What The Heck Is A Million Dollar Coach?
I know so many coaches who are struggling to make even fifty thousand dollars a year that they can’t begin to think about how to be a million dollar coach. I’m not sure they really even understand how to make six figures and the conversation about a million dollars as a coach is way above their believes and expectations. It’s not in their thoughts as something realistic and attainable.
Can YOU Handle The Truth?
I’m about to say some VERY controversial things here. If you let them in, you will find a lot of truth. If you choose to defend against them you won’t learn or grow. I am writing this to help coaches and consultants and I come from the truth with proof.
I am one of the highest earning coaches/consultants and have worked with over 5,000 coaches and consultants over the past two decades. I speak to coaches and consultants who are new in the business and those who have been at it for years. I know the facts of what coaches earn and even though I am a multi-million dollar coach, I tell people my results will NOT be typical of their results and don’t try to fool anyone into thinking they will be a million dollar coach.
Just The Facts
Let’s start with basic facts. The International Coach Federation says that the average income for full-time coaches was over $83,000. That’s a far cry from a million dollars. The Sherpa Study says that average annual incomes for coaches range from $55K to $116K. Notice these numbers are still not getting close to a million dollars. Payscale.com says that life coaches who are self-employed and work full time earn $46,678 on average (May 201, 2018).
I tried to find higher incomes in more studies just to find one that says $31,000 was the average annual life coach pay in the United States and another that said coaches earn from $25,000 to $78,000 depending on where they live in the United States.
Let’s take the best scenario here, which doesn’t even get the average business or life coach to be a six-figure earner.
Why Are Coaches Selling Million Dollar Coaching Programs?
Why are other coaches telling coaches they can become million dollar coaches? I know Taki Moore has an entire program about being a million dollar coach yet I only personally know one person who says the Taki Moore black belt program got them to the million dollar level and they were making high six-figures to start with.
Why is there all this sales hype to coaches and potential coaches about creating a million dollar coaching business? Well, let’s face it, people dream of making a million dollars. People want to believe it’s easy and they can do it. Just follow Taki Moore and take his Taki Moore black belt course and you too can be one of the million dollar coaches… really? I beg to disagree. I am certain that earns Taki a lot of money with all the hopeful coaches out there.
I told you, I am being transparent and controversial.
Yet, I also told you I have been a multi-million dollar coach for decades and I do have success stories of million-dollar coaches I have mentored so why am I taking away your dream? Ok, let’s do a reality check.
Here are the ways you can make a million dollars… sell a
$50 product x 20,000 sales
$100 product x 10,000 sales
$200 product x 5,000 sales
$500 product x 2,000 sales
$1,000 product x 1,000 sales
I am illustrating with this example that you can generate a million IF you have a great coaching niche and a Core Unique Positioning Statement so you stand apart from every other coach and if you know how to get a lot of traffic and can price and package your services at high ticket prices.
A million dollar coaching business happens for very few people and most people have never even sat down and done the math of how it happens. The first shift that must happen is that you have to end completely trading any time for money. Most coaches trade time for money and there are only so many hours in a week and you can’t earn seven figures by doing coaching where you exchange your valuable time for dollars.
The way I have created a multi-million dollar coaching business is by having a real result and outcome that my client family members are already searching for. Then, I created a system that would allow my exact prospective client family members to easily and effortlessly find my solution to their problem. I use an automated webinar that attracts my prospective client family members to get transformational information and then raise their hands and ask to speak to a strategist on my team. This is NOT a sales pitch in disguise. This one automated webinar does all the work an then those we can help are offering my group coaching/consulting program with guaranteed results.
My coaching business literally makes money every day… while I am sleeping… while I am on vacation and while I am focused on living my balanced life.
I tell the coaches and consultants who I mentor that they can make a million dollars if they have a thousand dollar coaching/consulting service that they offer for $1,000 and if they make only one sale per day they will have a million dollars in less than three years. I teach them to have a $2500 to $5,000 coaching/consulting service to hit their numbers much faster.
Let me tell you how I recommend you create your million dollar coaching/consulting business. Create a high-ticket coaching program that is valued at $2500 or more. Use an automated webinar and be certain you are solving the number one problem your ideal client family members tell you they want to be solved. Provide great content and some of the solution in the webinar. Enroll 10-20 people each month into that program. Have a second program with another longer-term result or outcome your ideal prospective client family members also want. Offer that program for $10-25,000 per year. Enroll 3-4 people per month into that program. Do this consistently.
Now, I, unlike Taki Moore, will tell you most coaches won’t have the right mindset to do this. Most won’t have the ambition to do this. Most will give you all the reasons why they can’t do this. Most don’t understand their niche or the real outcome people want and sadly most can’t even provide a real outcome for those they serve.
