A traditional business model for small business owners is to charge hourly for their services. And if you take a moment to think about it, you’ve been trained that way from the time you got your first job and it’s a challenge to reprogram but not without possibilities!
But if you hold onto that pattern, you’ll soon realize that you’ve created a finite ceiling to how much you can make as there are only so many hours in each day. And realistically, you won’t be offering services for 10 straight hours; you’ll need breaks in between and prep time for each client. So, instead of relying solely on individual coaching clients, it’s time to look at alternate streams of income that can supplement your coaching income.
1. Create group coaching programs
Start group coaching programs and invite your uncertain prospects to register. Instead of coaching one client, you’ll coach multiple clients at the same time. So, your hourly charges will multiply by the number of students you coach at the same time. This option is also a great alternative for those prospects who can’t afford your private coaching yet. Instead of losing them completely, offer the group program. They can still benefit from your advice, and you’ll still earn money.
With the advances in technology, you can now hold remote or online group coaching calls or workshops, all with Zoom or Google Meet. Now you don’t have to rely on recruiting local clients; you can market your services worldwide if you so desire. Group coaching programs are priced as a package, such as 6 sessions for $600 and you’ll still have people calculating that as $100 per session. But you’re multiplying your income because you’re accepting 10 people into the program, so you’ll earn $1000 per session if you want to continue that thinking.
2. Create a signature product
If you’re aspiring to become a global brand, the difference in time zones might be a problem for recruiting new clients worldwide. If that’s a concern, why not create a signature product? Your clients can subscribe or purchase it and they’ll be able to learn at their convenience. You can charge top dollar for the product as it will include your expertise and you’ll just have to create it one time and be able to sell it for years to come.
Again, a self-study signature product is another great alternative to those who don’t want to commit to weekly coaching. They can fit the lessons into their own schedules, even if they’re night owls who work while their family sleeps.
3. Create low and mid-priced products
An important part of any sales funnel is having a product library of different price points. Rarely will you find a client who meets you for the first time and jumps to your most expensive product? If you create different pricing levels, you can ease your prospects in slowly while proving yourself along the way.
Prospects who are on a tight budget can opt for either of the two lower price levels. Don’t forget that some of the buyers of the lower category products may upgrade to the premium product later if they like your products.
4. Publish a book
Customers and clients patronize brands that have established themselves as authorities in their niches, which is why you should position yourself as an authority in your field, too. One way to achieve that is to publish a book. Your credibility will jump because the common belief is that only experts publish books. If you get it right, the income figures will definitely follow.
5. Embrace affiliate marketing
If you already have a blog or a website with regular visitors, you can leverage that to make money from other people’s products. You could promote other products related to your niche and earn commissions. Affiliate marketing requires no production cost, no delivery, and no customer service so it won’t affect your main coaching business or take extra time out of your day. The more products you promote, the more income you’ll generate from affiliate marketing.
I know, the idea of promoting other people’s products might seem strange but it’s simply another avenue to earnings. And it saves you from having to put forth all the creative work in getting those resources produced yourself.
Each of these tips can assist in getting you out of that “dollars for hours” mentality but you don’t have to delve into all of them at the same time. Take them one at a time, especially affiliate marketing because that will require some product research. Finally, take note of the ones that bring in the most revenue so you can narrow your focus on what works with your audience.
Do You Know How You’ll Promote Your Products and Programs?
Now that I’ve planted some seeds for how you can expand your business, you also need to plan how you’ll promote these offerings so people actually KNOW you have something new. The simple answer to that is…by creating a sales funnel.
Check out the Sales Funnel Profit Course
In this step-by-step course, you’ll discover exactly how to set up a simple sales funnel that attracts and nurtures leads and transforms prospects into paying customers on autopilot.
You’ll learn how to:
- Create a simple sales funnel that you can (mostly) set & forget
- Choose & price the perfect, no-brainer offer for your funnel
- Map out a profit-producing funnel & start driving traffic to it quickly
- Automate every piece possible so you can get your time & energy back