There’s one thing you need to understand about coaching: it’s not about making money.
Don’t get me wrong, you do need to earn money in order to live. Your coaching is a business, so you are doing it to make money.
But making money isn’t your #1 priority. As a coach, you’re all about helping people get through difficult times, overcome problems, find a solution, and improve the quality of their lives. THAT is why you got into coaching, and that is your primary focus. You do try to make money, but you’re trying mainly to help others.
Did you know that you can turn your coaching business into a pretty lucrative career? You can go beyond the individual coaching sessions, and use the skills and knowledge you have accumulated to help you turn a decent profit. You’re not “selling out” or focusing on making money, but you can putting your experience to good use to help you make a living.
If you are considering how to grow your coaching business or make it more profitable, here are a few options to think about:
1. TRAIN OTHER COACHES
Take a look at any start-up or company in the world today. Who makes the most money: the guy who is incredibly skilled at what he does, or the guy who tells that guy what to do?
The people who make the most money aren’t necessarily the most skilled, but they are the ones who are leading the company forward. They have the vision, the drive, and the skills needed to propel the company to greater heights. They are versatile, well-rounded professionals who are capable of handling marketing, sales, networking, finances, strategic planning, and more!
If you want to make serious money with your coaching business, you need to understand that you will NEVER do that if you are the only one doing all the work.
Let’s break this down:
You have 8 hours in your average work day, and 5 work days a week. If you charge $300 per hour, that comes out to $2,400 per day, or $12,000 per week.
(Of course, that schedule isn’t realistic, but this is just to illustrate your earning potential.)
So, at the end of a work week, you’re left with $12,000 in your pocket. A pretty tidy sum, right?
But what happens if you need to earn more than that $12,000? What if you want to expand your clientele or reach more people? As long as you are just one person with the same number of hours in the day, you’re never going to go beyond that $12,000.
Now, let’s say you train 5 coaches in your method or program. They join your company, work for you, and kick back a small percentage–let’s say just 10%–of the fees they earn.
You have 5 people making $12,000 per week, which comes out to $60,000 per week in total. Take out your 10%, and you earn a cool $6,000. That’s half of what you were earning working 40 hour weeks, and you don’t have to lift a finger. Once the training is done, the money keeps flowing in from the people working for you.
But what happens when you have 10 people or 20 people working for you? All of a sudden, the amount of money you can earn exceeds the money you were able to earn working for yourself!
Can you see why it’s such a good idea to look beyond YOU and YOUR capabilities? The more people you have working for you, the more money you can make.
Your coaching program could be the start of something much larger, but only if you start bringing others into the fold and training them in your methods. You can train more and more coaches, each of which will work for your company. You will be sitting at the top of the pile, directing everything, training more coaches, finding new clients, and reaping the benefits of your hard work. The amount of money you can make from your coaching increases with every new coach you add to your team.
And all it takes is to start training others!
2. MARKET SIMILAR PRODUCTS
Your coaching program is, at its core, a “product”. It’s something that delivers value to someone else, something that helps them to solve a problem.
No matter how unique it is, there are always other products that share similar value. For example, let’s say your coaching program is tailored to business professionals struggling to find a good work-life balance due to international travel. That’s a pretty specific niche in the coaching market, right?
So, what kind of “products” share similar values to your coaching program?
- Credit card reward programs help to improve the comfort of the traveler
- Appliances and software will help your clients stay in touch with their family
- Time management courses can make it easier for your clients to keep track of the time spent at work and at home
And those are just a few simple examples! It’s incredibly easy to find products that will improve your and your clients’ lives immeasurably.
Why am I telling you all this? Simple: it’s a good way to increase the profitability of your coaching courses.
Let’s refer back to the example above. Your coaching course on work-life balance for international businessmen will only give them so much of what they need. You can only provide the advice and counsel, but they’re going to need other things to help them put that advice into practice. Why not offer them the products they need?
You don’t have to sell the products yourself, but you can work with the vendor to provide the product at better value.
- Contact American Express and see if they would be willing to give clients referred by you a 10% discount on all of their travels.
