Are you about starting a motivational speaking company? If YES, here is a complete sample motivational speaking business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a motivational speaking business. We also took it further by analyzing and drafting a sample motivational speaking business marketing plan template backed up by actionable guerrilla marketing ideas for motivational speaking businesses. So let’s proceed to the business planning section.
One of the easiest routes to becoming an entrepreneur would be to leverage your in-built skills and talents to launch a business. One of the businesses that you can successfully start from your in-built skills and talents is a motivational speaking company.
A motivational speaking company is a company that provides training and coaching to corporate organizations, educational institutions, youth organizations and individuals. A motivational speaking company is a resource company that can either be a one man show or an assemblage of motivational speakers and trainers in different fields.
The motivational speaking company is classified under the business coaching industry, and the industry is indeed a big and thriving industry in the united states of America and most countries of the world. Just like most businesses, the motivational speaking business is open for as many people that are interested in the industry as long as you have what it takes to provide the resources that your clients want.
Even if you don’t have the finance and other requirements for starting a standard motivational speaking company with loads of certified motivational speakers and training specialists under your payroll, you can come into the industry as a one-man motivational company especially if you are a born motivator.
If you have decided to start a motivational speaking company, then you must make sure that you carry out thorough feasibility studies and market survey. This will enable you to locate the business in a community or city that can readily accept your services and adequately reward you for it.
Below is a sample motivational speaking company business plan template that will guide you towards writing your own and ultimately launching your own business.
A Sample Motivational Speaking Business Plan Template
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
1. Industry Overview
Motivational speaking company is part of the business coaching industry and the industry includes companies that offer motivational speeches, pep – talk, public speaking, short duration courses and seminars for management and professional development and of course schools and individuals.
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 et al.
If you are an observer of the Business Coaching industry, you will agree that the industry relies on demand from its largest market, the middle and senior management of US corporations, which left it vulnerable to declining corporate profit. During the period where businesses cut back on nonessential expenses, including employee business coaching programs, the industry diminished.
Small operators, which represent the majority of industry players, were particularly hurt by falling demand, with some being forced to leave the industry in response to poor operating conditions. But, improving corporate profit and employment rates are expected to increase the number of organizations in the industry.
The Business Coaching industry that motivational speaking is a part of is indeed a large industry and pretty much active in most countries of the world.
Statistics has it that in the United States of America alone, there are about 51,094 registered and licensed business coaching companies (motivational speaking companies) scattered all across the United States responsible for employing about 91,971 and the industry rakes in a whooping sum of $11 billion annually.
The industry is projected to grow at 2.6 percent annual growth within 2011 and 2016. It is important to state that there are no establishments in this industry that has a lion market share. A recent report published by IBISWorld shows that in 2016, the two largest companies account for less than 5.0 percent of industry revenue.
As a result, the Business Coaching industry is highly fragmented, with a large number of small enterprises operating throughout the United States. The vast majority of operators are non – employers that service only their local area. Non – employing businesses represent more than 85.0 percent of all companies operating in this industry.
The report further stated that there is also a large number of operators that have a relatively small number of employees. 72.8 percent of employing companies have fewer than five employees, while companies with fewer than 10 employees represent 85.2 percent of employing enterprises.
The business coaching industry and motivational speaking business will continue to blossom because more and more organizations, businesses and individuals are beginning to realize that somehow, they would need the services of employment motivational speakers to help them stay motivated, achieve their goals and live a fulfilled life.
From all available statistics, it is safer to say the business coaching industry is growing steadily despite the competitive nature of the industry. One thing is certain, if you are well positioned, you have the required business skills, networks and you have a robust assemblage of motivational speakers under your payroll or as partners, you are likely not going to struggle to compete favorable in the business coaching industry.
Another reason why people prefer to start a motivational speaking business is that a motivational speaker, public speaker or trainer has the monopoly to charge fees as it suits them especially if they are have been able to pay their dues in the industry.
Other factors that encourage entrepreneurs to start their own motivational speaking company is that the business is easy to set up and the startup capital is indeed affordable; you can actually start your own motivational speaking company from the comfort of your house. All you need to do is to create an office somewhere in your house. People usually pay you for the services you render.
2. Executive Summary
Bob Russel & Co® Motivational Speaking Company, LLP is a licensed motivational speaking company that is specialized in helping her clients achieve their life and business goals, improving their competence, capacity and overall productivity.
The our business offerings cover areas such as motivational speeches, pep – talk, public speaking, business coaching, management development training, professional development training, and quality assurance training. Our business will be located in a business district in Colorado Boulevard, Pasadena – California, United States of America.
Bob Russel & Co® Motivational Speaking Company, LLP is a client-focused and result driven motivational speaking company that provides broad – based motivational speeches and learning approaches at an affordable fee that won’t in any way put a hole in the pocket of our clients.
