Attention new business coaches: if you’re just starting out, struggling to build your business coaching practice, you’re in danger of making some rookie mistakes. (Heck, if you’ve been a business coach for 20-plus years like me, you’re probably still in danger of making some rookie mistakes!)
But none is more deadly than this one:
Losing sight of your dreams.
In the video below, I share why this is such a significant danger, and how you can avoid it.
Sometimes, in the stress and struggle of building a business, you forget why you started it in the first place.
You forget that you were looking for an opportunity to control your time and own your destiny.
You forget that ONLY business coaching allows you to work from home or from the road, raking in huge hourly rates–I’m talking about $250 to $750–just for knowing stuff.
The typical successful business coach has 10 to 15 clients, each of whom invest $1500 – $3000 per month. In return, the coach invests 1 to 2 hours of coaching per client, per week. That’s $10,000 – $45,000 in monthly cash flow for 20 to 30 hours of client work each week. Great cash flow, for sure!
Now consider your Effective Billable Rate. If your clients are investing $1,500 per month for 1.5 hours of coaching and related emails per week, your EBR is $250 per hour. If you’re more tenured, and your clients are investing $3,000 per month for 1 hour of coaching per week, your EBR is $750 per hour.
Now, in my experience working with hundreds of coaches over the past 10 years, most coaches will hover between $300 to $500 per hour…an effective billable rate that gets even the most high-powered doctors and attorneys salivating — because ALL of it is staying with you! And you’re doing it from the comfort of your home office, WITHOUT the cost and hassle of medical or law school! Not bad, eh?
And then of course there’s what you can do with that kind of income.
You can give generously to your favorite missions and charities…
You can take your family on vacation…get season ticket floor seats to your favorite sports team…and have the time to enjoy it.
You can have the house, the car, the lifestyle that you’ve always dreamed about…because business coaching is the best, fastest, and most effective way to get it.
It can be tough to remember this stuff day in and day out.
In my third year as a business coach, I pulled in over $400,000–and took 8 weeks off. I was cash rich and time rich, too.
You can do the same.
As long as you avoid this crucial mistake:
FORGETTING THAT BUSINESS COACHING IS YOUR TICKET TO THE LIFE YOU’VE ALWAYS DREAMED OF.
If there’s one piece of advice I could give you as we begin this journey together, it’s this:
Hold on to your dreams. Pursue them passionately. Because the common thread I’ve seen running through the lives of all the successful people I know is that they have a reason for doing what they do–a deeply personal, intensely powerful reason.
Keep your reason in the forefront of your mind, and you’ll achieve it.
Hold on to your dreams. Pursue them passionately. Because the common thread I've seen running through the lives of all the successful people I know is that they have a reason for doing what they do--a deeply personal, intensely powerful reason.
It’s just the way the world works.
To help you with this, I’d like to give you one of my favorite resources for keeping YOUR reasons in the forefront of your own mind. It’s call the “Vision Book” and you can download a template of it here:
Go ahead. Download it. Customize it. And, most importantly, marinate in it each morning before you start your day and each evening before you go to bed. You’ll be amazed at how much faster you can pull your future into the present if you do this each day!
And if you’re ready to explore what it takes to become a business coach, check out our FREE ebook, How to Become a Business Coach for a step-by-step guide!