Learn about passive income for life coaches and 11 ways you can create an extra passive income stream to earn more from your coaching business.
As a life coach, you lift people up, encourage and motivate them to be the best version of themselves.
Unfortunately, it’s possible that you live a life far below what you help others to achieve.
The global average salary of a life coach salary is $51000 per year, a fraction of what other coaches make.
Extra income for a life coach will,
- improve the quality of your life
- give you the luxury of time
- reduce the anxiety and fear of the unknown
- give you the freedom to live and work from anywhere
- provide a platform for financial growth
The 11 ways through which you can generate streams of passive income include earning from your website, monetizing your podcasts, writing self-help books, creating online courses, starting a YouTube channel, creating digital books, creating apps, creating a membership site, creating and selling audiobooks, creating self-paced coaching programs, and creating e-books.
But how to make it possible?
In this article, we will be sharing 11 ways through which you can generate passive income streams as a life coach.
Let’s get started!
Table of Contents:
Passive income for life coaches:
1. Earn From Your Website
With more than half the world online and 46% of all Google searches relating to local business, your online presence is significant.
To effectively market and generate alternative passive income sources, a website is a must-have for your coaching services.
Why is a business website important to you?
This is mainly because of 3 reasons:
- A business website allows you to showcase your products and services and you can list your products and services together with their pricing.
- With over 4.66 billion internet users in 2021, the internet is a global marketplace; having a website improves your online visibility and allows you to participate in the online business space.
- A website will give you an engagement channel with your clients, with a website, clients can email, ask questions, make orders and even post reviews.
Here are a few ways in which your website will make you money.
a. Blog Writing
There are over 500 million blogs and counting in 2021.
Blogging is one of the most consistent ways of getting reliable passive income over an extended period.
A well-written and consistent blog will make you money as you tackle other issues.
To get a high converting blog, invest in the following:
i. Generate High-Value Content
Update your blog regularly with deeply researched, well-written blog posts that offer helpful insights to your readers.
Spend time and money monetizing your website so that every widget and icon converts a lead, makes a sale, or markets your products and services
ii. Monetize Your Blogs With Ads
Another great way of making money off your blog is by placing Ads on them.
The main types of Ads are CPC and CPM.
- Cost Per Click Ads (Pay Per Click Ads) are ads placed in your content or sidebar, you earn every time a user clicks on your Ad.
- Cost per Impression( CPM) are Ads that pay a fixed commission for a specific number of Ad views, usually 100
b. Selling Private Ads
If your blog has high traffic, you can sell spots to advertisers in banners, links, and buttons.
This marketing strategy is great because you set your rates and terms.
You can also publish sponsored posts, links, reviews, and articles.
c. Affiliate Marketing
Affiliate marketing is one of the most straightforward, enriching sources of passive income.
This is how affiliate marketing works.
- An advertiser with a product to sell agrees to pay you a commission each time a purchase is made from your site.
- The advertiser assigns a unique affiliate link to you which tracks your affiliate code.
- You place your affiliate link on your website; every time a purchase is made using your affiliate link, a percentage of the purchase is credited to you.
d. Selling Digital Products
You can further monetize your website by selling online products.
Make sure your products are relevant to your readers.
Do product research before posting on your website; this will ensure that you only post relevant products.
The digital products include:
- Online courses/ workshop
- Apps, plugins, themes
- Digital content like videos, pictures
e. Upsell Your Contacts
Every person who reads your blog is a potential customer.
Create products that will convert your readers into paying customers.
You can do this through automated systems like email marketing.
2. Monetize Your Podcast
Podcasts are one of the fastest-growing teaching resources of the 2000s.
There are over 2 million podcasts with 48 million episodes between them as of April 2021.
Scaling your podcast revenue is a good idea and has the potential to increase your returns in a big way.
Here are a few pointers on increasing your podcast revenue.
a. Positive Networking
Feature people who are beneficial to both you and your audience on your podcasts.
This allows you to leverage networking opportunities from your previous guests.
Inviting authors, entrepreneurs, and community leaders to your podcasts allow you to get help from them in the future.
b. Podcast Sponsorship
Podcast advertising is steadily growing and is expected to hit over 2.7 billion dollars by 2025.
To get the most out of podcast sponsoring, grow your customer base.
This is because podcast sponsoring depends on CPM (Cost Per Impression).
High CPM translates to more revenue.
c. Affiliate Marketing
Can you refer any products and services that you trust to your clients?
This is affiliate marketing.
Affiliate marketing works on the principle of referrals.
Every time you refer a product to your subscribers and they purchase it, you earn a commission.
d. Sell Products And Services
Once you’ve created a large and loyal fan base, selling your goods and services makes sense.
If your products are relevant to your audience, you should consider offering discounts, flash sales, and premium discounts.
This is an excellent way of making your podcast work for you and increase your revenue stream.
Youtube, Medium, and other major online platforms use Patreon services to raise revenue from their members.
The Patreon platform works by offering perks and rewards to a site’s subscribers.
If your podcast is beneficial enough, your community will be more willing to subscribe and earn the Patreon benefits.
There are many more ways to monetize and earn big from your podcast, including virtual summits, Audiobooks, and coaching.
3. Write Personal Development/ Self Help Book
You are a life coach, and your job is to help people live positively and achieve their full potential, right?
Why don’t you combine your mission and expertise to help people and make money at the same time?
Writing a self-help book will help your reader deal with life issues while making you money, talk of killing two birds with one stone!
The personal development market is lucrative and was worth over 32.82 billion dollars in 2019.
