First off, let's address the elephant in the room. We've all seen those flashy ads and success stories claiming that hitting the 100k mark is a breeze. But is it really?

Coaching, like any profession, requires dedication, skill, and a lot of hard work.

While a tiny percentage of coaches might hit that 100k mark, those are often exceptions, not the rule.

Don’t get me wrong, I am ambitious and love a big goal and I would encourage you to set a big goal too.

But I also want to share honest information so you don’t beat yourself up about not achieving this financial goal which is supposedly a piece of cake.

The 27th episode introduction [00:00:00] Introducing the podcast episode and discussing the challenges faced by coaches when entering the coaching arena.

The myth of earning 100k per year [00:00:38] Exploring the misconception that earning 100k per year as a coach is easy and discussing the factors that contribute to financial success in the coaching industry.

The impact of experience, credibility, marketing, and identity [00:10:16] Highlighting the importance of experience, credibility, effective marketing, and self-belief in achieving financial success as a coach.

The challenge of wearing too many hats [00:12:29] Discusses the challenge of coaches taking on multiple roles and the importance of focusing on the right tasks to reach their income goals.

The reality of the 500k coach [00:13:41] Explains that the income number associated with being a 500k coach may not reflect the actual profit due to expenses, and encourages coaches to be realistic and kind to themselves.

The journey of reaching 100k [00:14:57] Emphasises that reaching the 100k mark as a coach is possible but requires dedication, time, and continuous learning, and encourages coaches to focus on their own growth and success rather than comparing themselves to others.

Useful Links

Sign up here: From Generic to Genius: how to choose a profitable niche and offer - Free LIVE workshop on 23 November at 10-11am GMT.

Meet me live to prepare for a profitable 2024 in Barnes, London, on 30 November

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If you’re kind enough to leave a review, please do let Jo know so she can say thank you. You can always reach her at: joanna@joannalottcoaching.com

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Hello and welcome to Women in

the Coaching Arena podcast.

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I'm so glad you are here.

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I'm Jo Lott, a business mentor

and ICF accredited coach

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Microphone (Samson Q2U Microphone):

and I help coaches to

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build brilliant businesses.

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I know that when you prepare to enter

the arena, there is fear, self doubt,

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comparison, anxiety, uncertainty, shame.

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You can tend to armor up and

protect yourself from vulnerability.

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In this podcast, I'll be sharing

honest, not hype, practical and

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emotional tools to support you to make

the difference that you are here for.

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Dare greatly.

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You belong in this arena.

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Microphone (Samson Q2U Microphone)-3:

Welcome to the 27th episode of

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women in the coaching arena.

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I'm so glad you are here.

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Today we are delving into a topic

that's been circulating in the coaching

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industry since around 2019/2020.

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And it is that it's easy to reach

a hundred K per year as a coach.

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So let's discuss.

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Let's talk about the elephant in the room.

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So we have all seen those flashy ads

and success stories claiming that

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hitting a a hundred K mark is a breeze.

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But is it really

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?

Coaching, just like any other profession takes skill, hard work,

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dedication, marketing, sales.

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While a tiny percentage of coaches

might hit that a hundred K mark in

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a really short timescale or at all.

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It's essential to understand

that these are the exceptions.

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Not the rule.

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Think of the world of professional music.

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So you might be an amazing singer.

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We've seen them all on X-Factor.

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These people are amazing.

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But only a tiny percentage of them

will become a household name like

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Beyonce, Elton John, Taylor Swift.

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Just because someone can sing or play

an instrument super-well does not

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mean they're going to be selling out

stadiums or winning multiple Grammys.

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And it's just the same

in the coaching industry.

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So while many venture into coaching,

with that passion and skill.

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Not everyone is going to hit

that hundred K mark effortlessly.

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It takes a combination of talent, timing,

hard work, and sometimes a bit of luck.

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There are also several factors

which will affect how much you

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gain in revenue as a coach.

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And this is what they don't talk about.

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So let's talk about it today.

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So firstly, niche and demand.

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So not all coaching niches

will have that same demand.

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While executive coaching or business

coaching might command higher rates.

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Other niches might not have

that same financial potential.

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Most of the flashy case studies you

will have seen branded about are

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either the business coaches, themselves

sharing their own wild success story.

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Or they are showcasing another sales or

business coach client that they perhaps

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have been friends with for a while.

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But of course you won't know that unless

you have been in the industry for a while.

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So it looks super impressive and it

looks like everybody achieves this.

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And this is why I work tirelessly to

share real honest case studies of genuine

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qualified coaches doing real coaching.

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So we're talking a variety of niches,

so you can get a feel of what an

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honest, not hype business growth

journey looks like in your niche.

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I aim to share client stories.

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Whether or not, they feel they

have had an amazing success story.

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Because depending on your starting point,

success will look different for everyone.

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So even if you have gained

your first ever paying client.

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Now that is a huge win if you were

completely petrified to market.

