One of the biggest mistakes I made when I first launched my coaching business was trying to figure out how to replace my corporate income.
Yes, you read that right. Trying to figure out how to make the money I needed to quit my job was one of the biggest mistakes I made.
I realize this sounds completely counter-intuitive. After all, since I was starting my business so I could quit my job, of course I needed to make a money to replace that income.
So why was it such a horrible mistake to plan out how my business would make money? And what did I do instead?
That’s exactly what I’m going to cover today, and the answer may surprise you.
Planning Didn’t Work
When I quit my job to build my business, I hadn’t made any money coaching. I was quitting on a hope, a prayer, and a good plan I thought would easily pan out.
I calculated that if I had X coaching clients, filled Y group programs, and sold Z products, then I could hit a six figure revenue goal in one year with my new business.
As I told you in a post earlier this year where I dished my embarrassing, stressful, early business failure, my plan was useless.
My well thought out plan didn’t work for a number of reasons. Some of those reasons include:
- I didn’t know how to market my offerings.
- I didn’t have a big enough list.
- I actually didn’t want to be a career coach (though I didn’t realize it at the time).
A year after quitting my job, I had basically no money to show for my efforts, and I didn’t know what else to do. So I tried a totally different approach.
The Counter-Intuitive, Damn-Smart Approach That Actually Worked
After ditching the plan that didn’t work, I stopped trying to build my business with the end in mind (meaning shooting for my formula of X clients + Y classes + Z products = desired income). Instead, I decided to focus on what I loved and search for breadcrumbs.
The first breadcrumb was left by a coach I knew. She told me that she wanted to hire a VA. I wasn’t a VA, but the thought of working for her was intriguing. I emailed her and offered to give it a try.
Quickly I discovered that I loved it!
Soon after I was hired to be a VA for five more coaches. I loved the work, I loved working for them, and they loved working with me. These clients came easily, and I was finally starting to make money. Most importantly, I was truly enjoying my business!
I wasn’t yet bringing in megabucks, but things were starting to click.
Now, I’m not going to repeat the full breadcrumb story here in case you’ve read it already, as spelled out in detail in two other posts (part 1 is here and part 2 is here).
If you haven’t read those posts yet, I strongly suggest you do. I promise you’ll have some interesting insights. Then, come back here to keep reading.
I’ll jump to the punchline.
By following breadcrumb after breadcrumb, I found my hot track, and I started making money. Most importantly, I LOVED the work I was doing, and I loved my business.
Eventually, it led to where I am today, loving my business, loving my work, and making great money.
Breadcrumbs?! But I Want to Make Six Figures!
There’s a silly myth out there that you can’t make six figures with a one-on-one business. I, too, used to be puzzled as to how to make it work. I simply didn’t see how it all fit together… until I did.
Teaching women to make six figures in a one-on-one, service-based business is my expertise. I have yet to find some who teaches how to hit this goal with the same straight-up, do-able, achievable, actionable, details-to-the-gnats-ass style that I do.
Since this subject is what I cover in an entire 6 month program, it would be impossible to cover it in a few paragraphs in a blog post. But here’s what I can tell you…
If you keep following the breadcrumbs, keep challenging yourself to get better and better at your work, keep striving to provide the best of what you offer to your clients, and get ruthless about focusing on what you love, you will be on the path to six figures.
Along the way, you’ll need to learn about creating great offers, writing compelling copy, pricing, selling, fear-fighting, systems, time management, financial planning, and so much more, but you can get there. It is possible. And it doesn’t have to take forever, and you don’t have to learn it all immediately.
I’ve found that building a one-on-one business is way easier than mastering and succeeding with a mega launch. And as you learn the skills I mentioned above, you’ll be doing the essential, life-supporting work of building up your baseline income, which keeps your financial stress low while you do work you love and change your clients’ lives.
Doesn’t that sound amazing?
Of course it does!
You can hit six figures by mastering your craft in a one-on-one, service-based business. Don’t let anyone tell you otherwise.
