Are you about starting a life coaching business? If YES, here’s a complete sample life coaching business plan template & feasibility report you can use for FREE to raise money.
Okay, so we have considered all the requirements for starting a life coaching business. We also took it further by analyzing and drafting a sample life coaching service marketing plan template backed up by actionable guerrilla marketing ideas for life coaching businesses. So let’s proceed to the business planning section.
Table of Content
- 1 Why Start a Life Coaching Business?
- 2 Life Coaching Business Plan – Executive Summary
- 3 Life Coaching Business Plan – SWOT Analysis
- 4 Life Coaching Business Plan – MARKET ANALYSIS
- 5 Life Coaching Business Plan – Publicity and Advertising Strategy
- 6 Life Coaching Business Plan – Financial Projections and Costing
- 7 LIFE COACHING BUSINESS GROWTH: Sustainability and Expansion Strategy
Why Start a Life Coaching Business?
The life coach profession has continued to soar high in recent times. This is because of the need to help people put their lives in the right perspective. If you think this looks like what you have the penchant for, then it is required that you have a word or two with experts.
This is especially important so that you can know all that needs to be known as it concerns the business that you are looking to start. One of the reasons why this is vital is because of the information the experienced people can give you.
After that has been done, then you will have to draw up a business plan. What of the importance of writing a business plan is hinged on the fact that you will need to have a detailed projections towards the business that you plan to delve into.
There are certain technical areas in a business plan that you will need to be conversant with. This is why you may be required to first study another person’s business plan to be sure you are going to get things right with planning your business.
A Sample Life Coaching Business Plan Template
- Industry Overview
In the early days of human civilization, especially the period when they were very few formal schools, personal training has been in existence. Although it was only the rich and influential people in the society that could afford personal trainers or life coach at that time, but that does not in any way stop this very old profession from prospering from one generation to another generation.
As a matter of fact, the profession is transforming from one form to another which is why you can now hire personal trainer or life coach to help you achieve what you plan to achieve in life. Life coaches generally help their clients set and achieve their goals; they motivate cum coach their clients to become peak performers in life.
In essence, the Life Coaches industry is made up of professionals whose job is to primarily help their clients set and achieve personal goals. Such goals can be relevant to a client’s job, personal life or interpersonal relationships; they provide counseling services to people in the areas of personal growth, relationship issues, career path and related topics.
The demand for the services of life coaches grows when personal or professional stress arises or intensifies, as well as under strong economic conditions. While industry demand is somewhat negatively correlated with economic health, severe economic contractions ultimately constrain industry growth because consumers are unable to spend freely on discretionary services. In the coming years, the revenue for the services offered by the Life Coaches industry is projected to grow at an average annual rate of 3.3 percent to $868.5 million
The Life Coaches industry is a thriving sector of the economy of the United States of America and they generates a whooping sum of well over $869 million annually from more than 12,043 registered and licensed life coach companies scattered all around the United States of America.
The industry is responsible for the employment of well over 17,944 people. Experts project the Life Coaches industry to grow at a 3.3 percent annual rate. It is important to state that there is no single organization that has a lion share of the available market in the Life Coaches industry
It can’t be over emphasized that the demand for the services offered by the Life Coaches industry grows when public confidence declines and people’s ability to handle the issues on their own wanes. When the housing bubble burst and the US economy fell into a recession, consumer confidence plummeted.
This decline, coupled with high unemployment, falling incomes and bleak outlooks, caused Americans to seek out the assistance of professional coaches, benefiting the industry. However, as the economy slowly continues to recover and consumer confidence returns, demand for life coaches is expected to diminish.
Going forward, clients and potential clients alike will likely require less guidance, high-income households will serve as the primary vehicle of growth for the industry
Lastly, as a life coach, 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 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.
Life Coaching Business Plan – Executive Summary
Barry & Becky®, LLP is a professional and licensed Life Coaching Firm that is specialized in helping her clients achieve their personal goals and improving their competence, capacity and productivity. The scope of our business offerings cover areas such as business coaching, personal improvement coaching, family and relationship coaching, weight loss and fitness coaching, executive coaching, career and financial et al.
