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How much do coaches make?

8/1/2016

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Coaching might be an incredibly fulfilling job, but not necessarily the most rewarding one. A staggering 84% of coaches make less than £2000/$3000 per month, and 40% of them earn less than £500/$750, according to Anastasia’s survey conducted in early January 2016*. Only 8.6% coaches take home more than £3000/$4500 per month from coaching.

Interestingly, £2000/$3000 in monthly earnings seems to be the most difficult barrier to overcome for coaches after the initial barrier of £500/$750.

​Notably, most of the respondents (87%) came from the developed English-speaking markets, so these rather disappointing earnings figures do not reflect the level of economic development, but rather the competitiveness of the coaching market, as well as the fact that aspiring coaches might be spending their precious time on things that are less important, than they think.
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Having only a few clients is one of the reasons coaches earn so little – 44% of coaches serve 5 or fewer clients, and nearly 4/5 – less than 10. At the same time, coaches who serve more than 10 clients start earning considerably more. It feels like some of us find ways to serve most clients.

Another reason for low earnings might be that coaches spend too much time trying to formulate a niche or getting locked in one (21% claim they haven’t defined a niche, but are trying to do so, and 15% that they only have one niche), whereas the highest earners claim they either have no niche at all and can’t bother to define one, or that they cover several niches. Both of these approaches seem to work.
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(The lack of) experience seems to be relevant only for the first two years of your coaching practice. Two years seems to be the time when we are figuring out what and how to do. The two top earners have 8-10 years of experience, but two mid-range ones only have 2-4 years, and one claims to have 5-7 years of experience. So if you have been in the profession for more than 2 years, in theory there’s nothing limiting you – apart from yourself. 
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The moral is, if you’ve been in coaching for less than 2 years, don’t waste your time on defining your coaching niche or coming up with complicated marketing strategies – try to get as many clients as you can, and things will work out. Also, don’t leave your full-time job just yet (or make sure you’ve got someone to support you through the first 2 years).
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If you’ve been playing with coaching for 2 or more years, and are still earning less than £2000/$3000 per month (and come from a major English-speaking country), maybe it’s time to face the truth that things aren’t going to change unless you make an effort, and you might as well continue to earn the same for the next ten years. Get over this psychological barrier of £2000/$3000 per month – somehow only a few people are capable of doing that, and once they’re on the other side, there isn’t much competition there. So do everything to cross this line – and maybe you’ll make it to my next year’s report as a top-5 earner.

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*About the survey
This anonymous survey was conducted by Anastasia from between the 4th-8th January 2016. It was published in 5 online professional coaching groups and communities (two on Linkedin, two on Facebook and a forum of CTI graduates) and collected a total of 58 answers. Participants from USA, the UK and Canada gave 87% of responses. Other respondents came from Australia, Germany, India, Israel, Peru, South Africa and the United Arab Emirates. Because this study was conducted online only and participants were self-selected, one should not assume that this survey is fully representative of the situation with the coaching industry as a whole. However, we believe that the trends outlined in this research are representative enough to generate a discussion of skills coaches need to get to grow their businesses.
USD/GBP exchange rates are not entirely representative, as USD rate has been rounded to the nearest hundred.

For press enquiries, please use the contact form. Any republishing only with the link to www.anastasia.tips website, please.

Do you want to make a breakthrough in your coaching practice?

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Anastasia worked for 10+ years in senior positions in digital marketing before founding her  two coaching businesses. One works with highly sensitive people and the other is a digital detox business.
I work with highly sensitive people, many of whom choose to be in helping professions. In spring 2016, I will be running Career Booster workshop for highly sensitive people, teaching them to use their sensitivity and intuition to build their successful business or career.

Whereas many of you have invested a lot of time in learning skills how to be a great coach, and thanks to your sensitivity you are very capable of delivering great results for the client, you might be lacking business skills, or feeling overwhelmed at the idea of having to expose yourself online, market to the unknown people etc.

However, digital marketing doesn't have to be inauthentic or overwhelming. ​If you want to have a breakthrough in your business based on who you are, you are looking for authentic ways to express yourself online and get new clients, the spring edition of Career Booster is for you. Read more, or ask me any questions!


