Coaching Business Six Figure Income: Make Your Coaching Business Generate a Six Figure Income

Make Your Coaching Business Generate a Six Figure Income
By Ronald W Lee

Most coaches, consultants, and service providers get in business to make at least a six figure income. Yet, the majority of them fail to do it.

Let's examine how this can be achieved. The coach can increase his work hours to work as much as he can, while at the same time increasing his hourly rate. With enough billable hours and a high enough rate, a decent living is very possible (ask any lawyer).

However, in this scenario, you are trading your time for money and the question becomes how long can you do this before you burn out and how much time do you want to spend working?

Another way is to start your own company and hire a number of other professionals to work for you. If you had five professional coaches on your payroll, then all you need to do is manage the business and take a sizable cut out of your employees. This could work out very well for you, depending on the demand for your company's services. Of course, the upfront cost for this can be very high with both the facilities and the marketing and now you, as the business owner, carry the burden of making sure you get enough clients to pay the bills. Is that your skill set or something you are willing to invest a lot of time learning?

What if there is a recession? What happens if you get sick, you have a slow month, or you become unavailable? And do you only want to be working in your local market, or do you want to extend your reach beyond it?

The way I suggest coaches start building your wealth (in your business) is through planning your business out to have multiple streams of income, or as Peggy Richardson says, "have five irons in the fire".

This means that you have several ways for your specialized expertise to make money so that you aren't relying on any one way (typically for coaches to only have active coaching).

What you want is to have several revenue generators in addition to live coaching, both passively and actively. These can include ebooks, printed books, DVD's, CD's, teleseminars, webinars, private coaching, high priced courses, week long bootcamps, whatever. Or perhaps create all these and put them together into a membership site/continuity system and charge your audience a monthly fee for access.

This way, you'll not only be safe in case one of your streams of incomes underperforms, you are creating the chance to grow your revenue exponentially. The added bonus is you'll also become very well known if this succeeds.

A final way (for this article anyway) for you to reach that six figure income is for you to systemize your specialized expertise so it can be duplicated and you either license it out or you hire other practitioners to work for you (similar to the above, company model, but without the overhead) but you do this after your business has a following and you have proven ways to make tremendous revenue.

If this topic interests you and you're wondering how you can create your six figure income, then you'll want to know about the upcoming Six Figure Coaches and Consultants Mastermind.

Elevated Marketing helps coaches, consultants, and service providers build their platform, position their expertise and become the obvious choice. Located in Vancouver, BC, Canada, visit us at http://www.elevatedmarketing.ca.

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