August 02, 2021 3 min read
Businesses of every type, including coaches, need a business plan. Don’t think you can skip by on this important step because you offer a service instead of a physical product. Every business can benefit from a business plan. Believe and take heed of the cliche quote “failing to plan is planning to fail.” It is true!! So, don’t believe you can launch or grow your business without proper planning and not just at the beginning but continuously.
# 1- Focus.
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 endeavor? 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.
Something else to focus on is your big dream. 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- A Plan.
Think of your business plan as a mountain. Your mission statement is at the base of the mountain while your big dream is at its 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 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 be thrown off here. 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 by taking that year and breaking it down into quarters, then months, then weeks, and then days; keeping your focus in mind, so that the action steps become a pathway or a blueprint to your big dreams.
One of my favorite planners that I use in E3C is the Cash Calendar 12 Month Marketing and Profit Plan. It helps keep everything organized, tracked, and allows me to quickly make adjustments to the next year based on what happened the previous year. If you need help organizing your thoughts for an idea for product creation, then the Product Creation is for you and will become your best friend! Good luck!
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