At Bob Russel & Co® Motivational Speaking Company, LLP, our clients’ overall best interest would always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hire professional and certified business coaches and trainers with various skill sets who are passionate about helping our clients achieve their life, personal, career and business goals.
Bob Russel & Co® Motivational Speaking Company, LLP will at all times demonstrate her commitment to sustainability, both individually and as a motivational speaking 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 motivational speaking company to become the leading motivational speaking brand in the business coaching industry in the whole of Pasadena – California, United States of America, and also to be amongst the top 10 motivational speaking companies in the United States of America within the first 5 years of operation.
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 Pasadena is the right place to launch our motivational speaking business.
Bob Russel & Co® Motivational Speaking Company, LLP is founded by Bob Russel and he will run the business with other business partners. Bob has a Bachelor of Arts in Psychology from the University of Arkansas and an MBA in Finance from the University of Tulsa. Bob hails from Brooklyn, New York and he began his career at National Speakers Academy as an intern.
He was also an assistant manager and then a training manger. Bob Russel is a Certified Speaking Professional (CSP™ Certification) | National Speakers Association (NSA), Certified Public Speaker, Business Coach Certification – World Coach Institute, he attended Life and Business Coach Training Certification Program approved by International Coach Federation and he is a member of the International Coach Federation –ICF.
3. Our Products and Services
Bob Russel & Co® Motivational Speaking Company, LLP is going to offer varieties of motivational speaking services within the scope of the business coaching industry in the United States of America. Our intention of starting our motivational speaking company is to help our clients achieve their overall life, family, career and business goals and improving their competence, capacity and productivity and of course to also make profits from the industry.
Aside from delivering motivational speeches/talks, public speaking and pep talks, we will also specialize in all of the under listed;
- Providing management development training
- Providing marketing and sales training
- Providing professional development training
- Providing quality assurance training
- Providing business coaching
4. Our Mission and Vision Statement
- Our vision is to build a highly competitive and effective motivational speaking business that will become the number one choice for individuals, start -ups and corporate organizations in Pasadena – California and the whole of the United States of America.
- Our mission is to provide affordable and highly effective motivational speaking services to a wide range of clients that cut across different divides. Our overall business goal is to position Bob Russel & Co® Motivational Speaking Company, LLP to become one of the leading motivational speaking brands in the industry in the whole of Pasadena – California.
Our Business Structure
Bob Russel & Co® Motivational Speaking Company, LLP, intends starting small in Colorado Boulevard, Pasadena – California, but hopes to grow big in order to compete favorably with leading motivational speaking companies 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 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 operation.
At Bob Russel & Co® Motivational Speaking Company, LLP, 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.
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
- Motivational Speakers 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
- Answerable 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 Bob Russel & Co® Motivational Speaking Company, LLP
- 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.
- 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
- 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 Bob Russel & Co® Motivational Speaking Company, LLP
- Accountable for delivering motivational speeches/talks, public speaking and pep talks
- In charge of providing management development training
- Responsible for providing marketing and sales training
- Responsible for providing professional development training
- Responsible for providing quality assurance training
- Answerable for providing business coaching services
- Identifies, prioritizes, and reaches out to new clients, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts
- Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Documents all customer contact and information
- Represents Bob Russel & Co® Motivational Speaking Company, LLP in strategic meetings
- Helps to increase sales and growth for the organization.
- 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
- In authority of administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Bob Russel & Co® Motivational Speaking Company, LLP
- Serves as internal auditor for Bob Russel & Co® Motivational Speaking Company, 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 Bob Russel & Co® Motivational Speaking Company, LLP
6. SWOT Analysis
Bob Russel & Co® Motivational Speaking Company, LLP engaged the services of a professional in the area of business consulting and structuring to assist our organization in building a well – structured motivational speaking business that can favorably compete in the coaching industry in the United States.
Part of what the consultant did was to work with the management of our organization in conducting a SWOT analysis for Bob Russel & Co® Motivational Speaking Company, LLP Here is a summary from the result of the SWOT analysis that was conducted on behalf of Bob Russel & Co® Motivational Speaking Company, LLP;
Our strength as an organization is tied to our team; our workforce. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in motivational speaking. Aside from the synergy that exists in our carefully selected team and our strong online presence, Bob Russel & Co® Motivational Speaking Company, LLP 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 motivational speaking company in Colorado Boulevard, Pasadena – California, 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.
No doubt, the opportunities in the business coaching industry is massive considering the number of individuals, startups and corporate organizations that would want to achieve their life and business goals and to perform excellently in their various industries. As a standard motivational speaking company, we are ready to take advantage of any opportunity that comes our way.
