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.
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 killer 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.
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!