JT Foxx is widely introduced as the #1 wealth coach in the world. He strongly believes in coaching, and explains in his biography how coaching took him from being broke to building over 50 companies. His website features testimonials from Arnold Schwarzenegger, Jack Welch, Steve Wozniak, Eric Trump, and many others.
In this interview, he shares his journey.
Tell us about your journey
When I started coaching it was slightly on accident, I had finally started doing well in real estate in the Chicago area and a lot of people started to take notice. I also had a radio show that was starting to gain a lot of traction with a loyal audience. So people started to approach me asking me questions about their deals, how I got started, how to market to buyers, how to find investors.
In the very beginning I was happy to give the advice and answer their questions.
I already had my own coaches and in a coaching session with George Ross I was discussing with him how I was starting to feel like I didn’t have enough time to do the things that I wanted to, so he asked me where my time was going and I told him what I was doing every day. He pointed out how much time I was spending giving away “free” advice and how it was taking up all my time.
So the next person that wanted my help or advice, I offered them a coaching package to start saving my time, and the person actually went for it. So that was really where it all started with Real Estate coaching, from that moment forward I stated to really enjoy helping other people, and guiding them not to make the mistakes that I did and show them how to do it smarter, faster, and with a better margin.
How did you choose your niche?
My niche started in real estate because that’s where my experience and expertise was at the time.
Over time it has grown into many different areas because now 9 years later my experience isn’t just in real estate anymore; it’s business, marketing, branding, speaking, coaching and so much more.
What started as real estate coaching has now grown into being known as the World’s Top Wealth and Business Coach. I will say for any coaches out there, you have to coach in a niche that you actually know something about, not something you think you can make money in. If you don’t have a deep understanding of what you are doing, and you don’t have experience, you are never going to be that successful.
You also have to continue to be coached because you will always need to grow so you can help others grow as well.
What was your biggest challenge as a coach?
The biggest challenge started to come when I started to grow to become too high level for some of my clients. Some of my clients would come to me with no business idea or not know where to start, and I was at a level of launching international business with multiple partners or investors from around the world. So it would sometimes feel like I was taking steps backwards.
Or when I would feel like I was repeating the same information over and over again. So I did two things to really help with this and in turn grow the business to new levels. I started to get more coaches to help coach people on different topics on different levels, and then also start recording programs that covered the material that a lot of people would ask about over and over again.
How do you acquire clients?
It’s all results based, when you deliver enough results and follow through and deliver on the things that you say you will, they really will do the marketing for you.
Now you will have to put your message out there, and you are going to have to do a lot of marketing but, your successful clients will help you in so many ways.
I drive my business by the motto “Powered by Your Success” because that is what I focus on, my coach Nido Qubein once told me to focus on taking care of my clients first, and when I did that everything else would fall into place.
He couldn’t have been more right. After that point I start focusing on my clients cusses first and doing whatever it took to make sure that everyone was becoming successful. That made a big difference. They were having success, and then telling others about what they were doing, who helped them, and then more people wanted to come to my events, and hear me speak. Everything start to grow really quickly from that point.
How do you charge your clients?
All of my coaches have really helped my thought process on this, and the way I look at it now is not really about pricing or how much I charge… but how much value I will deliver.
So it’s using a value based pricing model, what is the value you can assign to something, and how can you demonstrate that value to others. That is where my pricing comes from. You have to make sure that costs are covered, but beyond that, it’s the value you bring to the table.
What are your revenue streams, as a coach?
I do have a lot of other business outside of coaching, some of which have come as a result of someone I have met from coaching. This industry gives you a great opportunity to expand into multiple other businesses.
Speaking is a natural fit for a coach, and anyone who is a coach needs to also become a better speaker. Because it helps build the coaching brand and gives you more credibility. From there, the possibilities are endless.
I now have over 50 different businesses and brands in everything from the real estate to the fashion industry. Never in a million years did I think I would be in the fashion industry. But I am as a result of what speaking and coaching have done for me.
If you had to start all over again, what would you do differently?
I would start coaching earlier, instead of giving out free advice to so many people. I would have also sought out people like George Ross, Nido Qubein, and Hugh Hilton sooner to become my coaches. They have really become game changers in all of my businesses, not just coaching.
What tools do you use to manage your coaching business?
My team is really critical to helping me manage my coaching business.
The critical systems you will need are an email marketing system, CRM system, project management, and financial management system.
What advice do you have for someone who wants to become a coach?
You have to know your stuff, don’t try to coach on something you don’t know a lot about, or don’t have experience in.
I am always thinking of where I want to be in the future so I know what I am working towards. I would have not been able to expand to 5 different continents if I didn’t know that I wanted to get there, and then reverse engineer how I would get there.
Always take care of your clients and they will take care of you.
Readers can connect with JT Foxx through his website jtfoxx.com