Habit #1: The First Habit of a Six Figure Coach
In our quest to understand what it takes to build a six-figure coaching business, we interviewed hundreds of coaches and from it, we came up with the 7 Habits of Six Figure Coaches. While we have the doors open and are taking on new participants for Deliberate Growth, our group coaching program, we will be sharing three of those habits with you.
Habit #1: Six-figure coaches treat their business as a business.
You are not an employee anymore
When I first got into coaching, I was working as a contractor making $50 per hour. When I turned my sights towards coaching, I saw hourly rates of $150 per hour and automatically thought that I would triple my earnings.
While operating a coaching business can produce a healthy income, you can’t assume that you will suddenly be able to coach 40 hours a week at your hourly rate. Employees and contractors don’t have to “get” the work, they just have to “do” the work.
As a coach entrepreneur, you need to do both.
Imagine if Warren Buffett invested in your business
I have asked many coaches “How many clients do you have?” and get weird answers. Many hum and haw, hesitate a little, and say something like “I have around six clients.” What about how many leads you generated last month? Again, many coaches don’t really have a good answer when there should be a finite answer. You can’t say 8 + 3 is around 11. It is 11. That’s the answer.
Years ago, I had the privilege of going to the Berkshire Hathaway AGM and it’s not your average corporate AGM with a bunch of suits in the room. It should be more aptly named the Warren Buffett show and there are 20,000 people in the stands hanging off his every word.
If there is one thing I learned from that experience, it was that Warren Buffett knows his numbers, not just for his own company but for every company in his portfolio.
Now imagine if your company was owned by Warren Buffett and he asked you how many clients you have and you replied in the same manner!? Not good.
Take time to work on your business
In fairness to the coaches whom I asked this point black question, I don’t expect coaches (or CEOs of Warren Buffett’s portfolio companies) to know their numbers at every minute of every day. However, a defining attribute of a business is that the numbers are prepared on a regular basis - monthly, quarterly and annually.
Preparing the numbers forces the company to step out of the day-to-day, assess what’s working, and make adjustments. Even if you don’t know your numbers at every minute of every day, you should at least have a process for being able to collect those numbers.
For example, when you meet new people who could potentially hire you in the future or refer business to you, are you adding them to a CRM? Can you easily produce a report with all of your revenue from the last month? Do you know how many website visitors you had and where they came from?
Having systems in place to collect data, assess the data and then make business decisions based on that data is the first step to treating the work you do as a coach as a business.
Deliberate Growth provides the structure you need
When you work as a solopreneur, it’s easy to forget about your numbers. Collecting the numbers can be a pain in the butt. It can also be depressing if you feel like you’re not progressing fast enough.
That’s why we created Deliberate Growth, the group coaching program. We are helping coaches develop the habits that lead to six-figure incomes. We do that by conducting monthly mastermind calls to give you the opportunity to first report on your numbers, and then reflect on them so you can make better goals and plans for the next month.
If you want to develop the habits and results of a six-figure coach (click the button below).
Registration closes soon so don't miss out on this opportunity to participate in powerful group coaching.
About Stephan Wiedner, Noomii CEO, Group Facilitator, Workshop Host
Stephan Wiedner co-founded Noomii.com over 10 years ago with the goal of spreading coaching to the masses. In that time he has helped Noomii generate thousands of leads, has interviewed and spoken to more than 1000 coaches, and gained tremendous insight into what it takes to build a thriving coaching business. As a business coach, Stephan creates kick-ass accountability systems for entrepreneurs and free thinkers who want to forge their own unique path in this world. He is happily married to his wife Eryn and together, they have two children. They enjoy hiking, camping, playing music, and being with friends and family.