an already established consumer marketplace. Are the offering a good service or is there things that they are lacking on?
Can you provide a better service? How can you be different to make sure you stand out from all the noise?
What Is Your Business Structure?
Here it is all about personnel. At first it maybe just you, a solopreneur that wears many hats. Now that is fine but as you become more established you may find you spread yourself too thin.
Therefore, you will need a team of people in place to lighten the load. This is an investment in your business as it will enable your online coaching business to grow quickly.
Define what you are good at and do just that. For other tasks hire people on a fulltime, part-time or occasional basis.
What Tools & Equipment Do You Need?
You must have the tools for the trade. Fortunately, in respects to online coaching the tools you need are inexpensive. Much of which you may already have on your device.
You probably have software to create a word document. You will also have video and audio functionality on your device. If you can then upgrade to high definition external devices but to start with what you already have will do the job.
When it comes to online coaching session you can install Zoom. That platform can be linked to programs such as Calendly to create your schedule. Your payment processer can also be linked to both platforms which creates an online coaching ecosystem.
If you deliver training programs digitally then you can use Kajabi as I do. This platform hosts and delivers your content. It takes payment and creates accounts for your customers so that they can access what they have purchased.
Create Your Online Coaching Business Plan With Build Your AU
I have shared with you an 8 step online coaching business plan that you can start creating today. If you are looking for additional support in creating your plan then check out my free 9 step program.
The program will help you answer all the steps I have shared. It will also help you create a strong personal brand which is the focal point for your online coaching business. Click here to learn more.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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