Scale your coaching business to achieve financial freedom

Want to know how to scale your coaching business to achieve financial freedom? Becoming an entrepreneur and running your own business is a tried-and-tested way of achieving financial freedom. So if you are a coach that dreams of growing your coaching business so that financial freedom can become a reality for you firstly know that you are in the right place and secondly know that is absolutely possible for you. Keep on reading to find out how to scale your coaching business to achieve financial freedom.

 

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SCALE YOUR COACHING BUSINESS TO ACHIEVE FINANCIAL FREEDOM

 

Financial freedom vs Financial independence

 

Before delving into how to scale your coaching business to achieve financial freedom it is first important to ensure we are on the same about financial freedom. The terms financial freedom and financial freedom are terms that are spoken about a lot in the coaching industry, often as if they are interchangeable. But there is a difference.

 

Financial freedom is where you are able to make life decisions without being overly constrained by, or stressed out by, the financial implications. Financial freedom isn’t about earning a specific amount per month or having a specific amount invested. Financial freedom is about how you feel in relation to your finances and how that impacts your day-to-day living.

 

Financial independence is about achieving a specific financial position. Financial independence is achieved when you have assets that are generating an income that exceeds your monthly expenditure. Once you hit that point you are financially independent and no longer have to work in order to live your current lifestyle.

 

I first came across financial independence when reading Your Money or Your Life (you can check out my review of the book here). This book has inspired many who are looking to achieve FIRE (Financial Independence Retire Early). And this brings up an important point. For some in order to achieve financial independence faster they’ll purposefully decrease their monthly expenditure. This can result in them living what many would class have a basic or minimal lifestyle, which not everyone wants.

 

The reason why I’m writing about scaling your coaching business to achieve financial freedom rather than financial independence is that for most financial freedom comes first. And for many coaches who love their work they aren’t aiming to be able to stop working, but do work they love and live a nice life at the same time.

 

Why scaling your coaching business will help you to achieve financial freedom

 

For those wanting to achieve financial freedom there is a big focus on become an entrepreneur and starting your own business. Whilst it is possible to achieve financial freedom whilst working for someone else most people who are serious about achieving financial freedom will go down the entrepreneur route (and for good reasons).

 

As a business owner, you have the opportunity to be able to make a lot more money that you would if you were employed. This additional income can either mean you feel comfortable to increase your monthly expenditure as you know you are making more than enough or it can mean you are in a position to make investments, which will give you further confidence about your financial situation in the future.

 

Scaling your coaching business vs Growing your coaching business

The focus on this blog post is specifically on scaling your coaching business rather than growing your coaching business. Scaling your business, rather than just growing your business, will enable you to drastically increase the revenue your business is able to generate. This should help you to be able to personally take home more money too.

 

I go into further detail about the difference between scaling a business and growing a business HERE – but if you are growing a coaching business the focus is on taking more one-to-one clients. There is a direct correlation between the number of hours you work or the number of clients you take on, and the amount you get paid. Whereas when you focus on scaling your coaching business you’ll be looking for ways to work that mean you can work with more than one person at the same time, or make assets that you create once and that can continue to make income in the future.

 

Scaling your coaching business will enable you to drastically increase the revenue it can generate and depending on how you decide to scale your income potential may even become uncapped. There is no doubt with that level of potential revenue you’ll put yourself in a better position to take home more money and to feel financially free.

 

 

FULLY BOOKED AND SCALING Fully Booked and Scaling is a one-to-one mentoring programme for online service providers who want to be fully booked in their one-to-one services and then successfully add a scalable offer to their business. Over 6 months I’ll help you to become fully booked with one-to-one clients, choose and introduce the right scalable offer for your business, and then have a comprehensive sales and marketing strategy so you can continue to successfully sell on both sides of your business. For more information, and to apply, click here.

 

4 proven ways to scale a coaching business 

 

1. Group Coaching 

A proven way to scale your coaching business is to offer a group coaching programme. This option works especially well for coaches who have been working one-to-one for a while and have a proven process or framework. By having a group coaching programme you’ll be able to work with tens, even hundreds, of people at the same time. All of a sudden you can switch from having a call with one person for an hour and only being able to charge once to having a call where a hundred people attend and all have paid to be there.

