For the last three years, I’ve generated more than $100,000 in revenue/year and I’m revealing how I continue to do it (while working fewer hours!) in today‘s blog post as well as how you can do it too.
I can’t reveal exact numbers to you for security reasons, but I will reveal percentages so you can still see the total breakdown and see what a realistic goal is for a new financial coach or bookkeeper.
After that I’m going to run through a few possible scenarios so that you can earn 100k+ this year in your financial coaching or bookkeeping business as well.
Remember that I cover all of this and MORE in my Become a Coach program. This program is for teachers at heart who want to start and grow their own financial coaching business.
To see if you’re a good fit for this program and learn more about my coaching philosophy, you can watch my free, 60 minute Pricing Workshop here.
6 Figure Deep Dive
Let’s get into the revenue. Here is a graph showing you my different services that make up the 300k+ revenue for the last 3 years . As you can see, I have 3 main services, and two passive streams of income which include affiliate income and Youtube/Google adsense.
The reason that I have 3 streams of income is that I truly like variety, and I found that there were needs in the market that my skills could fill. The first week of each month, most of my time is spent doing the bookkeeping for my small business clients and corresponding with them if they need help.
The last week of every month is spent with my financial coaching clients. I meet with them this week because we recap the month that they are finishing up and we game plan for the month ahead.
The weeks in the middle, I’m focusing on my coaches, updating curriculum, writing blogs, doing admin, and brainstorming future content.
I love this schedule, it fits my life really well, I’m never bored, nothing feels monotonous, and yet I have enough flexibility that I can block out certain days or weeks if we are traveling.
A REALLLLLY important note, and this might be the most important thing in the whole blog post is that NONE of my services are competing offers.
Understanding competing offers is SUPER important. Competing offers is when a coach adds a service or sometimes product and it actually takes away from their existing business instead of adding to it.
What I see is a lot of coaches get tired of doing 1-1 coaching so they add a small course for like $97 or $197.
What they expect to happen is for course sales to skyrocket, right? It’s scalable, it solves a similar problem as their 1-1 coaching but it’s so much cheaper so why wouldn’t people buy it?
Instead what happens is that course sales stay either super low or at zero AND their 1-1 coaching plummets leaving them very discouraged.
Why? The buyer doesn’t know which one they should do. They are confused on which one is for them, and so they just say no to BOTH.
Your offers can not overlap at all when it comes to results because your buyer will reject both.
Instead, you have two options. #1 you can have multiple services to the same client at different points in their needs (and even this has to be pretty strategic so that it’s crystal clear).
An example of this: I have my Become a Coach program which is self paced. I could move my expertise to a higher level like the equivalent of a high ticket mastermind or something for coaches that are thriving and ready to scale.
Two services, same audience, different ideal client though.
The other option and what I’ve done already is have completely different services for different audiences altogether.
I have 3 main audiences for my services: small businesses, college grads, and financial coaches.
SUPER different! This can get tricky, and I don’t recommend building 3 audiences in the beginning for sure, and my long term plan was never to have three different audiences like this but it happened very naturally.
I first worked with small businesses. The owners came to me and said, “This is great, you’ve revolutionized our business but our personal finances are still a mess, can you help?”
So I tried financial coaching and fell in LOVE with it. My financial coaching really started to take off in 2019 and I had other coaches come to me and say, “Hey, how are you doing this, can you help me do this too?” And I was like let’s try it, and I loved doing that too!
It’s also been nice because I’m like a one stop shop when it comes to all things MONEY.
I’ve had bookkeepers that I meet in the Bookkeeper Launch fb group sign up for financial coaching. I’ve had small businesses that I do bookkeeping for go through my financial coaching program, 12 Weeks to Wealth. I’ve had people go through financial coaching and then want to become a coach themselves or start a business.
So even though they are separate, they are still interconnected to a certain extent. The big thing here is that you do NOT want to have competing offers. I see this SO MUCH with financial coaches.
That is the breakdown of income in my 6 figure financial coaching business. Let’s run through some scenarios that might work for you!
6 figure business example #1
Let’s say you want to ONLY do financial coaching and your ideal client is police officers. You don’t want to have other clients or other offerings, you just want to market and coach.
So you narrow down your services to 1-1 coaching and workshops put on by the academy or department. You are able to travel around a bit for these workshops or seminars and you can have up to 50 people at these.
The city police departments will pay you $1500 for each 2 hour seminar that you run, so you plan to book 1 of those each month.
