How to Boost Your Coaching Income – PART 1
I was having a conversation with a colleague about the countless options for creating additional coaching income. Most of those entering coaching, are familiar with primarily one source of coaching income and that is the one-to-one coaching model although there are many others.
One-to-one coaching is the time for money model. Many coaches like this model even though it can lack stability and cause burnout over time. Clients come and go. If you have a one-to-one model and a couple of clients leave, your income can drop dramatically. If you attempt to increase your income by taking on more clients, you stand the risk of burning out because client work can be intense and require 110% of you.
You may prefer coaching one-to-one now, but you should develop added income streams so that one day, if you either can’t or don’t want to continue this work, you have the financial stability added revenue streams can provide.
This is so important because unlike money that you can gain more of, time is your ONE non-renewable resource. When it 's gone, it's gone forever so make sure that what you do in your career is truly what you want to be doing.
I have also recently spoken with graduates from other coaching schools who came to me because their certification course lacked business and marketing training. They claimed they received no useful business or marketing training at all even though it may have been alluded to.
There are so many ways to earn income from coaching that are rarely discussed or taught. I can't even begin to speculate why that might be. Isn't it to all of our advantage to have as many successful students and graduates as possible?
Not having this knowledge, really puts coaching students at a disadvantage. Your training should ideally include enough marketing and business information that you can set up your own coaching enterprise. That is at least, how we do things here at PCCCA.
Additionally, we offer opportunities for advanced training to ensure that our students have all the tools they need to fulfill their God-given vision.
If you did not receive what you need to run a successful, sustainable coaching practice, it really isn't your fault. Each industry is different and there is no way a prospective student can anticipate the specific tactics and tools required nor will they come prepared with knowing what profitable coaching models look like. That is why I encourage my colleagues in the coaching profession to provide this information.
Let's take a look at some of the major coaching revenue streams so that you can get a better idea about what is possible for you.
Group coaching is where you meet with a number of individuals on a specific topic. It is important that the topic is narrow and the solutions provided in the group are clear. This is ideal for those whose clients have difficulty affording the higher session fees. It gives them access to you, the coach, allows you to help more people for the time you invest and can be quite lucrative if you have a large group or a number of groups. There is a wonderful synergy that can happen in groups to create exponential growth. Leading groups can raise your confidence and credibility. It is not unusual for some of those who are in your group, to request hiring you privately.
Need details on how to coach groups? We include group coaching training as part of the Relationship Communication Specialist training and certification program.
This is a form of group coaching where group members coach each other. The participants will raise the bar for one another by challenging each other to create and implement greater goals. It is an opportunity to brainstorm and support one another with honesty, respect and compassion.
If you create the mastermind group, you will act primarily as a facilitator rather than participant. Your members are paying to have the benefit of the group collaborative feedback. This means when a question is raised in the group, the group members should initially provide feedback. You may comment but reserve your thoughts until the group has spoken.
Why do people join a mastermind?
Most masterminds involve an interview or application process to ensure that the member and group are a good fit. Because members coach one another, it is crucial that potential members be screened for experience and knowledge. And professions where one might feel isolated for working alone largely, as in coaching, you feel less alone when you can discuss matters that concern you and get valuable feedback. Mastermind groups are ideal for those who enjoy collaboration.
Your income comes from creating and facilitating the mastermind group, usually on a recurring monthly basis.
Next week, I will continue talking about additional coaching models to boost your coaching income with additional revenue streams, including books, seminars, conferences, speaking, membership websites and more.
Now, I would love to hear back from you. If you have found a model that works great for you or if you need feedback on an idea you like but haven't implemented yet, let's talk about it.