Become A Multi-Millionaire Life Coach

While the number of life coaches continues to expand, only a small percentage of them are becoming seriously wealthy. Personal affluence is not necessarily the motivator for many of them. However, those that are amassing significant personal wealth are taking many of the same actions. For life coaches interested in creating their own personal fortunes, there are a number of interconnected strategies that can prove very helpful: Become a thought leader. A thought leader is a recognized authority that is monetizing this positioning. It proves extremely effective in differentiating one life coach from his or her competitors and simultaneously garnering high-quality clients. A thought leader communicates to existing and potential clients as well as referral sources that he or she has a deep understanding of a particular area of specialization coupled with an actionable approach that will be highly beneficial to them. Use an achievement-based compensation model. Compensation for most life coaches is time based, and many times this is the only viable approach. However, there are likely to be possible situations where achievement-based compensation is possible and therefore should be used. Examples of achievement-based compensation include premium pricing, success fees, and venturing. Build a high-end clientele. This usually means the life coach is working with the more affluent members of society as they are often copacetic with achievement-based compensation, and they can afford the fees. In order to build a high-end clientele will often involve being a thought leader and skillfully networking with centers of influence to generate a steady stream of potential wealthier clients. Leverage a life coaching practice. There are a variety of non-exclusive ways to leverage a life coaching practice. For example, “licensing” a life coaching approach and/or content to be used by other life coaches is one approach. The licenser receives a per-set fee and/or a percentage of their revenues. Another example of leverage is extensive productization. Workshops and even larger events are often very powerful ways of generating income and garnering new clients. Webinars, podcasts, DVD sets, and books all prove very useful in enhancing incomes while bringing in new life coaching clients.

from Forbes - Leadership http://ift.tt/21AYwuY