Business Plan, A Neglected Factor – 14 Reasons Why You Absolutely Must Have One

| January 21, 2012 | 0 Comments

One of the often seen mistakes of coaches is that they start setting up their business on the wrong end. Sometimes it is due to overwhelm, at other times due to lack of planning, but conclusion is – many coaches do not start where they should be, the #1 step they would need to take and this is preparing a business plan.

So what, you may ask? Everyone is free to choose their first steps, right? Some might feel starting up with their website, others with their Facebook Fan Page and again others might jump straight into creating their products.

The thing is – if you also belong to this group of people, then you are not following a long-term plan but acting on a short term strategy basis, working on a to-do item on your list.

Do you see where I am getting at?

How will you know that this strategy or to-do item will really fit the big picture, the vision of your business – and most importantly, that this is the best way to fulfil your business vision?

Because this is exactly what is happening if you tackle individual steps instead of the “big picture” first – you are working on short-term goals, hoping that it will ever contribute to your long-term one (that you might not even be aware of at the time).

Here are just 14 reasons from top of my head that speaks for having a thorough business plan:

  • It increases your chances of long-term success
  • It gives a structure
  • It is your space to think over all aspects of your business
  • It puts your business ideas on the test and shows their feasibility
  • It keeps you on track
  • It helps you gaining clarity
  • By writing it, it helps you generating additional ideas
  • It makes you think outside the box
  • It shows the holes in your plan
  • It gives opportunity for adapting or changing your actions
  • It will give a feeling of security, having thought of all important issues
  • It helps you create a future vision for your business and uses this as a base to define your next actions (as opposed to starting coaching and waiting where it will lead)
  • It gives measurable objectives and indicators to evaluate your success
  • It showcases your commitment to your coaching business

Convinced?

Do yourself a favor and start at the very first step. If you are well ahead in your business building already and still not getting results, chances are that it is the lack of business planning that causes this.

And if you haven’t started up with your business yet, now you know how to start at all (a so common question I receive from my coaching clients).

And by the way, if you need a really comprehensive tool for that, check out My Fireproof Coaching Business Plan here. This was the very plan (the revised version) I used myself for building a successful coaching business and it gives you plenty of useful hints of things to include you might not even have thought of.

For those of you who are not planning to purchase this business plan for the moment – still go and check out that link, you can use the content description as a cheat sheet for preparing your own plan.

Ready, steady, go!

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Category: Lay The Foundations, Productivity & Tools, Winning Entrepreneurial Mindset