Most of the women I speak to on a daily basis about launching a new business have a few things in common:
1.) They want to have a full time coaching or holistic business that is their primary income source so they can leave their 9-to-5
2.) They’d like to make at least $100K/year
3.) They want to become well-known and recognized in their industry
4.) They want to empower their clients, make a difference and help them become more confident
These are some of the things I wanted when I launched my business several years ago. But what I found was that making 6-figures a year in the beginning wasn’t as easy as I’d been promised by the gurus.
Sure, the online world is full of “Make $100K in your first month in business” promises, but the truth is that most coaches and holistic practitioners are not making a 6-figure income through their business.
If there’s one thing I wish I’d been told several years ago when I launched my coaching business is that it would be very difficult to make a 6-figure or more income through client work alone.
So here are some strategies I wish I’d been told about making a 6-figure income in my coaching business in the early years.
1. ) CREATE A LEVERAGED BUSINESS ASAP – If there’s one thing I teach all of my coaching clients, even the ones that are brand new to business, is to begin using leverage in their businesses as soon as possible.
To have a leveraged business means you have another way to work with clients other that one-on-one work that allows you to “leverage” you time and expertise. Leveraged income includes group programs, memberships, or any other service that allows you to serve more people in less time and with less effort.
2.) FIGURE OUT THE RIGHT INCOME MIX FOR YOUR BUSINESS – There is definitely an art form to figuring out the right mix for your business and when you do, it will take your business to the stratosphere. Here’s an example of an income mix for a coaching or holistic practice including traditional One-on-One Client services, Leveraged offers and Passive Income.
3.) APPLY THE 80/20 RULE TO YOUR BUSINESS OFFERINGS – Most of the people on your list are not going to invest in your highest priced offer. I think you know that by now. So when creating new offers for your community, keep the 80/20 rule in mind. Only about 20% of your list is willing to invest in your higher tickets offerings. So you must have offers for the remaining 80% on your list. Create programs or products that are lower priced investments (and use leverage) to deliver them. Servicing the 80% of your list will allow you to create income where you may not have been able through traditional one-on-one package offerings.