In this insightful breakdown, Robin Waite, a seasoned business coach based in the UK, shares a detailed account of his earnings, expenses, and the various income streams that contribute to his financial success. With over eight years of coaching experience, Robin provides a transparent look into the financial workings of his coaching business, offering valuable insights for aspiring coaches and entrepreneurs alike.
Key Takeaways on How Much I Earn as a Business Coach:
Diverse Income Streams: Robin has multiple sources of income, including coaching, book sales, and sponsorships.
Importance of Reinvestment: He reinvests earnings from book sales into marketing and outreach.
Financial Management: Understanding expenses and maintaining a rainy day fund is crucial for business stability.
Understanding Income Streams in Business Coaching
Robin's income is derived from several key areas, which he categorises as follows:
Interest Income: This is a small but steady source of income, primarily from savings related to corporation tax. In the last financial year, Robin earned £8,815 from interest income, and he anticipates this will increase significantly in the coming year due to rising interest rates.
Book Sales: As an author, Robin has published several books, generating a total of £4,250 from sales. He views this income as a marketing tool, reinvesting it into sending out free copies to potential clients.
Business Coaching: This is the core of Robin's income, with a total of £175,000 generated from coaching services. He offers both group coaching (£45,000 per client) and one-to-one coaching (£10,000 per client), with a total of 35-40 clients enrolled in his group programme.
Speaking Engagements: Robin earns £14,570 from speaking engagements, which include both professional speaking and associate coaching roles.
Sponsorship Income: This has become a significant revenue stream, with a total of £10,000 from UK sponsors and £3,236 from overseas sponsors, contributing to a total income of £236,575 for the year.
Breakdown of Expenses
Understanding expenses is just as important as knowing income. Robin categorises his expenses into:
Cost of Goods Sold: This includes expenses related to client welcome packs and associate coaches, totalling £9,127.
Marketing Expenses: Robin spends £23,619 on marketing, which includes book printing and event sponsorships.
Operational Costs: His operational overheads amount to £16,168.73, covering accounting fees, bank fees, and other necessary business expenses.
The Importance of a Rainy Day Fund
Robin emphasises the significance of maintaining a rainy day fund. He believes that having a financial cushion allows him to operate without the stress of immediate financial pressure, enabling him to focus on delivering value to his clients.
Future Financial Projections
Looking ahead, Robin aims to maintain or even increase his income streams. He has set a goal of achieving an average of £20,000 per month in revenue, which he believes is attainable given his current trajectory and the growth of his sponsorship income.
Conclusion
Robin Waite's financial journey as a business coach illustrates the potential for success in this field. By diversifying income streams, reinvesting earnings, and maintaining a solid understanding of expenses, he has built a sustainable and fulfilling business. For those considering a career in coaching, Robin's insights provide a valuable roadmap to financial success and personal fulfilment in the coaching industry.
