Building Abundance: The Business Plan for Health Coaches be happy, healthy AND wealthy BUILDING KNOWLEDGE WEEK 1 Program Introduction Viability of Being a Business Owner Choose Your Niche 1 Copyright 2013 The Health Coach Group All Rights Reserved

Copyright © 2013 by The Health Coach Group All Rights Reserved. No part of this program may be reproduced or redistributed in any form or by any electronic or mechanical means, including information storage and retrieval systems, without permission in writing from the publisher. Published in the United States by: The Health Coach Group, LLC, 7601 Military Avenue, Omaha, NE Disclaimer: This book contains affiliate links that compensate our company should you make a purchase. The information contained in this book is intended to help readers make informed decisions about their business. It should not be used as a substitute for representation or advice of a professional attorney, banker, insurance agent or accountant. Although the author and publisher have endeavored to ensure that the information provided herein is complete and accurate, they shall not be held responsible for loss or damage of any nature suffered as a result of reliance on any of this book’s contents or any errors or omissions herein. COPYRIGHT Copyright 2013 The Health Coach Group All Rights Reserved 2

MODULE CHECKLIST Copyright 2013 The Health Coach Group All Rights Reserved 3 By the end of this module, you will have completed and checked off each item on this list.  Read Introduction and Instructions  Complete Worksheet: The Good and Bad of Business Ownership  Read about Being Your Own Boss  Complete Packet: Viability of Being a Business Owner  Read Choose Your Niche  Complete Packet: Choose Your Niche

Congratulations! This is a big step towards success in your health coaching business. I am very excited to share this program with you. With this program and your hard work, you have the potential to create great things in the world. There is a lot that goes into launching a new business and it can be overwhelming. You can do it! One step at a time, one foot in front of the other. There is a ton of information jammed into this little program. This program provides you with directions, plans, worksheets, flow charts and tons of resources. It is my hope that you can work through this program and implement what you learn. Upon completion of the program, you should have an elevator speech, a clear niche, a target market, a clear and focused business plan, a website, a logo, a good grasp of social media and a plan to contribute and give back. You will have a list of experts to rely on and valuable resources for almost anything you need in your business. Take one page at a time and do not let yourself get overwhelmed. Read this book online. Print it out and read again. Make lots of notes on the pages. Work all of the exercises. Make an action plan. Do it! INTRODUCTION Copyright 2013 The Health Coach Group All Rights Reserved 4

HAVE A PLAN No one knows exactly how many new health coach practices are opened in any one year but you can be sure, it is a large number. Many health coaches seek the independence of working on their own or with small numbers of partners or employees. Many ventures flourish, but many others fail. According to the SBA (Small Business Administration US) about 1.5 million small businesses are launched each year and a large number of these businesses fail in the first year. These are the kinds of things an entrepreneur should investigate before opening the doors to your new enterprise. It is possible, but not advisable, to start a new health coach business without a thorough business plan. A business plan helps a health coach establish such things as which health services will be offered, how many clients might potentially be interested in these services and the amount of financial resources that will be necessary until income starts coming in. Planning formalizes the decisions and plans that surround the creation of the new business. It helps to see if the idea is feasible and what might be required to make it work. Copyright 2013 The Health Coach Group All Rights Reserved 5 INTRODUCTION

“ The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later. “ SBA Take your time completing this plan. It should take you more than a few minutes. A few weeks budgeting and planning should be expected. Spend your time on research and thinking through your answers. Keep detailed notes on your information sources and on the assumptions you have made. TAKE YOUR TIME AND DO IT RIGHT Copyright 2013 The Health Coach Group All Rights Reserved 6 INTRODUCTION

