There is a limit to the number of people that you can coach because there is a limit to the number of hours in a day that you can see clients. As long as you are trading time for money you are limiting the amount you can earn. When you add multiple income streams you increase your earning potential exponentially. You can increase your income by adding revenue through group coaching, membership sites, teleseminars, telecourses, joint ventures, and affiliate income.
Group coaching is a way for you to help clients who cannot afford one on one coaching and earn more money per hour at the same time. In today’s economy many people are on a tight budget and cannot afford one on one coaching but still would like to have the benefit of coaching. Group coaching is a wonderful way to work with clients who have similar challenges or goals and are open to the idea in input for a group.
The group dynamic can contribute greatly to the client’s growth as they share with others they hear various ways of thinking and benefit from the input of many different views. Each person can pay a fraction of the cost of a regular coaching session and the total revenue for your hour of coaching can be far greater than you normal hourly rate.
Membership sites vary greatly in design. They can be as simple as a group of reports delivered by auto-responder to a membership site complete with training videos. You can start a limited time membership site by delivering information in the form of written PDF reports on a weekly or monthly basis. As you move forward you can add audio recordings, videos, and webinars. You can design your membership site anyway you desire. The key is delivering pertinent information on a regular basis for a set monthly fee. One of the best things about membership sites is they deliver regular monthly income.
Many clients and potential coaching clients will be eager to participate in teleseminars and telecourses that deal with topics that are of high interest to them. Teleseminars can be as simple as a single call on a free conference line. I suggest that you always record your teleclasses so that you can repurpose them in the future, so you may want to invest in a teleseminar service. Telecourses are a series of teleseminars related to the same topic. Often telecourses will include written transcripts, ebooks, workbook, or study guides. All of these materials are designed to enhance learning.
Joint ventures are created when two coaches or thought leaders join together to provide learning and information to a group. For example, a relationship coach and a conflict resolution coach can join together to develop a joint venture for couples dealing with conflict or couple who are considering marriage. Joint venture partners may use any of the methods we are discussing to deliver their message.
You can earn affiliate income by supporting and promoting others in your same niche or others in related coaching niches and you can increase your client base by asking others to become affiliates who promote your products. Information product producers often pay a fifty percent commission on the sale of their products. People who like your work and see great value in it are eager to tell others about it and are truly grateful to earn a bit of income in the process. You can also promote the work of others and earn an income from helping others get their message out.
You do not have to use everyone of these income producers but by adding a few to your marketing mix, you can increase your income and increase the number of people you positively affect with your message.