13 Ways to Make More Money As A Coach
Do you think only of individual, one on one coaching as you think of growing your coaching business? When you did your coach training, you probably spent tons of time practising your coaching skills, usually one on one, so it’s only natural you think it’s the best (and perhaps only) way to be a successful coach.
I’m here to tell you that is not the entire truth. While I agree it’s one of the most common ways to build your business it’s by no means the only way.
My view, one on one coaching is amazing and rewarding, but my experience has also shown that no matter what I do if I coach more than 5 people in a day, I am exhausted. I think, for me anyway, the intense concentration and deep listening takes a lot of focus and energy. So, when I quit my job to become a full-time coach I quickly found out that I needed to branch out and try other types of coaching too.
Personally, while I love the individual conversation of coaching, I also love variety. Diversification is good in any business, let’s look at some of the many ways you can boost your business’ income.
To begin, consider who is hiring you
You can be hired directly by your client or you can be hired by an organization.
If you’re working as part of an organization, you can be an external coach (consultant/subcontractor) or internal coach (employee of the company).
Types of Coaching
Individual Custom Coaching
Also known as 1:1 coaching. This can be in person, by phone or video (Skype, Facetime or a video conference provider). In this type of personalized coaching, the focus is on the specific client’s goals and the coaching supports them as they move forward to resolve an issue or achieve the goal. Calls take place either ad hoc or on a regular schedule of weekly, biweekly or monthly.
Individual Coaching Program on a Specific Topic
Often known as a signature coaching program. If you have a specific expertise, for example in sustained weight loss or confidence building, this can be another good approach. While this is still very much individualized, you are engaged to take the client on a designated journey during the program. You have a solution that they would like to learn, achieve, embody or have. This type of program can last anywhere from a few weeks to a year. Calls take place on a regular schedule that you coordinate with the client.
This is individual coaching, but instead of meeting in person, by phone or video, all coaching is done by email. If you love to write or are proficient at keeping your thoughts clear while dictating voice to text this can be a great option.
You may have heard these called VIP Days. They can be half day, full day or a full weekend of intensive one on one coaching. Primarily, these are done in person, and often the client and coach will meet at a hotel or resort, a locale selected to facilitate the intensive nature of the work. They are a highly focussed event for people who want to accomplish something very quickly.
Group coaching program
These group coaching sessions are a great transition and depending on your comfort level it can be as few as 2 and up to 20 people. The coach focusses on a theme and decides the best way to lead the group. There are usually worksheets, discussions, accountability, reading, video content and individual coaching within the group environment. Group coaching can make it more affordable for clients. And it provides group support and camaraderie. This effective use of your time usually nets a higher hourly rate.
Workshops / Webinars / Seminars
A workshop usually addresses one topic or a related range of topics. Duration can be as little as an hour to a number of full days. There may or may not be coaching specifically, but the coach will present, demonstrate and teach new skills and often this is done with a coaching approach. You can conduct these virtually or in person.
Usually, these are conducted in person, but there is a growing trend to virtual retreats as well. Coaching forms either a portion or is the main focus of the retreat. In other words, coaching can be the prime topic, or it can be an added side approach to embed learning, or even act as a tune-up for the attendees. These are a great opportunity to work with complementary partners.
Coach in residence
A part-time coach who is committed to a certain schedule at an organization (e.g. one day per week, two days per month). During the time the coach is on site they are available for individual or group coaching with the team.
This style of coaching is usually done on-site at a workplace and the team is coached to improve performance, engagement, cohesiveness and other organizational goals. At times, this can be layered with individual coaching of team members.
There are many forms of monthly memberships and really they are defined only by your imagination. The group members usually fall within a common niche (E.g. work at home Moms, high potential leaders, women entrepreneurs, creatives, women in STEM) These usually combine handouts, assignments, group instruction, video, periodic live coaching of one or two individuals and Live Q&A.
Public speaking delivered to small or large groups at events. There is often an opportunity to couple this with a small coaching demonstration. It’s an excellent way to get visibility for your business. Wherever possible, take advantage of a business card drop, sign up sheet or offer a prize to encourage people to submit their email address. This lets you follow up afterwards to further networking and promote your services.
Write a book or eBook.
Share your knowledge on a specific topic. Promote your books on your website, Amazon, Barnes and Noble and other online bookstores. There are also print on demand services if you want to make print versions of your book available.
Digital Coaching Program
Delivered through a course portal or regular emails with a combination of reading, videos, workbook(s) and specific actions. These programs are topic specific and are often coupled with a group forum on social media (Facebook Groups).
Now over to you, are you ready to try something new? Which of these ideas has sparked your curiosity? Send me an email at firstname.lastname@example.org or send me a message by pressing the Message Us button on the right-hand side of the screen. I personally read every single message.
My goal is to help you, have your dream coaching practice. How’s it going? Is it everything you hoped it would be? If you’re looking for my clarity, confidence and focus, schedule a complimentary 20-minute private Clarity Session with me. Follow this link https://bit.ly/2qVMn9j I can’t wait to hear from you.