Is everyone telling you to pass on the latte and don’t buy those $200 shoes because you need to save your money? Finances can be mindboggling but, here’s a different view…
If you love life coaching, but you’re not a member of a life coach association, then this article is for you.
As you may have begun to see, there’s more to a life coaching business than just coaching.
Maybe you aren’t sure how to get enough clients for a profitable business?
Or are you worried you might not have enough business skills to run a business?
Or are you concerned that your business support isn’t coming from someone who’s also an experienced life coach?
In this article, we’ll go over 3 main challenges life coaches face and how you can overcome them and attract more clients. Plus you’ll find out…
- How you can get in front of more potential clients
- How to show your credibility to those potential clients, and
- How to get the business skills you need to run your business more profitably
Here’s a video tip on a new business model for coaches.
Have you heard the statistic that millionaires have up to seven income streams? That’s seven different ways that they’re making money each month. Now take a look at your business; how many streams of income do you have?
If the answer is one, then it’s time to open up that creative part of your brain and create more income streams. One option is passive income products. And one way to get passive income is through digital product creation.
“Passive income” is something of a misnomer. Creating products or setting up different forms of income still takes work. But the difference is that these streams of income can work for you—almost on autopilot—for years to come.
Benefits of Passive Income Continue reading
Working with clients 1:1 is great, but it shouldn’t be your entire business model.
Few industry leaders will tell you this, but you don’t need to sell high-priced products every month to be profitable. You can have monthly income from low-end products that supplement your high-end product income with passive income.
Here’s the thing: If people don’t know you yet, they’re probably not going to drop a $1000-5000 on a coaching program in your first enrollment conversation. But they might take a chance on you for something that costs them $97 or less.
Then, when they see how awesome your low-end offer product is, they’ll be much more likely to invest in your higher end products.
But you’ve got to them in the door first. And you can do that so much easier with low-end offers.
With a low-end offer, you can make money in two different ways:
- From articles, video tips, podcasts, webinars, and social media posts that link to a product – because once they’re posted they can continue to get visitors and sales
- By offering it as a “down-sell” if a potential client says they can’t afford your coaching program
For evergreen marketing, you can have a link to a sales page for a low-end product at the end of your blog posts. You can put a link in the description of a video on YouTube or a podcast on iTunes.
You can also include a link at the end of an evergreen webinar that you have produced. There are many possibilities to get that link out there. Continue reading
Why create products?
I’m a big believer in creating passive income for a coaching business, but many coaches either don’t know what to offer, or hope that their one-on-one coaching services are enough to sustain their lifestyle.
Sure, your clients hire you for your specific skillset and specialty, but wouldn’t you like to earn more in your business? Wouldn’t you like to reach more of your target audience who aren’t quite ready to purchase your big ticket coaching packages? And, how about some passive income—cashing in on the phrase, “Make money in your sleep”?
This is why you need products to sell, in addition to your coaching services.
But What Will They Buy?
If you have client agreements that you’re sending to your clients to sign, it’s kind of a hassle to do it “paper-wise”—even if you’re sending it digitally—because the client still has to print it out, sign it, scan it, and send it back to you. But thanks to the internet, we now have online signing software. This video is a demonstration of one of those esign software programs.
Here are links to some free esign tools:
Have you heard the phrase, “Make money while you sleep”? It’s a common phrase that describes the power of passive income. Make a product one time but reap the rewards for years to come.
Passive income can benefit absolutely everyone, no matter what type of business you have or what type of coach you are. There are hundreds of ways you can create a passive income — some people find out where to get a GoldShell KD5 and mine cryptocurrency, others invest in real estate, and a few create an online course they can sell. The key is to make your product creation as simple and as inexpensive as possible. This doesn’t mean that your product will be cheap; it means that you should focus on your area of expertise and solve a common problem among your audience.
First, let’s review why coaches need to create a stream of passive income:
- Supplement your income when a client cancels their contract. No one wants to think about losing a client (or two!) but it happens. Instead of panicking at the idea of finding a new client to fill that space, you can approach the task calmly, knowing you have passive income to fill that gap temporarily.
Worried about ruining your eyes from looking at your computer screen all day? Here’s what can happen and what you can do to prevent that from happening.