Success in your life coaching business comes with a cost. But did you know it’s not just the cost of achieving success in your business; it’s also that once you are successful there will be costs in your life that you will have to pay? These are costs you must factor in and prepare for unless you want to be blindsided by them. Avoid honesty pitfalls. There is a lot of irrational stuff that happens. Emotional stuff that can get in your way. If you’re not honest with the price you have to pay, it can knock you off your path.
Life Coaching Success Cost #1: Taxes. Getting paid for coaching can have its own price. And if you’re not prepared, you can have a great year only to get hammered by a huge tax bill at the end of a year. Prepare by talking to a professional who can help you get things set up for your success.
Life Coaching Success Cost #2: Knowing how to manage your money. It’s a problem a lot of people wish they had. Unfortunately making money in your life coaching business doesn’t mean you’ll know how to hang onto it once you have it. Did you know that most major lottery winners are worse off a few years after they win than they were before? Take the time now to learn how to manage your money.
Life Coaching Success Cost #3: Finding new friends. It’s sad to think about it, but some of the people who you know now will not be with you in your future. They might be people who leave you along the way because you no longer met their needs, or they might be people who tried to hold you back along the way and you needed to let them go.
Prepare for success in your life coaching business
Take a look at some of the costs that come along with success, and start working on finding ways to navigate around them before they happen. This will not only lessen the actual cost, but will also help you emotionally prepare so you will not stumble on them when they show up.
Colette Seymann
JTS Advisors Bi-Designated Strategy and Accountability Coach
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