Thinking of starting a life coaching practice? Think the life of a life coach is all sunshine and rainbows? Think there’s good money to be made in the coaching industry?
Well, before you start a life coaching practice, think about whether it’s the right gig for you. It may not be exactly what you want or it may not be right for you.
Staring a Life Coaching Practice is Not For You If:
If you are willing to accept you place in life. If you are willing to accept routine and mediocrity. If you re willing to accept the hand you’ve been dealt.
Life coaching is not for you if you like to talk instead of do. If you are not willing and motivated to take action and make changes that will help you achieve your personal and financial dreams, find an office job.
Starting a life coaching practice is definitely not for you if you like to wake up to an alarm clock and punch a clock for the next 30 or 40 years. If you like to work in a cubicle and type up reports all day, don’t even think about life coaching.
Being a life coach is certainly not for you if you like to hate your job. If you want to complain about your co-workers, your boss, and the boring, mundane tasks you have to do every day, then don’t start a coaching practice.
Starting a life coaching practice is not for you if you want to make someone else rich. However, if you want to make yourself rich, you just might need to start thinking about becoming a life coach.
Before Starting a Life Coaching Practice
Now, if you think becoming a life coach is still the right career path for you, it’s time to do some math. Yeah, I know, you thought you left math behind after your first year of college, but this math is easy, believe me.
To be a coach, perhaps you need to pay rent, insurance, phone, internet, and other monthly expenses. Let’s say your monthly expenses is $2,500. At $100 per hour, that means you need to have 25 clients each and every month just to break even.
Even if you are only looking to coach on the side, and you can keep your expenses low…let’s say around $500 per month, you still need a consistent five clients each and every month.
None of these numbers are impossible, but who wants to break even? You want to make good, perhaps even great money!
Multiple Steams of Income = More Money
This article began with reasons not to start a life coaching practice; here’s one more reasons that should make you evaluate and assess your desire before you go down that road to becoming a life coach.
Are you willing to create multiple streams of income? If not, coaching may not be for you. It’s multiple streams of income that make starting a life coaching practice a wise decision.
Most successful coaches create various ways to make money. They don’t just offer one-on-one, hourly coaching sessions. They offer coaching packages, group coaching, webinars, seminars, audio programs, DVDs, books, and online coaching.
Having multiple streams of income not only supercharges your income potential, it also helps to smooth out the ups and downs of business; it brings in money when one side of the business temporarily slows down.
To be a Life Coach or to Not be a Life Coach
Being a life coach is a great way to earn a living – it’s not just a career, it’s a lifestyle. It allows you to create a good life for you while helping others. But, it takes the right person. If you are willing to take action, seek flexibility in your work, and are motivated to reach your dreams while helping others reach theirs, then starting a life coaching practice is one of the best career moves you can make.
Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article… Thank you!
Writing Team, Coaches Training Blog Community