 

On the whole group coaching programmes are priced below one-to-one coaching programmes, but there are exceptions. And even if you price your group coaching programme at 50% of your one-to-one rate as soon as you’ve got 4 people in your group coaching programme you’ve doubled your income. As you can see very quickly you can drastically increase your revenue.

 

2. Membership

 

Another way to scale your coaching business is to have a membership. Whereas in a group coaching programme people join primarily for the host and the programme promise, with a membership people are also interested in connecting with the other members. In a membership there is a clear focus and people will consume membership content, as well as build relationships with other people in the community.

 

Membership have become an increasingly popular way to scale a coaching business because adding a membership to a coaching business means the business now has a monthly recurring revenue. Having a monthly recurring revenue can have a big impact on how you feel about your finances. As I mentioned earlier financial freedom isn’t about how much money you have but how you feel about making choices that involve spending money. When you have more certainty in how much money your business is going to make this month, next month and the month after that it makes it easier for you to confidence around your spending and financial choices.

 

3. Online Course 

You can also scale your coaching business by creating online or digital courses. Digital courses are a popular option for coaches who want to scale and also add a passive income stream into their business. Coaching is a time-intensive activity, even when you go down the group coaching route. Adding an online course means you have the ability to help lots more people without giving up lots more of your time. With a course, you can focus your time and energy in creating something once and then make sales for months and even years to come.

 

The pricing for courses varies drastically with courses starting from virtually nothing up to thousands. The key will be to think about how your course sits alongside the other things you offer in your business and ensure the pricing makes sense from a relative perspective.

 

4. Building a Coaching Team

If you’ve built a strong coaching brand then you could consider scaling by taking on other coaches. There are some great coaches who love coaching, but have no desire to run their own coaching business. Instead, they are happy to work for another coaching business where they don’t have to focus on marketing, sales, lead generation etc. They want to focus their energy on coaching and understand that means they won’t make as much money as if they went it alone.

 

By going this route you could end up with a team of coaches working for you. From a financial perspective you charge clients more than you are paying the coaches so that you are able to generate income from each coach. This means without you committing extra hours to physically coach people you are able to generate extra revenue in the business.

 

Successfully scaling your coaching business to achieve financial freedom

 

As shown there are multiple ways to scale your coaching business. To choose the right scaling option you’ll need to consider your current business, your ultimate business goals, your personal goals, your business brand and more

 

Choosing the way to scale your coaching business is just the beginning. If you want to scale your coaching business to achieve financial freedom then you’ll need to ensure that you successfully scale. There are many coaches who launch new offers that don’t get taken up. To ensure your scaling is successful you’ll need a strategy for marketing and selling everything your business offers. This is exactly what I help coaches to do in Fully Booked and Scaling. 

 

And then of course there is a big difference between your business making lots of money and you having enough money to achieve financial freedom. The aim with scaling is to increase revenue, without increasing expenditure at the same rate so that you are making more profit. This should help you personally be able to take more money out of the business and achieve the financial freedom you dream of.

 

That’s it. You now know how to scale your coaching business to achieve financial freedom.

 

There are plenty examples of coaches who have scaled their business and achieved financial freedom. I’m sure if you’ve read this far this is a dream you want to achieve and it all starts with you deciding how to scale and then taking the necessary actions to make it happen.

 

I hope you’ve found this blog post useful. Let me know what your biggest takeaway is in the comments. 

 

And if you are serious about successfully scaling your coaching business then I’d love to help you and Fully Booked and Scaling would be perfect for you.

 

FULLY BOOKED AND SCALING Fully Booked and Scaling is a one-to-one mentoring programme for online service providers who want to be fully booked in their one-to-one services and then successfully add a scalable offer to their business. Over 6 months I’ll help you to become fully booked with one-to-one clients, choose and introduce the right scalable offer for your business, and then have a comprehensive sales and marketing strategy so you can continue to successfully sell on both sides of your business. For more information, and to apply, click here.