By the time you finish this program, you will have accomplished what some people in a 4 year program have not. This is what you can expect to have achieved: Chosen your specialty, your business name, mission and values. Created your business structure and taken care of the basics of infrastructure (legal, tax, insurance and accounting). Created your budget and identified how you will make the money to meet it. Built your first business website. Set up a basic marketing plan to get you started as a health coach. Learned how to sell your products and services once customers learn about you. Identified customer service and operations best practices and what your customers will experience by working with you. Finalized a strategic business plan that gives you action steps for today and sets you up for future success. WHAT TO EXPECT Copyright 2013 The Health Coach Group All Rights Reserved 7 INTRODUCTION

An entrepreneur is a person who begins and manages his/her own business, either working alone or with employees. A health coach entrepreneur often does things differently because they feel that they have a better way to provide health care services. Entrepreneurs are self motivated people and do not wait to be assigned work. Health coaches who need to be prodded into working will find it difficult to put in the time and effort necessary to operate their own business. Entrepreneurs commonly put in 12- hour days. The main characteristic that will help sustain a business owner through all the crises and decisions that must be made is “drive”: the willingness to work very hard. Successful owners of health coaching practices do have some common characteristics. They have health coaching knowledge gained through education and work experience. Business owners are resourceful. They seek advice from books, consultants, their tribe, and any source that will help them to do a better job. WHAT IS AN ENTREPRENEUR BUILDING KNOWLEDGE Copyright 2013 The Health Coach Group All Rights Reserved 8

Advantages: Not having to report to a boss. Personal satisfaction. Being able to do health coaching on your own terms. Potential for higher income. Chance to create a difference in the lives of others. Increased contact with clients, peers, your tribe, industry members. Greater responsibility in decision making. Disadvantages: Large financial risk. Greater legal liability. Longer hours. More stress. Minimal income at times. Less time for coaching (business duties). Need to satisfy customers. Management responsibility. Less flexibility. Economic influence on income. Pause your reading for a moment, and go over to the worksheet titled “The Good and Bad of Business Ownership” and complete the exercise now. PROS & CONS BUILDING KNOWLEDGE Copyright 2013 The Health Coach Group All Rights Reserved 9

It is hard to offer health coaching without knowing how to perform the service properly. Many health coaches have worked for someone else, either as a health coach or in another business situation. Being the boss is fun. It is also a daily gamble and takes a lot of hard work. Those who may be considering owning their own business have already met the first prerequisite and that is the dream. Next, they must acquire the skills and background in health coaching and business making it easier for them to achieve their dream. Pause your reading, and go to the “Viability of Being a Business Owner” worksheet. Take some time to complete this packet; think carefully about your responses, and be honest with yourself. Your success as a health coach and business owner hinges upon your ability to self-reflect and assess your strengths and weaknesses. BEING THE BOSS BUILDING KNOWLEDGE Copyright 2013 The Health Coach Group All Rights Reserved 10

CHOOSE YOUR NICHE BUILDING KNOWLEDGE The very beginning of your business is one of the most exciting periods during the process. Your idea is sparked and now you must create your business. The concept should answer the question “what is my business and what does it do?” Your ideas can be imaginative, risky, and ground breaking…or they can be practical, conservative and very utilitarian. Just remember, an idea is the simple statement that drives the entire business. An idea should not cause someone to glaze over with boredom or confusion. A great idea should be explained in no more than one or two sentences. It should make sense to everyone – from your grandma to your boss. Expertise in health and wellness should not be a prerequisite to understanding your business concept. By defining your business in the early stage there is a better chance that your initial goals will be met by the end. Resist the temptation to launch straight into business without going through the planning stages. The next step is to turn to the “Choose Your Niche” worksheets and complete the exercises there. This will take some time; be sure you give yourself enough time to reflect and find the answers to the questions. Copyright 2013 The Health Coach Group All Rights Reserved 11

Resources CHOOSE YOUR NICHE Copyright 2013 The Health Coach Group All Rights Reserved 12 Blue Ocean Strategy Blue Ocean Strategy by W. Chan Kim If You Don't Know Where You're Going, You'll Probably End Up Somewhere Else... If You Don't Know Where You're Going, You'll Probably End Up Somewhere Else... by David P. Campbell Strengthfinder 2.0 By Tom Rath