Online Coaching Business Model – Best Practices For Online Coaches
Want to create an online coaching business model but don’t know where to start? Here’s what you need to do to set yourself up as an online coach.
Hi Trish Davies, here and the topic for today is how to create an online coaching business model. Becoming a coach is one of the most rewarding careers anyone can experience.
The satisfaction of helping individuals develop new skill sets and overcome challenges is in some ways immeasurable. Taking that person from where they are to where they want to be is an amazing experience. On top of that you can become very well compensated at the same time.
Now when you think about coaching you may think it is one to one and in person. Well yes that is true but with what has happened over the last 18 months with covid 19 things have changed.
There will be a day that one on one in person coaching will come back but for now you must rely on technology. So, if you have been an in person coach you must take your expertise and go online to continue having impact on people’s lives.
Even if you are new to coaching I am going to share with you valuable insights on the online coaching business model. You will then be in a position to start your own online coaching business and all the benefits that come with that.
Benefits Of Online Coaching
Now before I get into the online coaching business model let’s just look at the benefits to coaching online. The following benefits have persuaded many coaches to take their expertise online, irrespective of the pandemic we have been experiencing.
The potential to scale your online coaching business is in many respects limitless. You will be the only one holding you back so why do that? Just reach for the stars and grow your coaching business to new hights. You can do just that because of the following benefits to becoming an online coach.
Reach More People
Now the worlds population is just shy 8 billion people. Now not all of those people will need your coaching services, but the point is your potential reach is huge. Especially if you factor technology into the mix.
Technology enables you to reach and connect with more people at the same time through group coaching. You can have people from all around the world within your coaching room on the platform of your choice. In person coaching simply does not allow you to do this.
The word to consider with this scenario is leverage. You leverage technology to leverage your time which leverages your earning potential.
Create Automation In Your Coaching Business
Over the last 30 years or so the world has become much more automated. Just look at the way you shop, bank, work etc. Automation is everywhere and it can be applied to your online coaching business.
You can create a seamless workflow in all aspects of your coaching business. Right from marketing and advertising your services to lead generation, sales conversions and how you deliver your training.
Payment processing, account creation and syncing your calendar for one on one sessions. Your online coaching business can be an eco-system that works completely on automation.
This automation helps you focus on the most important thing which is you helping the people you work with.
Online Coaching Is Easy To Scale
Now I have mentioned leverage in relation to time and earning potential. This is achieved by teaching more than one person at the same time. For example, say you have 10 people in your coaching program, and you use a platform such as Zoom.
Say that those 10 people were paying you $29.95 per month. You hold 4 one hour sessions per month and your generate $299.50 which equates to $74.87 per hour. Not a bad return for you time.
Now with a platform like Zoom you can have a free account with them. With that free account you can have up to 100 people on your coaching call. So, on my math that means you can leverage your earnings to $748 per hour which gives you a return of $2,995 per month.
If you go over that 100 attendee threshold then Zoom have very favourable payment plans. For just a few dollars per month you can exponentially grow your coaching business with ease. I will let you do the math on what you could or want to earn.
How To Create Your Online Coaching Business Model
When it comes to your online coaching business model you will utilize three different online coaching strategies. In my opinion these are the best practices for any online coaching business. They are as follows.
Automated & Recorded Coaching
Automated and recorded coaching programs are usually positioned at the front end of your coaching business. Here what you would do is record your training program and have it delivered automatically through a learning management system. My recommendation is Kajabi, and I use it to deliver all my training material. Learn more about Kajabi here.
Price points for automated and recorded training programs are between $FREE – $500. Here you would create automated processes which are called sales funnels. These funnels handle lead generation, sales conversion, payment processing, account creation and training content delivery.
The reason you do this is to generate cash flow and it is kind of a filtering system. You are basically qualifying your students, members, who are more likely to enter your live coaching programs.
Within these front end courses, you will invite people to join your live group coaching programs.
Live Group Coaching
There is where the rubber really starts to hit the road. Personal connections are made, relationships start to flourish between you and your members. This is where you start to scale your coaching business as I previously mentioned.
As regard to pricing, I have found that a monthly membership fee is the best practice. This is where leverage comes to the fore as regard your time and how much you can make it worth.
Again, this stage is a filtering process because you will become aware of who you can later work with one on one.
One On One Coaching
As with any business the further the customers goes through the system the more valuable they are. Coaching is no different in that respect, but it is because the relationship becomes much more intimate.
You can give much more attention to that persons needs which do change as time goes by. Basically, you can tailor your coaching sessions to the individuals specific needs.
That bespoke service commands higher fees and this is where your biggest profits will be made. After all this is a business and your margins and revenue are one of the most important factors. Never forget that and never be afraid to charge for delivering the ultimate outcome for your members.
The Build Your AU Online Coaching Business Model
My Build Your AU programs are designed to help you create your online coaching business model. I help you achieve this through a specific process that I have created that is based upon three core factors.
Those factors are authenticity, authority and audience. I help you create what I call an authority business model which in turn creates your online coaching program or multiple programs.
Everything that I have shared today I go through within Build Your AU. The result is that you will have something truly unique that you can take to market and grow into whatever you want.
I have made it very easy for you to start the Build Your AU process with a free 9-week program which will help shape your online coaching business model. In just over 2 months you will have the foundations of your coaching business in place. That is my promise to you. To learn more about the Build Your AU 9-week program click here. I look forward to meeting you within the program very soon.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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