MOTIVATIONAL SPEAKING BUSINESS PLAN GUIDE
If you’ve got excellent motivational speaking talents, you might want to start a life coaching business in that line.
However, while such a skill may have been learned or come naturally to you, starting it as a business may present several challenges.
This is because you’re trying to create a system of revenue flow that requires planning.
Handling things alone can be overwhelming without the right kind of support. One of the major areas you may encounter problems is writing your plan. With the correct type of help, this shouldn’t be a problem.
This motivational speaking business plan template gives you what to work with.
Developing Your Plan
Writing a comprehensive motivational speaking business plan requires knowing what to do in proper structuring. Also, you’ll need to know what each of these sections should hold or discuss.
Sections to be covered include the executive summary, company description, and products & services.
Additional sections to cover include market analysis, strategy & implementation, organization & management team, and the financial plan & projections.
Each of these areas or sections highlights a vital part of your business plan and must be carefully discussed to develop a comprehensive plan.
i. Executive Summary
The executive summary is the summarized or condensed version of your motivational speaking business plan. It’s designed to hold the reader’s attention to want to find further details about the business idea.
The executive summary determines the viability or otherwise of your plan.
True to its name, a good executive summary should be about 2 to 5 pages long. It should be written last but must appear at the beginning of the plan.
For a good reason, this section is sometimes referred to as the most crucial section of the plan; it gives the reader a heads-up of what to expect.
By reading through the summary alone, a lender should be able to learn about the name and nature of your business, its legal structure, and the purpose of loan requests, among other things.
In a nutshell, it gives an all-encompassing view of the entire plan.
Some of the critical areas covered in summary include the business name and location, services and products, mission and vision statements, and the specific purpose of the plan.
Even a motivational speaking business needs a name. Your lender or audience should get to know or be informed of such. Additional detail is the business’ location. Does its location improve your sales or patronage?
This will be a good idea as it improves the likelihood of the business succeeding.
What services and products will be offered, and is there actual demand for such? You’ll need to provide this information without getting into specifics.
Those details should be left for the primary services and products section. How do these services benefit your target market?
The mission statement of your plan should be captured in a few sentences and must state the plan’s purpose in addition to underlying philosophies. You are describing your business’s goal chances and the potential for achievement.
The vision statement paints a future scenario of where the business is headed. It should be inspiring enough to make your workforce key to its message.
This helps align all efforts towards its eventual attainment.
ii. Company Description
Your motivational speaking business needs to be clearly defined for your audience.
This is achieved through a description that focuses on the business and how you operate. Areas focused on including your preferred legal structure and a summary of short- and long-term goals.
How do you plan on making a profit through motivational speaking? Also, a brief history and nature of a business help better understand the business concept.
What are the needs or demands you plan on fulfilling? Also, give a summary of company growth with financial and market highlights.
iii. Services & Products
What services does your motivational speaking business offer? Although the name tells a lot, you’ll need to get into specifics. Such will require providing all the details with a specific focus on customer benefits.
Identify and provide the market role of your services and products and the advantages these services have over competitors.
iv. Market Analysis
Market analysis is where the bulk of the work lies.
The contents of this section will reveal your industry knowledge. To do a thorough job, you’ll need to provide a sketch of target customer segments with details such as size and demographics included.
An assessment of the strength and weaknesses of your competitors is another vital area of coverage you should look at. Also, describe the motivational speaking industry’s future outlook and supporting statistics.
What more? Historical, current, and projected marketing data for services and products are needed.
v. Strategy & Implementation
Your sales and marketing strategies are essential to your overall success.
Areas to be covered here include pricing and costing details with information on possible promotions where necessary. How do you intend to enter the motivational speaking market?
Will your business require a labor force? What are your labor sources, and how many employees will you hire if it will?
vi. Organization & Management Team
The organization and management of your motivational speaking business are vital to its success. Information includes an organizational chart describing departments (if any) and key employees.
Information on the business owner(s) should include names, percentage ownership, and extent of involvement.
If you have a management team, you’ll need to include relevant details such as names, positions, primary responsibilities, and experience. Are there any advisors?
You should add details about such here as well.
vii. Financial Plan & Projections
The financial plan and projection section is one crucial part of the plan that will require expert or professional help.
It covers areas like historical financial data (for established motivational speaking businesses), realistic prospective financial information, and a brief analysis of financial data.
It would help if you had a sound motivational speaking business plan when these areas are adequately covered and discussed.