Table of contents:
Here’s what I’ll cover in this article:
- Group Coaching
- Courses and Workshops
- Monetizing Your Blog
- Memberships and Paid Communities
- Speaking Engagements
- Book Sales
One-on-one coaching is where most coaches start. It’s where I started, and it’s where I recommend my clients start as well.
There are many reasons for this such as: it’s a great way to bring income in the door fast, and you’re able to hone your skills much faster.
But there comes a time in each coach’s journey where you kind of wonder… isn’t there a way I can stop exchanging my time for money, and free myself a little from an overloaded schedule?
And the good news is: yes, there absolutely is!
There are many ways for you to diversify your income streams as a coach, and I’ll share a few of the easiest and most lucrative here.
This is by no means an exhaustive list, and you’re only limited by your imagination in how you can generate income with your knowledge – but you can start here!
1 – GROUP COACHING
This is the most obvious one. Instead of working with clients one-on-one, you begin working with clients in a one-to-many setting.
Your clients will of course pay less as the support you’re providing isn’t tailored to them, but because you’re taking on more clients in the same slot in your schedule, this is in many case not only more lucrative than one-on-one, but also great for your mental health 😉
2 – COURSES AND WORKSHOPS
This is another very common way that coaches start generating income outside of a one-on-one setting.
Once you’ve worked with enough clients, understand their needs, their challenges, what trips them up, what motivates them, and how you need to package your solution so they achieve their goals, why not put that knowledge into a course you can then sell on auto-pilot?
3 – MONETIZING YOUR BLOG
If you like writing and sharing your knowledge in a written format, then this could be a really great way for you to generate income in your business.
You can do that in various ways, such as affiliate marketing, sponsored content, and selling products.
Make sure that no matter how you choose to monetize though, you’re staying true to your brand and your authentic self. If not, your readers are sure to catch it and it will do a lot of harm to your brand and credibility, which no need to emphasize, is crucial for any coach.
4 – MEMBERSHIPS AND PAID COMMUNITIES
Memberships are a sort of extension to courses.
Instead of having someone pay you one-time to access your course (which can be a significant amount), you can choose to put valuable content in a paid membership that people can access for a smaller amount.
They then keep that access for as long as they’re paying the membership.
This is a great way to bring people into your audience as the monthly cost for a membership is usually largely accessible for most, unlike some courses or coaching!
5 – SPEAKING ENGAGEMENTS
If you’re not afraid of public speaking then this could be a great way for you to diversify your income.
There are many places you could look for paid speaking gigs, depending on your niche.
There are many online (or even in-person) summits and trainings that are constantly looking for experts to speak.
You may even be able to get paid speaking gigs for online groups or memberships if you’ve managed to establish yourself sufficiently as an expert in your field! 😉
6 – BOOK SALES
This is another one for you if you enjoy writing.
You can put all of your knowledge and know-how into a book and sell it.
There are many places you can sell it: either your own website, or Amazon, you can look for affiliates who will sell it for you, and you could even have it read and sell it as an audiobook.
As I said at the very beginning, there are many more ways for coaches to diversify their income streams, but these are some that I personally use and have seen work the best.
But I’d love to hear from you – what are your thoughts? Is there an obvious income stream that I didn’t mention? One that you’ve had tons of success with? Or did you try one of these and had lack-luster success?
Let me know in the comments, I’d love to hear!
Hope to talk soon, and in the meantime, take care!
Jen
P.S. Don’t forget to pin this for later!
