Welcome to the Rich Coach Club, the podcast that teaches you how to build your dream coaching practice and how to significantly increase your income. If you're a coach and you're determined to start making more money, this show is for you. I'm master certified life coach Susan Hyatt, and I'm psyched for you to join me on this journey.
As a coach, you’re probably self-employed, which means you’re the boss of you. So what kind of boss are you? Are you a reasonable boss? Are you mean or even cruel? Are you stingy? Do you treat your workers, a.k.a. you, poorly? Do you set unrealistic deadlines and then snap at your workers, a.k.a. you, when they can’t keep up?
Also, when is the last time you gave yourself a raise? When you’re self-employed, it’s easy to let the whole year slip by and whoops, you forgot to give yourself a vacation. You forgot to save for retirement, or you forgot to give yourself a raise. It’s time to start running your coaching practice like it’s a legitimate business and start treating yourself and conducting yourself like a legitimate CEO.
And it’s time to give yourself a legitimate raise. Today’s episode is all about becoming a better boss to yourself. And there’s a lot of ways you can do this. For starters, you can give yourself that long overdue raise. We’ve got lots to discuss so let’s get this show started.
We’re starting with a segment that I call your two-minute pep talk. This is the part of the show where I share some motivation and encouragement to get your week started off right, and I try to keep things to two minutes or less.
Okay, here in the United States, if you’re employed and you work full-time for a company, you can expect to receive a pay increase every year, or almost every year. There are different kinds of pay increases of course. There’s a cost of living increase, a merit increase, a promotion-based increase, and others.
And so generally speaking, how big of a raise could you get? Well, the numbers vary depending on your industry, but generally, you can expect a 2.8% pay increase if you’re an average worker, and around 4.1% if you’re an exceptional or high-performing worker. And those numbers come from PayScale and the Bureau of Labor Statistics.
Now look, if you’re a coach, if you’re self-employed, you should get a raise just like any other person. And let me add, I’m pretty sure that you’re a super extra exceptional worker and deserve way more than 4%. So when’s the last time you gave yourself a raise?
Years ago? Never? I’ve actually talked to several entrepreneurs who haven’t taken a paycheck, much less a raise in a long time. So maybe you’re long overdue. In fact, I’m willing to bet you’re long overdue for a raise and you’re probably long overdue for several other workplace improvements too.
It’s time to be a much better boss to yourself. How can you do that? Well, you can give yourself a real actual lunch break. You can give yourself a work schedule, or a better workplace dress code. Give yourself better environment, less clutter, more light, a door that closes and locks. Give yourself a company-wide health and wellness program.
Even if the only employee right now is you. Maybe your wellness program includes afternoon yoga classes, juice in the fridge, or walking meetings outside. Give yourself a janitorial team. Maybe it’s time for your teenager to learn how to sweep and mop.
As a coach, you deserve a calm workplace environment. Vacation time, weekends, a wellness program, an appropriate salary, and an annual raise, just like anybody else. If you’re self-employed, nobody is going to give all that stuff to you. You have to give it to yourself.
It’s your responsibility to be a kind, caring boss to yourself, and make sure that you’re not working under inhumane conditions. Give yourself those perks. Give yourself that upgrade. Give yourself a raise. It’s time. It’s probably been time for a long time. Do it. Pep talk complete.
Now we’re moving into the part of the show where I give shout-outs to you. Shout-outs to listeners, clients, all y’all wonderful people in my community. And today, I want to give a shout-out to Denise Stewart.
So Denise left me a five-star iTunes review and she said, “Here’s the deal. I don’t even have a coaching business and I’m currently binge-listening to Susan Hyatt’s Rich Coach Club. There is so much fantastic information here that I cannot help myself. I’ve even listened to a couple of episodes twice. My time is valuable and I’m super picky, but RCC is worth every minute. First, the caliber of women that Susan interviews are amazing. Her guests are smart, motivated, and inspiring. And second, Susan asks great questions. She allows her guests to shine.”
Well thank you, Denise. That means a lot to me. And hey, if you have something you want to say about the show, send me team an email, email@example.com. You could tag me on social media, or you could leave a review wherever you listen to podcasts, and you might hear your name on a future episode. Thanks for the shout-outs, peeps. I love you.
Alright, to wrap up today’s episode, here’s a quick exercise for you. I want you to think about all the work you’ve done in the last 12 months. The clients you’ve served and the results you helped them achieve, the support you’ve given to your clients and colleagues, the meetings you’ve attended, the hundreds, maybe thousands of emails you’ve answered, the content you’ve created, the hours you’ve logged at your desk.
Imagine making a big list of everything you’ve done in the last year. All your hard work. All your achievements, and imagine showing that list to a manager. And I’m using air quotes around manager. That manager would probably say, “Wow, that’s an impressive list of accomplishments. You are definitely in a high-performing bracket, we’re so grateful to have you working here. We’d like to keep you for another year and we’d like to offer you a pay increase.” You deserve that, boo.
And you deserve lots of other workplace upgrades and perks too. In summary, woman, give yourself a raise. Thank you for listening. I hope today’s episode inspired you to be a better boss to yourself and give yourself a raise.
A tiny homework assignment for you. Go to YouTube or Spotify and listen to the song Dipped in Ice by Saweetie. That song will inspire you to give yourself a raise or listen to Dinero by J-Lo and Cardi B. That’s another favorite of mine. Go get that money. More money gives you even more options in life, more power, and when women have more power, that’s a very good thing.
Thank you for listening to Susan Hyatt's Rich Coach Club. If you enjoyed today's show, please head over to susanhyatt.co/cash where you'll find my brand-new money magazine. Now listen, we designed this magazine to be entertaining, educational, and help you make serious bank.
So you can download the magazine, there’s a money quiz inside, there’s an interview with one of my favorite clients who went from making no money and being served eviction papers, to making over six figures in a very short amount of time. So the magazine includes that feature, lots of resources to help you do it, lots of resources about creating wealth and investing money.
It’s pretty robust, y’all. So head over to susanhyatt.co/cash to get that magazine. And you’ll also find a link to join my free Facebook community, especially for coaches called Rich Coach Club. So bring your coaching practice and your income to the next level at susanhyatt.co. See you next week.