How Long Does It Take To Make Money as a Health Coach?

by | Dec 10, 2020 | 1 Business | 1 comment

The Facts 

Many health coaches start out and think they should be making $60,000 plus in net profit in the first year.  You can start working at a job and make money right away, so many think the same happens in business.  

With that in mind, it is important to distinguish the difference between contributing to an existing, established entity and a startup business.

 

Here are some statistics you should know:
  •  25% of businesses fail in the first year
  • most new businesses take at least two years to show a profit
  • some businesses take 10 years to make a substantial profit
  • health businesses have a higher percentage of success than other industries

 

“Success in business isn’t about luck or greatness.  It’s about hard work and consistency.” Cathy Sykora

 

Hard Work and Consistency

Enjoy Small Wins

In your first year of business it’s important that you make a plan, follow a system to build your business and work your bunnies off.  There is all kinds of stuff on the internet that says you will be an overnight success if you do this or that, and the truth is, there are not very many overnight success and if you find one,  don’t compare yourself to them.  

We have a program in our Inner Circle that is called “Building Abundance”.  It is a free business planning course that follows the Small Business Association guidelines for business planning.  It is tailored to coaches.  It goes over market research, business expenses, funding, legal requirements, marketing, websites, contribution, systems, and more.  You need a business plan when you begin your business and you need a new plan every time you make changes to your business model.

It is realistic to expect that all of your earnings starting out will go back into building your business.  This is how your business grows.  It isn’t realistic to give your business 3 months to pay all of your bills.  It just doesn’t happen that way unless you are very, very lucky.  Like anything else in life, you are better off going into your business with reasonable expectations.

 

The Good News

Small Business Loans

Due to the extreme circumstances we’ve all endured in 2020, small business loans are not only easier to get, they sometimes are given as grants and do not need to be repaid.  Women in business are encouraged by the government and other lending agencies with loans as well as business opportunities.  You may want to check into the loans that encourage small business to hire and pay employees.

One thing to remember, any business loan should be considered a fund to build your business.  Ideally it is an investment of capital to bring in more money to your business.

 

End of Year Tax Strategy

Spending Now to Reduce this Year’s Taxes and Increase Next Year’s Income

If you are showing a profit this year, it is sometimes wise to consult your accountant about investing your money into business expenses this year, before the end of the year.

The Main Thing

Stay Consistent

Believe in your dream.  Have faith that the work you do each day is building the future of your business. Take it one day at a time and know that the work you put in today will pay off in the future.  Be ready to adjust and go on.  We have the advantage because our business is to help others and there is always a need for that.

 

 

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