Our business will be located in – between a well – populated residential estate and a business district in Smethport – Pennsylvania, United States of America.
Barry & Becky®, LLP is a client-focused and result driven life coaching organization that provides broad-based motivational, learning approaches and experience 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 career and personal goals whenever they hire our services.
At Barry & Becky®, LLP, 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 life coaches with various skill set areas that are well experienced and passionate in helping our clients achieve their personal goals within record time.
Barry & Becky®, LLP 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. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our overall business goal is to position our life coaching organization to become the leading personal training / coaching brand in the coaches industry in the whole of Smethport – Pennsylvania, United States of America, and also to be amongst the top 10 personal training and coaching business in the United States of America within the first 5 years of operations.
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 enthusiastic and confident that Smethport is the right place to launch our personal training cum life coaching business.
Barry & Becky®, LLP is founded by Dr. Barry Jimmy and he will run the business with his business partner for many years Dr. Becky Allison. Dr. Barry Jimmy is a renowned personal effectiveness cum life coach and he has well over 20 years of experience as a life coach working with top government officials, corporate executives and sports people both in the United States of America and Canada.
He has several life coaching and personal training certifications, he is certified NPL practitioner and he is a member of many relevant organizations both in the United States and on a global level (International Coach Federation – ICF amongst others).
- Our Product and Services
Barry & Becky®, LLP is going to offer varieties of personal training and life coaching services within the scope of the personal training and life coaching industry in the United States of America. Our intention of starting our life coaching organization is to help our clients achieve their personal goals and improving their competence, capacity and productivity.
And of course to also make profits from the personal training cum life coaching industry and we will do all that is permitted by the law in the US to achieve our aim and business goal. Our service offerings are listed below;
- Business coaching
- Personal improvement coaching
- Family and relationship coaching
- Weight loss and fitness coaching
- Career and financial
- Online Coaching Services
- Retailing of Self – help Books and Materials
Our Vision Statement
Our vision is to build a highly competitive and effective life coaching business that will become the number one choice for both individuals and corporate organizations in Smethport – Pennsylvania and the whole of the United States of America
- Our Mission Statement
Our mission is to provide affordable professional and highly effective personal training / life coaching services to a wide range of clients that cuts across different divides. Our overall business goal is to position Barry & Becky®, LLP to become one of the leading life coaching brand in the industry in the whole of Smethport – Pennsylvania, 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 operations.
- Our Business Structure
Barry & Becky®, LLP, is a life coaching firm that intend starting small in Smethport – Pennsylvania, but hope to grow big in order to compete favorably with leading personal training and life coaching firms in the industry both in the United States and on a global stage.
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. This is why we are committed to only hire the best hands within our area of operations.
At Barry & Becky®, LLP, we will ensure that we hire people that are qualified, hardworking, creative, passionate, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
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
- Personal Trainers for Various Skill Sets
- Accountant / Bursar
- Client Service Executive
- Front Desk Officer
Roles and Responsibilities
Head of the Tutorial College / School Coordinator:
- Responsible for providing direction for Barry & Becky®, LLP
- 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 handling high profile clients and deals (clients such as Top Government Officials, Politicians, Superstars, and Celebrities et al)
- Responsible for fixing fees and signing business deals (partnership)
- Responsible for signing checks and documents on behalf of the tutorial college
- Coordinate all arms of the business and develop curriculum for the school
- Evaluates the success of the business
- Reports to the board of Barry & Becky®, LLP.
- Responsible for overseeing the smooth running of HR and administrative tasks for Barry & Becky®, LLP
- Design job descriptions with KPI to drive performance management for life coaches
- 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 staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily activities of Barry & Becky®, LLP.
Life Coaches / Personal Trainers
- Handles business coaching services
- Responsible for personal improvement coaching services
- Responsible for family and relationship coaching services
- Handle weight loss and fitness coaching services
- Responsible for career and financial coaching services
- Handles online coaching services
- Retailing of Self – help Books and Materials
- Handles any other duty as assigned by the Principal Partner / CEO.
