First off, let’s address the elephant in the room. We’ve all seen those flashy ads and success stories claiming that hitting the 100k mark is a breeze. But is it really?

Coaching, like any profession, requires dedication, skill, and a lot of hard work.

While a tiny percentage of coaches might hit that 100k mark, those are often exceptions, not the rule.

Don’t get me wrong, I am ambitious and love a big goal and I would encourage you to set a big goal too.

But I also want to share honest information so you don’t beat yourself up about not achieving this financial goal which is supposedly a piece of cake.

The 27th episode introduction [00:00:00] Introducing the podcast episode and discussing the challenges faced by coaches when entering the coaching arena.

The myth of earning 100k per year [00:00:38] Exploring the misconception that earning 100k per year as a coach is easy and discussing the factors that contribute to financial success in the coaching industry.

The impact of experience, credibility, marketing, and identity [00:10:16] Highlighting the importance of experience, credibility, effective marketing, and self-belief in achieving financial success as a coach.

The challenge of wearing too many hats [00:12:29] Discusses the challenge of coaches taking on multiple roles and the importance of focusing on the right tasks to reach their income goals.

The reality of the 500k coach [00:13:41] Explains that the income number associated with being a 500k coach may not reflect the actual profit due to expenses, and encourages coaches to be realistic and kind to themselves.

The journey of reaching 100k [00:14:57] Emphasises that reaching the 100k mark as a coach is possible but requires dedication, time, and continuous learning, and encourages coaches to focus on their own growth and success rather than comparing themselves to others.

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Transcript
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Hello and welcome to Women in the Coaching Arena podcast. I'm so glad you are here. I'm Jo Lott, a business mentor and ICF accredited coach

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and I help coaches to build brilliant businesses. I know that when you prepare to enter the arena, there is fear, self doubt, comparison, anxiety, uncertainty, shame. You can tend to armor up and protect yourself from vulnerability. In this podcast, I'll be sharing honest, not hype, practical and emotional tools to support you to make the difference that you are here for. Dare greatly. You belong in this arena.

