What you really need in order to make money at ANYTHING is passion and skill. Plus, your business needs to help your customer solve their problem. A coaching business is no different–except right now, it’s actually one of the smartest decisions you can make. It’s a rapidly growing industry that is naturally designed to help solve people’s’ problems.
I know, I know– you might be questioning whether it’s possible for you, whether you can actually make money in the field, but let me break down some of those questions for you:
“ Isn’t it so hard to start a coaching business?” Yes, if you don’t have any training and don’t know how to actually coach! With proper training on ho w to coach and how to run your biz: no.”
“Isn’t it hard to find clients?” It’s absolutely not hard if you know who your ideal clients are and how to connect (market) with them. We teach this!
“Do people actually pay for coaching?” Coaching is nearly a billion dollar industry and is the second fastest growing industry next to technology. More people than ever are hiring personal coaches and more companies than ever are hiring coaches to support their staff and overall productivity. Plus, the average hourly rate for coaches is $234/hour.” (ICF Annual Report, 2016)
“How do I figure out what to do?” This is a business–so you’ve got to learn business skills! Yes, there is some trial and error involved and innovation of course–but having business training makes this very, very easy. You have to get quality business training, mentorship, and support. With this, you don’t have a lot to figure out–but you will have a lot to implement!”
“How do coaches actually make money?” The quickest way to get in ROI (Return on Investment) as a coach is to enroll 1:1 coaching clients. We recommend charging no less than $125/session and working with clients on a weekly basis. In addition to 1:1 work, coaches typically generate income from group coaching programs, masterminds, e-books, virtual courses, workshops, corporate trainings, retreats, events …the list goes on and on!
“No, like really–how do I make money?” Listen, the beauty of coaching is that it’s a highly applicable and transferable skill. What I mean is that when you have been trained as a coach, you have a skillset that can be applied to a variety of products and services.
Here’s an actual example of a business model from one of our recent graduates:
1:1 Coaching Clients: 5 clients @ $650/month
Downloadable Info Product: 10 downloads/month @$29.95/download
Monthly Mastermind: 6 members @ $99/month
Monthly Income: $4,143.50/month
This breakdown is from one of our actual graduates this March. Everyone’s business model looks different, but this is a great example of what monthly income looks like for a coach. Although, as I mentioned before–the options truly are endless!
So, is it hard to start a coaching business? You get to decide, but I recommend instead asking yourself these questions:
- Am I passionate about this work?
- Am I insanely skilled (or willing to get trained!) at supporting people in cultivating change and transformation in their lives?
- Am I willing to learn how to run and operate a coaching business in service of changing my life and the lives of others?
If you read this whole post, it tells me that you’re curious. If you are, feel free to share your responses with other coaches and prospective coaches here.
Besides, it’s a heck of a lot “harder” to live a life you aren’t totally in love with than to make money and be successful as a coach.