The median net worth of people 55 to 64 has climbed to nearly $250,000
— Front page story in USA Today, 5/21/2007
There is no reason any competent hypnotist shouldn’t be making a six figure income. There are only 2 reasons I see that keep Hypnotherapists from making $100,000 a year and both are easily solved:
- Lack of good marketing
- Not charging enough
The second reason is extremely important, because even with the best marketing systems in place, if you are only charging $35 or $45 a session, you’ll have to kill yourself to make $100k/year.
And honestly, $100,000 is not much money these days. Take out your business expenses and what you owe in taxes, and there isn’t much left over, especially if you have a family to feed.
Do The Math
Even if you work 6 days a week, you couldn’t see clients constantly during the day. You need adminstrative time, accounting time, etc.
So let’s assume 6 hours a day you can see clients and a 5 day work week. And allow 2 weeks for time off, conventions etc.
50 weeks x 5 days/week x 6 hours/day = 1500 hours you can see clients.
$100,000 / 1500 = $66.67 per hour
So to make 100k/year you would need to charge $67/hour. This assumes you actually get all 1500 hours booked.
Now for a reality check… unless you have a staff to handle phones, email, paperwork, paying bills, dealing with vendors, etc. etc. you’ll be luck to get 6 hours a day of client work in. AND it assumes you have a constant stream of new clients too.
And there are sick days to be factored in, plus family emergencies, continuing education, and… you get the idea.
So let’s assume 75% of hours booked
1500 hours x .75 = 1125
now to make 100k/year it’s
$100,000 / 1125 = $88.89 per hour
Now let’s take out 2 weeks extra time for sick days and continuing education.
$100,000 / 1045 = $95.69 per hour
The point… if you aren’t charging at least $100/hour for your time, you will struggle to survive in this business. And with all the good you do in this world, don’t you deserve to live well?
I think you do.
Life is short. Dream big. Start now!