5 Ways to Create Multiple Streams of Income
How many streams of income are incorporated into your business? If you’re only coaching one-to-one clients, then you’re missing a huge opportunity to increase your profits and expand your reach. It’s all about reaching the most people possible in a passive way because we only have 24 hours in any given day and not all those hours are dedicated to working.
Certainly your one-on-one clients are special and you can charge a premium price for those coaching spots since your presence is required. YOU are adding the value to those sessions so your pricing should reflect that value. Let’s explore other income options that will build your coaching empire.
1.VIP days — Save these days for your most dedicated clients because to be successful, you need to push through a serious amount of work. VIP days are usually 4–8 hours of solid, dedicated work with one single client. Consider it 4–8 coaching sessions wrapped into one day. For this reason not everyone can afford this pricing nor is every client accustomed to doing that kind of quick and strategic work all in one day.
2.Group coaching programs — Still require your valuable time but can be priced at a lower individual cost because your attendees are giving up some privacy in the group dynamic. In this scenario, you decide on the topic as well as the number of sessions. Be prepared to discuss your topic at length and then save time for questions. Not only can you serve more people at once but those who can’t afford your one-on-one coaching can still benefit from your coaching style.
3.Your own online course — Can you see the common thread of helping more people at a time with each of these ideas? Creating an online course requires work at the beginning — the actual production of the course — but then it can sell for years afterward. Your time investment is upfront and you don’t want to give your time away for free but this can still be less than group coaching. Many coaches create a “signature product” that focuses on their specific expertise and then they update it every few years.
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4.EBooks — Whether you write one eBook or a series, you can help more people at one time. Marketing is still important, however, because eBooks are one of the lowest priced products available, so your profits will show up when you increase the volume of eBooks sold. Despite the lower cost, adding “Published Author” or “Amazon Best Selling Author” to your website helps to build credibility. Learn more about self-publishing your book here.
5.Affiliate marketing — what tools do you recommend to your clients? If you’re an affiliate, then you can earn a commission from every sale you refer. Percentages vary based on each product’s program but you can “advertise” these links in your blog, emails, social media, free reports, and paid products, so you have lots of impressions which equals lots of chances to earn commission. This is the easiest way for beginner coaches to implement passive income while building their business and attracting clients. This is a comprehensive article on how to get started affiliate marketing from Dave Bassi at SemRush.
I’m sure you can think of other ways to create multiple streams of income that yield big results. Try brainstorming with a colleague or friend for more ideas. Most importantly don’t get stuck dreaming of having residual income make it happen.