Some of the threats that we are likely going to face as a motivational speaking company operating in the United States of America are unfavorable government policies that might affect businesses such as ours, the arrival of a competitor within our location of operation and global economic downturn which usually affects spending/purchasing power especially as relates to the kind of services we offer. 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 experience huge differences in their lives, career and business as a result of hiring the services of your organization, then they will be compelled to help promote your organization. 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 motivational speakers all over the world. With technology, it is now easier for motivational speakers to motivate 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 motivational speakers to motivate cum train clients in different parts of the world.
8. Our Target Market
The target market for a motivational speaking company is all encompassing. Bob Russel & Co® Motivational Speaking Company, LLP is a licensed motivational speaking company that is specialized in helping her clients achieve their goals and improve their competence, capacity and productivity.
As a standard motivational speaking company, Bob Russel & Co® Motivational Speaking Company, LLP offers a wide range of motivational speaking services, hence we are trained and equipped to service a wide range of clients. Below is a list of the clients that we have specifically designed our motivational speaking services for;
- Corporate Organizations
- Religious Organizations
- Political Parties/Politicians
- Hotels and Restaurants
- The Government (Public Sector)
- 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 career and business goals. It is the practice for motivational speakers 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 business 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.
Bob Russel & Co® Motivational Speaking Company, LLP might be new in Pasadena – California, but our management team is licensed and highly qualified motivational speakers and trainers that can successfully build soft skills in people with zero proficiency. 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 motivate and train clients in different parts of the world from our online portals.
Lastly, our motivational speakers 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 achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Bob Russel & Co® Motivational Speaking Company, LLP is established with the aim of maximizing profits in the business 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.
Bob Russel & Co® Motivational Speaking Company, LLP will generate income by offering the following training/coaching services;
- Delivering motivational speeches / talks, public speaking and pep talks
- Providing management development training
- Providing marketing and sales training
- Providing professional development training
- Providing quality assurance training
- Providing business coaching
10. Sales Forecast
One thing is certain, there would always be individuals and organizations that would need our training in other for them to achieve their life, career and business goals. This is the major reason why the services of motivational speakers will always be needed.
We are well positioned to take on the available market in Pasadena – California and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our motivational speaking company.
We have been able to examine the motivational speaking 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 Bob Russel & Co® Motivational Speaking Company, LLP, it is based on the location of our motivational speaking company and of course the wide range of training and motivation speaking services 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 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
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 Bob Russel & Co® Motivational Speaking Company, LLP. We want to build a standard and first – class motivational speaking business that will leverage on word of mouth advertisement from satisfied clients.
Our goal is to grow Bob Russel & Co® Motivational Speaking Company, LLP to become one of the top 10 motivational speaking companies 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 Colorado Boulevard, Pasadena – California but also in other cities in the United States of America.
Bob Russel & Co® Motivational Speaking Company, LLP is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our motivational speaking company by sending introductory letters alongside our brochure to corporate organizations, starups and key stake holders in and around Pasadena – California.
- 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 motivational speaking company
- Post information about our motivational speaking company 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 motivational speaking company
- Advertise our motivational speaking company in relevant educational magazines, newspapers, TV and radio stations.
- Attend relevant educational expos, seminars, and business fairs et al
- Engage in 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 Pasadena – California 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 Bob Russel & Co® Motivational Speaking Company, 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 billboards in strategic locations all around Colorado Boulevard, Pasadena – California.
- Distribute our fliers and handbills in target areas
- List our motivational speaking company on local directories / yellow pages
- Advertise our motivational speaking company in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our personal trainers, motivational speakers and staff wear our branded shirts and all our vehicles are branded with our organizations’ logo
12. Our Pricing Strategy
Generally, training and motivational speaking businesses bill both per hour and flat fees on a weekly or monthly basis. As a result of this, Bob Russel & Co® Motivational Speaking Company, LLP will charge our clients flat fees except for few occasion where there will be need for us to charge special clients on hourly basis.
At Bob Russel & Co® Motivational Speaking Company, LLP 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 Bob Russel & Co® Motivational Speaking Company, LLP 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 Bob Russel & Co® Motivational Speaking Company, LLP 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 clients make payment for services rendered without any stress on their part.
13. Startup Expenditure (Budget)
On the average, starting a motivational speaking company 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 and busy 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 standard motivational speaking 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 motivational speaking company 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 motivational speaking business in the United States of America.
Generating Startup Capital for Bob Russel & Co® Motivational Speaking Company, LLP
Bob Russel & Co® Motivational Speaking Company is owned by Bob Russel 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 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 (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 $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 Bob Russel & Co® Motivational Speaking Company, LLP is to build a business that will survive off its own cash flow without 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 motivational speaking 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.
Bob Russel & Co® Motivational Speaking Company, 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 retraining 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 Pasadena – California: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress