Coaches enter the coaching business because they like to help their athletes, not because of the company. However, the commercial aspect of the equation is inevitable, and it is the part that most coaches battle. Following the suggestions in this guide, you will be able to configure your online coach business towards future and long-term success.
Business plan
Coaches often don't write a business plan because they start just training a few athletes and never realize that their business could become much more. If you plan to train only a few people or aspire to a full-time coach, a business plan is a crucial step for a successful business. Essentially, it is a guide on all the steps necessary for your business to function.
Business plans generally follow the following general scheme:
EXECUTIVE STATEMENT
A concise summary of your company. If a stranger approaches you on the street and asks you what your business is about, could you tell them precisely what your business is about, and what distinguishes you in one or two sentences?
COMPANY'S DESCRIPTION
What is the mission of your company? A mission statement for the company will define your business, why it exists, and its rationale. At a minimum, the mission statement must determine who its main customers are, and identify the products and services it produces.
PRODUCTS/SERVICES
What products and services do you offer? Most online trainer courses offer individual training but don't be afraid to think beyond. Some of the services and products you can offer include personal training, group training, nutritional services, sports psychology training, virtual attractions, training plans, etc.
MARKET ANALYSIS
Who are you selling too? Although at the beginning of your business, you may not have the luxury of choosing each of your athletes, at least you should have some idea in mind about who you would like to train. Your mission will inform any segment you want.
MARKETING AND STRATEGY PLAN
How are you going to sell? How are you going to market your business? Will a website be essential? Will you sponsor events? Have you thought about expressing your methods, opinions or experience through newsletters, blogs or articles?
PRICES
Pricing for individual coaching depends on three things: the frequency of communication, the rate of planning or schedule adjustments, and the level of analysis. In general, the higher the frequency of contact, the more planning adjustments are made and the higher the level of study, the more expensive the monthly rate, and vice versa.
Other factors that also contribute to establishing prices your level of experience as a coach, credentials, type of communication, services offered and your location against the costs of the foreign competition.
MANAGEMENT AND STRUCTURE TEAM
At first, you may be the only person in your business, but it is still an excellent time to start imagining what you will do: you should get several athletes.
Will you consider hiring assistant coaches? What about hiring trainers with different skills, such as a nutritionist, to add
more depth to your coaching staff?
FINANCE
What will be your costs? How much do you need to reach the breakeven point? What earnings do you project? Even if you do not plan to go full time, it is essential to run financial data so that you are not surprised by an expense. If you plan a full-time training, you must have a rough idea of what you will need to make the business viable.