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Welcome to the 27th episode of women in the coaching arena. I'm so glad you are here. Today we are delving into a topic that's been circulating in the coaching industry since around 2019/2020. And it is that it's easy to reach a hundred K per year as a coach. So let's discuss. Let's talk about the elephant in the room. So we have all seen those flashy ads and success stories claiming that hitting a a hundred K mark is a breeze. But is it really Coaching, just like any other profession takes skill, hard work, dedication, marketing, sales. While a tiny percentage of coaches might hit that a hundred K mark in a really short timescale or at all. It's essential to understand that these are the exceptions. Not the rule. Think of the world of professional music. So you might be an amazing singer. We've seen them all on X-Factor. These people are amazing. But only a tiny percentage of them will become a household name like Beyonce, Elton John, Taylor Swift. Just because someone can sing or play an instrument super-well does not mean they're going to be selling out stadiums or winning multiple Grammys. And it's just the same in the coaching industry. So while many venture into coaching, with that passion and skill. Not everyone is going to hit that hundred K mark effortlessly. It takes a combination of talent, timing, hard work, and sometimes a bit of luck. There are also several factors which will affect how much you gain in revenue as a coach. And this is what they don't talk about. So let's talk about it today. So firstly, niche and demand. So not all coaching niches will have that same demand. While executive coaching or business coaching might command higher rates. Other niches might not have that same financial potential. Most of the flashy case studies you will have seen branded about are either the business coaches, themselves sharing their own wild success story. Or they are showcasing another sales or business coach client that they perhaps have been friends with for a while. But of course you won't know that unless you have been in the industry for a while. So it looks super impressive and it looks like everybody achieves this. And this is why I work tirelessly to share real honest case studies of genuine qualified coaches doing real coaching. So we're talking a variety of niches, so you can get a feel of what an honest, not hype business growth journey looks like in your niche. I aim to share client stories. Whether or not, they feel they have had an amazing success story. Because depending on your starting point, success will look different for everyone. So even if you have gained your first ever paying client. Now that is a huge win if you were completely petrified to market. Completely petrified to charge for coaching. That will inspire people who also feel like I just want to get my first paying client. It doesn't always need to be a really fancy success story because yes, well, some people will fill their client roster with clients. There will be other people who have that personal, emotional journey to go on as well as learning the practical elements of marketing. I want to show real professional coaches across that wide range of niches, rather than you see the adverts and compare yourself to the fact that this business coach is raking in seven figures. And you think you should be able to do the same and you're doing career coaching or something in a completely different industry. You just cannot compare those things. It's also good to think about what is the average wage in the workplace. So most of the time, it's nowhere near that a hundred K and you may have worked for years to reach whatever level you were previously at in the workplace. So, yeah, just be kind to yourself and know that it is going to take some time to build up your business. And it's sadly something that not many people have any awareness of when they're doing the coach training. I've just come off a discovery call myself. She just had no idea and never asked the question of her coach trainer at the time as to how many people succeed. But when she did ask the question he said that 20% of people succeed in running their own coaching business. So at least he was honest when she actually asked the question, but it's real shame that people aren't aware that there is a whole nother learning curve to go on after gaining that coaching qualification. And just like the coaching qualification took time, practice, dedication, skill, courage. Your coaching business building journey will say, take the same. So who came up with this a hundred K goal anyway? Don't get me wrong. I am ambitious. I love a big goal. I'm not saying that if this is your goal, this is bad because I have a big goal too. I want to share honest information. So you don't beat yourself up about not achieving this big financial goal that is supposedly easy because it does take a lot of work. And it's also likely to require a lot of investment in business coaching and support. Maybe systems. Maybe ads. So, if you think you are the only one failing and everyone else is raking in these big figures. Just know that you are not alone and that is completely untrue. It's that tiny percentage of people achieving it and usually it's business coaches. And I know that's awkward for me to say it because I am now a business coach who helps other coaches build their business. This is a true passion for me after running my own career coaching business and executive coaching business. I'm not being able to find any honest, genuine support to build my business at the time. Well, actually I say that but I did find an amazing career coach called Fay Walis who listens every week. Hello Fay. Who agreed that I could buy three mentoring sessions with her. It took so much courage to email her. And I was really, really relieved when she said yes. And I'm so, so lucky. Cause it wasn't what she was doing. You know, she wasn't doing business coaching, but she genuinely shared how she had got to where she had in her career coaching business, which was exactly what I wanted to do at the time. So it really did give me the courage. Confidence. She had real belief in me that I could do this. And that meant a lot. Since then I'm super lucky that now Fay is all in on her HR niche. She refers other coaches along to me who contact her for mentoring. I really got the entrepreneurship bug and have all of the training and experience to be able to help you to see an honest, real approach to building a coaching business. If you are HR professional, do you look up Fay Walis if you haven't already, she is amazing. So rather than run and not want to be associated with the hype in the coaching industry, which I definitely wanted to do. I chose to stand up to the hype and offer honest support to other qualified coaches who are building their business. So it means a lot to me to create for you what I wish I knew when I was a newly qualified coach. And to be honest, what I still wish I had now. I think it's easy for me to continue talking about newly qualified, but actually a lot of the people I work with have been quantified