I’ve tried to reflect on all that I’ve learned in my 15 years of doing business for myself, and boil it down to the most important lessons that I would impart to anyone trying to build an online business for themselves. Here they are… if you’re an online coach, the three key lessons that will accelerate your growth like no other are:
- No more trading hours for dollars
- Sell value and results, not yourself
- Fail fast and small, then double down on the winners
A major mistake that I made in 2010 when I began my career in professional rugby is trading hours for dollars as a personal trainer. My hourly rate during this time was anywhere from £25 to £50 per hour. It was an understandable move, as I had previously made my living as a commercial personal trainer, and it made sense to go back to what I knew.
On my longest day each week I would wake up around 4 am. I would travel an hour across London to train 2 clients before work, then work a full day at London Wasps from 9am until 7pm. I would finish up with 2 more clients after work, then travel an hour back home across London. By the time I had eaten and got ready for bed, it was 11am- a 19 hour day! Obviously that schedule killed me and is not sustainable more than a couple of days per week, without getting sick or burnt out. If I had a family during that time, it simply wouldn’t be possible anyway I sliced it.
But even if this model was sustainable long term, it would still be a dead end. If you aspire to maximise your income, you’re left with two options:
- Increase the number of hours you work per week
- Increase the amount you’re able to earn per week
Sure, if you're an employee or self employed worker, you can increase your hourly rate to something absurd to try and maximise your income, but nobody will hire you. The market ultimately sets your hourly rate for you. Unless you’re training Saudi Princes as a trainer, you’re not going to command $1000 per hour.
There’s just as little room to manoeuvre in terms of the hours you work per week. Everyone only gets 168 hours per week, and if you’re working a full time job, you’d be lucky to work 48 hours a week on your side gig even if you’re prepared to work every waking minute and be a zombie. But even then you’re looking at a hard ceiling in terms of income:
- If your hourly rate is $100, you’re capped at $216k
- If your hourly rate is $50, you’re capped at $108k
- If your hourly rate is $20 you’re capped at $43k
But even then, these figures are likely much, much higher than you’d ever be able to achieve in the real world. It assumes perfect time management with no dead periods, an unlimited supply of work or clients, and you having endless energy without burning out. And frankly, if you can generate $216k from your side hustle, you should make it your main job and coach for fun. You’ll be much better off in the long run!