Hello and welcome to Women in
the Coaching Arena podcast.
I'm so glad you are here.
I'm Jo Lott, a business mentor
and ICF accredited coach
Microphone (Samson Q2U Microphone):
and I help coaches to
build brilliant businesses.
I know that when you prepare to enter
the arena, there is fear, self doubt,
comparison, anxiety, uncertainty, shame.
You can tend to armor up and
protect yourself from vulnerability.
In this podcast, I'll be sharing
honest, not hype, practical and
emotional tools to support you to make
the difference that you are here for.
You belong in this arena.
Microphone (Samson Q2U Microphone)-3:
Welcome to the 27th episode of
women in the coaching arena.
I'm so glad you are here.
Today we are delving into a topic
that's been circulating in the coaching
industry since around 2019/2020.
And it is that it's easy to reach
a hundred K per year as a coach.
So let's discuss.
Let's talk about the elephant in the room.
So we have all seen those flashy ads
and success stories claiming that
hitting a a hundred K mark is a breeze.
But is it really
Coaching, just like any other profession takes skill, hard work,
dedication, marketing, sales.
While a tiny percentage of coaches
might hit that a hundred K mark in
a really short timescale or at all.
It's essential to understand
that these are the exceptions.
Not the rule.
Think of the world of professional music.
So you might be an amazing singer.
We've seen them all on X-Factor.
These people are amazing.
But only a tiny percentage of them
will become a household name like
Beyonce, Elton John, Taylor Swift.
Just because someone can sing or play
an instrument super-well does not
mean they're going to be selling out
stadiums or winning multiple Grammys.
And it's just the same
in the coaching industry.
So while many venture into coaching,
with that passion and skill.
Not everyone is going to hit
that hundred K mark effortlessly.
It takes a combination of talent, timing,
hard work, and sometimes a bit of luck.
There are also several factors
which will affect how much you
gain in revenue as a coach.
And this is what they don't talk about.
So let's talk about it today.
So firstly, niche and demand.
So not all coaching niches
will have that same demand.
While executive coaching or business
coaching might command higher rates.
Other niches might not have
that same financial potential.
Most of the flashy case studies you
will have seen branded about are
either the business coaches, themselves
sharing their own wild success story.
Or they are showcasing another sales or
business coach client that they perhaps
have been friends with for a while.
But of course you won't know that unless
you have been in the industry for a while.
So it looks super impressive and it
looks like everybody achieves this.
And this is why I work tirelessly to
share real honest case studies of genuine
qualified coaches doing real coaching.
So we're talking a variety of niches,
so you can get a feel of what an
honest, not hype business growth
journey looks like in your niche.
I aim to share client stories.
Whether or not, they feel they
have had an amazing success story.
Because depending on your starting point,
success will look different for everyone.
So even if you have gained
your first ever paying client.
Now that is a huge win if you were
completely petrified to market.
to charge for coaching.
That will inspire people who
also feel like I just want to
get my first paying client.
It doesn't always need to be a
really fancy success story because
yes, well, some people will fill
their client roster with clients.
There will be other people who have
that personal, emotional journey
to go on as well as learning the
practical elements of marketing.
I want to show real professional coaches
across that wide range of niches, rather
than you see the adverts and compare
yourself to the fact that this business
coach is raking in seven figures.
And you think you should be able
to do the same and you're doing
career coaching or something in
a completely different industry.
You just cannot compare those things.
It's also good to think about what
is the average wage in the workplace.
So most of the time, it's nowhere near
that a hundred K and you may have worked
for years to reach whatever level you
were previously at in the workplace.
So, yeah, just be kind to yourself
and know that it is going to take
some time to build up your business.
And it's sadly something that not
many people have any awareness of
when they're doing the coach training.
I've just come off a
discovery call myself.
She just had no idea and never asked
the question of her coach trainer at
the time as to how many people succeed.
But when she did ask the question he
said that 20% of people succeed in
running their own coaching business.
