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Make Six Figures As A Coach


Start and Build A Coaching Business | Get More Coaching Clients  | From employee to entrepreneur  | Quit your 9 to 5 job | Coaching Business Tips and Resources

 

How Do You Make Six Figures As A Coach?

Every time I’m on social media I see the buzz about being a six-figure earner.  It seems like this is the big measure of success online marketers focus on. 

Frankly, I don’t agree, not everyone wants to be a six-figure coach. Some of you may not be satisfied making $100,000 this year, you know you’ve got the ability and the drive to create $250,000 or $500,000. So go for it! Others may say, I don’t want to earn that much.  I’ve looked at my needs and if I earned $30,000 this year from my coaching practice I would be thrilled.

Honestly, I think there are as many answers as there are coaches.

But regardless of your personal answer, every time I see the six-figure flag waved as the only goal that matters for mission-driven entrepreneurs, it sounds like a faraway goal that is incredibly difficult to reach. It seems to be touted as the Mt. Everest of the solopreneur world. 

But what if you knew how to reach it? And what if it wasn’t as difficult as it sounds at first?

I got to thinking, what if I could show you how you could generate the income you choose and dispel the myths around the holy grail of the six-figure coach? If I could show you this, and give you the tools, it will allow you to choose what’s right for you and not arbitrarily deny yourself bigger financial rewards because they sound scary. I know you want to make a difference in this world and money is one (only one mind you) of the most common measures.

Let’s start by looking at that six-figure goal and break it down step by step so you can see what’s involved.  

For our first example let’s consider your goal is to earn $100,000 this year.

My goal is to earn $100,000 this year

$100,000

How much do I need to make each month? (Divide your goal by 12)

$8,333 per month

How much do I need to make each week? (Divide your goal by 52)

$1,923 per week

How much do I need to make each day? (Divide your goal by 365)

$274 per day

Let’s be more realistic. You don’t want to work every single day. It’s important to take at least one day off per week. So, if you took a two-week holiday and one day off each week you’re left with 301 days for your business. (Divide your goal by 301)

$332 per day

 

Start and Build A Coaching Business | Get More Coaching Clients  | From employee to entrepreneur  | Quit your 9 to 5 job | Coaching Business Tips and Resources

 

For our next example, let’s consider what you would have to earn to make $30,000 per year. Remember, this is your business, you get to choose what success looks like.

 My goal is to earn $30,000 this year

$30,000

How much do I need to make each month? (Divide your goal by 12)

$2,500 per month

How much do I need to make each week? (Divide your goal by 52)

$577 per week

How much do I need to make each day? (Divide your goal by 365)

$82 per day

Let’s be more realistic. You don’t want to work every single day. It’s important to take at least one day off per week. So, if you took a two-week holiday and one day off each week you’re left with 301 days for your business. (Divide your goal by 301)

$100 per day

 

So now how do you feel about your income goal?

I’ve found it really helps to get granular. Because, when you look at one big number it can feel like a huge hurdle and you feel defeated before you even start.  

People are natural problem solvers and if you’re reading this blog I know you are eager, committed and enthusiastic about creating your own business on your path to freedom. Once you know you need to generate $100 or $332 each working day it allows your creativity to shine through.

Let’s stick with our examples and take the next step.

If you know your goal how do you make it a reality?

Here’s where you need to consider how you want to coach?  Let’s consider a few questions:

  • Do you want to do only 1:1 individual coaching?

  • Do you want to coach on contract for companies or organizations?

  • Do you want to do group coaching?

  • Do you want to only coach, or would also like to deliver training sessions?

  • What about holding retreats (both in-person and virtual)

  • Would you like to hold a class at your local community centre and incorporate coaching in the curriculum?

  • What other styles of coaching can you think of that sound exciting?

 

 Let’s look at the simplest business model – individual clients

This is a very satisfying business model. You decide you only want to do personalized one on one coaching and support your ideal clients in your niche to succeed.

When my goal is to earn $30,000 this year. I need to earn $577/week or $100/working day

 

Coaching Rate per Session

Coaching Rate per Session

Coaching Rate per Session

 

$100

250

$500

Number of Clients per week

6

2

1

Number of Clients per day

1

1 every 3rd day

1 every 5th day

 

 

When my goal is to earn $100,000 this year. I need to earn $1,923/week or $332/working day

 

Coaching Rate per Session

Coaching Rate per Session

Coaching Rate per Session

 

$100

$300

$500

Number of Clients per week

19

6

4

Number of Clients per day

3

1

1

 

Let me repeat what this last table just summarized. 

If you charge $100 per coaching session you need to have 3 clients per day and you will reach your goal of a six-figure business.

If you charge $300 per coaching session you need 1 client per day to reach your six-figure business goal.

I found this really helped me when I was starting out. Now do you see why, when people ask me, can I be a six-figure income generator I say yes, definitely yes. But before you go any further, do the math so you know what you need to do each day, week and month to reach your goal. Then and only then you can decide if that’s the right goal for you.

I know that many you will charge by the 3, 6 or 12-month package. Others will do a small group coaching program a couple of times each year. The power here is in seeing what is possible and understand what do you need to do today and tomorrow to make your dream come true. So set your goal, do the math and then decide if this satisfies you.

PS> One more thing, from a business standpoint looking at your income goal is a really important step to take. However, there is another step that is equally as important. Remember, it’s not just how much money you bring in from your business, you also must know how much it costs to run your business. Once you know your income and subtract your costs, now you will know how much is left over for you to pay your bills, support your family and enjoy your life. I’ll be covering this topic on a future post.

 

What's your goal going to be this year? Send me an email at info@candymotzek.com  I’d love to hear from you, I personally read every single email I get, and maybe I’ll answer your question on another one of my blogs or next Facebook Live.

 


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