Is your Business Financially Viable?

Chart depicting trends in sales growth over the past year

 So, what exactly is financial viability? Simply, it’s about reaching a level of financial success that allows you to pay your bills, cover your family expenses, and remain in business.

As you launch or grow your coaching business, consider these two key steps: 

1. Set your Minimum Financial Viability Goal

Take a moment to pause and reflect on your financial picture. 

What is your “must have” revenue target—how much money do you need your business to generate for you to sustain it?

Keep in mind that this varies for each coach. Some may need $30,000 to contribute to their family, while others might have a need of $50,000, $70,000, $100,000, or more as their primary source of income.

What's your number?

2. Answer Key Questions: 

  • Does my audience want to solve the problem my business is built around solving?
  • Can my audience afford to pay for this service?
  • Do they value the service enough to pay for it?

Remember, there are many valuable problems that you could help people solve, but not all may be profitable pursuits for your coaching business. I’m really good at Pac-Man and I probably know people who would like to get better at Pac-Man (and who could afford to pay for the help). That said, I don’t think I know anyone who values that training enough to pay for it.

If you believe that you’re solving the right problem for the right audience, your next step will be designing and pricing your offer to make sure that you can reasonably achieve at least minimum financial viability with that offer. You’ll never fulfill on your impactful dreams as a coach if you can’t stay in business.

Exciting times lie ahead, my friends! Here's to a thriving coaching business that serves both you and your clients.

Take Action Today:

Ready to refine your business model and pricing strategy? Join our Christian Coaches Academy for more guidance.

And If you want to delve deeper into this topic, check out the "Sales Strategies for Christian Coaches" Podcast.