Heres the exact business model that can take your executive coaching business to $500,000 a year

If you're a coach or consultant and you're trying to figure out how you can create a business model that will take you into the multiple six figures, then listen up. Here's our newest installment for the Business Model series. Today I'm going to show you the coaching business model for executive coaches who want to work with directors and VP level executives who want to make $500,000 a year or more. Hello. I help ADHD business owners make more money in less time with your distractions by showing you how to discover your profitable niche, design an offer that they are hungry to and teach you how to market and sell your services without wanting to vomit. I'm Katie McManus, business strategist and money mindset coach. Let's dive in, shall we? There are a few parts of this model and I want to set the expectation right off the bat. You're probably not going to hit $500,000 a year with one on one coaching alone, but it's going to be a big chunk of your work. All right? The other expectation I want to set is that to be an executive coach who works with directors and VP levels, you will need some training and you will probably need some certifications. This is because often these kinds of people, they're not paying for their coaching out of pocket. Okay? Their companies are paying for them. And their companies HR departments have lists of qualified vendors that they like to work with. And usually one of the stipulations to be a qualified coach on that list is to have some level of certification in this package. You're going to want to work with clients for a minimum of 12 months. You're going to do two 60 minute calls per month. You're going to offer email support in between sessions, and you're going to provide a 360 evaluation at the beginning and at the end of your work with them. Now, this is going to show their progress throughout the year of working with you. And for this, you're going to charge about $30,000 for the year. Now this is a base. You can absolutely double this for the year. There are plenty of executive coaches who charge $30,000 for six months. Um, but for the sake of this math, we're just keeping it simple at $30,000 for the year. And like I said, you're not going to be making $500,000 a year just from working with clients one on one, most likely. Um, so if you were to carry 10 clients consistently throughout the year, then you would make about $300,000 from your one on one coaching for that year. But you have bigger goals than that. So we're going to talk about how you can add another $200,000 to that annual income. The best thing about all these things you're going to add onto your business to allow for you to hit that $500,000 are all things that will help you attract more one on one clients. The first thing on this list is corporate workshops. Anytime you're going after a corporate client, I want you to know that the close time is usually 6 to 12 months. Okay? So from when you start talking to that company to when you have money in the bank and ink on that contract, it can take six to 12 months to close. However, you, you can make a lot of money from doing corporate workshops. For instance, when I worked at Cisco Systems, one of the HR directors there shared with me that they expected to pay anywhere from 30 to $40,000 a day for a leadership coach or communication coach to come in and work with their engineering team. And obviously that is a massive company. It's like the size of it has a population of a small country. Okay, so smaller companies, your day rate is going to be a little less. It can be anywhere from like 8,000 to 20,000. However, you don't need a whole lot of those to be able to to this $200,000 a year. Something else you're going to want to think about is doing speaking. Okay, so keynote speaking at events, conferences. This is a great way to get your name out there to attract more of your ideal clients because typically they're going to be who's in the audience and also to make some extra money. And lastly it takes some groundwork. However, another great way to get potential clients in the door is to do the occasional day long workshop. Okay, so this would be something that you would choose A, you would rent a space and you would start selling tickets to your network to come to your day long leadership training. And of course, one of the things that you would schedule with those participants after that day long training is a one on one session to see what kind of ongoing support they need. And that's when you would bring them into your one on one practice. The key to success with this business model is A, you want to spend time on LinkedIn. Okay, most of your clients are already spending time there and they are there ready to invest in relationships that will help them be better. And B, you need to have some patience. Okay, so like I described with the corporate workshops, your lead time to get a conversation started and to get the client can take up to a year. Okay? Sometimes these clients can take up to a year because they're not the ones choosing, you know, to spend this money. They have to get it, okay? By HR and by their directors. Um, so you do not want to quit your job and dive into this if you do not have some. Some money saved up. Okay? You need some Runway if you're going to quit your job and do this full time. Um, the other thing that I want you to be prepared for is that in the beginning, when you're running sales calls, you're going to hear no, a lot. Okay? This is a lot of money. And when you are telling the universe what your services are worth, it sometime takes just a minute for the universe to recalibrate and start sending you people who will be able to invest this amount of money in you. But just because you're hearing no doesn't mean your clients are not out there. It just means you're not getting in front of them well enough. And if you're an executive coach and you want to build a business like this, this is what I do with my clients. So I invite you to go to the Schlink in my NIO and book a Generate Income strategy call. And on that call, we can talk about what your big dream is, what your goals are for your. Where you're getting stuck in, getting there on your own. And if it's a fit for both of us, we can talk about different ways to work together. Yes, this is absolutely possible for you.