When I first considered becoming a coach, one of my biggest questions was, “Is business coaching lucrative and profitable?” Like many others, I was concerned about whether this career could provide not only personal fulfillment but also financial stability.
My name is Scott Lippitt and together with my wife Pam, we are Business Growthology™. With our business advising program that includes the tools, training, and support, we help improve the ability of coaches to create positive change; where being a “business coach” carries real meaning and is more than a mere title. It means you are qualified and able to help business owners implement strategies that provide them with the time and financial freedom they dreamt of when they first started their businesses. It’s a testament to your commitment to excellence and your ability to help generate quantifiable results.
But we recognize that business coaching must be lucrative and profitable enough for you. This means charging what you are worth and being able to demonstrate and stand in the value you provide. We have met with too many coaches and consultants charging too little for their services. And while most of them charge a monthly retainer, their effective hourly rate ends up being $150-$250 per hour. At those rates, you need too many clients and have to expend too many hours to earn a decent income. The coaches we work with are earning between $440 and $1,200 an hour!
It also means being able to attract enough high-paying clients to make a good living and provide for you and your family. This means you have to have a proven method to generate leads, convert those leads into meetings, and close those meetings into high-paying, long-term clients.
And it also means having a passive income stream. We provide our very own state-of-the-art online business academy we call PROFITUNIVERSITY™, so it looks like you spent over a million dollars creating it. It was designed to provide them with the option of “enrolling” struggling business owners into a “self-guided”, DIY coaching program where they can receive access to the strategy videos and workbooks our advisors use to train, teach, and coach their one-on-one and group clients to build successful and highly profitable businesses. And best of all, our one-stop business center handles all the administration for them… so this program is totally passive and hands-free.
You could charge these clients a small monthly fee ($97 to $397 per month) and begin to build a lucrative passive recurring revenue stream for you and your family. So with just 20 online members being charged only $197 per month, you could generate close to $48,000 in annual income for you.
While profitability is important, I found that balancing it with the passion to truly help business owners succeed is key to long-term success. The satisfaction of helping clients achieve their goals and seeing their growth is immensely rewarding. This passion fueled my dedication and, in turn, positively impacted my business’s profitability. But I have to also add that having a coaching platform that guided my coaching efforts and helped my clients implement my business growth strategies in a step-by-step fashion didn’t hurt. It made me so much more effective for clients and efficient with my time.
Is coaching profitable? Based on my journey and my current ideology and methodology, the answer is a resounding YES.
If you’re considering a career in coaching, I encourage you to embark on this journey with confidence. It’s a path filled with opportunities for growth both for you and your clients. The financial rewards are there, but the personal fulfillment is what makes coaching truly priceless.
Scott Lippitt has over 25 years of experience in marketing and advertising for some of the biggest brands in the US, such as Progressive Insurance, Black & Decker, Hallmark, Hershey’s, Arby’s, Dunkin’ Donuts, and Old Spice.
Fifteen years ago, he and his wife Pam got tired of turning millionaires into billionaires (or at the bare minimum, multi-millionaires)… ‘they weren’t that grateful nor were they that generous!” So, they turned their attention from helping Wall Street to helping Main Street.
Now, Scott Lippitt works with small business owners to help them double and even triple their profit while spending little to no additional monies on marketing to do so. He also offers a program that provides advisors, consultants, and coaches with the tools, training, and support to generate a consistent flow of qualified leads and predictably convert those leads into high-paying clients ($440-$1,180 per hour!) To learn more or to contact Scott, go to www.businessgrowthology.com or email info@businessresultants.com.