The Money Question for Coaches
I met a coach at our last Intensive. She asked me for some advice about building her practice.
But my job is to serve people, not to please them, so I spoke my truth.
I told her to quit coaching.
At least for a while.
Five months later she posted about this in the Facebook group we have for alumni at our events:
“Story time…. so I went to my first intensive in September… bright-eyed and bushy tailed as a brand spanking new coach, fresh out of college ready to find all the secrets to guiding the world into Nirvana… or something like that. I was at a complete loss for words at everything, I was SO inspired… I got to meet THE Rich Litvin …. I told him my background… my plans… and he looked at me and told me to get a job in sales. Never meet your heroes right?? Fast forward a few months… and my life being flipped completely upside down, I am now Director of Sales for a magazine my family is publishing (which I totally fell into) and sure as hell… my coaching business is expanding faster than I can keep up… I have to raise my prices. The irony does not escape me. #imabeliever 😉 Thanks Rich.”
When I meet a coach who wants to create money, there are a range of things I recommend, depending on their situation. For Elizabeth, I was provocative.
Here are some of the other things I’d recommend if you need to make money, right now. Other than quitting coaching, I’ve done every one of the following, during my career as a coach:
- I’d fill my calendar with coaching calls.
- I would coach my ass off.
- I’d get a part-time job, unrelated to coaching.
- I’d offer smaller coaching agreements than I’d ever offered.
- I’d create a higher fee coaching agreements than I’d ever offered.
- I’d quit coaching—at least temporarily—and get a full-time job.
- I’d look for someone who has a successful business and find a way to help them.
- I’d call everyone who had ever paid me money and find a way to serve them or make them a proposal to work together again.
- I’d create a group coaching program with a low fee.
- I’d cut down on my spending.
What would you recommend to a coach who wants to make money? Or, if you’re a coach who wants to make money what are you going to do?
P.S. Registration is currently open for our next Rich Litvin Intensive. This September we’ll be in London for the first time in 3 years. Register now and save $300 off the full ticket price. Stop marketing and start coaching. Join us: http://richl1.sg-host.com/
PS. Dramatically increase your confidence as a coach by mastering enrolling clients. Drastically increase your ability to raise your fees and up-level your clients. And learn to have fun making money. Join me on The 90 Day Money Game. There’s still time to join us…
PLUS, whenever you’re ready – here are 4 more ways you can drastically increase your income and impact as a world-class coach:
- Assess your current coaching level and learn how to get to your next level. Read – or remind yourself of – The Litvin Levels, from The Prosperous Coach.
- Watch me coach some of the top coaches on the planet, in order to drastically uplevel your coaching skills. Join me on How To Coach A Superhero: The 4PC edition.
- Imagine joining a Deep Coaching experience alongside the members of 4PC, my community of high-level coaches… We only offer The 4PC Accelerator once a year and it always sells out in advance. Save $1,000 with early-bird pricing.
- Learn how to enroll and coach successful, talented and ambitious clients – with power and impact. Join my flagship program, Project Kairos – for 8 months of guidance, challenge and support to master creating clients.