A few years ago, I was part of a mastermind group for coaches, lead by a highly successful coaching school.

Many new coaches had questions about what to focus on as a newbie to get going and start earning money from their new passion. They wanted to learn how to recognize the priorities and the shinny objects.

So, with the intention of obtaining some guidance from the group's leader as to what to focus on "before launching their coaching business and telling the world", someone had questions about protecting their intellectual property, trademarks... and marketing.

Since I don't specialize in IP protection and trademarking, I won't have an opinion on those 2 topics. But when it comes to getting a mentoring & coaching business off the ground and into profit land... I have an opinion. Especially now that our coaching business turns over more than $1M per annum, with strong profitability and sound business practices.

Bad advice from a person in a position of authority or "thought leadership"

Long story short... this is the advice the newbie coach was given by the group leader:

Poor recommendation no 1: “The best marketers are unfortunately the entrepreneurs themselves”

Me --> Nope. Clever entrepreneurs delegate and automate. They’ve build a support team of experts around them, one at a time. The clever entrepreneur's focus is laser sharp on maximising their expert skill(s).

Poor recommendation no 2: “You kind of have to put in the hard yards on that one… (referring to doing the social media marketing - Facebook ads / online marketing - SEO, etc...)”

Me--> Nope. You have to understand how it works and what it’s worth, not how to do it. And what you need to implement at the very start, could well be simple FREE marketing strategies... unlike the huge budget multi million dollar companies pump into Facebook ads.

Poor recommendation no 3: Use Infusionsoft (and GoTo Webinar)

Me--> Hell no! Not when there are easy to manage options, top shelf alternatives at $100 a year, also completely integrating with marketing automation tools for $5/month!

Unless your turnover is significant, and it makes Infusionsoft’s monthly fee look insignificant… you don’t need the big expense on purchase, set up and operational maintenance. The same goes for your webinar platform. Plenty of free or really affordable options on the market nowadays.

A dose of reality

  • In this example of a successful multi million dollar a year business, the business owner does not do their own marketing. They have a team of experts, in house and outsourced, who specialise in the following: copywriting (as in… what to say and how to say it to get their ideal client’s attention), graphic design, keeping up with Facebook’s mood swings, keeping up with Google’s mood swings, killer opt-ins, automation and all other tools required in a killer sales funnel.

  • When the business owner founded their coaching practice and their business, over 15 years ago, if they had focussed on being the best marketer out there, their business would be called the "marketing experts" and they would be the best marketer out there… The business owner's huge success is in part because they delegate the “stuff” and concentrate on investing their time on the money making items such as creating new products, forming commercial alliances, etc…./p>

  • The business owner is clear on their hourly rate value and a marketing expert / outsourced firm is a lot cheaper to hire than what they are worth by the hour… And the business owner is not silly enough to sell their time by the hour. No one who makes north of $10,000 a month or a week from selling their services, sells their time by the hour.

Going back to the original purpose of this article... How does a coach generate $10,000 per month, as quickly as humanly possible?

Here are the 3 crucial mindset shifts for you to start generating more than $10,000 per week in your mentoring / coaching / consulting business, and 3 strategies you must implement, if and when you are ready, to move away from your time for money practice:

  1. Learn how to attract more clients than you can fit in your schedule. This should be your no 1 priority. Not your website. Not your logo... And if you're going to get expert advice, ask someone who's had or is having the results you desire. Look for tangible proof.

  2. Outsource your "non-genius" tasks. There are thousands of people ready to support you on sites like fiverr.com. You don’t have to put in the hard yards for marketing and tech stuff, unless you want to run a marketing and tech business, or you’re a DIY type and you’re adamant you don’t want to earn more than $50k this year.

  3. Shift the way you see the investment in others--> If you’re concerned about the cost of outsourcing, you need more clients. If you’re seeing the cost of the experts you need to guide you towards success as an obstacle, you’re not looking at the income you’ll generate from their expertise.

If you still think you can’t afford experts, I have 3 big money making strategies for you: Sell pre-paid individual or group packages and leverage your time with an online product.

  • As an example, you could sign clients up for pre-paid one on one packages / monthly coaching memberships. Transition your free clients to paying clients… and go get more clients. If you don’t know how to get more clients or where to get new clients from, ask me. We teach our clients 2 FREE marketing strategies.

  • Another suggestion could be to get your clients into prepaid group packages. As an example for $2000 you could offer: 7 sessions + a private Facebook community + a weekly 50 minute high focus, high value webinar for a period of 12 weeks. Your money troubles would vanish. Leaving your mind free to concentrate on hiring the right team to support your marketing efforts to scale your practice to over $10,000 a month.

  • If you notice that you are often helping different clients achieve similar outcomes, you may want to consider creating an online series of tutorials that you could use in conjunction to your individual and group coaching... or as a stand alone product that works on your behalf, when you're doing something else with your time.

Focusing our time, energy and money on the wrong element, at any time while we are in business could stunt our growth, or worse case scenario; it could mean becoming part of the statistics (80% of coaches fail in the first 3 year of their coaching business).

For more information on what to do to make $10,000 and more per month, I invite you contact me.

Author's Bio: 

Nat Binette is a business mastermind, a startup and profitability expert, an income-stream-creation authority. She specializes in delivering measurable impact for people and businesses offering services.

Nat transfers her techniques to Coaches, Consultants and Subject Matter Experts for them to get paid, very well, for their services. Nat has been personally responsible for $21M in service sales over the span of her career and has built a million-dollar business in the last 12 months; her 3rd business venture to reach 7 figures per year in income.

She is an expert at identifying and creating income streams, leveraging her clients' time and capturing their legacy of contribution by packaging the clients’ expertise into world-class educational resources.
She has personally mentored 260 of the world’s most profitable coaches and consultants.

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