Are you about starting a business coaching center? If YES, here is a complete sample business coaching center business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a business coaching center. We also took it further by analyzing and drafting a sample business coaching center marketing plan template backed up by actionable guerrilla marketing ideas for business coaching centers. So let’s proceed to the business planning section.
Why Start a Business Coaching Center?
Business coaching is a niche idea in the consulting industry and someone with certification in training and management can successfully launch the business in the united states. Business coaching firms offer business, leadership and management training courses, including courses to enhance knowledge in particular areas such as information technology, management amongst others.
One good thing about business coaching is that it is not restricted to an industry. As a matter of fact, a business coaching firm, you can choose to train people irrespective of the industry that they belong to. The bottom line is that you should be able to help them achieve results as it relates to the business they want to undertake.
If you have decided to start a business coaching business, then you must make sure that you carry out thorough feasibility studies and also market survey.
Business plan is yet another very important business document that you should not take for granted when launching your business coaching firm. Below is a sample business coaching business plan template that will guide you in writing your own.
A Sample Business Coaching Center Business Plan Template
1. Industry Overview
The business coaching industry includes firms that offer short duration courses and seminars for management and professional development.
Training is provided through public courses or through employers’ training programs, and the courses can be customized or modified. Instruction may be provided at the company’s training facilities, client or educational institutions, the workplace or the home and via television or the internet.
A quick of happenings in the industry shows that the industry is heavily reliant on demand from its largest market, the middle and senior management of US corporations.
After rebounding from a period where businesses cut back on nonessential expenses, including employee coaching programs, the industry flourished. IBISWorld estimates that revenue will increase over the five years to 2018. Over the five years to 2023, the Business Coaching industry is anticipated to experience steady growth.
The Business Coaching industry is a thriving sector of the economy of the United States of America and the industry generates over $10 million annually from more than 52,882 registered companies. The industry is responsible for the employment of over 95,770 people.
Experts project the industry to grow at a 1.6 percent annual rate between 2013 and 2018. It is important to state that there is no single organization that has a lion share of the available market in the Business Coaching industry.
A recent report published by IBISWorld shows that the Business Coaching industry is expected to grow at a slower rate than the overall economy during the 10 years to 2023. Industry value added is expected to increase at an annualized rate of 0.6 percent over the 10 years to 2023, while the US economy is expected to grow at an annualized rate of 2.2 percent during the same period.
However, this slow growth is primarily due to the stabilization in profit following a spike early in the period, alongside slowing wage growth as operators turn to online based courses. During the 10-year period, there have been steady increases in the number of operators, technological change and new products. Therefore, the industry is currently in the growth phase of its life cycle.
Lastly, as a business coaching firm, the key attributes needed to be able to make good success from the trade is patience, enthusiasm, passion about the specific area or goals to be handled, and constant positivity. You are also expected to be highly proactive; you would need to be good at presentation, planning, preparation, and certain other organizational skills.
It is one thing to have a skill and it is another thing to know how to coach people into becoming successful which is why you must constantly get feedbacks from your clients to be able to measure their progress and your performance.
2. Executive Summary
Blue Sky® Business Coaching Firm, Inc. is a licensed business coaching firm that is specialized in helping her clients improve their competence, capacity and overall productivity.
The scope of our business offerings cover areas such as business coaching, management development training, professional development training, quality assurance training et al. Our business will be located in a business district in Southern New Jersey – New Jersey, United States of America.
Blue Sky® Business Coaching Firm, Inc. is a client-focused and result driven business coaching organization that provides broad – based learning approaches at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will ensure that we work hard to meet and surpass all our clients’ expectations as it relates to their business goals.
At Blue Sky® Business Coaching Firm, Inc., our clients’ overall best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professional and certified business coaches with various skill sets who are passionate in helping our clients achieve their business goals.
Blue Sky® Business Coaching Firm, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a personal training organization, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our clients’ needs precisely and completely.
Our overall business goal is to position our business coaching firm to become the leading brand in the industry, and also to be amongst the top 10 business coaching firms in the United States of America within the first 5 years of operation.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are confident that Southern New Jersey is the right place to launch our business.
Blue Sky® Business Coaching Firm, Inc. is founded by Luke Mattson and he will run the business other business partners. Mattson has a BSc. in Business Administration from the University of Arkansas and an MBA in Finance from the University of Tulsa.
Mattson who is a native of Jonesboro, Arkansas, began his career at Walmart as a summer associate at the company’s distribution center. He was also an assistant manager and then a training manger. He is a member of the International Coach Federation –ICF.
3. Our Products and Services
Blue Sky® Business Coaching Firm, Inc. is going to offer varieties of business coaching services within the scope of the business coaching industry in the United States of America. Our intention of starting our business coaching firm is to help our clients improve their competence, capacity and productivity and of course to also make profits from the industry. Our service offerings are listed below;
- Providing business coaching
- Providing management development training
- Providing professional development training
- Providing quality assurance training
4. Our Mission and Vision Statement
- Our vision is to build a highly competitive and effective business coaching business that will become the number one choice for both startups and corporate organizations in the whole of the United States of America.