If you want to get the maximum returns from your book, please follow these tips:
a. Niche Down
You can cover different topics in the self-help niche.
To get the best returns, choose a specific topic as this will position you as an expert.
Explore it deeply and offer helpful solutions and tips to your readers.
b. Understand Your Readers
As an author, understanding your reader’s demographics will help you craft relevant and beneficial material.
A deep, insightful book will get many references, making you even more money in the process.
Which questions do your readers have?
Does your book clearly and effectively answer your reader’s questions?
Draft a list of frequently asked questions, and use it as a basis for your research.
A well-researched book will offer helpful advice and add value to your readers.
d. Check Out Your Competitors
Read other books within your topic.
What are the other authors missing, and how can you include that in your book?
Tweak and improve your book to beat your competition.
e. Aggressively Market Your Book
The difference between success and failure is marketing.
Effective marketing will introduce your work to more potential customers.
Consider using social media, referrals, reviews, and paid Ads to market your book.
4. Create An Online Course
In 2019, the global online e-learning market was worth approximately 101 billion U.S. dollars.
E-learning is the fastest growing learning model globally with many advantages, that’s why most people embrace it.
Follow these tips to get maximum profits from E-learning,
a. Choose A Topic
Select the most in-demand topic that will have maximum benefits to your clients.
Selecting a relevant topic will attract clients and increase your revenue.
b. Conduct Deep Research
Proper research will help you answer questions fully and help you rank as an expert.
Knowing your customer demographics will help you craft tailor-made courses that will deliver the most benefit to your clients.
c. Draw Up A Course Outline
A course outline will help you brainstorm and develop the best arrangement and format of chapters and subtopics.
A course outline makes your project neat and organized and allows you to visualize your project from beginning to end.
d. Create Content
To get more people on your course, make sure your content is creative, well researched, and engaging.
Offer the maximum benefit to your clients and answer their concerns adequately.
e. Upload Your Course On Your Website And LMS
Upload your course on your website and an appropriate Learning Management System (LMS) like Udemy, Blackboard, and Google classroom.
An LMS will do the heavy lifting for you in tracking, packaging, and delivering your content to clients.
5. Start A Youtube Channel
Youtube is the real deal, with over 2.291 billion subscribers in 2021, this video platform is one of the best ways of making passive income.
Here are six ways you can make a steady passive income from Youtube as a life coach.
a. Become A Youtube Partner
Youtube partners get special treatment and access to additional Youtube features apart from the standard ones.
Partners get unique features such as:
- Premium subscription fees
- Super chat
- Channel merchandise
b. Sell Personal Merchandise
Create unique content relevant to your followers, such as branded motivational T-shirts, wallets, and caps.
Develop an optimized landing page, enable your Youtube Partner merchant shelf, and market aggressively.
c. Create Sponsored Content
If you have a large following, you can leverage your influence to make money.
If your content resonates with major brands, they will probably buy Ad space in your youtube channel, thereby earning you money.
d. Direct Payments From Your Fans
There are various ways of getting direct payments including:
- Live chats on super chat where participants pay for their comments to rank highly.
- Let members pay for channel membership to enjoy extra privileges.
- Encourage members to subscribe to become Youtube premium subscribers.
e. Use Crowdfunding
Crowdfunding, as the name suggests, means raising money from your followers or subscribers.
You can request your community to raise funds through donations or monthly pledges.
f. License Your Content To The Media
News and content which go viral attract lots of media attention.
If your content has many views and is widely shared, you can offer it to media houses at a fee.
6. Create And Sell Digital Workbooks/Downloads
Your clients may not be able to access your services in real-time because of financial or geographical barriers.
But there is a better way of helping people while also making money.
Creating downloadable pdf and digital workbooks is an excellent way of earning passive income.
Ensure that your content is of high quality and is full of helpful information.
4.28 billion or 90% of people who access the internet do it over a mobile device.
Packaging your coaching program as a mobile app is sure to increase your passive income earning potential.
Here are a few good reasons why you need a mobile coaching app,
- You will reach more clients on mobile
- Increased user engagement.
- Higher user satisfaction.
When your coaching app is on mobile devices, clients can access it on the go making it more popular.
8. Create A Membership Site
Coaching on a one-to-one basis reduces your earnings.
One of the easiest ways of increasing your revenue is by creating a membership site.
A membership program allows your online community to regularly access your coaching material like videos and audios in exchange for a fixed membership fee.
You can adjust your coaching program to offer various packages with different resources and materials.
Membership allows you to serve multiple clients and increases your earnings.
9. Create And Sell Audiobooks
The audiobook industry in the US was worth 1.2 billion dollars in 2018 and growing.
You can turn your coaching material into an audiobook and reach even more people.
Audiobooks are a great hit with the blind, poor readers, or people who prefer hearing over reading.
Audiobooks offer you a chance to reach new market segments you didn’t have access to before.
10. Create Self-Paced Coaching Programs
As the name suggests, the self-paced coaching program allows the learner to take the program conveniently.
Not everyone can access your one-to-one, virtual, or group coaching sessions due to time, financial or geographical constraints.
Such a program allows you to offer your coaching program to more clients.
11. Create Ebooks
Ebooks are a favorite teaching and mentoring technique used by life coaches.
Ebooks are cheap to produce since they have no printing and shipping costs.
Ebooks are evergreen and can be updated once in a while with new info and rolled out as a new product.
Earning more passive income as a life coach will improve the quality of your life and enable you to offer excellent services to your clients.
Making passive income as a life coach requires discipline and commitment but is worth the effort.
We hope you found this article helpful!