How do I become a coach who doesn’t go broke? This may not be the first question asked when starting out a coaching career, but it is probably in the back of every new coach’s mind. Staring a new career can be a daunting task and insecurities often overwhelm people at the beginning of a new career journey.

Though coaching is a very rewarding career, insecurities and questions often face individuals looking to become coaches. Though most people get into coaching because they have a passion for helping others, financial rewards are also a consideration. You have to make money, right? Most people have a goal to earn a decent income and live a good life, right? No one wants to go broke when they embark on their career? So, a logical question to ask is, “How do I become a coach who doesn’t go broke?”

How Do I Become a Coach Who Doesn’t Go Broke?

To avoid going broke in your chosen coaching field, here are a few things you should NOT do:

1. Don’t concentrate all your efforts on one-on-one coaching. You can start there, but you need to move into other avenues of coaching. The big money isn’t in one-on-one coaching.
2. Stop your education. Education is a continuous process – it never ends!
3. Ignore passive and residual income possibilities.
4. Do their own marketing and promoting (unless they are trained and skilled in this area).

Now, here are the things you should do to answer the question, “How do I become a coach who doesn’t go broke?”

1. Diversify the way you do business. There are plenty of other ways to make money besides one-on-one coaching. More logs in the fire, more fire – the more media you use, the more money you make. Giving seminars, hosting webinars, writing articles and books, creating DVDs, teaching other coaches – these are all ways to diversify and put more logs on the fire.
2. Never stop pursuing your education. Though earning additional certifications is not an income producer by itself, the more skills you learn and certifications you earn, the more in demand you will be. Keeping updated on skills, exercises, techniques, and theories will provide you with the knowledge and confidence to take your coaching practice to the highest levels.
3. Show me the money! If you are wondering, how do I become a coach who doesn’t go broke, then you have to learn about passive and residual income. This is where you are shown the money! Passive and residual income include some of the methods mentioned above – books, webinars, DVDs, and other additional ways to have a steady stream of money coming without additional time or effort.
4. Who doesn’t hate marketing? If you are one of the few coaches who love to market and promote, power to you, However, most coaches are skilled at coaching and horrible at marketing. If that describes you, get some help. Use marketing experts, an online lead generation system – anything that helps attract more clients to your business. You can call yourself a coach, but you aren’t really a coach unless you have a steady stream of clients. This is one of the most important segments of your business in which to delegate authority or spend some money to get professional help.

How do I become a coach who doesn’t go broke – who hasn’t asked that question when first entering the coaching field. You don’t want to look back and say, I became a coach who went broke. Knowing what not to do and what to do is often more important than the coaching skills you bring to the table. The art of coaching is one component of a successful business, but the science of running a business is the other part – you have to be good at both to become a successful coach!

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!

Fred Philips
Business Coach
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