So at least he was honest when she
actually asked the question, but it's real
shame that people aren't aware that there
is a whole nother learning curve to go on
after gaining that coaching qualification.
And just like the coaching
qualification took time, practice,
dedication, skill, courage.
Your coaching business building
journey will say, take the same.
So who came up with this
a hundred K goal anyway?
Don't get me wrong.
I am ambitious.
I love a big goal.
I'm not saying that if this is your goal,
this is bad because I have a big goal too.
I want to share honest information.
So you don't beat yourself up about
not achieving this big financial
goal that is supposedly easy
because it does take a lot of work.
And it's also likely to
require a lot of investment in
business coaching and support.
So, if you think you are the only
one failing and everyone else
is raking in these big figures.
Just know that you are not alone
and that is completely untrue.
It's that tiny percentage
of people achieving it and
usually it's business coaches.
And I know that's awkward for me to say
it because I am now a business coach who
helps other coaches build their business.
This is a true passion for me after
running my own career coaching business
and executive coaching business.
I'm not being able to find
any honest, genuine support to
build my business at the time.
Well, actually I say that but I did
find an amazing career coach called
Fay Walis who listens every week.
Who agreed that I could buy three
mentoring sessions with her.
It took so much courage to email her.
And I was really, really
relieved when she said yes.
And I'm so, so lucky.
Cause it wasn't what she was doing.
You know, she wasn't doing business
coaching, but she genuinely shared how
she had got to where she had in her
career coaching business, which was
exactly what I wanted to do at the time.
So it really did give me the courage.
She had real belief in
me that I could do this.
And that meant a lot.
Since then I'm super lucky that
now Fay is all in on her HR niche.
She refers other coaches along to
me who contact her for mentoring.
I really got the entrepreneurship bug and
have all of the training and experience to
be able to help you to see an honest, real
approach to building a coaching business.
If you are HR professional, do
you look up Fay Walis if you
haven't already, she is amazing.
So rather than run and not want to be
associated with the hype in the coaching
industry, which I definitely wanted to do.
I chose to stand up to the hype and
offer honest support to other qualified
coaches who are building their business.
So it means a lot to me to create
for you what I wish I knew when
I was a newly qualified coach.
And to be honest, what
I still wish I had now.
I think it's easy for me to continue
talking about newly qualified, but
actually a lot of the people I work with
have been quantified for absolutely years.
We all still need support
to grow that business.
To continue to generate leads
and enquiries into our business.
That is ongoing and that
will always need to be done.
And I'm so lucky to be
able to do this work.
Because if you are similar to me,
Whatever niche you have chosen is
probably due, to your own personal story.
So that is often what I find
dictates, where you decide to put
your passion, put your energy.
What problem are trying to solve?
It's often you like three or four years
ago, wishing you had had this support.
So the second thing that impacts
your ability to earn a hundred
K is experience and credibility.
So new coaches often need more
time to build their reputation.
Refine their coaching offer.
Build up an audience.
Because it's easy to look at what
someone else is charging or services that
offering but often they're in a completely
different business phase to you.
What you can do is sell one-to-one
coaching or higher ticket services because
that will really help you to sustain your
business and learn how to create an offer.
That gives that personal touch.
Your service is hugely valuable and
this period in your business is such
a valuable period, especially when the
online market is full of online courses.
And you can stand out by
giving that personal support.
Our third point is marketing and outreach.
So a significant part of a coach's
income is determined by their ability
to market themselves effectively
and reach that target audience.
It has very little to do with
their own coaching ability.
So more coach training will not help.
When you are qualified, the next thing
you need to do is learn marketing
so you can get real paying clients
and they will be the best on the job
learning for your further development.
As you do progress as a coach and
as yes you do want to do more coach
training, but you will have real impact
and real paying clients to work with.
Our fourth point which impacts on
this hundred K is your identity.
So it's not just about being the best at
marketing and being the best at coaching.
It's also about your self
belief, confidence, money
mindset, your entire identity.
And it does take inner work and a
lot of it to build your business.