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Completely petrified

to charge for coaching.

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That will inspire people who

also feel like I just want to

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get my first paying client.

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It doesn't always need to be a

really fancy success story because

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yes, well, some people will fill

their client roster with clients.

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There will be other people who have

that personal, emotional journey

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to go on as well as learning the

practical elements of marketing.

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I want to show real professional coaches

across that wide range of niches, rather

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than you see the adverts and compare

yourself to the fact that this business

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coach is raking in seven figures.

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And you think you should be able

to do the same and you're doing

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career coaching or something in

a completely different industry.

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You just cannot compare those things.

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It's also good to think about what

is the average wage in the workplace.

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So most of the time, it's nowhere near

that a hundred K and you may have worked

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for years to reach whatever level you

were previously at in the workplace.

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So, yeah, just be kind to yourself

and know that it is going to take

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some time to build up your business.

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And it's sadly something that not

many people have any awareness of

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when they're doing the coach training.

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I've just come off a

discovery call myself.

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She just had no idea and never asked

the question of her coach trainer at

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the time as to how many people succeed.

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But when she did ask the question he

said that 20% of people succeed in

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running their own coaching business.

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So at least he was honest when she

actually asked the question, but it's real

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shame that people aren't aware that there

is a whole nother learning curve to go on

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after gaining that coaching qualification.

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And just like the coaching

qualification took time, practice,

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dedication, skill, courage.

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Your coaching business building

journey will say, take the same.

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So who came up with this

a hundred K goal anyway?

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Don't get me wrong.

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I am ambitious.

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I love a big goal.

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I'm not saying that if this is your goal,

this is bad because I have a big goal too.

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I want to share honest information.

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So you don't beat yourself up about

not achieving this big financial

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goal that is supposedly easy

because it does take a lot of work.

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And it's also likely to

require a lot of investment in

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business coaching and support.

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Maybe systems.

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Maybe ads.

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So, if you think you are the only

one failing and everyone else

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is raking in these big figures.

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Just know that you are not alone

and that is completely untrue.

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It's that tiny percentage

of people achieving it and

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usually it's business coaches.

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And I know that's awkward for me to say

it because I am now a business coach who

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helps other coaches build their business.

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This is a true passion for me after

running my own career coaching business

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and executive coaching business.

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I'm not being able to find

any honest, genuine support to

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build my business at the time.

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Well, actually I say that but I did

find an amazing career coach called

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Fay Walis who listens every week.

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Hello Fay.

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Who agreed that I could buy three

mentoring sessions with her.

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It took so much courage to email her.

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And I was really, really

relieved when she said yes.

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And I'm so, so lucky.

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Cause it wasn't what she was doing.

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You know, she wasn't doing business

coaching, but she genuinely shared how

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she had got to where she had in her

career coaching business, which was

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exactly what I wanted to do at the time.

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So it really did give me the courage.

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Confidence.

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She had real belief in

me that I could do this.

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And that meant a lot.

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Since then I'm super lucky that

now Fay is all in on her HR niche.

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She refers other coaches along to

me who contact her for mentoring.

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I really got the entrepreneurship bug and

have all of the training and experience to

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be able to help you to see an honest, real

approach to building a coaching business.

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If you are HR professional, do

you look up Fay Walis if you

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haven't already, she is amazing.

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So rather than run and not want to be

associated with the hype in the coaching

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industry, which I definitely wanted to do.

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I chose to stand up to the hype and

offer honest support to other qualified

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coaches who are building their business.

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So it means a lot to me to create

for you what I wish I knew when

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I was a newly qualified coach.

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And to be honest, what

I still wish I had now.

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I think it's easy for me to continue

talking about newly qualified, but

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actually a lot of the people I work with

have been quantified for absolutely years.

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We all still need support

to grow that business.

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To continue to generate leads

and enquiries into our business.

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That is ongoing and that

will always need to be done.

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And I'm so lucky to be

able to do this work.

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Because if you are similar to me,

Whatever niche you have chosen is

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probably due, to your own personal story.

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So that is often what I find

dictates, where you decide to put

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your passion, put your energy.

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What problem are trying to solve?

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It's often you like three or four years

ago, wishing you had had this support.

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So the second thing that impacts

your ability to earn a hundred

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K is experience and credibility.

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So new coaches often need more

time to build their reputation.

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Gather testimonials.

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Case studies.

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Refine their coaching offer.

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Niche.

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Build up an audience.

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Because it's easy to look at what

someone else is charging or services that

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offering but often they're in a completely

different business phase to you.

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What you can do is sell one-to-one

coaching or higher ticket services because

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that will really help you to sustain your

business and learn how to create an offer.

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That gives that personal touch.

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Your service is hugely valuable and

this period in your business is such

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a valuable period, especially when the

online market is full of online courses.

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And you can stand out by

giving that personal support.

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Our third point is marketing and outreach.

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So a significant part of a coach's

income is determined by their ability

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to market themselves effectively

and reach that target audience.