But How Fast Can I Get There?
We all want to know the answer to the unknowable question: how long will it take?
Or another version of the same question:
I want to quit my job by DATE and need to make as much or more as I do in my current job to do that. What steps should I take to get there?
This is where I have to disappoint you. (And I really hate disappointing you!)
I do not know how long it will take. Not for you or for anyone else.
It depends on so many things; things both under your control and not under your control, including:
- How quickly you learn.
- Whether or not you’re “all in.”
- How much time you have to devote to learning and implementing.
- How hungry you are to make it happen.
- How driven you are to succeed.
- How masterful you become at sales, copywriting, and planning.
- Forces beyond your control.
- And so much more.
Although I can’t tell you how long it will take, I can tell you that if you keep at it, give it your all, and follow the breadcrumbs, the likelihood is high that you will get there. I’m so confident in that I’ve built my entire business around this.
I know it’s possible, and I believe in you.
Your Turn
As always, I’d love to hear from you!!
What financial goals do you have for your business? How big have you been willing to dream?
Have you been holding yourself back by believing what is or isn’t possible for you?
How do you feel about the breadcrumb idea? Love it or hate it?
What stories do you have about building your dream business?
I can’t wait to hear your thoughts, ideas, experiences, and insights in the comments below!
Hi Jenny! I would add “how willing you are to fail publicly” to that list :). I am great at learning and taking action inside my own head but it’s doing it front of an audience that really changed things for me. As soon as I started putting things out there to see what sticks and what fails, is when I “went pro”. The more times I fail, the more success I know I’ll achieve. Scary as shit but so much fun.
p.s. can’t wait to see you in Santa Barbara at The Life Coach School Mastermind!
Great point, Torie!! We do have to deal with failing publicly! Business is as much about personal development and inner work as it is strategy; we can’t succeed with just one piece of the puzzle — both have to be in place.
Looking forward to speaking there in March. Should be a super fantastic time!!
Hello! Thank you for this post. I have been my own boss for many many years. Sold a company and instead of becoming a zillionaire like I thought I would, the sale went sour after the papers were signed and I had to start over. Now – this time I started listening to many coaches and have spent a ton of money learning how NOT to make 6 figures – that is, following someone else’s dreams (and paying them money to tell me about it) and doubting my ability to make a good living by helping people one on one. I’m reading this at a time where I am back to doing what I love (one on one) and making good money. There is no quick fix – there are home runs and woo hoos! but nothing beats doing the work, believing in yourself, charging for your services, being organized, getting projects done and referrals coming in. Thanks for the great post!
Love this, Kathy: “nothing beats doing the work, believing in yourself, charging for your services, being organized, getting projects done and referrals coming in.” So true!!
Congrats to you for triumphing over the challenging times and sticking with what you love. It’s not an easy journey but it’s SO WORTH all the struggles!
Thanks for sharing your story here!
Hi Jenny.
As usual thank you for the post.
Funny – I did the same math when I started. I threw in classes as well. Never mind that I can’t even get more than 2 people ever two months to take a class. 🙂
I feel like I’m following the trail backwards. Each step of the way, I’m learning what I am missing. I started with the what, then learned how to create offers that worked, then realized that I needed to love them too. 🙂 I refocused on what I wanted to do. I invested in learning how to do enrollments, then realized I didn’t have enough people to consults. So I invested in learning about webinars. Then I realized that my marketing wasn’t working, so I invested in that. I do feel like that this is the last piece though and that it is coming. I also realized that going out there and being of service is the biggest piece. Expanding my reach is my #1 goal this quarter.
Financially it’s definitely 6+ figures.
Eventually I’d love to have programs that help people lose weight without dieting (by addressing the habits, beliefs, fears) that really cause that. I want to teach regular people how to work on their own stuff, so that they don’t constantly need a coach/healer to help them lose weight and keep it off. Diet + Exercise are part of it, but there is much more to it than that.
Love & Light,
Nathalie
Funny how we all take that same approach (or most of us do, anyway). You’re not alone in that regard! You’re so right in that each step along the way we see all that we need to learn to create a thriving business.