- Identifies, prioritizes, and reaches out to new students, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents Barry & Becky®, LLP in strategic meetings
- Helps to increase sales and growth for Barry & Becky®, LL.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- 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 Barry & Becky®, LLP
- Serves as internal auditor for Barry & Becky®, LLP.
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 and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels / documents for Barry & Becky®, LLP
Life Coaching Business Plan – SWOT Analysis
We are aware that one of the best things to happen to any business is to be aware of their areas of strengths and weaknesses. This is exactly what we plan to do when we conducted a similar research.
Barry & Becky®, LLP engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured personal training and life coaching business that can favorably compete in the highly competitive personal training and life coaching industry in the United States and the world at large.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Barry & Becky®, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Barry & Becky®, LLP;
Our core strength lies in the power of our team; our workforce. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in personal development and life coaching.
Aside from the synergy that exist in our carefully selected team members and our strong online presence, Barry & Becky®, LLP is well positioned in a community with the right demography and we know we will attract loads of students from the first day we open our doors for business.
As a new personal training and life coaching organization in Smethport – Pennsylvania, 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 personal training and life coaching industry; that is perhaps our major weakness.
No doubt, the opportunities in the personal training and coaching industry is massive considering the number of individuals and corporate organizations who would want to achieve their goals and to perform excellently well in their jobs and personal life. As a standard personal training and life coaching organization, we are ready to take advantage of any opportunity that comes our way.
Every business faces a threat or challenge at any part of the life cycle of the business. These threats can be external or internal. This shows the importance of a business plan, because most threats or challenges are to be anticipated and plans put in place to cushion what effect they might bring to the business.
Some of the threats that we are likely going to face as a personal training and life coaching organization 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 operations 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.
Life Coaching Business Plan – MARKET ANALYSIS
- Market Trends
We have left no stone unturned in know the advantages, as well as all the odds that are stacked against us. One thing is certain, the trend in the personal training and 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 life as a result of hiring the services of your organization, then they will be compelled to help promote your organization. Another notable trend in this industry is the influence of technology; the advent of technology is responsible for the increase in income generated by life coaches and personal development coaches all over the world.
With technology, it is no easier for life coaches and personal trainers to coach and 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 life coaches and personal trainers to train cum coach clients in different parts of the world.
- Our Target Market
The target market for a personal training and life coaching companies is all encompassing. Barry & Becky®, LLP is a professional and licensed Life Coaching Firm that is specialized in helping her clients achieve their personal goals and improving their competence, capacity and productivity.
As a standard personal training and life coaching organization, Barry & Becky®, LLP offers a wide range of personal development trainings and life coaching services hence we are well trained and equipped to services a wide range of clients (public figures, celebrities and non – celebrities alike).
Our target market as a life coaching company cuts across people of different class and people from all walks of life. We are coming into the personal development and coaching industry with a business concept and company’s profile that will enable us work with the clients at different learning stages and different status.
Below is a list of the clients that we have specifically design our life coaching services for;
- Working Class Adults / Corporate Executives
- Business People / Entrepreneurs
- Government Officials
- Public Figures
- Applicants / School Leavers
- Sports Men and Women
- College Students
Our Competitive Advantage
Competition must not only be looked at in the bad light, but should be seen as a blessing indeed. No doubt, the personal training and coaching industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can successfully help them achieve their personal goals or acquire a new soft skill set that will help them to be effective at work and in their personal life.
It is the practice for personal trainers and life 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
We are quite aware that to be highly competitive in the personal training and coaching industry means that you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference and improvement and you should be able to meet the expectations of your clients at all times.
Barry & Becky®, LLP might be new Smethport – Pennsylvania, but the management team and the owner of the business are considered gurus in the industry. They are people who are core professionals, licensed and highly qualified life 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.
Aside from our robust experience and expertise of our life coaches, we have a very strong online presence that will enable us coach and mentor clients in different parts of the world from our online portals.
