Discover 11 ways to create multi streams of income and learn how to implement these tricks in your coaching business.
Coaching is one of the most rewarding careers because you deal directly with people and positively impact their lives daily.
So many coaches, from sports coaches, life coaches to nutrition coaches, always look for job satisfaction as their number one motivation in their jobs.
But, creating multi streams of income is a topic most coaches battle with regularly.
Unfortunately, dealing with clients on a one-to-one basis denies most coaches the maximum financial rewards of their noble careers.
As a coach, creating alternate sources of income around your career should be your ultimate goal.
Having alternative income streams will give you the following benefits:
- The financial independence to pursue and grow your other interests and talents, making your life more meaningful.
- Alternate coaching incomes will improve your financial health, allowing you to live a fuller and higher quality life.
- By tailoring different coaching services around your niche, you will market your services to a broader customer pool and derive more significant revenue.
Many obstacles limit you from reaching your true financial potential as a coach.
The 11 ways through which you create multiple streams of coaching income include making a unique online course, public speaking, having e-books, becoming an online tutor, affiliate marketing, writing books, collaborating, group coaching, offering VIP discounts, conducting workshops, and having a side gig.
Fortunately, you can bypass and turn these obstacles into pillars of your new business model.
In this article, you will find all the information you need to start and create multiple coaching streams of income.
These tips will offer practical, step-by-step guides on how to get off the rat race and secure your coaching future.
Let’s get started!
Table of Contents:
How to create multiple streams of coaching income:
1. Creating Tailor-Made Online Courses, Products, And Resources
Think of HubSpot, Udemy, Weshare, and Google academy.
These learning management systems offer online courses and resources for multiple disciplines and have millions of users.
With the increasing internet connectivity and computer literacy, millions of people prefer virtual learning compared to traditional face-to-face arrangements.
Now would be the best time to create an online coaching course and reach millions of eager clients who need your services.
The best part about online courses is that they can be used multiple times by different clients, each time earning you a handsome commission.
Starting an online course isn’t exactly rocket science, and you can develop one anytime.
The best way to reap the maximum return from online coaching is to create a unique concept around your coaching expertise and package it beautifully.
You can tweak and play around with your products to develop explosive content that will leave your clients asking for more.
Online coaching may include one or all of the following,
- Live online group coaching sessions
- Recorded coaching videos
- Teleconference coaching sessions
- Downloadable soft copy coaching materials
- Recorded coaching audios
The virtual classroom model is in high demand and has excellent monetary benefits if done correctly.
2. Speaking Engagements
Speaking is at the core of coaching programs globally.
Most traditional coaching involves a one-to-one physical engagement.
How then do you scale your speaking engagement and earn more revenue?
There are several ways you can earn more revenue from your speaking engagements including, speaking at
- High-value conferences
- Religious events
- Special club events like the rotary and veterans clubs
- Business training events
- Networking conferences
There is a catch, though.
You have to position yourself as a certified expert in your coaching discipline to attract clients.
Nobody would invite a fraud or an unknown coach to grace their events.
This is how to start and scale your speaking engagements.
- Create a fantastic resume summarizing your professional qualification, experience, and accreditations, and do include any referrals or endorsements you may have.
- Do heavy pitching; reach out to former clients in influencer positions, TV and radio hosts, talk show moderators, panelists, and event organizers, and sell your services, also use statistics and graphs to paint a picture of the incredible ROI they will get by accessing your services.
- Deliver pure gold at every speaking engagement you get and ask the organizers to recommend you on their website and social media accounts.
Speaking jobs offer some of the most significant returns in the coaching business if done right.
Start doing some homework on the best groups and organizations in your field that accept guest speakers and pitch to them.
Did you know that there are over 6 million Amazon Kindle Ebooks in circulation?
This shows how popular and widely used Ebooks are.
Ebooks or electronic books are a fantastic resource for your coaching program because of the following reasons:
- E-books are relatively cheap to produce since they don’t have extra shipping or printing costs.
- E-books reach a mass audience.
- You can easily upscale by creating a series of Ebooks, one leading to the next.
- Ebooks are evergreen; every once in a while, you can re-edit, polish, and add a few new topics, and voila, you have a new Ebook.
- You can further improve your credibility by posting titles like a published author or best-selling author in your resume, improving your credibility as an expert.
- Ebooks give you the latitude to choose your working schedule.
Ebooks are cheap to produce, reach a mass audience, and are evergreen.
Millions of people use ebooks due to their relatively low cost.
Make sure your books are creatively written, engaging, and offer maximum value to your readers.
These practices will create brand loyalty.
4. Become An Online Tutor
By 2022, the global e-learning market will be worth over 243 billion dollars.
Investing in online tutoring is a smart move and a viable optional income stream for a coach.
Never before has the world gone online like today.
Follow these simple steps to set up your online tutoring business.
a. Identify A Niche
You can cover many topics but to be most effective, consider the most in-demand niche.
Look up the most common questions online students ask and try to answer them in your online school.
b. Select A Suitable Sharing Platform
As an online tutor, you will have virtual lessons and need a broadcasting platform to reach your students.
LMS or Learning Management Systems are the perfect tools for you.
