If you’d like to watch all the other interviews, go to: inacoveney.com/3M
How does a coach make money?
Today I want to talk about how to monetize your passion for business coaching. To be more specific, as of March 15th, I am running a series of interviews for something I’m calling March Monetization Madness.
I’m talking to friends of mine who are making a living off of doing the things they love to do. We’re going to be talking about how they got to where they are now, where they started, and most importantly how they found success.
A big hurdle we have when we work full time is to think that we could actually make money doing something else. I’m here to tell you that YOU CAN. And that’s the point of this series.
To kick off my March Monetization Madness series, I’ll tell you how I got started and found success in business coaching!
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I have been a business coach for one year and a month. Also, I have been in business making websites for 7 years. So I’m going to talk to you about how I made the transition from just doing websites to just doing coaching.
I have clients who sacrifice themselves everyday and go to work doing something they don’t really love so they can provide for their families.
We don’t realize that this is such a selfless thing to do. Sometimes we think, if we make it to retirement—and made good money along the way—that’s the accomplishment!
In reality, you likely could have served a lot more people doing something you love and made a way bigger impact.
Someone along the way told us that we can’t make money doing the things we love. That it’s selfish and we need to be realistic and get a “practical” job that provides for us and our families.
No wonder we so easily stop ourselves from getting there!
What if someone told us we could succeed in this?
We have so many mind blocks when it comes to following our dreams.
A big part of the reason I created this series was so that we could hear from all sorts of passions-turned-businesses. I wanted people to be able to hear from everything and anything that was interesting to them.
Any industry I could think of I found someone to talk to about how they are making money doing it. So I’m talking to podcasters, makeup artists, bookkeepers, and more! And again if you want to learn more about who I talked to you can look right here.
How did I make a business out of being a business coach?
Let’s start from the top! If you have just happened upon this blog, my name is Ina Coveney and I am a salary replacement strategist. I specialize in helping people who are working full time transition from the corporate world to being their own bosses.
I believe that everyone should be able to make money doing something that they love all day long! There is so much more to life than just making a paycheck, and that’s why I do this.
I want help people to open their eyes and figure out how to get out of corporate and fully support themselves!
That’s why I have a new course coming up, called IV League School (the IV stands for Idea Validation).
This is a program for people who have a few ideas for a business and are unsure of which ones to settle on.
I want to get you excited about your idea and get you started on creating your product!
If you can’t see the thing you love being a job, how are you supposed to make it work? We really need to believe in ourselves.
A bad mentality will land you right back in the safety of your full time job. It’s so important to take care of our mindset. If you quit when things get hard, there’s no such thing as success.
For me, I was in corporate for 15 years. I was a software project manager. I was good at it and I loved it! I’m a person who is great at multitasking and being in charge. So, I got a lot out of my job, but I was still really depressed.
I thought my depression stemmed from my own insecurities and my past. I eventually realized that me depression was coming from not being where I wanted to be and fearing what my future would look like.
All I could see was what my life was going to be like for the next 30 years, and it depressed me SO much.
I was setting myself up for a life where I was going to be working 50-hour weeks and missing my kids’ activities.
Thirty years down the line, I might have been financially fine, but I would never have done the thing I really wanted to do. It would be thirty years of the same thing over and over again.
To me, that wasn’t a life worth living. It wasn’t what I wanted.
But I also thought I couldn’t get out because I was providing half of the income for my family. So I started looking for things that would make me feel fulfilled. I thought maybe I just needed a hobby.
I really tried everything. Volunteering, stand-up comedy, I even started teaching myself organic chemistry, anything I could think of I tried it.
One thing I ended up doing was starting a side business making websites. I had a huge fear that I was going to start something and not be able to finish it. But when I started having customers, I realized I couldn’t quit! And besides, I really liked making websites!
When I quit my corporate job, I hadn’t replaced my salary yet. I also had not devoted the time to really start my business. I didn’t even have a coach (and without a coach getting things off the ground can be VERY hard.)
Even though I knew the steps I needed to do to make my website business take off, I couldn’t keep myself on track. Project managing yourself is hard!
When I finally did get a coach, I was happy to be learning from someone who had been through it. I was learning the steps I needed to follow to guarantee success, and someone was holding me accountable for them.
A big part of starting your own business, aside from mindset, is continuing through the hard times until you make it. Another important piece is understanding that an online business does not need to go viral to be successful.
Successful entrepreneurs don’t make it because of luck. They make it because they work hard.
Having a coach really changed the ball game for me. I knew my success was inevitable and that’s the mindset you need to have when you go into this.
How does thinking “success is not inevitable and I should be realistic about failing” help you at all?
So we know I started making websites, quit my job, and got a business coach. But how was I making money?
My business making websites is what funded my coaching business. So don’t go ahead and quit your full time job and completely evaporate your income! My full time job at this point was making websites!
Don’t quit your job till you finally replace your salary or you get close—this is crucial. You do not need to replace your salary to quit, it just really depends on your threshold. If you’re wondering how to determine your threshold, I’ve got you covered and I’ll talk about it at the end!
I make money right now through websites AND my coaching business. In my coaching, I offer a WordPress for Complete Beginners course. This is something that comes with all my knowledge of WordPress, and is designed so people can make their own website without hiring someone.
I also created a mini-branding course that is around one day of work. It talks all about what your online brand should be.
In addition to those two courses, I have one-on-one clients that work with me and I help them with their next steps for their businesses in whatever stage it may be in. I also specialize in helping people find their passion and learn how to turn that into a business.
Those are the ways I’ve been making money—but let’s break it down even more.
This year, I will be launching a group program, as well, and that will additionally contribute to my income.
I’m actually in a place right now where I have stopped taking clients with my website business because I can focus solely on my coaching business.
It’s really a great feeling to be in a place where I could cut off my main income, because I’m in a place with coaching where I can do that.
You might be wondering what my revenue was like with both my businesses. Well in 2018, I made 70% of my income from websites, while 30% was from coaching. In 2019, that has flipped. 57% is from coaching and 43% from websites.
By this time next year, I’ll be making 100% of my income from my coaching business.
Before I go, I want to tell you about my threshold determining exercise. This is what you can use as a guide to know when you’re at an okay point to quit your job.
Two numbers you have to keep in mind.
I want you to go through your finances from the past 3 to 6 months and find the average amount you spend. Take out the miscellaneous costs and find out the exact number you spend on your bills.
You want to know exactly how much money you need to survive.
I want you to really figure out how much money you need to be making to break even. Find the number that would allow you to survive and let go of some of your luxuries.
Once you quit you can then put 100% of your time into your business, but wait to quit until you hit that sweet spot.
Have a plan for where your money is going to come from: how much money you need to survive and how much you expect to make.
Finally, look at when you will run out of money (once you quit your job).
Why this exercise is important
Let’s say Scenario 1 is where you quit your job where you know how much you need to survive, how much you are making and how long you can go without actually saving any money. If you only have 6 months’ worth of surviving, you will be acting differently, which is why you need to know how much you’re making.
Scenario 2 is just knowing when you can expect to quit your job, you know likely when you will be quitting.
That’s why this exercise really does require a dive into your finances and making a plan.
So, this is how I managed to monetize what I love to do!
I’m happy and excited that I get to do it! It’s so great to be getting to do this rather than working in my old corporate job, this is the life I want.
Even though I’m working my butt off, it’s so much more fulfilling and I want you to feel this way too.
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