Open Door Conversations

Ep 61: How I Make Money as a Full-Time Certified Coach

Episode Summary

We're into the fourth quarter of 2022. Do you know where your finances are? If you're a coach or consultant, or just someone self-employed, It's important to check in annually - even quarterly - so you can assess what is working for you and, just as importantly, what isn't. That way, you can pivot your energy as necessary. In this episode, Akua Nyame-Mensah breaks down her finances in her own quarterly review to help shed some light on how she makes money as a self-employed certified leadership coach and to share her perspective while giving you ideas of offers to add to your portfolio. Listen in to learn how you can diversify your revenue streams and discover how to take your coaching beyond 1:1, which Akua loves, but recognizes it's not the only - or even the best - way to generate a living as a coach. You'll receive ideas on what to reflect on to make sure you're working towards your goals as a business coach and leader.

Episode Notes

We're into the fourth quarter of 2022. Do you know where your finances are? If you're a coach or consultant, or just someone self-employed, It's important to check in annually - even quarterly - so you can assess what is working for you and, just as importantly, what isn't. That way, you can pivot your energy as necessary.

In this episode, Akua Nyame-Mensah breaks down her finances in her own quarterly review to help shed some light on how she makes money as a self-employed certified leadership coach and to share her perspective while giving you ideas of offers to add to your portfolio. 

Listen in to learn how you can diversify your revenue streams and discover how to take your coaching beyond 1:1, which Akua loves, but recognizes it's not the only - or even the best - way to generate a living as a coach. You'll receive ideas on what to reflect on to make sure you're working towards your goals as a business coach and leader.

Highlights in this Episode: 

• Akua describes the multiple ways she's worked for herself in four years of being self-employed, including affiliate marketing and consulting.
• Learn to differentiate between where you make your money and where you spend your time. 
• Find out Akua's four basic ways of making money as a coach.
• Akua's signature offer, the Proactive Leader, is a process through which she leads her one-on-one clients. This serves as her main source of income. 
• Though she was once a reluctant speaker, Akua now does a lot of public speaking and workshops around the topic of leadership, self-management, productivity, and others.
• As a coach, doing group work can be transformational, as participants see that others struggle with similar issues, and they can lean on each other for accountability.
• Partner projects are a great way to join existing projects without having to do the marketing or business development. But as a kind of subcontractor, these don't make as much money as getting clients yourself.
• Working with other coaches and learning new skills is a great upside to working on partner projects.
• Consulting is the fourth way Akua brings in revenue, and unsurprisingly, given its only 11% of her income, it's Akua's least favorite way to make money.
• Akua breaks down the percentages of each income activity and how she uses the information to make business decisions going forward. 
• Financial analysis of your business is important to confirm that the assumptions you make about where your money is coming from is correct. You might be surprised!

A note from Akua: Enjoy this podcast content and guests? Do you keep track of your budget, how you're making money, and where your money goes? I'd love to know! These are the kinds of conversations we will have in my new community and container. If you are an action-oriented and accomplished professional who is pivoting into service-based entrepreneurship and are ready to get out of theory and into practice, join my waitlist to cut through the noise and get to the money here: www.akuanm.com/cheatcode

Resources mentioned in this episode: 
Podcast Episode #20: Check in With Your Goals Now

Connect with Akua Nyame-Mensah:

Instagram: @akua_nm
Website: www.akuanm.com
LinkedIn: @Akua Nyame-Mensah
Twitter: @akua_nm
Work with Akua
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