An LMS is an integrated software system that will do all the heavy lifting for you, from tracking, managing, and distributing the course.
c. Assemble Your Video-Making Equipment
An excellent, heavy-duty computer with an inbuilt microphone and camera will do the trick.
Try a 4th generation, i5 intel core computer with at least 2,7GHZ speeds for quality videos.
You should shoot your videos in a well-lit, clean, and conducive environment with minimal background noises and interruptions.
d. Create A Course Outline
This is a very crucial step in creating your teaching plan.
Creating a course outline involves brainstorming different ideas, choosing the most relevant topic, and breaking down your work into chapters.
A course outline will help you keep your work organized and allow you to see the bigger picture.
e. Do A Beta Test
This involves running a trial and collecting feedback from potential users and experts using questionnaires and forms.
By clearly understanding the pain points of your users, you will craft a helpful tutoring package.
f. Create And Promote Your Content
Now that you know what your clients want, it’s time for the real work to begin.
In creating content observe the following guides:
- Shoot high-quality videos with proper sound and picture quality
- Exhaustively cover subject matter in each topic
- Provide clear and reliable lines of communication in case of queries or clarification from your students
- Always ask for feedback on how to improve your package.
Creating content, although Important, is just half the battle.
The other half is aggressive marketing.
You can reach a greater audience by heavily relying on:
- Social media campaigns
- Free mini-course
- Email lists
- Free and paid ads on digital channels
- Recommendations from friends and colleagues
This and many more tips will help you quickly start your online tutoring side hustle.
5. Affiliate Marketing
What tools and services do you use in your coaching business?
Are the tools and services good enough that you can recommend them to your readers?
If you can, then consider yourself an affiliate marketer.
What is affiliate marketing?
Affiliate marketing is the process by which a web, blog, or business owner earns a commission by recommending the products and services of another company. Every time a client purchases a product/service using the marketer’s affiliate link, he/she earns a commission.
Affiliate marketing is a big business estimated to be worth over 16 billion dollars in 2021.
How can you leverage this effective passive income stream to work for you and earn you dollars?
Here are a few tips on how you can become a great affiliate marketer:
- Position yourself as an expert. Affiliate marketing leverages a marketer’s popularity. The more popular and credible you are, the more users will trust your recommendation.
- Increase your outreach through email marketing and paid ads
- Create engaging content that hooks your readers and answer user questions
- Track your affiliate campaigns; if you’re successful in marketing one product, replicate the same steps on other products.
- Have a deep understanding of the products you recommend.
Affiliate marketing is very profitable and offers excellent returns making it an attractive passive income stream.
6. Write Books
Book writing is no easy feat but is very much achievable.
A book will increase your credibility as a coach and position as an expert in the subject matter.
Before writing anything, consider the following:
- Your book topic: this is super important because in-demand issues will have a wider audience so do thorough topic research.
- After publishing, do an intensive marketing campaign; offer promotions and book discounts to reach more readers.
Books are a reliable source of extra income.
You can self-publish on Kindle Direct Publishing and other free self-publishing platforms.
7. Collaborate With Non-Competitive Providers
A famous quote states, “If you want to walk fast, walk alone but if you want to walk far, walk together.”
This is especially true in business as well.
You can liaise with other service providers who offer solutions to additional problems your clients may have.
A referral system will work best between you and your venture partner.
If you offer health coaching, you can refer your client to a physical trainer within your circle.
By actively collaborating with complementary, non-competing service providers, you will be able to give your clients a total package.
Diversification is vital for market survival.
Always look for ways to enrich your client’s quality of life.
That means partnering with other service providers to give a holistic package.
8. Group Coaching Sessions
Group coaching programs and sessions are a great way to upscale your business model in the beginning.
Having multiple attendees in one session allows you to earn more revenue and further market yourself.
To get started, make sure you engage a manageable group size, explore your topic in-depth, and offer an extended Q&A session.
Create a premium service for group members who may wish to engage in further personal engagements
9. Special 1-Day Intensive/ VIP Sessions
Not all potential clients will subscribe to a complete coaching package from you.
Well, a 1-day teaser will allow them to make up their minds.
This complimentary offer targets:
- Clients whose coaching needs fit in a day.
- Clients who aren’t sure whether to subscribe to your services or not.
By giving your potential client a coaching session packed with actionable content, you may convert this 1-day client to a permanent basis.
10. Relevant, High Impact Workshops
Workshops are fun and offer great engagement with paying clients.
Brainstorm a few relevant topics, research and put the word out about your workshop.
You may tackle a few seasonal topics like how to file tax returns, bake, or even a cooking workshop.
Usually, workshops aren’t formal and bring fun into learning.
11. Side Gig That Feeds The Main Gig
This is a brilliant marketing strategy that works.
imagine working where you can refer people to your other business.
For example, if you work as a fitness trainer at a local gym and your job allows you to refer clients to your nutrition coaching program.
Your gym job becomes a side gig, and your nutrition job is the main gig.
You earn on both ends, create an excellent resume and get tons of clients.
Your gym job is just a huge bonus where you get more clients for your main hustle.
Every coach must have an alternative source of income because your financial stability is critical for your overall well-being and quality of life.
Coaches have a unique opportunity to scale up their business model and earn from multiple streams of income.
Apply these tips to grow multiple coaching income streams.
We hope you found this article helpful!