Online Coaching Income – How To Create Multiple Streams Of Coaching Income
The holy grail to any business is having multiple streams of income in place. The opportunities for online coaching income are endless. It’s time to cash in!
Hi Trish Davies here and the topic for today is one of my personal favourites. Money! There is a saying that “money makes the world go around” which is very true. Money gets transferred from person to person every microsecond and is based on one fundamental element.
That is value, or the transfer of value from one person to another. The transaction happens because the recipient exchanges value to the payee. Online coaching income is a perfect example of transferring value from one person to another.
You as the coach have the expertise and experience that so many people are looking for. People are then willing to pay you for your knowledge and expertise because it will impact their lives. It is a value driven transaction and a win/win for all concerned.
The online coaching and eLearning industry is on a steep upward trajectory at the moment. Covid-19 has certainly had a major influence on the industry, but it was booming before the pandemic.
If you research online then the industry is projected to be worth $350 Billion by 2025 which is some food for thought. This is a boom time for online coaching income and creating multiple streams of online coaching income.
How To Create Multiple Streams Of Online Coaching Income
When you make the transition from being an employee to a business owner the world is your oyster. I say that in regard to your earning potential. As an employee you have one source of income that can be turned off at any moment.
The last 18 months because of Covid-19 has more than highlighted that precarious position. Millions of people have lost their only source of income along with business owners who put all their eggs in one basket.
As a business owner you have the opportunity to have your fingers in more than just one pie. The DNA of an entrepreneur is to spot opportunities and act upon them. Multiple streams of income is like having a safety net that at times you may fall into.
When one stream is turned off you still have multiple ones spurting out money. It may be a trickle, it may be a constant flow, hopefully it is gushing. The point is that money is still being generated through these streams which all end up in one big pot. Your ocean of money so to speak.
The nature of online coaching is that everything is digital. There are no physical products or services to create. Everything is done by leveraging technology. Therefore, you can create a lucrative online coaching income from the comfort of your own home.
If, however you like to travel or be on the move your business follows you wherever you go. All you need is an internet connection to make things happen. Each product or service you create is an income stream in it’s own right.
If you need another income stream you just simple create it, that is the flexibility you have as an online coach.
Example Of Online Coaching Income Streams
I am going to cover multiple examples of digital products and services you can create for your coaching business. I am going to start off with one of the most popular digital products you can create.
eBooks
eBooks are digital books that individuals download to their computer or other compatible device. These digital products are usually some form of guide, how to, cheat sheet, worksheet, report etc.
They are also extremely easy to create. You start off with a word document and convert it to a PDF which makes it downloadable. Most devices have the software application installed so it is likely you already have the facility to create an eBook.
One eBook is an income stream so obviously if you have two you have two income streams. It is a rinse and repeat process. The question is how many do you want to create?
Audio Courses
Audio courses can be created using a simple, high definition and inexpensive microphone. Again, your device may have software installed to enable you to record your audio. Your smartphone definitely will.
These types of courses are hugely popular because people can listen to them while they are on thee move. For example, when they are commuting to and from work, when they are on their break. Even when they are working out or enjoying the favourite pastime.
Like the eBook scenario you can start out with one which is you initial income stream. Then create as many as you want, each one is an additional income stream. This principle applies to all the products and services I am going to share with you today.
Video Courses
Video courses will take longer to create but that extra work is reflected in the price your charge for them. Usually video courses are in modular format, a step by step process. That process provides a desired outcome for the person watching who wants to learn new skills.
One On One Services
One on one coaching is extremely lucrative because it is a service that you provide in real time. The previous products I have mentioned can be delivered automatically and digitally through automated systems. Therefore, you don’t need to be present at the point of delivery. One on one you obviously do,
You can create multiple one on one coaching income streams depending on your expertise. I will use myself as an example because I am a very successful property investor, I have a very attractive property portfolio.
Through that success I have created property investment coaching on a one to one basis. The same can be said for personal branding. Build Your AU is the program I have created to help people create personal brands in conjunction with creating online course. Therefore, I also offer one on one coaching for this area of business.
Retreats & Exclusive Masterminds
I have attended multiple retreats and exclusive masterminds relating to multiple areas of my business. I have invested tens of thousands into these because they are the highest level of coaching you can get.
As an expert in your field and an online trainer you can create exclusive retreats and masterminds. The nature of these retreats and masterminds is that you host them in exotic locations.
They are intimate as you have a selected number of attendees who all invest huge sums of money. Obviously with the pandemic this income stream has been curtailed but it will come back, hopefully in the near future.
Platforms To Sell Your Coaching Products & Services
There are multiple platforms that you can sell your coaching products and services. You can leverage your own websites. Set up automated sales funnels which handle lead generation, sales conversion, payment processing and product delivery.
Platforms such as Amazon can be leveraged to sell you eBooks, audio books. The main benefit of using such platforms is that they already have an existing audience which you can leverage.
Really there is no end to the platforms you can leverage, it is a matter of being creative. Once you understand how to market your products and services you can literally write your own paycheque.
How To XXXXX Your Sales
The nature of online education and information publishing is that there is a huge silent army of salespeople available. They are called affiliates who promote all of your online coaching income streams. When they generate a sale, they receive a commission which is percentage of the ticket price.
For example, say you have 100 affiliates promoting just one of your video courses. Each of them generate 1 sale per day, this generates you 100 sales a day! Usually, you would give a 50% commission which initially may sound a lot but in reality isn’t
The affiliate does all the marketing for you which means there is no marketing costs for you. On that basis if you gave away 50% commission on 100 sales in effect you are making 50 full sales a day. You have no overheads apart form the commission you pay but you are generating 100 new customers.
Those new customers can then be introduced to any other, or all the, products and services your provide.
Hopefully by now you can see the huge opportunity online coaching gives you. I am sure that you can also see the potential online coaching income you can generate simply by sharing your knowledge and expertise.
To give you a little more context to the online coaching opportunity just take a few minutes and watch the video below.
Multiple Income Streams Ideas | Create Multiple Income Streams
Ready to get started generating online coaching income? I have for you a 9 step program that will create the foundations for your online coaching business. The program will also help you create a strong personal brand that is in total alignment with who you are. To learn more about the program click here now.
Online coaching income is there to be made if you have the right tools, resources and support behind you. My 9 step program provides just that so register here and let’s get your online coaching business up and running.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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