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What It Takes to Become an Entrepreneur

14/11/2015

1 Comment

 
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Have you always wanted to do something meaningful? Are you longing to lead a life that will really make you feel truly fulfilled? Want to build your business, or make a real change in the world? Do you know deep inside what you really wish for, and yet sense that something is holding you back? Here are seven lessons I’ve learned from the first year of being a solo entrepreneur.
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1.There will never be the perfect moment for it
You will never be earning enough money to give you complete financial security. You will never be qualified or knowledgeable enough to start your own thing or make that next step. You will never have just the right level of support. Even if you pay thousands of pounds to your coach, counsellor, business advisor etc, they won’t do the job for you – you will still have to take the risk and do YOUR part of the work. Your 100%. There’ll be no one to blame apart from yourself if you fail. But tomorrow will never be better than today, unless you start doing something today. One day pain of not changing will become bigger than the pain of changing, and you will have to make this step.

2.You will sabotage yourself every day, and will still make progress
Most of us know exactly what kind of life they’d love to live, but there are always voices that are holding us back. Once you step on the path of change, these voices get loud. Really loud. Every day you’ll be asking yourself whether you’re doing the right thing, and who are you to do what you do. After every mistake you’ll make (and be sure you’ll make every possible mistake you can make) they’ll be telling you that you’re a failure and shouldn’t have ever tried. You may discover that you’re not returning important calls and ignoring life-changing messages. You may discover you’re spending hours sitting pointlessly online. It’s part of the game, and don’t believe anyone who says they never had self-doubt or never sabotaged themselves. Learn to deal with it (or get a coach to help you overcome it, it’s all manageable).

3.You will run out of money much faster than you think
Yes, it will happen, and likely not only once. You will constantly need to be thinking about ways to refill your wallet, and it will make you very distracted from focusing on your business. You will have to learn to juggle your insecurity and your business growth. That’s the only way.

4.You won’t figure out how things work. It will stop bothering you though.
You will try doing a thousand things, and will fail a thousand times, and all of a sudden some of these things will work (and most will never work). You probably will never understand why, but with experience you will stop trying to understand it and focus on what works. Remember the old game of hot and cold, when an object was hidden and if you were getting close to it, your playmate said “hot”? You’ll learn to get into your “hot” spot without rationalizing why it’s hot.

5.You’ll be constantly torn between feeling very happy and extremely unsatisfied
Every night will consist of thinking of everything you could and should have done today for your business, and beating up yourself for the fact that you didn’t. And yet, you’ll be very happy for everything you’ve managed to do, if you did at least something, and for the lifestyle you’ll be leading. At this stage, it’s very important to let go of the notion that you can do everything, and remind yourself about your victories, not just failures.

6.Relationships and social life will lose its appeal
You will find yourself more willing to spend the evening on the sofa with your laptop, rather than going out or meeting new people (or developing existing relationships). Making a first sale will make you more excited than a best date. You will become an obsessed self-centered maniac who only is interested in talking to people as long as they listen to him talking about his new product. Friends on Facebook will start unfriending you because you will constantly be trying to sell something to them without even realizing that.
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7.Making the future non-negotiable is the best thing you can do to support yourself
There’s a reason so many entrepreneurs talk about Vision (and pay a lot of money to coaches and consultants to get one). When you are immersed in your daily routine, it’s very easy to forget about the big Why – Why you are doing all that, and what would it be like to live your dream. This is what gives you energy.
Getting in touch with my imaginary future and sticking to this vision as something that’s non-negotiable was by far the biggest thing that helped me stay on track and build resilience. Clients often want to talk about practical steps they can’t figure out, but the moment they get connected to their Vision, they get all the steps in front of them automatically. Sticking to the vision IS the most difficult part of being an entrepreneur, figuring out the ways to get there is the easiest one.

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Happy birthday to me

2/11/2015

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One year ago, my life was very different. My well-paid and stressful job contract has come to an end, leaving me with no desire to work for anyone else, enough savings for a few months of non-luxurious life and no clear idea of where any money will be coming from once it's gone. My landlord suddenly decided to kick me out of the apartment, where I’ve spent the last two years. My mum was undergoing the third major surgery in two months and preparing herself for the chemo, as I was stuck between two countries looking for alternative surgeons and treatments all around the world. And on top of that, a few weeks before I split up with a guy I really fancied. I was eating uncertainty for breakfast, lunch and dinner.

Looking back at that period, I’m not surprised I was procrastinating about doing something for my own business, although I had a clear idea that I didn't want to work for anyone else anymore. I was playing with coaching here and there, but it has never been a serious source of income. Recognizing myself being stuck, I felt I needed a coach myself and got in touch with someone I’ve previously known from my training program. Her lectures have always been a huge inspiration for me. We had a really nice conversation about how we could work together, I felt a great synergy and willingness to work with her, and asked her to give me a few days to think about her fees (quite high). I ended up sending her this exact email one year ago:

“I did think about your offer and although I would love to work with you, I am a bit cautious about my budget. I would be grateful if you could think of other coaches similar to you who might charge less”. 

