Can I Make Seven Figures As A Business Coach? For Real? by Terri Levine
As you think about scaling up your coaching business.
Depending on how long you have been a business coach and how much income you have been generating to date. Seven figures may sound easy or may sound daunting. Seven figures may be believable or may be far fetched.
In this article I want you to be open and curious, and I want to share with you a plan that I used to create a high seven figure income for myself as a business coach. I have shared this plan with the coaches I work with. This exact plan has helped over 55 other business coaches to become 7 and even 8 figure earners.
As you read the article, if you will remain open and curious, you will see that these numbers are not intimidating or even out of your reach at all – you, just like me, and just like those other coaches, can be a seven and eight-figure business coach.
In my experience, business coaching is a profession that has a very high potential for seven figures and beyond if the business coach has a proven step by step process that they follow. I believe the reason some business coaches never achieve seven-figure earnings is that they don’t have a system that they are following.
They don’t duplicate or replicate a successful system, and they are trying too many things that haven’t been proven to work. These coaches are wasting time and money and energy on trial and error and are under-earning.
Every successful seven and eight-figure business coach I have met in the over the two-plus decades I have been in this industry, including myself, have followed a system that we implement every single day.
I have interviewed hundreds of business coaches on my radio shows, TV show and in my magazine and for my blog and the universal answer I get when I ask the question about how and why they have been able to create a seven or eight figure coaching business is always the same – they follow a system.
I can tell you from my perspective; it is because I personally followed a system, when I first began in this industry, twenty-two years ago, I was able to have thirty clients hire me in my first thirty days in business.
I effortless grew my business to the half a million dollar level that first year and to the million dollar level the second year and have gone on to do multi-millions every year since by following an easy formula every day that is proven to work and you can, too.
The System Revealed
Here are the basic strategies I recommend you put in place that will allow your coaching business to grow quickly.
1. Get crystal clear on your exact avatar. Who specifically do you help? You can not make seven figures being a generalist. You must be a specialist. Think about the field of medicine. You don’t want to be a family doctor. You want to be the cardiologist. Why? The family doctor earns about half what the specialized cardiologist earns. Why?
Because of the specialized medicine the cardiologist practices. The cardiologist solves a very specific problem that provides a life-saving and life-changing result and not a general result. The cardiologist might be saving your life and not helping you get over the flu, as an example. This is considered more valuable work worth spending more money.
How does this relate to your coaching business? As you think about your business for a moment, let me give you an example from one of my client family members to help you.
One of my clients, a business coach, works with dental offices. When he first hired me, he wanted to work with hospitals, nursing homes, doctors, dentists, and much more. I got him focused on one small specialized niched, and now he only works with dentists. That is all he does.
He doesn’t talk to any other business owners. It is much easier to convey his expertise and provide transformational results by focusing on this small segment of his exact market.
He went from struggling to find prospects and earning low six figures to making over three million dollars in the next year after we changed his avatar.
Now is he a sought after speaker in his niche and he is a credible expert in his niche. He is now is the specialized business coach to dentists. He is a specialist and paid well for being just that.
How do you determine this audience or your avatar? Let’s do this together right now. Grab a pen and paper and answer the following questions to drill down to this answer.
What is the number one problem you can solve as a business coach? With your skills, knowledge, talent, and experience how are you uniquely positioned to solve this problem powerfully?
Who do you want to serve and help and to make a difference for? When you provide real results and real outcomes and transformation in an authentic way, you create loyal client family members and prospective client family members who will happily follow you and share you with others.
This is the first step to being crystal clear to who you want to work with, and once you know this, you can now move on and begin to attract the people you want to coach.
2. Let’s get attracting your ideal prospective client family members with a system.
I market my business every day following this system and so do my client family members, and you can use this same system to grow your coaching business.
We use paid ads such as Pay per click advertising, Facebook ads, Google Adwords, and LinkedIn Ads. Why? Pay per click (PPC) is the fastest way to start sending people to your funnel and paying platforms like Facebook, or LinkedIn make it quick and straightforward to target members of your audience with precision.
I happen to use Facebook most because it’s easy to connect with your ideal prospective client family members there. I strongly suggest you set aside a budget dedicated to PPC and you hire someone experienced in ads so that you don’t experiment with paid ads. Running successful ads is a profitable venture that quickly brings you qualified prospects.
I also recommend that you engage in a few strategic partnerships. You want to find two or three people who have a service or product that complement what you provide. They will have the same target audience but will not offer business coaching. I have had partnerships with people who are printers, attorneys, financial advisors, and others. They promote my business coaching, and I promote their services to my client family members.
3. Next, position yourself as an expert. This means you give away content regularly. Whatever you enjoy doing, create that and give it away. If you like to do videos, do that. If you like to write, blog, or do checklists, templates, articles, worksheets. You can do social media posts, podcasts, anything that is not promotional and adds value and education for your target audience.
Consider the problems, struggles, fears, and issues that your target audience is dealing with and create content to assist your target audience in dealing with what they are facing. The better your content, the more you help and educate your audience, the more you give away and you create value, the more your target audience will want to engage with you and will raise their hands wanting more from you.
Use these three methods above every day to generate leads and send all your leads to an automated webinar that is ultra high value. Watch my webinar and imitate mine – why?
Because it works and creates lead flow in my business every day. The webinar gives value, it educates, and it allows people to engage with me, learn from me and takes a prospective client family member from “interested” lead to a conversation where we both determine if we are a fit.
It’s all about building a relationship and trust. I suggest you use automated webinars as they are a quick way of building trust and credibility. Now, let’s do a little math and let’s see how a million dollar coaching business is easily attainable. $1,000,000 per year equals $83,000 per month.
What if you create a 90-day business coaching transformation package? If you price this package at $5,000, you’ll only need to sell 16 packages each month to reach your income goal. Of course, you could price this at $10,000 or even more and then you would need to sell a lot fewer packages!
Your automated webinar, if you set it up right, and create the right automated sales system will produce a very predictable and reliable income month after month. Now the only thing left to do is also to automate the delivery of your business coaching – this is the step most business coaches go out and so they are trading time for money, and they create a coaching business vs. grow a coaching company.
I believe this step is a must. You need to automate the delivery of your business coaching.
Now set aside any misconceptions you have about one on one coaching is better than group coaching.
I have profited more by offering automated group coaching programs and my client family members have often achieved far better results since I moved to this model over a decade ago.
My client family members who have done the same thing with their coaching clients tell me their client family members say the same thing plus this is allowing them to create seven and eight-figure coaching businesses while having a lot of freedom in their lives.
How do you do this?
One of my client family members works with his clients and delivers a new piece of content to them over ten weeks through automated systems.
He sends them webinars, videos, and emails that transform their business and guide them step by step to what they need to do that will transform their manufacturing business and give them the result they hire him for.
Once he got the content organized and set up, it is now automated, and he is hands off other than a 90-minute question/answer group call each week.
His clients are getting real results and outcomes; he has tons of free time and is making huge profits with super happy client family members. His family is thrilled as he has more free time for them, too!
You now have my proven system. Will you put it to work for you
This system has grown over 55 seven and eight-figure coaching businesses and can do the same for you if you implement it.
About Terri Levine
Dr. Levine has more than 30 years of business, sales, and marketing experience encompassing work with over 5,000 business owners. She is also a best-selling author of over 30 titles and a very popular keynote speaker.
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