for absolutely years. We all still need support to grow that business. To continue to generate leads and enquiries into our business. That is ongoing and that will always need to be done. And I'm so lucky to be able to do this work. Because if you are similar to me, Whatever niche you have chosen is probably due, to your own personal story. So that is often what I find dictates, where you decide to put your passion, put your energy. What problem are trying to solve? It's often you like three or four years ago, wishing you had had this support. So the second thing that impacts your ability to earn a hundred K is experience and credibility. So new coaches often need more time to build their reputation. Gather testimonials. Case studies. Refine their coaching offer. Niche. Build up an audience. Because it's easy to look at what someone else is charging or services that offering but often they're in a completely different business phase to you. What you can do is sell one-to-one coaching or higher ticket services because that will really help you to sustain your business and learn how to create an offer. That gives that personal touch. Your service is hugely valuable and this period in your business is such a valuable period, especially when the online market is full of online courses. And you can stand out by giving that personal support. Our third point is marketing and outreach. So a significant part of a coach's income is determined by their ability to market themselves effectively and reach that target audience. It has very little to do with their own coaching ability. So more coach training will not help. When you are qualified, the next thing you need to do is learn marketing so you can get real paying clients and they will be the best on the job learning for your further development. As you do progress as a coach and as yes you do want to do more coach training, but you will have real impact and real paying clients to work with. Our fourth point which impacts on this hundred K is your identity. So it's not just about being the best at marketing and being the best at coaching. It's also about your self belief, confidence, money mindset, your entire identity. And it does take inner work and a lot of it to build your business. I know that from myself and the amount of work I've done and the women I work with who perhaps undercharge massively, or certainly want to at the start of the program. And there are so many reasons for that. Women are often expected to do caring, work for free. If you talk about money, it's kind of disgraceful for a woman, whereas a man can say, yeah, I want this big goal and we'll say good on you. That's great. Providing for your family. Well done. Whereas women often get shamed for talking about big financial goals or money. So, I don't want this episode to put you off going for that big goal. You go for it. Well, I don't want is you to use this myth that's branded around in the industry that it's super easy and if you can't achieve it, you must be not committed or doing something wrong because that's not the case. Our fifth point is systems and a team. So another challenge, many coaches will face is wearing too many hats. You are suddenly the marketeer, the coach, the finance person, all of the things and therefore your time will be seriously stretched. So it isn't always easy, especially without those good systems, paid ads and team, a nurture sequence set up and all of those things. So again, be kind to yourself. I'm not saying it's not possible to reach a hundred K without all of this. What, I am saying is it depends on the time you have available and it depends on how you are focusing on the right things that are going to get you to that goal. Versus focusing on the, behind the scenes stuff like the website or the emails and all of that stuff. Because yes you do want it all done, but to really get that income, it's about contacting people and building those relationships. So why does the a hundred K myth persist? Well, I guess it's a catchy number. It's a milestone that many entrepreneurs will see branded around, not just coaches. And it's also good to think about the reality of that number. I heard recently, a coach who is bringing in 450,000 a year. Actually paid herself 50,000 in that year, because there were so many other expenses associated with generating that amount of income. So do you know, your profit margin is the highest a year or so into your business? And as you grow, those expenses will mount up. So you may be already earning the same as someone earning or branding themselves around as a 500 K coach. Be kind to yourself, be realistic know what this is all about in the industry. It's just a catchy number. Just like the four minute mile. No one is going to be scowling at you saying you're doing a terrible job if you don't do a mile in four minutes. In conclusion, while reaching a hundred K or more is definitely possible as a coach. Especially year on year of cumulative growth. It is crucial to understand the work, dedication and time it will require. And if you do bust through that quickly, huge congratulations, a small percentage will, and that is amazing. I will be cheering you on. No matter where you are on the scale of this hundred K myth, it is a journey filled with learning growth and you have a genuine passion for helping others. Take one step at a time and know you will reach that part when the cumulative effect starts taking off and all of your actions start coming together and bringing you more consistent clients. Thank you for joining me today on this episode of women in the coaching arena. If this episode resonated with you, please share it with a friend or leave me a review. Or drop me a line. I would love to hear from you. joanna@joannalottcoaching.com. Remember that success is a journey. Not a destination. Because I guarantee you, the moment you hit that a hundred K mark. You will start thinking about. The 200 K mark, the 500 K mark. The million dollar mark. The goal will always keep moving. Keep learning strive to be the best version of you. And get it in perspective also as to what you really need for you. For your family? I truly believe that women can earn so much more than they think they can. So do go for it. Set that goal. Know that it is possible for you and just be a bit more easy with yourself on the timescale. Like, I always say at the end of every episode, trust yourself, believe in yourself and be the wise Gardner who keeps on watering the seed.

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Thank you so much for listening to this episode of Women in the Coaching Arena. I have a mess of free resources on my website joannalottcoaching.com. That's Joanna with an A and Lott with two T's. joannalottcoaching.com. And I'll also put links in the show notes. Let me know if you found this episode useful. Share it with a friend and leave me a review, and I will personally thank you for that. Remember to trust yourself, believe in yourself and be the wise Gardner who keeps on watering the seed. Get into the arena dare, greatly and try.

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