Make no mistake, coaching is a lucrative way to bring in more cash for your business. You can choose a variety of coaching options that will increase your cash flow let’s look at them. Plus, you’ll also increase your cash flow because you’re building better relationships with your customers than before. As a coach, you’re going to be that much more approachable because now you’re teaching others to do something important for themselves. Let’s look at a few possible additional cash flow options for you to add.
- Books, Guides & Workbooks – You can also offer self-guided coaching options through books, guides, and workbooks to help your customers and clients work their way through a task. Any product you offer, with a “how to” bent is an excellent option to add these to it.
- Group Coaching – Add a group to any other product you sell to help guide them through it. This is a great way to add coaching without changing much. If you already sell information products “how to” products, you can easily add an upgrade for a private group coaching option.
- Workshops – This is closer to one-on-one but is done in person usually in groups of 10 or less. Workshops are a lucrative way to add another stream of income. You can make hundreds of dollars for one workshop with just ten people attending.
Plus, you’re building relationships. When you market your coaching options, even your customers who don’t take advantage right now are starting to get to know who you are more than someone who provides specific services but now more as an expert. In fact, even if you still perform services, you’ll be able to start charging more because now you’re an expert and people pay more for expertise.
Once you reach expert status in any niche, you can become a coach. You can coach people to do what you do as a business service to others, or you can coach people to do things for themselves. For example, let’s say you’re a YouTube star with a popular get out of debt channel. You make money via the channel sharing your life and advice, but you can make more if you offer formal coaching program for the same exact things your channel now talks about.
Don’t miss the next article where we will explore and help you understand how to decide if coaching is right for you or not.