Creating Multiple Streams Of Income Through Online Coaching
The current worldwide pandemic has reinforced the importance of creating multiple streams of income and you can do that through online coaching. Here’s how!
Hi Trish Davies from Build Your AU. There is a saying that “you shouldn’t put all your eggs in one basket”. When you apply that statement to generating income then there has never been a truer word spoken.
The current pandemic situation gripping the world is a perfect example. The majority of the worlds population has just one source of income which is their regular job. That income producing model obviously has been around for hundreds of years, but it does have its flaws.
As an employee this is how you live your life. Trading your time for money and the reward is the paycheque at the end of the month. For many people they live paycheque to paycheque with no safety net.
Even when times are good economically in the world there is always that nagging thought in people’s mind. How they are going to cope if they lost that paycheque. Obviously 2020 has brought this to the fore with Covid-19 as many businesses have gone to the wall.
Millions of people have suffered from not having a safety net in place. That safety net is having more than one income stream. Another tap so to speak that is still turned on when another dries up.
Creating multiple streams of income can be taxing when you work for other people. It usually means taking on another job which then eats into any spare time you have during the week. So, what’s the alternative?
Creating Multiple Streams Of Income As An Online Coach
One industry which ha seen a dramatic upturn during this pandemic is online coaching. There are many platforms online that have huge libraries on courses covering every aspect of life.
These platforms rely on people like you to share their knowledge and expertise. The main benefit of these platforms is that they provide the platform for you to share your knowledge. It is relatively easy to create a course leveraging their software.
The downside to this business model is that you are alongside hundreds, if not thousands of other coaches. Therefore, there is a lot of direct competition and you can get swallowed up to the point that you get un-noticed.
My recommendation is to create your own unique presence online under your own brand. That immediately sets you apart from all the other people who are competing on these platforms. So how do you do this?
My Build Your AU program is designed to help you create your own online coaching business. It is important to point out right here that you have everything you need to become an online coach.
Your business will be based upon who you are, what you are good at and what you have done. The Build Your AU program then extracts all of this information through a very specific process. A process that I have been fine tuning over the last year or so which focuses on the following three elements.
- Authenticity – To define who you are.
- Authority – Establish what you are good at.
- Audience – Attract a customer base who are aligned with you.
Once you and I have that information in place the process then moves onto monetization. The knowledge and expertise you have are very valuable commodities which people will pay for.
What Income Streams Can You Create?
When I talk about income streams I mean products and services that you create. To position yourself as an online coach you only need a few products and services. I would estimate your eventual product line will consist of 5-6 products and services. Each product or service is an income stream.
What makes this type of business so appealing is that the cost to create your products and services is relatively low. The reason I say this is because your products and services will be virtual and digital. Therefore, your potential profit margins are much higher than if you were selling physical products.
Your products and services will be created through your knowledge and expertise. That knowledge and expertise will then be transformed into many different formats and mediums.
Fundamentally you are looking at three types of mediums in text, video, and audio. Those mediums can then be converted into eBooks, video courses, podcasts, masterminds, one on one consultations. Ultimately as a coach your goal should be to hold summits, seminars, and retreats both virtually and physically.
As you can see there are 5-6 products and services that make up your overall coaching business. Some will be free, but the majority will be paid products and services.
The Make Up Of An Online Coaching Business
Below I have given you some examples of how an online coaching business can be structured. These are examples of business models that I know work and the prices reflect the experiences I have had.
- eBooks – Free – $47
- Video Courses – $197 – $1997
- Podcasts – Free – $ Monthly Subscription
- Weekly Masterminds – $47 Monthly Subscription
- One On One Consultation – $100 – $1000 Per Hour
- Seminars, Summits & Retreats – $197 – $20,000
I am sure that this basic overview has given you much food for thought so let’s look at some maths.
- eBooks – Free as a lead magnet to create a database of subscribers.
- eBooks – 100 Sales Per Month @ $47.00 = $4700.00 per month
- Video courses – 1 sale a day (30 Per Month) @ $297.00 = $8910.00 per month.
- Weekly Masterminds – 100 Members @ $47.00 per month = $4700.00 per month.
- One On One Consultations – 20 Hours Per Month @ $500 Per Hour = $10.000 Per Month
- Retreats – 10 Attendees @ $5000 = $50.000 Per Retreat
Now I must stress that these are examples of what could possibly be achieved. I must draw your attention to the disclaimer at the foot of this website. In essence though this is the structure you could create within your own online coaching business.
As you can see you will not be relying on one income stream. The way this is set up means that most of these income streams are automated which means you have more free time. Unlike if you are working a regular job and are time restricted.
If creating multiple streams of income interests you then Build Your AU can help. Click the button below to learn more about the process and receive a free video training series.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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