She said she’ll be happy to recommend some coaches from her network, and then I haven’t heard back from her for a couple of weeks. As I sat down to write a follow up email, something happened – I realized I didn’t want to work with anyone else, and writing something else would be a lie. I wasn't sure in which country I'd be living in the following few months and what I'd be doing with my life, but I knew I wanted to work with her. So instead of reminding her to recommend me a cheaper coach, I wrote to her saying that my situation changed and I would love to work with her.

Did the situation really change? It did, but only in my head (how cool is that?). I made calculations and figured out what I could cut on if I were to work with her. I mentally got rid of everything inessential and discovered that I won’t suffer much if I had to give it up. Maybe my security wouldn’t last for 6, but rather for 4 months. I can handle that. I've handled much worse stuff.

Needless to say, it was one of the best decisions in my life. Over the last 10 months, I’ve launched two coaching businesses, performed at multiple conferences, hired my first employees, started writing for Huffington Post and got in talks with TV channel about a film, sold my first online course to someone I never met and who never met me, got 80+ people signing up for my webinars, got emails from all over the world supporting my work, and did hundreds of other things I would have never got into had I not followed my gut feeling and had I not been honest with myself for what I wish for.

It has by no means been easy, but what a luck to have lived this year in such a fulfilling way! And here comes my coaching tip:

Be honest with yourself. You know deep inside what you truly wish for, so don’t settle down for less and don’t let your concerns stop you. There’s a difference between being reasonable and playing small – and you will know it by the little tingling of joy in your chest and fingers when you are aspiring and reaching for the stars.

Birthday is only once a year – make sure you've got something to write in your blog about next year.

PS If you want to step into your real power and go for what you truly desire, join our next Career Booster program for powerful sensitive women. Details here.

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I know deep inside what I want to do: how do I overcome my fear?

23/6/2014

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Hello and welcome to anastasia.tips - a place where you learn to become successful in what you truly love to do!
Here you can get tips on how to build your career and business, and get some inspiration from how other women around the world do that, too! I will start by publishing a letter from a female entrepreneur from Namibia I received a few weeks ago:

"I own a preschool and day care that I started last year and grew it from 7 kids to 45. I want to resign from my full time job and rely on my business full time but I am just having fears of the unknown. Deep down in myself I believe that that being a full time business woman is my destiny, and I believe that being at my business full time it will grow rapidly. Please help me maybe I am having low self- esteem/ confidence?" E.

Here's my answer to her:

Dear E.!
We all have fear of the unknown, and there are no superhumans who don't, unless you are watching and action movie. Although it's a usual practice for an entrepreneur to be slightly more optimistic and confident that a 'normal' human being, all of us feel some tension thinking about the possibility of a failure, or just making a radical move. 

I've been in this situation myself (in fact, I've been in similar situations many many times), and here's what I would like to advise you:

1. Imagine you're 80 years old now, and you are looking at your present self from this 80-year-old lady perspective. What do you see? What kind of advice would you give to this girl/woman?

2. Think about a worst-case scenario: what would happen if everything goes wrong? I mean, seriously wrong. You get zero clients in one year, all your employees run away, you have to leave your office because you can't pay for it, you sell your house to cover the debt etc. Imagine what it will make you feel like. Exaggerate as much as you can, make it absurd, until you start laughing. Sometimes it's helpful to imagine that the worst has already happened, because it helps us to know that no matter what, we can handle it.

3. Set yourself a realistic time frame: let's say, if within 1 year you don't get to support fully yourself from what you do, you will be ready to go back to employment. 

4. Make sure you have arranged your 'safety network' both in terms of moral and financial support. Get some funding for the first few months (savings, friends & family, clients etc.), or at least some guarantee of it. Tell a few trusted people you might feel very stressed in the next weeks and months and ask them for permission to call and whine uncontrollably whenever you feel like.

5. Last but not least, have fun with it! 
You already know what you need to do to make your business grow rapidly and that people need what you do - this is the most important thing!

Best of luck - and venture into doing what you really love to do!
Anastasia

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    Who is Anastasia?

    Chief inspirator, start-up mentor, professional Co-Active life coach and career coach, systems worker and passionate tango dancer. Get to know me! 

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