If you are like most people who are thinking about being a life coach, then you are not doing it for the money. You want to help make this world a better place and that is awesome. However, money is a natural part of being able to help more people with your business and life coaching can be a great way to create multiple streams of income. You don’t have to put into action all the income streams I mention. These are just to give you an idea of the versatility of this field, and let you know in what ways you can make money as a Life Coach.
Experienced coaches will tell you that personal coaching makes up just 25% of their earnings. This means that 75% of their income is derived from other sources. Keep this in mind as you set off on your Life Coaching business. Here are some popular money-making techniques in Life Coaching.
* One-to-one personal coaching, by month – Through emails, over the phone and even face-to-face.
* One-to-one executive/ business coaching – The returns for these are a lot higher than personal coaching. This one is BIG MONEY!
* Group coaching, by month – This is a classroom environment with nearly 10-30 people attending. You can easily charge $100 for 3 hours. You do the math.
* Tele-classes – This is a group coaching class taking place over telephone. You can use a conference phone and chat with any number of people at a time.
* License your program/ IP (Intellectual Property) – If you are a natural at coming up with new ideas, why don’t you just think up your own products and services and sell it to people?
* Mentor other coaches. Well, this is for someone who is an established coach and has a certain amount of name and fame in the coaching industry. You can make a lot of money by training and mentoring other coaches.
* Deliver keynotes/ speeches. You could either get paid for this or use this opportunity to build new contacts and spread the word around about you and the Life Coaching industry. You are sure to pick up new business from every speech or address you give.
* Sell/ Offer assessments. You can sell or offer assessments just like MYERS BRIGGS or SDI online.
* Write/ sell an ebook. This one gives you passive revenue. Choose a topic people want, write an ebook and sell it on the net.
* Conduct local seminars/ workshops. Book a conference hall in a hotel or a lecture hall in your local college or school and run a seminar.
* Set up a specialty training company or program. Training is a very lucrative field. Set up some specialty training programs and make money!
* Start a new company. Start an unrelated company and implement all that you learned as a coach. Turn this into a money-making project.
* Set up a portal/ membership site. Make money even while you are asleep!
Here are even more methods you can use to send your profits through the roof:
* Create and sell audiotapes or CDs
* Start a coaching school
* Keep your newsletter open to other’s ads
* Take up the role of a resident expert to other coaches in your area of expertise. Provide them with training. Don’t forget to charge a fee for your advice and training.
* Act as a coach to those from your previous or present industry
* Get a slot to host a television or radio show
* Work for a larger coaching organization or coach
* Become a vendor or service provider for the coaching industry
* Create an affiliate program for your products or services
* Become an affiliate and sell items from your site (including Amazon, software, etc.)
* Do some column-writing for a newspaper or magazine
* Write a paid newsletter or a webzine
* Teach a webinar type course
* Write or sell an e-course
* Create software
* Build Joint Ventures with other coaches
* Write articles
Craig Miller is known as the Cake Coach, and he helps coaches learn how to have their cake and eat it too. If you want to accelerate your coaching business, then check out thecakecoach.com.