We’re all faced with the same 24 hours in a given day but how you use those hours is what differentiates a successful business from a floundering business. If you’re filling your available hours with coaching clients and still aren’t bringing in the money you’d like, maybe it’s time to try something new.
Multiple streams of income can help grow your business, expand your reach, and increase your profits…all in those same 24 hours. Let’s look at a couple examples of other streams of income that can help your business (and your income) explode!
No matter what type of products you create – webinars, eBooks, home study classes, published book, etc. – once the work is done, you can sit back and sell those products for years to come. Of course, there’s work involved in promoting those products but many entrepreneurs find the marketing work easier than the actual creation.
Products are priced lower than your one-on-one coaching, so your products still offer help to those not quite ready for the larger investment. This lower price point also helps expand your reach to your target audience because you’re offering more options for people. Chances are high you’ll attract people with products first, then they’ll travel through your sales funnel and (hopefully) purchase your private coaching once they’re convinced that you can help them.
Also consider hiring a customer service agent who can handle all your product inquiries and problems. With some training, your customer service agent can handle all the inquiries without bothering you, which allows you more time for your private coaching clients. Consider your product library as a separate gear in your business, one which works in the background while you focus on your clients.
Creating group coaching classes still involves you being personally involved (more so than producing a physical product) but you’re still able to reach more people at one time than with your one-on-one clientele. Consider this type of product a step up from an eBook or signature class because you are involved in leading the group. Use this time to showcase your expertise by personalizing your advice for every person in the group. Even in a group coaching situation, your members should feel that they’re getting the advice they NEED, not simply one-size-fits-all advice.
The dynamic of the group often dictates the conversation but you should still plan a course outline of what specific topics you’ll cover in each session. The beauty of group coaching is you can take notes of what works/what doesn’t work so you can fine tune your next session. Even if you continue group coaching on the same topic, it will always be different based on the people in the group.
As you can see, adding products and group coaching packages to your business offerings allows you to help more people while also earning more profits. But simply creating a product doesn’t mean it will sell by itself; you need to have a launch sequence in place so you’re ready to promote your product, even before it’s completed.