- Our mission is to provide affordable professional and highly effective business coaching services to a wide range of clients. Our overall business goal is to position Blue Sky® Business Coaching Firm, Inc. to become one of the leading brands in the industry in the whole of Southern New Jersey – New Jersey, and also to be amongst the top 10 personal training and coaching brand in the United States of America within the first 5 years of operation.
Our Business Structure
Blue Sky® Business Coaching Firm, Inc., is a business coaching firm that intends starting small, but hopes to grow big in order to compete favorably with leading business coaching firms in the industry.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own, which is why we are committed to only hire the best hands within our area of operation.
At Blue Sky® Business Coaching Firm, Inc., we will ensure that we hire people that are qualified, hardworking, creative, passionate, result driven, and customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff/partners and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Principal Partner/Chief Executive Officer
- Business Coaches and Trainers
- Marketing Executive
- Client Service Executive
- Front Desk Officer
5. Job Roles and Responsibilities
Principle Partner/Chief Executive Officer:
- Grows management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives
- Accountable for fixing prices and signing business deals
- Accountable for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for overseeing the smooth running of HR and administrative tasks for Blue Sky® Business Coaching Firm, Inc.
- Regularly hold meetings with key stakeholders to review the effectiveness of the organizations’ Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments.
- Oversees the smooth running of the daily activities of Blue Sky® Business Coaching Firm, Inc.
- Accountable for providing business coaching
- Responsible for providing management development training
- Accountable for providing professional development training
- Responsible for providing quality assurance training
- Identifies, prioritizes, and reaches out to new clients, and business opportunities et al
- Responsible for handling business research, market surveys and feasibility studies
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Documents all customer contact and information
- Represents Blue Sky® Business Coaching Firm, Inc. in strategic meetings
- Helps to increase sales and growth
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Blue Sky® Business Coaching Firm, Inc.
- Serves as internal auditor for Blue Sky® Business Coaching Firm, Inc.
Client Service Executive
- Welcomes clients and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the principal partners in an effective manner
- Consistently stays abreast of any new information on the organizations’ promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels/documents for Blue Sky® Business Coaching Firm, Inc.
6. SWOT Analysis
Blue Sky® Business Coaching Firm, Inc. engaged the services of a professional in business consulting and structuring to assist our organization in building a business coaching business that can favorably compete in the highly competitive business coaching industry in the United States.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for us. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Blue Sky® Business Coaching Firm, Inc.;
Our core strength lies in the power of our team; our workforce. We have a team that has excellent qualifications and experience in business coaching.
Aside from the synergy that exist in our carefully selected team members and our strong online presence, Blue Sky® Business Coaching Firm, Inc. is well positioned in a community with the right demography and we know we will attract loads of clients from the first day we open our doors for business.
As a new business coaching firm, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated business coaching industry; that is perhaps our major weakness.
The opportunities in the business coaching industry are massive considering the number of organizations that would need our services. Job seekers attempting to strengthen their bids for positions have sought out business coaches very frequently. As a standard business coaching firm, we are ready to take advantage of any opportunity that comes our way.
Every business faces threats or challenges at some point in time. This shows the importance of a business plan, because most threats or challenges are to be anticipated and plans put in place to cushion their effects.
Some of the threats that we are likely going to face as a business coaching firm operating in the United States of America are unfavorable government policies that might affect business such as ours, the arrival of a competitor within our location of operation and global economic downturn which usually affects spending/purchasing power.
There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
One thing is certain, the trend in the business coaching industry is such that if you want to be ahead of your competitors, you should be able to acquire as much certifications as possible and you should be able to have loads of testimonies from your clients.
The truth is that, if your clients experienced huge difference in their business as a result of hiring the services of your organization, then they will be compelled to help promote your organization.
New enterprises and establishments are leading to higher employment and industry profit margins are expected to increase. External factors such as Corporate profit and Per capita disposable income in the Business Coaching industry will definitely impact the overall performance in this industry.
Another notable trend in this industry is the influence of technology; the advent of technology is responsible for the increase in income generated by business coaches all over the world. With technology, it is now easier for business coaches to train clients that are thousands of kilometers away from them.
Tools like video calling/Skype, YouTube, DVDs and Webcast et al are being used by business coaches to train clients in different parts of the world.
8. Our Target Market
The target market for business coaching companies is all encompassing. Blue Sky® Business Coaching Firm, Inc. is a professional firm that is specialized in helping her clients improve their competence, capacity and productivity. We offer a wide range of business coaching services hence we are well trained and equipped to service a wide range of clients.
Our target market cuts across people of different class and people from all walks of life. We are coming into the industry with a business concept and company’s profile that will enable us work with clients at different learning stages and status. Below is a list of the clients that we have specifically design our business coaching services for;
- Blue Chips Companies
- Corporate Organizations
- Hotels and Restaurants
- Schools (High Schools, Colleges and Universities)
- Sport Organizations
- Entrepreneurs and Startups
Our competitive advantage
The business coaching industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can help them achieve their business goals. It is the practice for business coaches to acquire as much certifications as it relates to their area of specialization; it is part of what will make them stay competitive in the industry.
