Are you a woman entrepreneur looking to make good money in your coaching business without compromising your values? You’re in the right place. In this post, we’ll explore three essential steps to create a thriving coaching practice that feels aligned with who you are and what you stand for.
The Truth About Making Money in Coaching
Let’s start by addressing the elephant in the room: it’s okay to want to make money. In fact, it’s more than okay—it’s necessary. We live in a capitalist society where financial stability equates to safety and a better quality of life. So, let’s normalize the desire to increase our income.
The real challenge lies not in wanting to make money, but in figuring out how to do it in a way that feels good and aligns with our values. That’s where the concept of building a *GOOD* business comes into play.
What is a GOOD Business?
A GOOD business is one that:
– Serves people with high-quality coaching
– Generates a healthy income
– Aligns with your personal and professional values
By focusing on creating a GOOD business, you can make money in a way that feels authentic and fulfilling. Let’s dive into the three crucial shifts you need to make to achieve this balance.
Shift #1: From “Earning Money” to “Making Money” Mindset
The Employee vs. Entrepreneur Mindset
Many coaches transition from traditional employment to entrepreneurship carrying an “employee mindset.” This perspective can significantly hinder your ability to create wealth in your coaching business.
Key Differences:
– Employees earn a set salary
– Entrepreneurs create their own income
To succeed as a coach, you need to cultivate an entrepreneurial mindset. This involves intentionally nurturing thoughts that generate feelings of:
– Confidence
– Courage
– Resilience
– Bravery
– Determination
These emotions are crucial when it comes to selling your services and growing your income.
Action Step:
Identify one limiting belief you have about making money as a coach. Replace it with an empowering thought that aligns with an entrepreneurial mindset.
Shift #2: From “As Long As” to “Even When” Mindset
The Danger of Conditional Thinking
Many coaches approach mindset work with an “As Long As” mentality. They’re willing to change their thoughts about money… as long as it works immediately. This conditional approach is similar to clients who are willing to try intuitive eating… as long as they don’t gain weight.
The Power of Unconditional Commitment
To truly succeed in your coaching business, you need to adopt an “Even When” mindset. This means committing to your goals and mindset work:
– Even when nobody books a consult
– Even when you’re not meeting your financial targets
– Even when you have zero clients
Action Step:
Write down three “Even When” statements that reinforce your commitment to your coaching business, regardless of immediate results.
Shift #3: Releasing the 6 or 7-Figure Business Ideal
The Parallel Between Business Revenue and Body Image
Just as many women struggle with the “thin ideal” in body image, coaches often grapple with revenue ideals in their businesses. Whether it’s the allure of a 6-figure or 7-figure business, these arbitrary benchmarks can create unnecessary pressure and shame.
The Reality Check
Consider this statistic: In 2019, 88% of women-owned businesses made less than $100,000 per year. This doesn’t mean these businesses weren’t successful or impactful. It simply highlights the need to redefine success on your own terms.
Deconditioning from Toxic Business Culture
To truly make GOOD money in your coaching business, you need to:
1. Recognize and release shame around your current revenue
2. Decondition yourself from toxic business culture that equates success with a specific income level
3. Define success based on your values and impact, not just your bank account
Action Step:
Reflect on this question: Are you subconsciously co-opting toxic business culture and taking action based on those beliefs? How can you redefine success in a way that feels authentic to you?
Embracing a New Approach to Making Money in Your Coaching Business
By implementing these three shifts, you’re setting the foundation for a coaching business that not only generates good income but also aligns with your values and brings you joy. Remember, making money doesn’t have to come with shame, guilt, or overwhelm. It’s about creating a business that serves others while honoring your worth and well-being.
Key Takeaways:
1. Develop an entrepreneurial “Making Money” mindset
2. Commit to your business “Even When” times are tough
3. Define success on your own terms, free from toxic business ideals
Are you ready to make GOOD money in your coaching business? It’s time to embrace these shifts and create a practice that feels authentic, impactful, and financially rewarding.
Remember, making good money in your coaching business is not just possible—it’s your right. By aligning your money-making strategies with your values, you’re not only setting yourself up for financial success but also creating a business that truly makes a difference in the world.
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