Myths Uncovered – can life coaches still make a living from being a coach?
The numbers of people becoming life coaches seems to double each month. Hiring a coach is becoming popular on a global scale with celebrities, athletes and world business leaders happily discussing in the media how their life or business coach has been an instrumental part of their success.
With high-end endorsements the general public are hiring coaches more than ever before. People are keen to become their best, to reduce stress and increase confidence. Life coaches are used as sounding boards, to help make better choices and to achieve personal and business goals.
So why is it, with an increase in consumer demand that most coaches simply can’t make a living from being a life coach?
***This article will reveal the secrets of creating a successful and profitable coaching business***
The Cost of Coaching
The increase in coaches is a factor in terms of coaches struggling to be financially succesful, but actually the competition isn’t the real reason why coaches are failing to become profitable. Imagine you are a successful life coach, you charge £60 per hour for a coaching session and lets say, you have 2 clients a day for 5 days a week (around a third of self-employed coaches time is spent marketing; posting blogs, social media and attending networking events)
This equals £120 per day x 5 days = £600 per week. This may not sound like a bad earner but you also have to consider you overheads. The cost of your website, paid SEO, Google Ads, stationary and internet cost, tax, the cost of none payments for the short time you leave between clients, cost for networking and the cost of continuous development really reduces the profit you make.
You also need to set aside money for holidays (as a self-employed coach you will not be earning money when on holiday) and potential sick days. And we all know that from time to time clients do not attend sessions or re-arrange coaching sessions at the last-minute. And commonly the Christmas period is slow for many new coaches meaning you have to save for this period.
The Million Dollar Coach
The myth that you can simply set up a coaching business and become financially successful is simply that, a myth. The reason life coaches don’t make enough money for a viable business is due to the hourly rate, which on the scheme of things originally sounds good.
After taking of the overhead cost your hourly rate on average, in terms of profit is around 50% of what you earn. This takes your £600 per week down to £300. To make money, life coaches need to have an additional income which is overhead free.
One way to make an extra income which will often be a higher earner then coaching clients is becoming an affiliate for a coaching product. An affiliate advertises a coaching product and takes a 50% commission.
Making Money The Easy Way
I know this sounds to easy…but it is and its the secret successful coaches are keeping close to their chest. How would it feel to make £300 a day from doing nothing, many coaches actually make money while they sleep. For me selling affiliate programmes not only increases my revenue but also keeps me financially viable on the weeks when the coaching referrals are low.
Imagine you could earn 50% of a £40 product. You would only need to sell 10 products to make an extra £200 that’s less then one product every 2 hours – remember you make money while you sleep selling affiliate products
Getting It Right
When I first started selling affiliate products I thought it would be hard work. But I quickly learnt that it was simply. You are given a link that you can add to a blog post or ideally add it to your home page (many affiliate products allow you to use their images) The client clicks on your page sees the link, once they click the link they are automatically sent to the sales page (you can add the sales page to your own website) once the client pays for the product you receive your commission. It really is that easy.
The secret is to know what to sell. Don’t sell self-help e-books or coaching CDs remember this is a side line to make an extra income, you are still a coach so you want potential customers to book you and use your service. Also stay away from products that are irrelevant to your business and website or customers simply wont click the link.
What I have found, and you may have too is that many coaching clients also want to become a coach themselves. Because of this common trait in clients a great affiliate programme to sell is “A Coaching Business in a Box” This product offers a 50% commission rate, and is relevant to your coaching niche but wont take away face to face coaching businesses. This product is advertised/affiliated via Click-Bank sign up and then click the affiliate product link below:
Click here to view an affiliate product
For me its easy, make money through an affiliate scheme but spend most of my working day helping paying clients. The affiliate scheme is great because I also make few hundred pounds a day when I’m on holiday lying on the beach.
Good luck, and if you have any questions about affiliate schemes let me know.
CLICK HERE to set up an affiliate link
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Chris Delaney Specialise in:
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Train to Be a life Coach and Make Money as a part time or full time Coach
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