- Ask HP or Dell to give you a coupon code for their products, or promote a specific software to help manage their time
- Work with other coaches to provide time management courses at a discounted price
Affiliate marketing is as old as time (think about the “loaves” and “fishes”…since that day, people have instinctively associated bread and fish!). It’s an accepted practice, and one that, if done smartly, can help you to monetize your coaching business.
You don’t want to be too “in your face” or blatant with your marketing, but don’t hesitate to recommend products to your clients if you know those products will improve their life. If you can find a way to benefit from the promotion of said products, it’s a win-win for everyone.
3. SELL AN ONLINE COURSE/SEMINAR
Have you ever thought about selling your coaching course? Probably not! After all, it’s something you have worked hard to put together, and you feel you’re the only one who could do it justice.
But what about selling an online course or seminar? That’s something worth considering! It’s a good way to put your product into the hands of as many people as possible, at a price they can afford.
It’s tough to boil a coaching course down to a few simple lessons or videos. After all, coaching isn’t a 3-step process to solve a problem. It’s about dealing with specific problems and situations from a specific angle.
And yet, it’s possible to condense your coaching program into a course or seminar that hits the “highlights” of all the important material. It will take a bit of creative thinking–and a whole lot of writing–but you can turn your coaching program into a short course or seminar to help others improve their life.
Going back to the example used above, why not turn your coaching course into a program titled “10 Ways to Make Business Travel Family-Friendly”? Or how about “8 Simple Steps to Finding a Work-Life-Travel Balance”? It’s a title that appeals to people, and it gives you an idea of how to condense your program.
Why take it to the internet? Simple: reach!
How many people can you interact with on a weekly basis? If you work a 40-hour week with one session per hour, that’s still only 40 people. If you do class sessions of 30 people, that’s still only 1,200 people.
With the internet, you can reach people from around the world! Someone in Madrid can take your course at the same time as someone from Australia, Chile, and South Africa. The material on the internet is available 24/7, so you’ll be able to reach people at any time of day or night. You don’t even have to be awake, and you’ll be making money on every person who signs up for or buys your course.
If you’re serious about making a good living as a coach, it’s worth considering making an online course or seminar and selling it online! People will be able to afford a $49.99, four-week course much more easily than a $300-per-hour coaching session.
4. GUEST SPEAKING OPPORTUNITIES
Are you a professional in your field? Do you have something of real value to offer? Of course you do, which is why you are a coach in the first place!
What if you went from speaking to one person at a time to speaking in front of hundreds or thousands of people?
Look at people like Anthony Robbins, Susan James, or Deepak Chopra: they all started out small, but they have become wealthy and famous thanks to the fact that they began to share their product with many people at a time. They now get paid hundreds of thousands of dollars for seminars, lectures, and courses.
If you want to earn money as a coach, why not look for guest speaking opportunities? You’ll find that there are many people and companies that would be interested in what you have to say, and you can reach more people at a time with these public speaking opportunities.
Here’s the kicker: you have a much greater chance for success, the more people you reach.
Let’s say you, in your one-on-one sessions, change one person’s life. He may go and tell ALL his friends and family about you. Great!
But now, let’s say you, in your guest speaking opportunity, change 100 people’s lives. All of them will go and tell all of their friends, and suddenly you’ve reached 100 times more people. Take that number to 500, 1000, or 2000 people, and you can get a pretty good idea of how much wider your reach could be.
5. WRITE A BOOK
As a coach, you have a good deal of life experience, have something interesting to share, and can provide value. Well, why not put all of that into a book?
Thanks to Amazon, it’s easy and quick to publish your own book. You’ll have a way to get started reaching people with your product, and you can start making money from the sales.
Note: The book world is a HIGHLY competitive market! Be prepared for years of work to make your mark as a non-fiction author.
If your book is of top quality, there’s a very real chance that it could be picked up by a large non-fiction publisher. That will put your book in front of even more eyes, and it will spread word of you and your coaching course. You’re much more likely to get clients if you are recognized as a top-selling author.
The truth is that you can find excellent ways to monetize your coaching course, but you have to look beyond the individual sessions. It will take vision, drive, and creative thinking to help you turn your coaching course into an even more lucrative business, but it can be done!
Can you think of any other hidden money opportunities in coaching? Leave a comment below and let us know. We’d love to share your ideas with the world!Like This Article? Join Masters Circle Today!