How to Become a Business Coach: Generate Revenue with Coaching Levels
If you’ve just begun learning how to become a business coach, you’ve likely encountered LOADS of prospects interested in your help…but can’t afford to hire you for a full-price, $1,500-$3,500 per month, one-on-one business coaching program. Go to any chamber of commerce or business networking event and “smalls” out number middle-market businesses by 10 to 1.
For many executives learning how to become a business coach, prospects like this are simply a “no” — a contact to file away and go back to a couple times a year, just in case something changes.
But for savvy, business coaching rock stars, there are ways to engage these clients now, get them awesome results, and make (mostly) passive revenue in the process…
How to Become a Business Coach by Generating Revenue with Multiple Coaching Levels.
There are lots of ways to introduce levels of coaching for clients who are not in a position to invest in a more robust, one-on-one coaching program with you.
- Create a membership site. Just like we’ve done at Coaches’ Coach, put all your best business documents, exercises, and templates in a well-organized membership site and have clients pay anywhere from $97-$397 per month to access them. These days, with software like Word Press Optimize Press, for E-Marketing-savvy business coaches, and Kajabi Next, for less experienced business coaches, it’s cheap and relatively easy to create a membership site! Our Basic Membership allows new business coaches who might not have the resources to hire a certified Coaches’ Coach to access our system and tools, which helps them improve their businesses.
- Introduce group coaching. Group coaching allows you to maintain a wonderfully high Effective Billable Rate by reducing the amount of time you spend with each client. Just 4 clients paying you $500 a month to meet in a small group (either in person or over the phone) brings you $2000 a month…and doesn’t take much more time than attending to a single coaching client.
- Conduct regular 1-day seminars. One of the best ways to make quick cash — and attract new clients in the process — is by conducting regular, 1-day business growth seminars. Conduct the seminars anywhere from once a month to once a quarter. Charge a tuition fee of $397. This gives prospects a chance to “try before they buy” — something that can dramatically boost your conversion rates.
- Host webinars. If you have a niche or virtual practice and can’t reasonably put together a face-to-face low-cost event, set up a webinar and charge $47 to $197!
- Package your knowledge into products. Create a series of information products: e-books, DVD and CD sets, worksheets, full courses, newsletters, and more. Repurpose content by saving email blasts or recording your seminars and webinars to be reproduced and redistributed later. Information products are a wonderful source of revenue because they’re cost-effective to produce — and leverage your time and efforts in creative and profitable ways.
These revenue-generating strategies allow those just learning how to become a business coach to collect revenue that we wouldn’t otherwise if we had a one-size-fits-all approach.
What other creative ideas do you have to generate revenue from clients who may not have the cash to engage you fully, but still want and need your services? Are you offering at least 1 low-cost, high-value alternative to your full-price, one-on-one coaching program?
Want to learn the nuts and bolts of generating revenue with multiple coaching levels? Check out our entire step-by-step system HERE!