Coaches have a great opportunity to create multiple streams of income within their coaching practices. In fact, extra income streams could mean the difference between feast or famine. Take a look below and see if any of these can help you diversify your revenue.
Diversity in Coaching Services
Your one-to-one programs could be turned into a group program with just a little adaptation. Suddenly, you may have access to a larger pool of clients because of affordability. In contrast, turning your one-t0-many program into an individual coaching package can take a lower priced product and bump it up in price.
Workshops
You can also turn your coaching programs into workshop offerings. Depending on the topics offered, workshops in corporate spaces can command a good fee for a short amount of work. Look at your current coaching package(s) and decide if they can be adapted into two, four or six hour workshops. A lot of companies are looking for shorter presentations to energize their teams and employees.
Turn a coaching package into a workshop or digital training to create another stream of income.
Online Courses and Digital Products
Facilitating online courses can provide a great opportunity to create multiple streams of income for your coaching business. Turn your six week coaching package into six one-hour mini-courses. You can turn that same package into an on-demand digital course.
Writing
Articles and blog posts related to your coaching niche may be highly desired by your industry. Adapt ten articles and you may have an eBook. Develop those articles into something even deeper and now you have a book to sell! Ebooks, workbooks, and worksheets can be in high demand and sellable.
Public Speaking
As a coach with a well-defined program, it won’t take long to turn your coaching package into a signature speech. You may be invited to speak at events, conferences and seminars and get paid. Coaches who have a published book will be able to take advantage of book sales from the back of the room before and after they speak. Not all speeches will earn you a paycheck, but often, these talks will garner new potential clients, especially if you have something to sell.
Adjunct Professor
Many communities colleges are looking for short-term professors to provide boutique courses. Usually, these arrangements keep you from being an employee of the college, but they will pay you for teaching a course for a quarter or semester, if it is in alignment with the scope and sequence they are teaching. While not highly paid and lacking in benefits, these engagements give coaches the opportunity to feed their bank account while they are growing their business.
Community colleges are often looking for adjunct professors.
Podcasting
As a coach, you are an expert in what you offer and may have a lot to say! Creating a podcast and building a following will further develop your reputation as a thought leader. You can earn revenue from clicks and advertising purchases through the podcasting platform. Plus, invitations to interview on other podcasts could follow. This will enable you to continue to build your audience and offer your products to new audiences.
Joint Ventures
What industries are on the periphery of your coaching business? Collaborate with other coaches and create a joint product to sell. Or work with other small business owners and work together selling one another’s services. Working with others gives you a powerful opportunity to cross-market within one another’s networks.
Affiliate Marketing
Are there products or services that you use, that your ideal client needs, too? An online meeting service like Zoom, a podcasting platform like Podbean, or a calendar service like Acuity all offer affiliate programs. If one of your clients or even someone from another industry signs up with your affiliate code, then they will gladly pay you a commission. Commissions add up, so be on the lookout for opportunities!
Multiple Streams of Income
Creating multiple ways to increase revenue in your coaching practice will take time. But over time, these small additions can give you the stability you need to stay in business and grow. Think outside the box and you will find the perfect matches that will work in your business.
Check out The Coach Business Guide: The Path to Launch and Grow your Coaching Practice, Chapter 31 – Multiple Streams of Income for more information and help.
Lots of ways to make money as a coach. It might be good to pull together tips for choosing one of the above that best suits each individual.
Interestingly, I never thought of myself as a writer. But I knew I was pretty good at teaching — or instead seeing where folks get stuck and giving them the right encouraging nudge to help them forward.
But I’ve written a lot. Others consider me a writer. Hmmm.