Small Business Talk For Coaches

The Podcast To Transform Your Coaching Passion Into A Thriving Business.

Why Can’t Coaches Make Money

Show Notes

This week we’ve had lots of different conversations, but one topic seems to keep coming up and it’s “why can I make money?” Why can’t coaches make money? Well, of course they can. And we have so many examples of it, but we still keep going back to, “Oh, I can’t make money.”

There Is Money in Coaching

There are a lot of big names in the coaching industry. So let’s think about a few examples. Obviously, the one that comes to most people’s mind is Tony Robbins. When he makes millions of dollars, Brendon Burchard is another one. Now, if you don’t know Brendon, look him up. He’s a mindset coach, been around for quite a while, has recently pivoted into having a daily membership sort of style. But previous to that, he did a lot of little courses as well as one on one coaching and he still does a lot of coaching for corporate, that kind of thing.

So very big name in the industry. Rachel Hollis is another one. She had a bestselling book that has made her lots of money and obviously coaching and other things. One of my personal favorites is Brooke Castillo from the Life Coach School. You would have heard me speak on that podcast about her many times last year. In 2023, she made $52 million in one calendar year.

Coach, she says, certifying coaches. She has a program called Get Coached or Self Coaching Scholars, and she obviously does other forms of coaching as well. But her main two income streams, $52 million in one calendar year as a coach. And you think that you can’t make money. Need a few more examples?.

Denise Stafford Thomas, she’s an Australian mindset money coach who is making a lot of money and doing a lot of good in the world. And Mel Robbins. It’s another one. Marie Folio and Marie Foley are of course is renowned for her Marie TV and her signature program B-school. So there are lots and lots of examples of coaches making lots of money.

Personal Branding is The Key

But obviously in between, there’s lots of examples of coaches making not quite as much money. And yes, of course, there is hundreds probably thousands, if not millions, examples of coaches not making money at all. So what’s the difference? Why do some coaches make a lot of money and other coaches not? Well, think about a few things. All these coaches have something in common. They all do continuous learning, they are upgrading their skills, that all of them have very high personal brands.

So notice that most of those people wouldn’t say their company name, although some of their company names are the same, but they all have very high personal brands. We know them by name. Some of them we know a lot about that. Some not so much. But they’re high profile personal brands.

They all have diverse income streams. They have multiple ways of getting their income. So with Brooke’s, she has her certification programs and then she also has her lower end get coach program. She started with a book as well. She had a weight loss book to begin with, and then she turned that into a course. The other thing with all these people is they’ve been in the industry a while, some of them a very long time.

They didn’t just start yesterday. Did you start yesterday? Have you only just got certified? So think about that. Are you in it for the long haul? And yes, you can make money, but probably not that kind of money. Very, very quickly. Although there are ways to make sure that you make money much quicker. So if you haven’t quit your job and you’re thinking of doing so, probably not a good idea right up front.

Avoid Scarcity Mindset

If you’re trying to make coaching your only source of income and you’ve only just started and you’re pivoting from a corporate job perhaps it’s not a great choice either. Maybe you do need to have another source of income so that you can make sure that you’re not putting that much pressure on your business right to begin with.

So maybe a bit of consultancy. Speaking of which, doing some other things in that kind of area, that would be an option for you. Because remember, if you’re not having any income or very little income, that’s scarcity mindset. And when you’re trying to sell your programs or your coaching, what are you going to do? You’re going to grab everybody, even if they’re not the right kind of people for you.

And in scarcity mindset, people can tell, you know, when you’re being sold something by a salesman that really needs the commission. So thinking about diversifying your income, other ways of income that you can get to start with, and then you can transfer either guess, you can make a very good living out of 100% coaching. But it takes time, and especially if you’re not known in that area, if you’ve been in corporate job and doing something else. So coaches can definitely make money and lots of money, but just think about your personal circumstances and what you need to do to put food on the table to be able to pay your mortgage and any of the other expenses that you have without going into that scarcity mindset.

Connect With People

So how are you helping your customers? How are you getting your message out there so that people can see you and understands you? You basically feel and touch you in the digital world. Is there a way that they can hear what you say because we want authenticity. So, yes, the written word can be great, but why are you listening to this podcast so that you can hear me if you’re on YouTube watching it?

You can, yeah. I like the way she talks. Not so much. And that’s not a bad thing because when you’re polarizing and you’re an attractive client, then that’s good too, because it’s not fun having to work with people that you don’t like or they don’t like you. It’s not going to be a great coaching relationship if every time the phone rings or every time you’ve got a scheduled session with them, you know it’s them.

Again, that’s not going to be fun, is it?

So make sure that you are working with people that you like. So because you’re working with people that you like, they’re going to like you and that’s going to make it much easier for you. And having that content out there that you can do and so that they can then connect with you. They can go, Yeah, I like what this person is saying.

Give It Time

So you already have listeners and audience that really love what you are doing or saying. So what are the things that you need to do to make money? Well, unfortunately, in most situations the first thing is patience. So, if you’re not getting the results that you want right now, maybe you need to do a bit of a time audit.

What are you doing with your time? How many people are you getting in front of? Do they know that you have an offer? What is your offer? Is it really clear? When you’re thinking about your messaging, are you really clear? Are you telling people what it is that you’re trying to do, or are you just saying, I’m the life coach? I’m a business coach. I’m a spiritual coach. I’m insert the coach. Yep, that’s great. And yes, you can talk to everybody, but not all at once. So you need to think about your one person and the person that you can talk to first. In last week’s podcast, we had Paul Bryan, who is a coach for NDIS providers, NDIS for those that haven’t listened and are not in Australia is our national disability regulator.

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Why Can't Coaches Make Money

Get your branding sorted, get consistent, start with a smaller offer and make sure that you are out there. You can make money, but if you’re in a scarcity mindset, it’s going to be really difficult to have some of those other ways of making some money until you can get your practice going.

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Listen to the full episode of Small Business Talk episode 227.

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Why Can't Coaches