To be a million dollar coach you have to want it really badly and unlike most coaches, you must be willing to do the work to build it. Why do so few people earn a million dollars as a coach?
I want more for you this year. But it’s not enough to want it. We have to do the work to get it. I should also point out, according to Eilene Zimmerman a Forbes Contributor, that while women own 30% of the businesses in the United States only 2% break a million in revenue. I point this out as the coaching industry is comprised mostly of women.
When you listen to someone tell you that they can help you create a million dollar coaching business unless they have done this for hundreds of others, I would not invest with them. And if they teach you anything other than creating a coaching company that you can scale, run.
You can’t be a solo coach and become incredibly wealthy. It’s just not possible. Any of us who have done it don’t own a business we have created a coaching company. We have a team that works on and in the business with us and we are leveraging and optimizing our time and our income.
Look at your coaching business right now. How can you scale it to a significant size to quickly reach your income goals? I suggest you start by creating a six-figure business and then learn to scale. Stop thinking and talking about a million dollar business and start with $100,000 of revenue. That’s very obtainable and from there you can then scale and build. Be one of the few hundred-thousand dollar coaches and then let’s look at scaling that to a million or multi-million dollar business.
If you have a coaching business like most do, trading time for money and where you are the solo coach and the entire brand, you won’t be able to scale your business and your potential will be very limited.
You can not be in the business of “YOU” as you will not leave a legacy or be able to retire or even to sell your business or pass it on to your children. You will have created an egotistical brand that depends on you working to have money flow in.
Become A Six-Figure Coach
How can a multi-million dollar coach/consultant who has created many other multi-million dollar coaches be saying all this? I say it because I believe in underpromising.
It is easy to create a six-figure coach. I help you figure out a very specific and well-defined niche. We discover their biggest want. Then we simply offer the result they want with a very strong and compelling high-ticket signature program. We market to them with an automated webinar following my templates and then they hire you for $2500 up for your group coaching and guaranteed results.
You will have a Core Unique Positioning Statement that no one else can claim and won’t be a cookie-cutter or me-too business.
Let’s look at why I say six-figures is easy. You can easily have only one client who pays you $10,000 a month when you guarantee results and solve the biggest need your client family member has. One client at $10,000 per month is $120,000 a year and if you do a good job you might have that one client for many years. If you want to double your income or triple it, you find two or three more high-ticket client family members.
So, why don’t most coaches simply follow this guidance and earn six figures? That’s baffled me for years. I think it is because no one bothers to show them this method or to help them with their beliefs that they can not possibly get one $10,000 a month client. I actually know, factually, based on my twenty plus years experiencing and coaching/consulting with over 5,000 coaches and consultants that when you have the right program, the right niche and the right problem you can solve, it’s much easier to get $10,000 a month clients than $1,000 a month clients.
What is required is some inner work on your mindset, beliefs, and expectations and then the work of creating the right niche, Core Unique Positioning Statement and offering with a strong guarantee. It’s much easier to serve a few high-ticket clients than to always be hunting for masses of clients.
The average coach might have clients paying around $500 per month and maybe that client family member receives coaching for six months. You need to hunt each month to bring in about 4 client family members paying that and you have to know that at the end of about six months you won’t have that income coming in. I believe that is a lot of work and you won’t make a significant difference for those you serve since most of the time you have to be hunting for new client family members. That model teaches you to always be seeking clients and having to attract at least 24 client family members at $500 a month.
I want you to focus on making six-figures as a coach by having a very high-quality coaching program that really gets people results. What I know works best is group coaching because synergy helps people get faster results and works best and leverages your time. This is how you create a scalable coaching business.
My clients typically offer group coaching for between 5-10 clients per month for $2500 per client. That is at least $12,500 per month. Then, they also provide a year-long program for $10,000 or more. They enroll about 12 people into that program per year. They earn on average $200,000 and then we scale and move to seven figures over the course of a year or two. They create high value and great results providing all services through my group coaching model and like me, they can work from the beach or wherever they choose and only work the days and times they desire and they will enjoy money rolling in while they have true freedom rolling out!
I tell it like it is. Million dollar coach? Let’s work on six-figures. That’s easy and attainable and realistic. Once we get there we can build your company and scale up to a million dollars and beyond.
Just remember, to make six figures as a coach you can work with a lot of people always hunting for client family members or do it the easy way and create a high-ticket signature program with a real result you can guarantee that your ideal client family members really want and are happy to pay for.
Sure, it sounds great to talk about making a million dollars as a coach but seriously let’s get you to six-figures and focus on that.
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