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It has very little to do with

their own coaching ability.

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So more coach training will not help.

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When you are qualified, the next thing

you need to do is learn marketing

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so you can get real paying clients

and they will be the best on the job

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learning for your further development.

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As you do progress as a coach and

as yes you do want to do more coach

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training, but you will have real impact

and real paying clients to work with.

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Our fourth point which impacts on

this hundred K is your identity.

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So it's not just about being the best at

marketing and being the best at coaching.

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It's also about your self

belief, confidence, money

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mindset, your entire identity.

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And it does take inner work and a

lot of it to build your business.

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I know that from myself and the

amount of work I've done and the

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women I work with who perhaps

undercharge massively, or certainly

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want to at the start of the program.

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And there are so many reasons for that.

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Women are often expected to

do caring, work for free.

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If you talk about money, it's kind

of disgraceful for a woman, whereas

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a man can say, yeah, I want this

big goal and we'll say good on you.

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That's great.

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Providing for your family.

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Well done.

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Whereas women often get shamed for talking

about big financial goals or money.

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So, I don't want this episode to

put you off going for that big goal.

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You go for it.

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Well, I don't want is you to use this

myth that's branded around in the

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industry that it's super easy and

if you can't achieve it, you must

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be not committed or doing something

wrong because that's not the case.

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Our fifth point is systems and a team.

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So another challenge, many coaches

will face is wearing too many hats.

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You are suddenly the marketeer,

the coach, the finance person, all

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of the things and therefore your

time will be seriously stretched.

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So it isn't always easy, especially

without those good systems, paid

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ads and team, a nurture sequence

set up and all of those things.

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So again, be kind to yourself.

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I'm not saying it's not possible to

reach a hundred K without all of this.

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What, I am saying is it depends on the

time you have available and it depends on

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how you are focusing on the right things

that are going to get you to that goal.

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Versus focusing on the, behind the

scenes stuff like the website or

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the emails and all of that stuff.

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Because yes you do want it all

done, but to really get that income,

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it's about contacting people and

building those relationships.

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So why does the a hundred K myth persist?

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Well, I guess it's a catchy number.

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It's a milestone that many entrepreneurs

will see branded around, not just coaches.

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And it's also good to think

about the reality of that number.

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I heard recently, a coach who

is bringing in 450,000 a year.

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Actually paid herself 50,000 in

that year, because there were so

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many other expenses associated with

generating that amount of income.

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So do you know, your profit margin is the

highest a year or so into your business?

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And as you grow, those

expenses will mount up.

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So you may be already earning the

same as someone earning or branding

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themselves around as a 500 K coach.

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Be kind to yourself, be realistic know

what this is all about in the industry.

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It's just a catchy number.

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Just like the four minute mile.

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No one is going to be scowling at you

saying you're doing a terrible job if

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you don't do a mile in four minutes.

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In conclusion, while reaching a hundred K

or more is definitely possible as a coach.

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Especially year on year

of cumulative growth.

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It is crucial to understand the work,

dedication and time it will require.

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And if you do bust through that

quickly, huge congratulations, a small

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percentage will, and that is amazing.

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I will be cheering you on.

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No matter where you are on the scale

of this hundred K myth, it is a journey

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filled with learning growth and you have

a genuine passion for helping others.

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Take one step at a time and know you

will reach that part when the cumulative

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effect starts taking off and all of

your actions start coming together and

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bringing you more consistent clients.

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Thank you for joining me today on this

episode of women in the coaching arena.

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If this episode resonated with

you, please share it with a

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friend or leave me a review.

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Or drop me a line.

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I would love to hear from you.

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joanna@joannalottcoaching.com.

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Remember that success is a journey.

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Not a destination.

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Because I guarantee you, the moment

you hit that a hundred K mark.

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You will start thinking about.

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The 200 K mark, the 500 K mark.

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The million dollar mark.

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The goal will always keep moving.

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Keep learning strive to be

the best version of you.

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And get it in perspective also as

to what you really need for you.

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For your family?

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I truly believe that women can earn

so much more than they think they can.

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So do go for it.

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Set that goal.

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Know that it is possible for

you and just be a bit more easy

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with yourself on the timescale.

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Like, I always say at the end of

every episode, trust yourself, believe

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in yourself and be the wise Gardner

who keeps on watering the seed.

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Microphone (Samson Q2U Microphone):

Thank you so much for listening to this

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episode of Women in the Coaching Arena.

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I have a mess of free resources on

my website joannalottcoaching.com.

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That's Joanna with an A

and Lott with two T's.

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joannalottcoaching.com.

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And I'll also put links in the show notes.

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Let me know if you found

this episode useful.

277

Share it with a friend and

leave me a review, and I will

278

personally thank you for that.

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Remember to trust yourself, believe

in yourself and be the wise Gardner

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who keeps on watering the seed.

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Get into the arena dare, greatly and try.