Blue Sky® Business Coaching Firm, Inc. might be new in Southern New Jersey, but our management team gurus in the industry. They are professional coaches that can successfully build soft skills in people with zero proficiency to 8 or 10 on a scale of 10 within a short period of time. These are part of what will count as a competitive advantage for us.
So also, we have a very strong online presence that will enable us mentor clients in different parts of the world from our online portals.
Lastly, our employees (business coaches and trainers) will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Blue Sky® Business Coaching Firm, Inc. is established with the aim of maximizing profits in the business coaching industry and we are going to ensure that we do all it takes to attract clients on a regular basis. Blue Sky® Business Coaching Firm, Inc. will generate income by offering the following coaching services;
- Providing business coaching
- Providing management development training
- Providing professional development training
- Providing quality assurance training
10. Sales Forecast
One thing is certain, there would always be organizations that would need that extra business coaching in other for them to achieve their business goals. This is the major reason why the services of business coaches will always be needed.
We are well positioned to take on the available market in Southern New Jersey and we are quite optimistic that we will meet our set target of generating enough profits from our first six months of operation. We have been able to examine the business coaching market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.
Below is the sales projection for Blue Sky® Business Coaching Firm, Inc., it is based on the location of our business coaching company and of course the wide range of trainings and business coaching that we will be offering;
- First Fiscal Year: $200,000
- Second Fiscal Year: $350,000
- Third Fiscal Year: $750,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there are stiff competitions amongst business coaching firms in the United States of America, hence we have been able to hire some of the best marketing experts to handle our sales and marketing. Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be equipped to meet their targets.
Our goal is to grow Blue Sky® Business Coaching Firm, Inc. to become one of the top 10 business coaching firm in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in Southern New Jersey – New Jersey but also in other cities in the United States of America.
Blue Sky® Business Coaching Firm, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business coaching company by sending introductory letters alongside our brochure to corporate organizations, startups and key stake holders in New Jersey.
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our business coaching company
- Post information about our business coaching firm on bulletin boards in places like schools, libraries, and local coffee shops.
- Placing a small or classified advertisement in the newspaper, or local publication about our business coaching company
- Advertise our business coaching company in relevant educational magazines, newspapers, TV stations, and radio station.
- Attend relevant educational expos, seminars, and business fairs et al
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients.
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
We are set to become the number one choice for both corporate and private clients in the whole of Southern New Jersey – New Jersey which is why we have made provisions for effective publicity and advertisement of our business. Below are the platforms we intend to leverage on to promote and advertise Blue Sky® Business Coaching Firm, Inc.;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our billboards in strategic locations all around Southern New Jersey – New Jersey
- Distribute our fliers and handbills in target areas
- List our business coaching company on local directories / yellow pages
- Advertise our business coaching company in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff wear our branded shirts and all our vehicles are well branded with our logo.
12. Our Pricing Strategy
Business coaching businesses bill both per hour and flat fees. As a result of this, Blue Sky® Business Coaching Firm, Inc. will charge our clients flat fees except for few occasions where there will be need for us to charge special clients on hourly basis.
At Blue Sky® Business Coaching Firm, Inc. we will keep our fees below the average market rate by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to all our clients at regular intervals.
- Payment Options
The payment policy adopted by Blue Sky® Business Coaching Firm, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Blue Sky® Business Coaching Firm, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via mobile money
- Payment via Point of Sales Machines (POS Machines)
- Payment via check
In view of the above, we have chosen banking platforms that will enable our client make payment for services rendered without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
On the average, starting a business coaching firm can be cost effective because on the average, you are not expected to acquire expensive machines and equipment.
What you should be concerned about is the amount needed to secure a standard office facility in a good business district, the amount needed to equip the office, pay bills, promote the business and obtain the appropriate business license and certifications.
However, this is what it would cost us to start our own business coaching company in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring an office space that will accommodate the number of employees we intend employing for at least 6 months (Re – Construction of the facility inclusive) will cost – $35,000.
- Equipping the office (computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- Launching an official Website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
- Miscellaneous – $5,000
While a business coaching firm might not have to incur all these expenses but going by the above report, we will need an average of $200,000 to start a medium scale but standard business coaching business in the United States of America.
Generating Startup Capital for Blue Sky® Business Coaching Firm, Inc.
Blue Sky® Business Coaching Firm, Inc. is owned by Luke Mattson and other business partners. They decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Generate part of the startup capital from personal savings and sale of his stocks
- Generate part of the startup capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank.
N.B: We have been able to generate about $50,000 (Personal savings $35,000 and soft loan from family members $15,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Blue Sky® Business Coaching Firm, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our business coaching services and advisory and consulting services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Blue Sky® Business Coaching Firm, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing a standard office facility in a good location plus reconstruction: In progress
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the school: Completed
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the tutorial school in Southern New Jersey – New Jersey: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress