6 Powerful Ways to Diversify Your Income as a Business Coach
By , allbusiness.com
If you’re a business coach, you probably make the lion’s share of
your money from one-on-one or team coaching. And while that’s a hugely
rewarding way to make money, it can also be precarious.
You need to be constantly finding new clients to ensure that your
revenue stream doesn’t dry up. And if you’re doing your job correctly,
you’re actually moving your clients toward not needing your services, which puts you in a bind.
If you want to survive and thrive as a coach,
you need to create
additional streams of income. In fact, this is how the most successful
coaches have the biggest impact. Think of someone like Tony Robbins, who
makes money from his retreats, books, courses, videos, and a host of
other things. His ability to diversify has created an enormous amount of
wealth and allowed him to impact millions of people.
So what are some simple, yet powerful ways to diversify your income?
1. Book sales
Writing a book accomplishes several things. First, and perhaps most
importantly, it establishes your expertise in a particular area, which
can open up a host of other opportunities.
Greg McKeown wrote Essentialism and is now one of the most sought-after speakers in the world of personal development; Jim Collins wrote Good to Great and is one of the most respected individuals in the world of corporate success. Writing a book can open dozens of doors.
Additionally, book sales can significantly increase your income. Even
if you just self-publish a book on Amazon, it can create a healthy
amount of income every month.
2. Speaking
Many companies have large budgets for keynote speakers, and if you
are able to establish yourself as an expert, you can become one of those
highly paid speakers. Depending on the size of the event, your fee may
range from several hundred dollars all the way into the 5 and 6 figures.
3. Training seminars
Training seminars are an outstanding way to make a sizable amount of
money in a relatively short amount of time. Because you are teaching a
large amount of information, you can charge a relatively high amount per
person. The more people in attendance, the more profit you make. Yes,
there are preparation costs and a need for space, but typically these
can be obtained at a decent price that will leave plenty of margin for
you.
4. Online training
More and more of the best coaches in the world are creating online
training programs. These programs often include video, audio,
worksheets, and a variety of other materials. And because these
resources are perpetually available online, you don’t have to think
about scheduling, renting space, or any other logistics—you simply have
to find a way to make them available to people.
5. Hourly consulting
In addition to having regular clients, you can also make yourself
available for hourly consulting. A client may not need to meet with you
consistently, but they may want to pick your brain for a few hours on a
particular subject. Depending on your expertise level, you can charge
quite a bit for this consulting. Some specialists charge hundreds of
dollars per hour.
6. Affiliate marketing
You have to be careful with this one, in that you don’t want to
recommend resources to people that you don’t believe in. However, if you
truly believe in a product or service, you may want to look into
whether they have an affiliate program.
If they do, you can make a small amount of money every time someone
purchases a product through your recommendation. For example, if you’re a
marketing coach, you can get paid every time someone purchases
Leadpages through your link; or if you’re an SEO expert, products like
SEMrush and Ahrefs have affiliate programs.
Diversify or die
The best way for you to thrive as a coach is to branch out. Create as
many income streams as possible; leverage your skills in a variety of
ways.
Coaching isn’t different than any other business. If you rely on a
single income source, you’ll be affected every time that source dry up.
The best companies and leaders know that there is safety in numbers. The
more income streams they have, the less volatility they face.
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