I know that from myself and the
amount of work I've done and the
women I work with who perhaps
undercharge massively, or certainly
want to at the start of the program.
And there are so many reasons for that.
Women are often expected to
do caring, work for free.
If you talk about money, it's kind
of disgraceful for a woman, whereas
a man can say, yeah, I want this
big goal and we'll say good on you.
Providing for your family.
Whereas women often get shamed for talking
about big financial goals or money.
So, I don't want this episode to
put you off going for that big goal.
You go for it.
Well, I don't want is you to use this
myth that's branded around in the
industry that it's super easy and
if you can't achieve it, you must
be not committed or doing something
wrong because that's not the case.
Our fifth point is systems and a team.
So another challenge, many coaches
will face is wearing too many hats.
You are suddenly the marketeer,
the coach, the finance person, all
of the things and therefore your
time will be seriously stretched.
So it isn't always easy, especially
without those good systems, paid
ads and team, a nurture sequence
set up and all of those things.
So again, be kind to yourself.
I'm not saying it's not possible to
reach a hundred K without all of this.
What, I am saying is it depends on the
time you have available and it depends on
how you are focusing on the right things
that are going to get you to that goal.
Versus focusing on the, behind the
scenes stuff like the website or
the emails and all of that stuff.
Because yes you do want it all
done, but to really get that income,
it's about contacting people and
building those relationships.
So why does the a hundred K myth persist?
Well, I guess it's a catchy number.
It's a milestone that many entrepreneurs
will see branded around, not just coaches.
And it's also good to think
about the reality of that number.
I heard recently, a coach who
is bringing in 450,000 a year.
Actually paid herself 50,000 in
that year, because there were so
many other expenses associated with
generating that amount of income.
So do you know, your profit margin is the
highest a year or so into your business?
And as you grow, those
expenses will mount up.
So you may be already earning the
same as someone earning or branding
themselves around as a 500 K coach.
Be kind to yourself, be realistic know
what this is all about in the industry.
It's just a catchy number.
Just like the four minute mile.
No one is going to be scowling at you
saying you're doing a terrible job if
you don't do a mile in four minutes.
In conclusion, while reaching a hundred K
or more is definitely possible as a coach.
Especially year on year
of cumulative growth.
It is crucial to understand the work,
dedication and time it will require.
And if you do bust through that
quickly, huge congratulations, a small
percentage will, and that is amazing.
I will be cheering you on.
No matter where you are on the scale
of this hundred K myth, it is a journey
filled with learning growth and you have
a genuine passion for helping others.
Take one step at a time and know you
will reach that part when the cumulative
effect starts taking off and all of
your actions start coming together and
bringing you more consistent clients.
Thank you for joining me today on this
episode of women in the coaching arena.
If this episode resonated with
you, please share it with a
friend or leave me a review.
Or drop me a line.
I would love to hear from you.
Remember that success is a journey.
Not a destination.
Because I guarantee you, the moment
you hit that a hundred K mark.
You will start thinking about.
The 200 K mark, the 500 K mark.
The million dollar mark.
The goal will always keep moving.
Keep learning strive to be
the best version of you.
And get it in perspective also as
to what you really need for you.
For your family?
I truly believe that women can earn
so much more than they think they can.
So do go for it.
Set that goal.
Know that it is possible for
you and just be a bit more easy
with yourself on the timescale.
Like, I always say at the end of
every episode, trust yourself, believe
in yourself and be the wise Gardner
who keeps on watering the seed.
Microphone (Samson Q2U Microphone):
Thank you so much for listening to this
episode of Women in the Coaching Arena.
I have a mess of free resources on
my website joannalottcoaching.com.
That's Joanna with an A
and Lott with two T's.
And I'll also put links in the show notes.
Let me know if you found
this episode useful.
Share it with a friend and
leave me a review, and I will
personally thank you for that.
Remember to trust yourself, believe
in yourself and be the wise Gardner
who keeps on watering the seed.
Get into the arena dare, greatly and try.