I know it sounds funny that the salary of a life coach could even exsist, but it can. In fact, your life coaching business can make you a lot more income than you might think. I’ve known life coaches who have brought in substantial revenue every year without so much as an office suite; literally working out of their home (You shouldn’t except that to happen in the first year of your life coaching business, but I’m just trying to show you what’s possible).
How do You ‘Soup-up’ The Salary of a Life Coach?
I talked to a multi-millionaire once about this very question. He runs a quite successful cell phone company in the UK, and he said to me,
“People always ask me how to make a million dollars, and I tell them, ‘That’s easy… Just GIVE AWAY TEN MILLION.”
What did he mean by that? He meant that if you want your life coaching business to make a million dollars, you’ve got to GIVE AWAY ten million dollars worth of VALUE to your customers and your partners. The salary of a life coach is in direct proportion to their contribution, and when you give away ten million worth of opportunity, coaching, information, and results to your life coaching clients, you won’t be bitching about the low salary of a life coach anymore. Wouldn’t you buy something that is worth 10 times as much to you as you would be paying for it?
How do You figure Out How to Give Away Ten Million Worth of Value to Your Life Coaching Businesses Customers?
Who decides what your life coaching business can give away that is worth a lot of money? Simple… your customers and partners will tell you what’s valuable to them. They dictate the value of everything you do, don’t they? You have to talk to them, and ask them what is most valuable to them. Those answers will help you reach that million dollar salary of a life coach level. Eventually you’ll have so many customers that you’ll probably need to learn to use survey tools, which are great because you can get an idea of what most of your life coaching business customers want the most and how much value they think is within those results and offerings. Use survey monkey if you are looking for a great free survey tool.
Once you get the answers from your prospects, customers, and partners, make sure you are willing to listen to them. Don’t just give them what YOU want to give them. Your customers aren’t YOU, and they’ll have different wants and needs.
Your life coaching business future is based upon listening to your customers and giving them that ten million dollars worth of value. The salary of a life coach is based upon the value you give to others, nothing more, nothing less. Find out what your customers want, and then go and get it for them, the rest is pure profit.
Jeffrey T. Sooey
CEO, JTS Advisors
Founder, Coaches Training Blog community