Adding income streams to your business has several benefits. First, it gives you the opportunity to explore your strengths and interests. Second, it gives you the opportunity to earn income in addition to your one-on-one coaching. Third, it provides an opportunity for marketing.
So, in addition to coaching, here are five income streams you may consider implementing in your business. Note: We recommend this article serving as a guide; choose just two or three of these income streams based on your interests and natural abilities.
- Offering online courses and products.
Online courses can be very lucrative and provide long-term residual income—which is why they're first on this list! Content can be pre-recorded and pre-created, and then used over and over again in an automated system (think pre-recorded teaching videos and PDF downloads people can download and pay for 24/7). You can create an online course, or a product, in any format you choose. Talk about making money in your sleep! With online courses, you can choose to spend as much or as little time as you want to, perhaps offering live group coaching every week, every month, or not at all.
How to get started: The first step is to come up with an idea for a course, and do your homework to ensure you're offering something unique from what's already out there. Websites like Thinkific.com and Udemy.com can be great resources, charging a minimal fee for hosting online courses you create.
Bigger speaking gigs can be lucrative, paying in excess of $2,500. Smaller, local gigs may pay somewhere in the $500 range. Coaches may speak at networking functions, business events (trainings, for example), or churches, schools, Rotary Club meetings, entrepreneur centers, etc.
How to get started: Create a “one sheet” that highlights your professional focus and/or personal, coaching-related passions and experience, and that pitches you to become a panelist, keynote speaker, breakout session facilitator, and so on. (At Radiant Coaches Academy, we help our trainees create these “one sheets” by providing them with examples and resources they can use on their own, or by connecting them with a professional who can create it for them.)
- Putting on workshops.
Workshops are a fun and relatively simple way to earn extra money. Coaches may charge between $25 and $250 per person, and offer workshops that last anywhere from a couple of hours to a half-day, or even a full day.
How to get started: Determine what you might want to host workshops on, and create an outline. You may choose seasonal topics, like “Stress-Busting for the Holidays,” or topics in your genre like, “5 Tips to Healthier Eating Without Spending More Time in the Kitchen.” Whatever you choose, consider what your audience wants to learn about—a specific pain point you can help them begin to resolve in a workshop setting. Then, find affordable event spaces and begin spreading the word through social media (which doesn’t cost a thing!).
- Book Writing.
It's rare to “make it big” in the publishing industry, whether you choose to seek traditional publication or to independently publish. However, many coaches make a steady stream of recurring income by publishing a paperback, or through Amazon's Kindle Direct Publishing service. Becoming a published author boosts a coach's credibility and positions him or her as an expert. (At Radiant Coaches Academy, our coaches automatically become co-authors of our Radiant books on Amazon!)
How to get started: The first step in writing a book is to decide which topic you'll focus on. Then, research the books already available on that topic, and consider how you can provide new or fresh insight or perspective. (Bonus tip: Check out Amazon’s Createspace.com for resources that can help.)
- Joint-venture partnerships.
Seek other service providers who solve some of the problems related to the challenges for which your ideal clients come to you. For example, if you're a nutrition coach, you may partner with a personal trainer whose clients could benefit from nutrition coaching (and from whom your clients could benefit, too). Create an agreement by which you refer clients to one another, and pay each other a small fee or percentage for those who sign on. Some joint-venture partners put on events or trainings together, and some simply share information about trainings, offers, and promotions.
How to get started: Whether you go through online search results or your contact list, find other professionals whose services might be a good match for yours. Reach out to them and ask if they'd be interested in a joint-venture partnership.
In conclusion …
As a coach, you have an opportunity to share your knowledge in so many ways—ways that are lucrative and empower you to spread your message and change lives. Adding income streams is one powerful way to do so, while making regular income in addition to what you earn through coaching.
Any great coach training will incorporate income streams into its teachings. If you'd like to learn more about how Radiant Coaches Academy can help you, click here.