The Key to Six-Figure Success in Coaching
The spirit of entrepreneurship is a phenomenon in our world today – this is especially true in the contemporary economies we reside in today. There are reasons why certain careers are more sought after than others, and reasons why people choose to work for one company for the other.
When it comes to coaching, whether it be business coaching, life coaching or executive leadership coaching – there are those coaches – whether they belong to executive coaching companies or run their own coaching practice – who generate well over six-figures (USD) annually in their coaching business.
Regardless of the niche the coaches’ operate in, and having been part of a wide and extensive coaching network, I have observed some common factors that worked in driving the high levels of success for their coaching practice.
1. These coaches choose one niche and stick to that niche only. This one sounds quite obvious, however it isn’t. For example, choose to be either a life coach or an executive coach, but not both. I think this principle applies to other factors of life as well, as sticking to one thing and specializing in that by truly devoting your time, energy and resources will help the yield the highest results for your coaching success. Working in more than one specialty – especially if they’re not so closely related can be distracting and may not work so great for your coaching image also – think about it, what would you be known for – in my previous example, would you be known as that great life coach OR that great executive coach? Establishing a clear distinction is a great start.
2. The motivation to provide employment for yourself. Another great thing about the field of coaching is that you don’t need to join a specific coaching company to find work. However, whether you have an executive coaching certification, life coach certification, etc – and any other knowledge requirements is a different aspect. But given that you have the required skills, you can easily start your own practice by establishing a few dedicated clients at a time. I still believe that within coaching in-person referrals are the best way to gain more clients. The motivation to succeed is a big factor in those coaches who earn over six-figures, since they are governed by high levels of achievement motivation. These psychological and personality traits are prevalent in these coaches’.
3. Strategy. A lot of coaches, when it comes to the business aspects of running their practice have a distinct, clear-cut strategy in place. A majority of the financially successful coaches I meet agree that they like to only work with their ideal clients. any client who isn’t in their ideal client list is a waste of time. Who are these ideal clients for them? They are those clients that are results-driven, hungry for change and success – and for whom price isn’t an option. Please however do note that, every coach has their own version of an ideal client. The focus should be on quality of work and not on the quantity. The pricing strategy is also accurately set to meet their year-end goals.
Typically, it is known that executive and business coaches tend to earn the highest levels of annual income – however, this can also be true of life coaches or any other coaches in any field where there exists a solid demand. You are after all, working to solve a person’s problem. And given that you can convince others that YOU are the one that can provide the solution – then at the end of the day, you are the true master of your coaching practice and future.
Remember: as long as you have a sound reason beyond profit, you will be successful. In coaching culture, that reason is a strong desire to bring meaningful change in to the lives of the client. Don’t give up.
What other factors do you notice in financially successful coaches? Please feel free to list in the comments below.