THE PERSONAL COACH GUIDE TO MAKING MORE MONEY
Do you know that the average income of a personal life coach in a year is only $48,780, while the lowest earners make around $28K? That's shocking!
What can you do with $28K a year if you live in a developed city like New York? It's impossible to survive, never mind striving and having the stomach to transform other people's lives.
The amount of effort and time a magnificent coach puts into fixing people's lives is fascinating, and for that little money, does it worth it?
The highest coaching earners make around $101K a year. That's not bad, and I will teach you how to get there, but I trust you can do much better.
To make decent money as a coach, you need three things:
1. A specific and essential pain point the clients have no clue how to solve themselves but to go through you and turn it into a solution proposition.
Don't be vague about your solution proposition; keep your message clear and direct.
Don't make it complicated for the client to understand what you offer or make it hard on yourself to create content and build an authority brand around that point.
2. A program or a system that includes your knowledge and experience into broken and easy-to-follow steps others can follow without you.
3. Stop trading time for money; price your service for the value.
It's easy to sign up fifteen people for your coaching business at a low price and work 12 hours daily to fulfill that service.
That's exhausting and not scalable; you offer different products to a diverse group of people with varying price points and features.
For someone willing to pay a minimum of $350 an hour for a special treat, you can devote one hour of your focus and attention. For everyone else, you direct them to different offers, which I will mention at the end of this article.
The end goal of every profitable coach should be one or multiple of the following options:
1. Be the coach of coaches; you transform your knowledge into systems and educate other coaches about how to be better at the business of coaching.
2. Franchise your coaching business and focus on educating other coaches, managing, and marketing your brand while referring clients to your coaching students.
3. Transform your knowledge into a signature program, walking clients through an in-depth process; the program price point is around $2500 and includes eight weeks of transformative information and a weekly Q&A session.
4. Work with a small group of premium and hand-picked clients who pay decent money for the value of your service; those clients are top achievers. They pay for value. They help you build an excellent brand reputation and refer others to your business.
But how do you achieve that level of business?
It's not complicated! Let's reverse engineer a successful coaching business, shall we? Let's start with the client and work our way backward.
If a desperate person is looking for some help, how would they look for a coach? And how do they pick the right coach?
Think about it for a minute. If you were looking for a coach, how would you do it?
Let's assume you head to Google and check for a fitness coach around your area and find a group of coaches to pick from; which one would you choose?
Despite choosing the sexiest ones, there are many factors to consider, including their brand reputation, the context of their social media content, and how they communicate their solution.
Are they motivating? Are they transparent with their solution? Do they seem and feel like a good fit for your situation?
You will also check if they have some low-entry products, such as a book or a mini-course, to try before you go big and invest in their coaching program.
The last thing you might go over is the price, and yet most coaches focus so much on the price point, not knowing that solving the problem with the proper approach matters the most.
People don't just wake up and head straight to the internet and book a coach; people also think they don't need a coach; many people aren't aware of the importance of coaching.
Coaches must make themselves attractive and approachable through communication and marketing efforts, making people believe that having a coach is worth it.
Once you positioned yourself as the go-to expert on a specific problem and built a brand around it, people establish trust with your brand.
If you have social proof and content on the internet that proves you are not a scam and can solve the problem, then working with you shouldn't be a risk, and here is where you can raise your price, scale your business and make a lot more money.
It's all about building a scalable system, your brand awareness, and your reputation.
This strategy should make you realize that you first decide precisely on what essential pain point you can solve, how to turn it into a predictable system, and then how to spend most of your time promoting yourself as the solution.
You can divide income streams into three major categories:
Top-tier: 1-on-1 or small groups private coaching, corporate partnership, signature programs, and elite coaches mastermind.
Mid-tier: Royalties from low-entry products such as books or affordable on-demand courses on platforms such as Udemy, Skillshare, and micro educational platforms.
Low-tier: Royalties from social media content advertising.
Focus on clarifying your business mission, developing systems around your solutions, building a brand with a robust marketing engine, and scaling your business, then watch how the bottom line of your business grows.
Please share this article with someone who needs it if you find it valuable. I would also love to hear about your experience in the business of coaching. I value your insights!