Lastly, our employees (personal trainers and life coaches) will be well taken care of, and their welfare package will be among the best within our category (startups personal training and life coaching businesses in the United States) 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 achieve all our business aims and objectives.
Life Coaching Business Plan – SALES AND MARKETING STRATEGY
We are mindful of the fact that there is stiffer competition amongst personal training and 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 well equipped to meet their targets and the overall goal of Barry & Becky®, LLP.
We will also ensure that our clients’ becomes experts with the skills they acquire; we want to build a standard and first – class personal training and life coaching business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow Barry & Becky®, LLP to become one of the top 10 personal training and life coaching organization in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in Smethport – Pennsylvania but also in other cities in the United States of America.
Barry & Becky®, LLP is set to make use of the following marketing and sales strategies to attract clients;
- We will do well to introduce our personal training and coaching company by sending introductory letters alongside our brochure to corporate organizations, households and key stake holders in Smethport – Pennsylvania.
- We will also 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 personal training and coaching company
- Post information about our personal training and coaching school 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 personal training and coaching company
- Advertise our life 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.
Sources of Income
Barry & Becky®, LLP is established with the aim of maximizing profits in the personal training and coaching industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis. Barry & Becky®, LLP will generate income by offering the following training / coaching services;
- Business coaching
- Personal improvement coaching
- Family and relationship coaching
- Weight loss and fitness coaching
- Career and financial
- Online Coaching Services
- Retailing of Self – help Books and Materials
One thing is certain, there would always be corporate organization and individual who would need that extra coaching or push in other for them to achieve their personal goals and also to enable them become peak performer in the career and in their family life. This is the major reason why the services of personal trainers or life coaches will always be needed.
We are well positioned to take on the available market in Smethport – Pennsylvania and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our personal training and coaching business and our clientele base.
We have been able to critically examine the personal training and life coaching market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Smethport – Pennsylvania.
Below is the sales projection for Barry & Becky®, LLP, it is based on the location of our personal training and coaching company and of course the wide range of trainings that we will be offering;
- First Fiscal Year-: $150,000
- Second Fiscal Year-: $350,000
- Third Fiscal Year-: $750,000
N.B: This projection is 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.
- Our Pricing Strategy
Generally for personal training and life coaching business bills both per hour billing and flat fees on a weekly or monthly basis applies. As a result of this, Barry & Becky®, LLP 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 Barry & Becky®, LLP we will keep our fees below the average market rate for all of our clients 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.
We are aware that there are some clients that would need special assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
At Barry & Becky®, LLP, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment via mobile money
- Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
Life Coaching Business Plan – 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 clients and private clients in the whole of Smethport – Pennsylvania 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 Barry & Becky®, LLP;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Smethport – Pennsylvania.
- Engage in road show from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact corporate organizations by calling them up and informing them of Barry & Becky®, LLP and the services we offer
- List our life coaching company on local directories / yellow pages
- Advertise our life coaching company in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our personal trainers, life coaches and staff members wear our branded shirts and all our vehicles are well branded with our schools’ logo et al.
Life Coaching Business Plan – Financial Projections and Costing
In setting up a personal training and life coaching business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a higher amount of capital as you would need to ensure that your employees are well taken care of.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The start – up capital for a home based personal training and life coaching business might fall between $500 and $2,000, while that of a medium and large scale would definitely be higher.
The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a personal training and life coaching business; it might differ in other countries due to the value of their money.
However, this is what it would cost us to start our own standard and world class life 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 home tutor might not have to incur all these expenses but going by the above report, we will need an average of $150,000 to start a medium scale life coaching business in the United States of America.
Generating Funding / Startup Capital for Barry & Becky®, LLP
Barry & Becky®, LLP is a business that will be owned by Dr. Barry Jimmy and his business partner for many years Dr. Becky Anderson. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
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 $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
LIFE COACHING BUSINESS GROWTH: Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Barry & Becky®, LLP 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 life coaching services and advisory and consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Barry & Becky®, LLP 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.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. 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.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form 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 start – up 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
- Graphic Designs and Printing of Packaging Marketing / 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 Smethport – Pennsylvania: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress
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