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The 3 Biggest Reasons Coaches Fail To Make 6 Figures

It's no secret - coaching, especially Business Coaching has a HUGE failure rate....in fact close to 82% of coaches last less than 5 years (and according to the ICF those that are left make less than $40K a year!)

So..what the hell is going on.

Well the answer is pretty simple.

For the majority (especially in the Business Coaching world) they don't practice what they preach....not because they don't know what to do...it's because they don't know how to do it....if they did, they would still be in business...right!

Since 2009 we have worked with both Coaches and Small Business owners and in almost every case the same 3 things come up that causing them to struggle.

 

1. Coaching Skills will be enough!

Peter Rowe a very well known Business Coach in Australia once said "Business Coaching is no place for well meaning amateurs....there is way to much at stake"

Unfortunately to many people jump into the $100B coaching and training industry believing that their 'coaching' skills or creditization will get them through...a position that is continually perpetuated by organizations like the ICF.

The reality is (and take it from someone who has been there) your coaching skills aren't going to get you clients when you first start nor are they going to help you run your own business.

I am not saying you don't need skills, you do and if you aren't going to continually invest in those skills then get out now...but.....the greatest skill you can acquire is the ability to generate leads and from there, convert them into clients...and that requires a killer STRATEGY!

Being singularly focused on who your target market is, what problem you solve and then having the marketing tactics & skills to find them and convert them.

I can't tell how many Business Coaches just can't generate a lead to save themselves and there they are dishing out advice to others...REALLY!!!

 

2. I don't need a system, after all I am just advising them...right?

Imagine you were building a house and the architect you were looking to hire said "we don't need any blue prints, as we talk through what you want we just build as we are going" - stupid right. But, that's exactly how many coaches work.

The reason again is pretty simple...building a system that's proven to produce results takes a LOT of time, trial and error until you have something that really delivers...I mean who has that kind of time right!

Bottom line is that you need to know EXACTLY the WHY, the WHAT and the HOW...you can't wing this shit.

Your clients don't want conversations, they want to know that you have the tools and the resources to get them to their end goal....if you don't, they will find someone who does.

 

3. There enough Facebook groups or courses out there for me to get any help I need!

There are a ton of FB groups and courses you can take...and you should find ones that best give you what you need. That being said...don't be fooled into thinking that's what SUPPORT looks like. Coaching can be a pretty lonely existence regardless of how many groups you belong to.

In my experience there are very few groups that truly create a support structure. They are usually run by 'other' coaches who are looking at you as their next potential client.

 

Yes, getting your coaching business to 6-figures isn't easy....we just make it so much easier because we have been through it and built the A-Z system that works.

If you want to know more you can go to www.the6figurecoach.com and watch our short videos on how you can become your own 6-figure business coach.

 

James Lawson is a leading Business Coach and Marketing Strategist with Impact Business Solutions LLC and a contributor to 'The Six Figure Coach Magazine'

Check out our videos here:  www.the6figurecoach.com

Subscribe to our magazine here: www.thesixfigurecoach.com

 

 

 

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