Guest Post from: Andrea Owen

I get asked the same questions over and over again regarding the work I do: Life Coaching. The most common ones are:

How do you become a life coach?
How much money can you make being a life coach?
How much work is involved?

It seems to be the fancypants, trendy new profession and why wouldn’t it be…making a living by helping people become their best self. I know for me, upon hearing that this was an actual profession, it was like a dream come true. I sat my butt in training at an amazing coaching school, got out my calculator and figured out how much money I’d be making as soon as I got certified. The stars in my eyes could be seen for miles.

Then reality hit.

I had no idea how to run a business. But, I did my research and soon found that I could easily make 6-figures if I just bought X product, hired Y marketing coach, and enrolled in Z class. And while I was weary and do not regret any of the products, coaches and classes I purchased, I would like to take this opportunity to dispel a few myths out there in regards to the business of life coaching.

Myth 1: You can easily make 6-figures in your first year or two as a Life Coach.

Sure, if you want to add prostitution and/or selling cocaine to your party-animal neighbors, you can easily make 6-figures in your first year.

However, for the rest of us who would rather stay out of jail, it takes several years and most coaches I’ve spoken to said it took them 8-10 years of being in the business before they broke the 6-figure mark. I, myself broke even, the first two years. Meaning all the money I made was put right back in to pay for my coaching school, website, business and marketing classes, coaches and a few other start-up costs. It wasn’t until this year that I’ve made a profit, a pretty significant gain, but let me tell you I’ve worked my motherloving ass off.  By no means am I vacationing in the south of France, but we’re doing okay. Most coaches I’ve asked made anywhere between $8,000 and $25,000 their first year.

I do know of some coaches that have made 6-figures early on in their careers, but they have all been people that are highly connected to someone in the industry that has helped them get ahead. I hate to say it, but it’s true.

Myth 2: You can leave your day job and jump into coaching full time.

For the love of God, please, I beg you, don’t do this. You can ease out of your day job. Make coaching your side hustle, your 5-9 job for a while and at the same time save money specifically for when you make the leap. If at all possible, go down to part time at your steady job, get all those things done that insurance takes care of and when you are very, very ready… still keep your day job at least one day a week.  Then quit.

Myth 3: You can have enough passive income with digital products to live off of.

Sure, if you’re Tony Robbins.  Or, if you’re not Tony Robbins but you’re okay eating only bread and water for 3 years straight. Digital products are easy to make. It’s the marketing and selling part that people don’t realize takes so much work. And you have you have an audience (list) to sell it to. You can’t just type up a fancy e-book, slap a price tag on it and expect people to buy it. It’s not a Field of Dreams where if you build it they will come. It’s basic marketing and selling. It’s work.

Myth 4: You have little to no overhead as a life coach.

Yes, you can work from home. But, think about the fact that you have no health insurance and other benefits,  plus unless you know how to build a website, do all things technology to keep up with said website, have the skills it takes to create digital products, are fine with doing your own scheduling, replying to hundreds of emails a month…in other words if you can wear 8 or so hats and do it all yourself (which I know some coaches that do), then you have little overhead. But, I’m pretty sure those coaches work a lot of hours and scream pretty regularly with frustration.

Myth #5: You can have about 10 or 20 clients, do nothing else and live off that.

This is the one I believed would be the case for me. I thought, “If I have 20 clients and I charge $150/hr…3 sessions a month…that’s over 100k a year!” Easy! Sure. Starting out, I didn’t charge $150/hr, nor was I ready to.  And having a constant flow of 20 clients is not only tough to maintain, but exhausting. If you’re a coach, you know that coaching for 4+ hours a day, 5 days per week will drain you and burn you out. Trading time for money is a tough gig.

Myth #6: All you need to do is get some social media followers and you’ll get clients.

Newsflash: Social media is free. Most of the people there are looking for more free stuff. Facebook and Twitter are about building relationships, not selling your stuff. Sure, you can mix it up, but don’t rely on social media to have clients knocking down your door. Yes, I’ve gotten clients from Facebook, but they’ve been following me for months, even years before they even inquire about coaching.

So, why am I telling you all of this? By no means am I trying to be a dream crusher. But, I wish someone would have given it to me straight in the beginning. Instead, I felt like a failure when my first class didn’t sell out and my first product didn’t do as well as people told me it could do. The more I asked around, I slowly found out I was normal and so was my business.

I want new coaches to know what’s really happening. I believe the game is changing because the market is becoming more and more saturated. The bottom line:

Yes, it’s totally possible to have a thriving, successful and fulfilling business. But, it’s going to take blood, sweat and tears and a TON of hard work. It’ll be the biggest opportunity for your own self growth. You will truly find out what you’re made of. And in my humble opinion, it still is the best job in the world.

About Andrea Owen of Your Kick Ass Life

Life coach. Mom. Writer. Triathlete. Hellraiser. Andrea Owen is passionate about empowering women to value themselves and fiercely love who they are.  She helps women get what they want by managing their inner-critic, leveraging the Law of Attraction and stepping into their own badass version of themselves.

W: http://yourkickasslife.com