There comes a time in your career as a coach when you need to answer an important question:
Do you want to build a six-figure coaching business?
Your answer will influence your money mindset. And consequently, the rest of your career and your life.
The thing is, the coaching industry continues to grow every year. This means more and more people are looking to work with a great coach. It also means that it’s easier now than ever before to build an extraordinarily successful coaching practice.
However, without the right mindset in place, creating a six-figure business with your coaching practice can seem pretty elusive.
With the help of Ajit Nawalkha, co-founder of Mindvalley Coach, discover four powerful mindset shifts that will radically increase your ability to build a six, or even seven-figure coaching practice.
But First… What Is a Money Mindset?
Your money mindset refers to your attitudes, beliefs, and thoughts about wealth, abundance, scarcity, and financial success. It influences your financial decisions and behaviors on a subconscious level.
A positive relationship with money often involves an abundance mindset or a wealth mindset. In other words, the ability to create substantial wealth by pursuing financial opportunities.
4 Money Mindset Shifts to Build a 6-Figure Coaching Business
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 six-figure coach, the perception and image that you create around your business are 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 or 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 to grow.
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. This is the mindset of a six-figure coach.
3. Be a business owner
This might sound painfully obvious, but many coaches arrived at the profession from various other industries. Many were full-time employees and were accustomed to thinking like employees. 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 six-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 your business, and creating your own rules. You need to let go of “employee” thinking and think like a business owner.
4. Be with the Barrier Breakers
Here’s the reality of it: Creating a 6-figure coaching practice takes grit, guts, and hustle. 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 six-figure line.
These are what Ajit calls 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 when you approach them authentically and ask for their advice.
If that sounds too forward, try reading books written by successful six or seven-figure coaches. One of the top recommended books is Rich Litvin and Steve Chandler’s The Prosperous Coach.
Cash in on the New You
Money mindset shifts might take time. But there are steps you can take to change your relationship with your wealth. You can…
- Read books like Happy Money by Ken Honda
- Stick money mindset motivation quotes on your desk (or better yet, put one in your wallet)
- Hire a money mindset coach to work with you one-on-one
The reality is, you can create substantial income no matter where you are right now in your coaching practice. It starts with making a conscious decision to adopt the six-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 club.
If you want to maximize the abundance and impact of your career, join our free masterclass Become a Mindvalley Certified Life Coach and learn how to transform your passion for coaching into a fruitful profession.