As A Coach, Your Need To Make Money Is Holding You Back. Business Mistake No. 6 of 12
People get into coaching for different reasons but the one I see the most is wanting to create a life of freedom for themselves and their families while doing something good for other people. It is quite beautiful really.
It is a lovely idea but the reality is:
Most coaches will never be able to support themselves and their families through coaching alone
It is an unregulated profession that is overpopulated. There are tens of thousands of coaches in this world and from their websites it is hard to tell if they have got their diploma over a weekend online course or, have spent years dedicating themselves to the art of human evolution.
The market is saturated with people who can barely own the title of coach
Also, most of them are trying to shout above each other on social media: jostling for position by posting inspirational quotes and talking about how great their coaching business is.
I also see a lot of overwhelming plagiarism; there is a sea of repetition with many coaches too scared to say what they really think or feel for fear of putting people off.
Then, there are ads; particularly on Facebook; they pop up continuously, offering you:
The 5 Steps To Making 6 figures As A Coach
I fell into this trap myself, years ago, when my dad was alive. I wanted to be able to quit my job so I could create a better life for him and an opportunity came up to enter into a programme promising to get me up to £100,000 in a year. It was very enticing and offered by a well meaning man. He wasn’t a con artist like many of them; he was just a bit misguided and getting caught up in his own story of how to create success.
He wasn’t able to help me in that way and so I stopped trying and carried on working for the same company. If I knew then, what I know now, I could have taken different steps and have created what I wanted back then; but, I didn’t and it is only now, after having a steep learning curve that I have come to see the simple truth.
If you need to make money, get a job!
Being a self employed coach means having to learn how to sell coaching to people and earn enough to pay the bills and more. The biggest challenge is a psychological one; asking for money for your services when you are not used to it can feel strange. You will worry about so many things; like:
Are my fees too high?
Are my fees too low?
Will anyone want to pay for my coaching?
Is my coaching worth the money?
These are just a few of the questions that coaches ask themselves; the list goes on and every question is a barrier between you and your potential client. When you actually tell them your fees, it is likely you will mess it up many times before you are able to say it with certainty.
Then, there is the desperation of needing to get paid
When you add needing money into the mix, it is a recipe for disaster!
If you are thinking about which bill you will pay when the moment comes for you to tell your potential client what it costs to work with you; that energy will come through. The person may have loved your coaching but now feels like you are trying to get something from them; the energy shifts, your connection is broken and you end the conversation on a low note with a bad taste in your mouth.
This came into full focus for me in January 2015; it was about 9 weeks after I quit my job with no consistent way of making money as a coach; I had taken a leap into the unknown. Over the 9 weeks, I had been coaching quite a few people and had been getting mostly no’s to my offers of paid coaching.
One morning, I got a call from the solicitors of my mortgage company; they said that I had 7 days to pay the £800 mortgage or they would take me to court to get a repossession order on my house. (as I was already over the arrears by a substantial amount)
When she was speaking I put myself into the courtroom and saw all possibilities, including the repossession order being filed and having to move out of the home which I had lived in since I was 2 years old. I stepped into that reality, owned it and I felt something change inside me.
In that moment I became financially free
By going through that in my mind, I knew that my family and I would be ok no matter what and so my biggest fear of losing that house was purged from my system. I no longer needed to get paid; I felt free.
During the next 7 days, I did get paid; just enough to pay that bill, but it was a start and meant that I kept the house. I had done nothing overtly different, except offered my fees without needing to get a yes.
It was the beginning for me and a lot more happened in the coming months that turned my crazy dream into a reality with a strong foundation of coaching ability combined with a lack of neediness.
I have worked with a lot of coaches over the past year on this and depending on where they are I recommend different options. My own bias is to turn the fire up to full blast so you can purge out the need altogether; that is what I did and want that for everyone but, the reality is most coaches are not ready for that kind of intensity and that is ok too; especially if you are in a relationship and have to share decisions.
If you read the book:The Prosperous Coach (which I highly recommend), they talk about getting a job to pay the bills while you are building your coaching business and so that is what many do. Find a part time job to take away that desperation and you can then focus on making a difference to the people you are coaching and inviting some to pay you without attachment.
When you focus on coaching a lot of people, becoming better every time and, while doing that, invite people to pay you, eventually enough of them will say yes. Then, you can quit that part time job and become one of the few coaches out there who are making good money living a life they love.
Questions for you:
Do you feel a pressure to make money from coaching?
What will you do to ease it or burn it out?
Do you want to grow your business on a strong foundation of being an incredible coach?
Do you want to have a powerful presence that has you able to create clients wherever you are?
It is ridiculously straight forward to grow a successful coaching business if you are willing to do the work to become an amazing coach!
The programme I have coming up is focused on that; 7 months to become a powerful person that coaches at a world class level.
Email me if you want to find out how I can help your coaching abilities and business thrive. Email me at firstname.lastname@example.org
Watch the video to find out more about what it could mean for you: