Yes you can!
But the reality is that the majority of people that get certified as a coach don’t.
I’ve been in this game a long time and for a while I’ve been a part of that majority that didn’t make money. A lot of people would’ve given up, but instead I got really intrigued by what was going on. I was on a quest to find out what was separating the ones who were making money in this vocation and those who didn’t.
When I first started out, I would watch success story after success story being broadcast all over the place and sometimes I would feel really inspired by it, but most of the time I would just beat myself up by bringing up all the reasons why I couldn’t make this dream work. I was stuck in pointing out everything that I was lacking: time, money, beauty, resources, people, knowledge and so on.
Can you relate? If you’ve felt that and done that, don’t worry, there is hope for you too!
I’m here to shed some light on why things don’t work out for most people and what you need to take a look at if you want to be successful and make money in your coaching practice. But before I do that, I want to talk to you about some of my discoveries.
Right now, based on my coaching experience in the past few years, I can tell you that roughly one percent of coaches (yes, you’ve read that right, it’s not a typo) have an actual business. The rest merely have a dream.
We’ll talk in a minute why that is so, and what you need to do to get yourself over the fence and start earning money too.
Having a dream isn’t bad, that’s how it all starts. But believing in yourself and in your abilities to make it happen is the difference between you from having success and giving up.
You’re not wrong to have this desire. A lot of individuals are waking up to see that there are better opportunities and that they have a deep longing to serve, to do what their heart calls them to do.
Every day, more and more people jump on the dream of having the financial freedom, the time freedom and the location freedom that the coaching career promises. Let’s look at some statistics.
Based on an article published by the ICF (International Coaching Federation) as of 2018 there were more than 100,000 life coaches in existence.
We are now in 2020 and we can safely say that that number easily tripled. Based on my experience, I can venture to say that we probably have more than a million coaches. ICF is not the only institute that certifies coaches. There are dozens and dozens other respectable institutions founded by powerful leaders such as Tony Robbins, Jack Canfield, Bob Proctor, Brendon Buchard and many more that are helping people get qualified to be a transformation advocate.
So then, if there is such a demand for coaches and so many people desire to become a coach, why do most fail to make that dream happen?
I can sum it up in one word: MINDSET.
Now you may think that’s over simplistic, but yes, that’s the reason why most coaches don’t realize their dream of having a business and being successful. You’ll see exactly why later in the article.
Often, what I see happening in the process is that the transition the individual goes through, from being an employee to being a business owner, is being oversimplified, neglected or completely ruled out. So when a coach finds themselves having to run a business with its multitudes of demands and no directions on how to handle them– they feel overwhelmed, stressed and discouraged.
I usually compare the process to being given the most sophisticated and advanced car. While you may be excited about how it looks, what it can do, how fast it can drive, the way people will look at you when you’re driving and the fun of being in it, if you don’t know how to drive it, if you don’t know what the buttons do, if you don’t have the key, then you’re most likely stuck looking at it, and possibly getting pissed at yourself that you don’t know how to navigate it.
Now instead imagine that when this beautiful machine is being handed to you, that it comes the best instructor who can teach you how to do everything and look like a pro doing it in less than a week. How awesome would that be? You’d be the happiest and coolest driver ever!
Unfortunately most of us try to “figure out” the buttons, pressing them randomly and hoping that we’ll “get” it. It may take a long time, it may even cause damage to the car, but we continue to try to “figure it out”. That’s exactly how most coaches approach business, and I speak from experience.
Look, there will always be things that we need to learn on our own, I’m not discounting that. There will never be that perfect instructor to give you every single detail and be there with you every single step of the way, and that’s not a bad thing, our growth depends on that. But the mastering the basics – being able to operate the business (the metaphorical car)—is the most important part. Having a mentor to help you get there can save you so much mental anguish, so much money and so much time.
I’ve paid my dues, that’s why I want to make sure you can learn from my mistakes, struggles and from the things I’ve learned over the years after working with hundreds of coaches and entrepreneurs. I want to help simplify the process for you.
That’s why, if you want to have a successful business, you have to look at the basics.
So what are the basics?
Habits are the practices that either take us where we want to go or away from it.
First we build our habits and then they build us. If you want a successful business but you are in the habit of procrastinating, you won’t get far. However, if you have good habits that support and work towards your goals, success is inevitable.
One way to know if your habits are the right ones is to look at your results, because results don’t lie.
- Where are you? (Answer that honestly.)
- Are you close to getting results or are you just getting started?
- Do you even know what results you want to achieve?
A little reverse engineering can help you determine some of the habits you need to start installing in your life. Be sincere with yourself and start with one then add more and more productive habits as time goes on. Soon you’ll be closer and closer to your reaching your goals. One way to organize, build and implement your new habits is to have the next basic in place, and that is:
Your schedule is extremely important! Take a real good look at it and you’ll see why you’re not having success yet. However, there is a lot more that goes into having a schedule, and most people are under the assumption that it is just the written tasks on a calendar, but I’m going to venture to say it’s more than that. Have you ever written something on your schedule but didn’t stick to it? I’m going to guess “yes”, and here’s why. There are two things that are necessary to make sure we comply with our schedule.
Those two things are priorities and boundaries. Do you have them set?
First you need to set priorities such as projects or things that move the needle. Do you know what your priorities are in your business?
Then you have to create boundaries – internal and external. For example: if you want to work on a project and you know you get easily distracted by chores, media, people and other things, you have to be very diligent and proactive about how you prevent yourself from being sidetracked.
Also, if you don’t have a good handle on your emotions and your focus, you need to start there. I’m not being insensitive, I’m just telling you that you need to look at this because I know this to be one of the top reasons why coaches don’t follow a schedule. They tend to allow their emotions to decide when and if they get work done.
This takes me to the next element I consider to be an important part of the Basics.
Here’s how I define discipline: we either pay (the price of regret) or get paid (for the commitment we have to something).
Here is more about what I mean by that: we either pay in suffering (defeat, doubt, anxiety) for wasting time, money and energy and by not getting what we want because we don’t take things seriously or we don’t do the things that matter.
Or the opposite of that which is: we get compensated for the focused effort that we put towards intentional goals.
Every great master understands this principle. Discipline is actually your ticket to freedom. It is not your restrictor. Discipline is about taking back your power. It is about not allowing yourself to be at the mercy of your environment, circumstances, old beliefs or untamed emotions.
So how should you start developing discipline?
By working on your mindset!
Mindset is the way you think about the things you do, about the opportunities that come, about how you handle rejection, about how your money stories shape you and so on, is crucial. It is how everything begins and ends.
Your attitude will either be your best friend or your worst enemy, you can decide which you want to keep by your side. If things are not working in your favor right now, you need to tend to your mindset ASAP.
Mindset is something that you’ll have to continuously work on. As you build your mindset and grow, your outer life will reflect that. Every great teacher knows that the true aim of life is who we become.
So take a look at where you’re at and decide who you want to become!
When I work with clients, we take a look at all these things, but for me the most fascinating aspect is people’s relationship with money, their self-worth, their ability to translate their talents into profits, their ability to bypass their old money paradigms, because if they don’t address this important aspect, then no matter how much they can help others, they can never monetize their skills.
Money stories are what really keep coaches broke. I’ve invested quite a bit of time into finding out why that happens, and I’ve noticed some common patterns. While we come from different background and we use different excuses (or so we think), ultimately there are top 7 subconscious beliefs that keep coaches from making money in their practice.
I want to invite you to take a look at this unbelievable offer and extremely affordable option that can help you once and for all understand what beliefs keep you broke, where they stem from and how to overcome them.
Click the link below and I hope you’ll be one my next success stories! I’m set on helping one thousand coaches break their limiting beliefs and fears around money and have them join me on being a prosperous coach in 2020 and beyond.
Are you in?