This is great income for you as well as lead generation. I really found that my business started taking off when I was monetizing my lead generation. Your 1-1 coaching goal is to get 5 clients each month.
Your program is specific to police officers or law enforcement and is 3 months long and $1300.
If you’re able to sign 5 clients each month and have 1 workshop this brings your monthly total to: $8000 which is super close to 100k/year!
A few ideas on how to close the gap is to get a few more workshops or introduce a 3 month payment plan that raises the price a little bit.
Depending on your curriculum you could maybe begin to include other law enforcement agencies, justice departments, police academies, etc.
Or you could offer an extension on the program if someone wants continued accountability and monthly meetings or future quarterly sessions or something like that.
Keep in mind that signing 5 clients each month means that you are carrying 15 clients at a time with a revolving door of onboarding and offboarding. This is all very doable!
6 figure business example #2
For a completely different scenario, let’s say that you don’t want to have anywhere close to 15 clients at a time, so you go a different route with your business model.
Instead let’s say that you want to work with teachers. You start a podcast where you interview teachers at different parts of their financial journey and you also give top notch tips on how to help teachers increase their income (this is a HUGE issue for this career as they feel like unless they work ALL THE TIME their income feels very fixed).
You repurpose the podcast content or have a virtual assistant repurpose it for you and you run a blog on your website.
Now, if you’re like “um in this scenario it sounds like a lot of work and I’m not making any money yet…” You are correct.
And this is something that I probably should have stated in the beginning, but all of this is going to take some amount of time. To build and grow an audience and to realllllly get to know the thoughts, emotions, tendencies of your ideal client takes time.
It might take you 6 months, 1 year, or 2 years but getting to a point where you are making 100k+ in one year is possible for you too.
Back to the second example, you’ve been doing some 1-1 coaching just to get to know your ideal clients, and the podcast interviews help a lot with market research. Now you’re to a point where you don’t want to take on any more 1-1 clients.
You launch a 4 month course or group coaching program for teachers in debt who want to increase their income. You invite your podcast audience and blog readers, and you are selling it for $1200.
Maybe they get weekly or monthly group calls with you, a fb community, recorded modules, etc you need about 8 clients to sign up for this every month.
BUT WAIT, you have been working on building some brand deals and you are google adsense approved on your blog which both earn you $2000/month so now you only need to have about 5 clients sign up for your program each month.
This might seem crazy that you can earn $2,000/month passively but keep in mind that in the most recent months I’ve been doing MORE than that passively and with FEWER than 10k subscribers.
Apply this to your business
These 6 questions is what I just walked through twice in these examples and they will help you narrow down your streams of income and help you reach your revenue goals:
(Do you see how I start by working backwards?)
- How much do I want to make this year? 100k+
- Who is my ideal client? x
- How am I going to get in front of them? podcast, blog, seminars,
(another way to look at this: where are they already? Who are they talking to?)
- How can I monetize this?
Don’t be afraid to get creative with this! Even if you aren’t able to monetize something right away, always be working toward that.
For example, I started youtube 2.5 years into owning my business so just because you have a plan in the beginning doesn’t mean that it can’t change and evolve and grow!
- What services are going to benefit them the most, what is going to get them the best results? I always recommend to start with 1-1 coaching
- How can I scale this? Again, won’t happen right away but it’s good to have the vision to be able to see that goal and quietly be working toward it.
I want to share with you one thing that I did that really helped me in this area and it was to write down my services in my business and then set the monthly goal (how many clients I needed to reach it) and then the revenue goal for the year.
I wrote this down on a sticky note and put it at the base of my monitor so that I saw it every day and got familiar and comfortable seeing these intimidating numbers that I never dreamed I would make.
To put it in perspective, when I quit my full time job, I was making 10/hour after taxes so even making 30k was like whoa this is getting crazy.
At first it was one service, my goal revenue was $30,000 and when I started getting close to that, I upped it to a new goal that was super intimidating and I kept doing that so after 30k it was 70k and then 100k
Remember, the more you make as a financial coach, the more people you help and the more influence you have.
Think about how much BETTER our country would be if we had just seas of financial coaches that made multiple six figures every year!!??
That’s totally my goal, I would love to train up the next generation of financial coaches to go out and literally change the world and help millions of people learn to steward their money and become wealthy.
Let’s hold each other accountable, let me know in the comment section below, what your revenue goal is for this year.
If you are interested in my Become a Coach program, click here to watch my free Pricing Workshop for financial coaches.
