How do life coaches make more money?
In this ultra cool guide for life coaches who want to have a nice monthly income, this article is for you. We are going to be discussing four major questions that I know you asking about.
How profitable is a life coaching business? How do coaches get clients? Can you be a millionaire life coach? What is the average revenue of a life coach? Are life coaches in demand?
So strap yourself yourself in Grab a pen if you need one or just bookmark the page.
OK? lets go...
How profitable is a life coaching business?
It's a bloody good question to start off with, and the honest answer is, as profitable as you want it to be, but that's not really going to help you is it. So allow me to break this down for you.
How much do you currently earn? Especially if you are working a job. And what does that break down to per hour? You see if you earning $60,000 a year, it works out to around $23 an hour for a 50 hour week. I factored in 40 hours of work plus 10 hours travel to work and back. A life coach often gives some of their work away for free, and may have low prices, such as $50 an hour and that look attractive against $23, but you spend a lot of time not earning. For example, when you are marketing, delivering your training, learning new courses, writing content, meeting people and your admin...you are not earning. To replicate $60,000 a year, you need around $1200 a week. That's 12 people paying you $100 a week every week, or 6 people paying $200. When it comes to the question, how profitable is a lie coaching business, we have to factor in all the hours we work we are not paid for. But in can be very profitable if you become great at marketing and sales. Imagine 1 clients all paying you $1200 a month.
How do coaches get clients?
It's very common to immediately start with an online search. Seemingly it appears that's where all the business coaches for life coaches are recommending, and while you can find clients online, it actually creates you problems. It's like this. If you write a post on social media, how do you know the thoughts of the people who se eit and never respond? Now think on this. If you are speaking to someone directly, can you ask them questions? Can you guage their feelings through their tonality and body language? QUESTION: Do you think talking with people in person or on video will better serve your business? So when we answer the question, how do coaches get clients? Many coaches never find clients because they become worn out by trying to find people online. A great way for you to start finding clients is to go through your phone contacts and look for a common problem some of them need help with. Go and speak to those people about their issue and how your services will help them.
Can you be a millionaire life coach?
What do you mean? Are your clients millionaires? Do they want to be millionaires? Or do you want to be the millionaire?
Breaking this down? Can we coach people to be millionaires? Yes, of course. But it's easier if you are a millionaire already as you'll be able to help them avoid pitfalls. Can you become a millionaire life coach? Of course, but you'll probably want to get into offering a monthly subscription group coaching program. 500 people all paying you $200 a month will bring you $1.2m a year. Remember you asked How do life coaches make more money? That's just one way :)
What is the average revenue of a life coach?
Sorry, it's hard to say. I'm not going to BS you. I know loads of coaches are who are in debt trying to make it as a coach, go and ask them how do life coaches make more money? And they will say "I wish I can tell you."
There are many life coaches who are flat broke, in fact there are more broke coaches than there are with a regular steady income. Huge swathes of coaches have second jobs. The truth is, the best coaches are not the coaches with the decent income, the coaches who have cracked the code to the question of how do life coaches make more money are good at marketing at sales. There is a way forward. Do you think you could deliver 1 hour of content a day? Could you find 100 people, or vern 300, or 500 people willing to pay you $100 a month? Then do group coaching, find out more here https://www.goingbeyondtheillusion.com/
Are life coaches in demand?
Yes...and it's increasing. But people are looking for an answer to their problem. Being a life coach is just a tool. This is where we need to step into marketing our businesses.
As soon as you identify the single problem your client wants to get rid of, you'll have more people buying from you. As western medicine and big pharma comes under greater scrutiny, more people are looking for different solutions. This of course is more related to mental wellness.
Can you make good money as a life coach, heck yes! But we have to be smart about it. Selling your time can earn you some nice money, but creating a group coaching environment is always going to help you naturally scale your business where you can monitor the number of hours you work and create a monthly recurring income.