From the International Desk of Luke Charlton, October, 2014
We as Coaches love helping people.
For most, it’s the reason we became a Coach and the very reason why the Coaching industry is an amazing place to be involved, with so many extraordinary people.
We are literally in the business of changing lives and you know what?
We kick ass at it!
However, it’s not all good news because according to a study by Kauffman.org, 94% of Coaches never earn over 6 figures.
And this, unfortunately, is just one of many alarming studies about Coaches and how little they earn.
Even one of the contributors in the very first issue of I Love Coaching Magazine (who’s worked in the industry for many years) says the majority of Coaches he starts helping aren’t even earning over $10,000 per year!
Helping Coaches grow their business myself, I see the exact same problem.
So what’s the cause of this trend and how do we fix it to help the Coaching industry prosper?
To answer this, lets look at what the 6% are doing right and that might give us a clue as to what the 94% are doing ‘not so right’.
I’m fortunate to have some amazing mentors. I’m close to them and I admire them. One of them even inspired me to create this magazine!
All are 6-7 figure Coaches and each has achieved success differently and in their own way.
Yet, of all the ways these Coaches have achieved success there is one thing each has in common.
It has enabled them to break through into the top 6%, earn over 6 figures, grow their business, and change more lives. Would you like to know what it is?
It’s quite simple, really.
This ‘one thing’ is an ‘understanding.’
I actually came across it one day when reading some old Chinese Coaching proverbs. It goes something like this…
If there is a great Coach Coaching alone in the woods and no one is around to hear their questions, are they still a great Coach?
Translated this means, the 6% understand that even if they’re a great Coach but no one knows about them, they won’t be able to share their coaching gifts and therefore, they won’t be able to change any lives.
What the top 6% conclude from this is that if they want to be able to coach people and change lives then they need to learn how to let people know about their coaching services.
Therefore, what the 6% do better than 94% is...
They're a life-long student and master of sales and marketing!
Because they know that’s the only way to let people know about how awesome they are as a Coach.
They know working ON their business literally contributes to 100% of their success.
But this is where my frustration and the problem for the 94% begins.
Because although we as Coaches love to help people, there seems to be a pervading mindset in the industry that somehow, in the business of transforming lives, we don’t want to run a business and worse - we don’t want to make money doing it.
Have you ever said to yourself, ‘I’m not in it for the money’?
Do you possibly feel a bit ‘icky’ about marketing or selling to people? Or maybe you don’t like the idea of running a business and you just want to coach people?
If that’s something you identify with then know this...
Of you truly want to help people, if you want to change lives, if you want to make a difference and help the coaching industry prosper, you better believe you’re going to have to be ‘in it' for the money.
You better believe that you’re going to have to get good at running a business, because at the end of the day you ARE running a business.
And if you’re not profitable, you’re not in business, and therefore, you're not helping people and you’re not changing lives.
This is not an argument about whether you’re a great Coach and how well you work IN your business.
This is about whether you’re a great businessman or woman, and how well you work ON your business.
Quite simply, it’s literally going to contribute to 100% of your success as a Coach and your ability to change lives.
So are you that great Coach, coaching alone in the woods?
Are you that great Coach that’s part of the 94% struggling to grow your business?
Are you that great Coach that wants to make an impact, that wants to change lives and share your gifts, but isn’t quite sure how to work ON your business, BUT is willing to do what it takes to find out how?
If it is then you are in the right place and this is our promise to you:
Our mission is to deliver the best business growth education and support community specifically for Coaches.
We want to help you create a successful practice that attracts more clients than you can handle, so you can coach more, so you can change more lives, and so you can create abundant wealth and freedom for your own life.
So what we are creating here is more than a business growth magazine for Coaches.
What we are creating is a business growth community for Coaches.
As you continue through the magazine you will see our aim is to provide not only the very best quality, no frills content from some of the top Coaches and business growth experts in the world, but also continued support for your success outside the magazine as well>>>
If you are serious about changing lives, and are serious about your success as a Coach, we encourage you to take advantage of this support.
If you know of any Coaches that could also use a few more clients we encourage you to let them know about the magazine and the I Love Coaching community too.
Remember, you may have signed up to get into the business of changing lives, but you have also signed up into the business of running a business.
Whether knowingly or not, is irrelevant. It is a fact.
So let us at the I Love Coaching community guide you each and every month, every step of the way, to your business success – and we’ll also show you how to have fun doing it too>>>
To your success.
Editor-in-Chief, I Love Coaching Magazine