It’s time for Law #6. Check out the first 5 laws on the blog here!
First, a bit of background:
1. (In conjunction with a coach compensation model), coaches start at 0% revenue earned (when they’re learning and shadowing) and earn their way up to eventually earning 50% to 60% of the revenue they raise.
2. This process going from junior apprentice to instructor coach should take between 2 and 3 years.
3. An established coach needs to generate $10k/month in gross revenue on his/her own. Top coaches in the MadLab Group generate $20k/month, and take home approximately $10k (market dependant).
Law #6 says:
Coaches are more likely to become full-time career coaches,
• who are invested in their clients,
• who generate revenue for the business,
• and who earn a professional wage (upwards of $70,000) when they:
- Go through a 2 to 3 year educational program (including technical training, sales training and personal development training)
- Are properly mentored through the process by a senior coach
- Are treated like an entrepreneur within the business (see coach compensation model)
- Earn their way by building their own client book the same way a business owner does
- Are compensated on a percentage of revenue basis
MadLab’s PCDC (professional coach diploma program) is designed for exactly this purpose: To raise, knowledgeable, self-sufficient, full-time career coaches who want to have a lifelong career in the fitness, health and wellness industry.