How to Make Money in Your Coaching Business
THIS YEAR WAS A YEAR OF MANY, MANY, FIRSTS INSIDE MY COACHING BUSINESS AND HOT DAMN…
…It Feels Good (And Scary) To Have Tried So Many New Things.
And I’m sharing them with you in the hopes that by being transparent about what worked for me, you might find some inspiration to help make 2019 your BEST year yet.
Here are five of my big firsts and tips on how you can use them to create more money inside your coaching business.
1. MY FIRST 39K MONTH
Yup, you read that right.
I have to fight with my inner critic to share that number (and in another post I’ll share what kind of profit and expenses were behind it), but it’s true.
So, how did I hit that number?
I got really clear on how much I want to make.
Back in September, I set a goal of making 10k/month with my coaching business. I’ve been coaching for a few years now, but I’d never set a firm goal on how much I actually want to make.
I just knew I wanted to help other women.
Well in September, I blew right past that 10k goal. In the first week!
So then I increased my goal to 25k/month and 60 days later, I’d hit that (and some) in November.
How exactly did I do it?
So let’s not forget that I started working for myself over five years ago and before that, I worked in management level positions inside big companies.
I’m no newbie to business success OR being a business mentor.
In fact, even though in my previous life I was a marine safety advisor, I did a shit ton of coaching, training and facilitating.
Different audience. Same skill.
The real shift came from a very simple 3-step process which I’m sharing right here:
>>GET CLEAR ON THE MONEY YOU DESIRE<<
How much money do you want to make?
How much do you need to run a business and have support?
How much money do you need to pay yourself on a regular basis?
Don’t be afraid to think big and to notice what stories come up as you start to play with numbers.
Having clarity is the first step in achieving something you desire.
And in order to get clear around money, you need to know your numbers.
Grab a pen and start looking at what kind of income you want to make.
>>SET A VISION that’s a wee bit uncomfortable<<
Look at the bigger picture and ask yourself….
Where are you going?
What are you creating for your life and business?
Dream big here and get as specific as possible (just like you did with the money exercise).
Get super clear with what you’d LOVE your future to look like and how it would feel to be there. Embody those feelings NOW.
>>TAKE INSPIRED ACTION<<
But here’s the thing!
You can signal to the universe all that you desire, but unless you take ACTION towards your goals and intentions, it might be a long, slow and frustrating path.
If you want to get on the accelerated track, then you need to look at your vision combined with your money goals and create a tactical list of all the things you can do to achieve your desires.
Go make your list.
And then get out there and DO THEM.
2. MY FIRST MONEY COACH
Working with Nova Scotia’s own Money Coach April Stroink has been a GAME CHANGER this year.
Through working with her and her nurturing yet no-nonsense style my husband and I…
…Paid off 5k of unwanted personal debt
…Saved 2k to pay for Christmas in cash
…Started putting money towards my RRSP (after 5 years of not touching it)
…Saved up money to go on our dream trip.
I grew my business bank account by a lot.
Up until this year, I had treated my business like my personal savings account and my line of credit as my back up plan.
As opposed to treating my business like a serious baby that I want to nurture and grow into a 7-figure BEAST.
I worked through my own money stories so I could really shift the limiting beliefs that were energetically holding me back.
I unravelled some deep-seated money beliefs and had a good old cry over the fact that I’d subconsciously carried around this idea that someday Prince Charming or a fairy godmother would swoop in and magically make me get rich.
Ain’t no one gonna make me rich.
I’m going to have to do that for myself and so are YOU (if being rich is what you really want).
If you want to make more money, it’s time to face your money blocks, own your inherent worth as an expansive spiritual being with access to a stream of abundance…
…and then go out there a claim it for YOURSELF.
Ready to unravel your money story?
Here are some questions you can ask to get started:
- What’s my first memory about money?
- How do I really FEEL about money?
- What do I love spending money on?
- What do I loathe spending money on?
- When I have money I feel…
- When I don’t have money I feel…
- What did I learn from my mother about money?
- What did I learn from my father about money?
- What can money do for me?
- What are my deep-seated beliefs about money?
- Why do I feel this way?
Journal on these questions and see what you come up with.
Awareness is always the first step, so give yourself some credit for being willing to go there.
3. MY FIRST MAJOR INVESTMENTS IN ME
Last year I signed up for B-School with Marie Forleo (which I loved btw) and I gave it my all and then some.
Then in September, I paid 10k plus travel to be a part of a 6-month Mastermind program in Santa Monica.
I committed to myself and my own success. This one is huge.
I’ve NEVER invested in myself this heavily before. But the same month that I committed to myself, more and more clients started showing up to work with me.
And I started selling higher-end packages that honour the level of service I provide and the kind of support my clients CRAVE (and deserve).
There is power in saying yes to YOU that you can’t even see at first.
And it doesn’t have to be a 2k or 10k investment. There are lots of events and program that are lower price points!
But no matter how you invest, you need to show up and implement what you learn.
Hanging back on the sidelines? It ain’t gonna propel you very far.
4. MY FIRST “HIRE”
Following the lead of those who have gone before me, I started working with Sandra Booker from Any Old Task for admin + business support.
Paying money out on a monthly basis was initially terrifying, but now I see it as money well spent that is helping me focus my business growth.
Sandra and her team keep me on track, help me think big picture AND they do all the stuff that was slowing me down and keeping me from operating efficiently.
So I can focus on doing what I do best.
Working with my clients, facilitating my group programs (more on that in a sec) and getting wildly creative about what’s next.
Take a look at what’s slowing you down so you can outsource it STAT.
For example. If you…:
…Hate tech, get someone to take it off your plate.
…Can’t stand doing your books, hire a bookkeeper.
…Have been working on your website for 2 months and it’s still not done, hire a designer, already!
And don’t tell me you can’t afford to!
Here’s how I look at it. I remind myself that in fact…
“…I CAN’T AFFORD NOT TO.”
If it’s going to set YOU free – so you can do the bigger picture work of getting clients and cash, then it might be time to get some help.
5. MY FIRST GROUP COACHING EXPERIENCE
I launched this program on the fly after my weekend retreat in October – because participants asked me too.
I had no plan, no program created, no content ready – nothing. Just a bunch of women who said, “Hey, what’s next?”
Then I decided I had to be willing to not know the outcome and for things not to be perfect.
My soul argued with my rational mind on this one.
My mind told me that my program would be lame, that I didn’t have enough time to plan, that I wouldn’t be able to help the women etc.
All the limiting stories.
But my soul told me to do it anyway. Turns out my soul was right because those 5 women who completed that program all CHOOSE to work with me again this year.
And my latest group program is full (with 11 incredible women) and I’m working on how to serve even more in the next round.
But do you see? I followed through on the ideas, despite the fear.
You need to be quiet enough to hear your soul voice speaking and then you need to be aware enough to see what would serve your clients.
When the two intersect, that’s where the magic (and money) is.
This is how you grow. You follow through on those ideas that don’t leave you alone.
So what are your intuitive nudges?
How can you listen closely to where your path seems to be leading you?
Can you tune in more deeply?
What do you want to offer to people that feels real and true?
Now over to you…
…What were some of your FIRSTS last year and how did it FEEL to DO IT?
Let me know in the comments!
P.S. I’ve got ONE spot left for my 1-1 coaching packages starting this month (January) and 3 spots left for my fiery business retreat in Hawaii (March).
If you want to go after your BIG dreams in 2019 click HERE to set up a complimentary, no obligations coaching session to explore what having a coach might do for YOU.
Hi, I'm Becky!
For Coaches and Leaders