Have you had your first MONEY FREAKOUT as a Coach yet? Get ready for more 😱… BUT I’ve got ideas to help smooth those cycles after you kissed goodbye to the safety of a corporate paycheck.
I wish I could tell you that I found a way to fully avoid those ‘money freakouts’ for good now that I’m in year 8 of my coaching practice.
Hand on heart – they still happen, even though a lot less regularly and a lot less scary, with a softer cushion in the bank.
I still get occasional visits from the money gremlin 👹, so I developed ways to cope.
Some practical ideas first:
1. Think in QUARTERS not MONTHS
Think in terms of successful quarters, not successful months.
Your energy as well as you client list ebbs and flows.
Some months, you’d want to mostly focus on coaching, helping your clients reach their dreams.
Other months, you gotta put some energy behind finding new Humans to support.
Plan a particularly active ‘enrolments month’ each quarter.
2. Get a comfy CUSHION
It’s more important for you than ever to have a 3-6 months’ financial cushion when running your practice.
Review your spendings and make cuts until you build up that reserve.
Live simply until you can live lavishly again.
Being on enrolment calls when you feel like you ‘have to’ sign up that client to cover your bills – is THE WORST!
Now, over to the mindset ideas ✨
3. Check your MONEY MINDSET
What’s your money story that needs to unravel and be put to rest?
Book YOUR OWN coaching session when you’re feeling stressed.
It can be shocking how much we love supporting others, and how bad we can be at asking for support ourselves, no?
4. BREAKING NEWS: your coaching practice is also a BUSINESS
Most coaching schools forget to mention that what they teach is about 50% of the skills you need to succeed as a coach.
Leaving some coaches disheartened that there is no orderly queue of clients upon their graduation.
Running your coaching business and consistently bringing clients to your practice is an Art form! And is the other 50% of the skill you’ll need if you’re in it for the long-haul.
I’m pretty sure I would have given up in year 2 if I haven’t finally put my pride to the side and handed over a chunk of cash to a more experienced coach to help me hack the business side of it.
…and if you’re also keen to learn how to smooth out those money freak-outs, I’m offering free 30-minute Coaching Profit Plan consultations to trained coaches only.
This time is 100% for you, focusing on what you need to experience more abundance in your new professional re-incarnation as a coach.
Being a new mum, I can only offer two 1:1 spots a week currently, so be sure to pick yours soon if you’re serious about significantly growing your practice this year: https://lnkd.in/d2zgS2vS
*****
That’s all I’ve got on the topic for now 🙂
I’d love to hear from experienced coaches here – what helped you to smooth out financial cycles over the years?
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