In fact I just got off Skype with a client and we were talking about that exact thing — how many skills and how much knowledge it takes to get there. We slowly learn the whole plethora of things and along the way build our business.
Wishing you success and clarity on your journey. Sounds like you’re doing all the right things. And thanks for being here!!
Thanks for the reply! I appreciate you saying “sounds like you’re doing all the right things.”
Would you be interested in guest blogging on my site? I know I don’t have nearly as many followers as you but I have a few thousand when I combine all social media and email marketing:O
Thanks again!
Hi Jenny! Another great post—thank you.
I actually love the breadcrumb idea; it makes getting to the vision I have for my business seem less overwhelming. One of the stories I’ve had about my business is exactly one you counteract in this post: I’ve been certain that I couldn’t make the money I want to make in a service-based business, serving my clients one-on-one. For several months, I’ve been pulling my hair out, trying to manage my one-on-one client load, while marketing my business and trying to come up with/create courses or products to help me reach my financial goals. Of course, I’m interested in the details of exactly *how* I might reach my goals while maintaining a service-based, one-on-one business—but I suppose I’ll have to accept that there’s no answer to that question and I just need to follow the next breadcrumb 🙂
So glad you believe you can be successful in a 1-1 business, Jenna, because you can!!
It takes a sh*t-ton of skills to get there, but it is possible! As far as your next steps (in case you’re up for some free coaching here…), it sounds like if you have a large 1-1 client load and are trying to build your business, it might be time to implement some systems to help streamline the day-to-day work. Just a thought; does that resonate?
It’s a dance we have to play, balancing what brings in money while also creating our next thing. It’s not always easy! When we can get the day-to-day stuff simplified, we open up a bit more space to create that next thing.
It also might be good to look at your pricing. Is it time to charge a little more for what you do? (I’ve got a bunch of posts on pricing, if you need some guidance.)
Happy to help further, if you want to leave a follow up comment with a little more info.
Best wishes to your growing business, and thanks for sharing your story here!
Thanks, Jenny! Really appreciate you taking the time to respond and help—I’m ALWAYS up for free coaching 🙂
With regard to systems, it TOTALLY resonates. I’ve tried to put some in place, but I’m either not doing it well enough (i.e., getting super specific and detailed about each step) or it’s just too much work for one person. I don’t think I’m at a place where I should hire help; I’m sure my systems just need revamping.
And you’re absolutely right—I know I need to revise my pricing. I keep putting some arbitrary date around it (“I’ll do it at the end of the year!”), I suppose because I am afraid people won’t want to pay it. I likely just need to bite the bullet and raise my prices! I’ll definitely go back and read your posts on this!!
Anyway, thank you again sincerely for your help. Your posts are favorites of mine and I appreciate your willingness to help me!
Love that you’re ready to take these next steps, Jenna!
Here are some references for you on pricing:
https://jennyshih.com/2013/05/5-tried-and-true-signs-its-time-to-raise-your-rates/
https://jennyshih.com/2013/05/steal-this-my-perfect-pricing-strategy/
https://jennyshih.com/2013/05/steal-this-my-step-by-step-guide-telling-your-clients-your-raising-your-rates/
On systems:
https://jennyshih.com/2012/05/steal-this-my-business-system-secrets-for-booking-new-clients/
https://jennyshih.com/2013/03/steal-this-my-simple-social-media-system-for-building-your-list/
On being a calendar ninja:
https://jennyshih.com/2013/10/steal-this-my-rock-solid-system-for-getting-it-all-done-and-having-a-life/
The first few systems you’ll want to create in your business are client systems, social media, and your blog and newsletter (making it easy to repeat each week). You’ll also want to become a calendar ninja, so check out that post.
Best of luck!!
Your “breadcrumb” approach is what I would call following your intuition. It always takes you to “just the next step”, whereas we always want to know the BIG picture first. Thanks for the insights!
