Recent research conducted by Stephen Fairley, author of "Getting Started in Personal and Executive Coaching" suggests...
73% of all coaches make less than $10,000 in their first year
53% of all coaches make less than $20,000 a year
30% of all coaches have never been able to find 10 paying clients
Only 9% of coaches are currently making more than $100,000 a year coaching
As an executive business coach you should be earning at least $100,000 a year provided you truly balance your marketing and sales plan. When these plans are in balance, you can quickly increase sales. Let me explain.
Your strategic plan is essentially who does what by when. To achieve the desired results, you should also have a:
1. Marketing plan that gets you in front of your prospects
2. Sales plan that delivers the dollars
These two plans have a direct one to one correspondence. Specific marketing activities will generate specific sales results or for every action there is an opposite reaction.
For example as an executive business coach, I know that for every speech I deliver, I receive one client. This has been fairly consistent for the last 2 years. Each client has an $X value. To earn $Y for the year, requires me to speak at Z# of events. ($Y projected annual income divided by $X client value determines Z# of events.) The speaking is a marketing activity where I have gained favorable attention and began to build a relationship. Securing the sale is the selling activity which may require me to discover wants and needs along with making another presentation before I gain a commitment.
What I share with my business clients is that marketing and sales are like a sister and brother or like Ying and Yang. Each marketing effort should be balanced against the projected revenue. Again, for every action there is an opposite reaction. This balance may be the number of marketing hours and any marketing costs against the projected revenue, cost of goods and hours to deliver the service Therefore is it essential that each executive business coach knows the average value per client and how that client was acquired.
The reason that almost one third of coaches fail to have more than 10 paying clients or make less than $100,000 is because they have not created a marketing plan that is in alignment with projected or desired sales results. If your goal is to increase sales, then return to your marketing plan to determine how you can acquire your target market.