There comes a time in your career as a coach when you need to answer an important question…
Do you want to build a 6-figure coaching business?
Your answer will influence the rest of your career and it will have a massive impact on your life.
The coaching industry continues to grow every year. This means more and more people are looking to work with a great coach.
This also means that it’s easier — now than ever before — to build an extraordinarily successful coaching practice.
But many coaches find this hard to do because they don’t have the right mindset in place.
When you have a “6-figure mindset”, you can create a 6-figure business with your coaching practice even if you’re new to the industry. But you can be the best coach in the world and still fail if your mindset isn’t where it should be.
Here are 4 powerful mindset shifts that will radically increase your ability to build a 6 or even 7-figure coaching practice.
Mindset Shift #1: Be Willing To Spend
The old saying is true… You need to spend money to make money.
Coaches who succeed in creating an amazing income never hoard their money. They’re happy to invest in their business.
The key is to choose your investments with care and to spend your money consciously.
If you want to be a 6-figure coach, the perception and image that you create around your business is critical.
You can’t hope to attract premium clients if you have a website that looks like it was designed in the ‘90s.
Here’s a powerful practice you can use so you don’t overspend…
Set aside a specific amount of your income, every month. Use this to invest and upgrade your business.
You can use this money to hire an assistant, a great web designer, create an online course or accomplish the hundreds of other tasks that go into building a successful, 6-figure business.
It’s what the most successful entrepreneurs do and it’s what you need to do too.
Mindset Shift #2: Be Curious
If you want to play bigger, you’re going to have to develop a resilient attitude, especially when you face criticism.
When you grow and expand your business, and start to reach and connect with more people, there’s a good chance that you will hear feedback that you don’t want to hear.
This could be feedback about your social media posts, your coaching packages or your programs… Just about anything. You may want to run and hide when you receive harsh criticism.
Never dismiss negative feedback right away. Think of it as a great opportunity to develop your business.
Run through every bit of negative feedback with curiosity rather than judgment. Ask yourself if there’s a chance there’s truth in what’s been said. If there is, go ahead and use it to improve your business. If there’s nothing that you can use, cast it aside and move on to your next task.
This is the mindset of a winner. It’s the mindset of a 6-figure coach.
Mindset Shift #3: Be A Business Owner
This might sound painfully obvious but many coaches I know arrive at the profession from various other industries.
Many were full-time employees and are accustomed to thinking like an employee…
This includes believing that they need to play by “the rules,” or wait for someone else to give them direction and tell them what to do.
This will seriously restrict your success as a coach and it will probably destroy your chances of building a 6-figure practice.
If you want to create a massively successful coaching business, you need to get comfortable with setting your own goals, holding a big vision for you business… And creating your own rules.
You need to let go of “employee” thinking and think like a business owner.
Mindset Shift #4: Be With The Barrier Breakers
I’m not going to lie…
Creating a 6-figure coaching practice takes grit, guts and hustle. And it can be tough.
This is why it’s so important to stay motivated.
One of the best ways to do this is to surround yourself with coaches who have already broken through the 6-figure line.
I like to call them The Barrier Breakers.
If you don’t happen to personally know any Barrier Breakers, there are other great ways to connect…
Think about participating in retreats or masterminds that are designed to support high income coaches. Think about reaching out to some of these coaches online.
You will be surprised at how welcoming and supportive successful coaches can be if you are authentic when you reach out and ask for help and advice.
If that sounds too forward, try reading books written by successful 6 or 7-figure coaches. One of the top books I recommend is Rich Litvin and Steve Chandler’s ‘The Prosperous Coach’.
You can create an awesome income no matter where you are right now in your coaching practice.
It’s not out of your reach. Start by making a conscious decision to adopt the 6-figure mindset.
When you do this, you’ll find that creating an incredibly successful business is nowhere near as challenging as you thought it was.
Before you know it, you’ll be part of the 6-figure Club.