Most definitely! Not everyone is able to distinguish intuition from “next best guess,” so whatever wording one uses to connect to that concept is a-okay with me!
Thanks for adding that here, Darlene!
Love the breadcrumb analogy.
One thing that really has helped and continues to help me as I build my business is to STAY HUMBLE and SHOW UP 100% where you’re being called to serve.
At one point in the first year of my business I had 5 jobs (including a stint as Dora the Explorer at kids’ birthday parties!) to support myself but they were all things I was really really good at that were fun and paid the bills while I was figuring out the nuts and bolts of being in business for yourself.
And even now, I pay attention to my energy and where people are buying and finding the intersection of what lights us up and something people are willing to pay money for is the sweet spot. And being comfortable with knowing that it can shift over the course of your business. 🙂
Thanks for the inspiration Jenny!
Well put, Diana! Show up, stay humble, hustle, and mind your energy — love that! And yes, business will change over time and sticking with it is key!! Thanks for being here!
Hi Jenny
I love this article so much. I love that you don’t try to flash “learn how to make 6 figures in 6 months” And I love that you teach the step by step real foundation of what it takes to build a business or as you say—breadcrumb by breadcrumb.
It’s so brilliant and so honest, and I think the reason most people get overwhelmed and wanna close their business down is that when it doesn’t all work out in the first 6 months or year, you automatically think you must be a failure. I love that you are giving a real voice to what it takes to make it and that for 98% of us, it takes time.
Thank You for your great teachings 🙂
Thank you for saying such kind words, Tova! It does take an incredible effort to be successful in online business. Sure, some people are blessed with quick wins, and I’m happy for them (and maybe jealous, too!). For most of us, it’s not an easy ride. I was fooled into believing it would be easy to get a business up and profitable, but it wasn’t. I stuck at it anyway and made it to the other side; I’m so grateful for that! It makes me sad when people choose to give up quickly because they are struggling — they don’t realize that a struggle doesn’t mean they’re doing the wrong thing!
Thanks for being here. I appreciate it!!
Jenny, this was such a good post to read for me today!
I so often feel scared. I would love to do my coaching work full time, but it’s building slowly, and it can be so overwhelming to figure out what is the next “right step”, and its so easy to overthink everything.
I’ve only recently discovered your blog, but I love how no-nonsense and kind you are. And I was checking out those articles you left for Jenna, especially the pricing one, and I had a question: I love all of your ideas, but I’m so early on in the coaching game (still working with my first beta client) – I’m not sure if I CAN provide massive value? I definitely want to, my heart is all there…but I also worry about charging too much if I’m not positive I can make a difference. Does that make sense? At the same time, I don’t want to charge too little, because I think that can make people not value their time with me.
Anyway, thank you again!
Welcome, Katie! I’m glad you’re here! I’m on a mission to help women like you get their work out into the world, so you’re in the right place.
You ask a great question about “massive value.” Here’s my answer: it’s relative! And this is great news.
So if you have a small, bite-sized offer like I suggest everyone starts out with, and you charge $99 for it — provide massive value compared to the $99 price point. Don’t feel like you need to make the offer something other than what it is. Just make it awesome. 🙂
Oh wait, Jenny – I’m so sorry. I should have said: I know you said in your post that it’s good to not charge premium prices if you don’t have experience (whew!). But it can be hard to know what “not premium,” but also “expensive enough that people still value it” is, you know?
It’s all in how you market it. When you’re just starting out, you don’t have a reputation or lots of testimonials, so start with something bite-sized, like $99 for a 90 minute session. Something that will deliver on one solid promise for your target client. When they see this offer, they’ll be open to giving you a shot because “it’s only $99.”
It’s easy to get stuck based on the endless input you get online from reading various sources, so I totally understand how you might be getting conufsed. I used to, too!
Your job right now is to come up with a small offer that you know you can deliver for your target client. Make it affordable and find a handful of people to test it on (even if that means for free!). You’ll learn a ton, create fans in the process, and then see what your next steps are… because clarity comes from taking action (as I say!).