7 Awesome Income Strategies for Coaches

If your idea of giving yourself a raise looks like hitting all the local networking events in the hope of getting new clients, I can certainly understand it. I’ve been there… I remember joining my local Chamber of Commerce, then attending weekly events hoping to make even a a single connection that would lead to a client.

What I didn’t know is that it’s not about networking or making a connection – it’s about building relationships, and that took time, a lot of time. As a mom of two small kids, I simply didn’t have the time to dedicate to this strategy, so I started looking for other ways to generate cash quickly to stay in business.

Since then, I discovered many new strategies, none of which required me to network, sell, or travel! Plus, they positioned me in such a great situation financially, that searching for clients became a thing of the past.

Let me share 7 of these really great income strategies I personally used over the last few years, which can help you stabilize your monthly cash flow, create peace of mind, and make you feel confident about your business growth.

==> Income Strategy #1: Start a 12-month coaching club

Coaching club is a membership-based mentoring program. Decide on the focus of your program, create an outline of the content you’ll teach and coach around, set up a web page describing the benefits of enrolling, and announce it to your list of prospects. Don’t have a list? Partner with people who do.

==> Income Strategy #2: Hold a live workshop

Teaching a one-day hands-on interactive workshop is a great way to give people that personal attention they want. You can charge a low fee, then enroll people into a high-ticket coaching program with you. Or, you can charge more and have a big payday.

==> Income Strategy #3: Teach a teleclass

Survey your prospects and find out what their biggest problem is, then teach your solution as a paid teleclass or webinar. I recommend doing this at least 4 times a year as a way of “cash injection”, and for being seen as an expert and a resource in your niche.

==> Income Strategy #4: Launch a mastermind group

If you work with business owners, this is a great way to bring people together and facilitate idea exchange, hot seats, makeovers, resource sharing, and growth strategies within the group, with you as the leader.

==> Income Strategy #5: Create a telesummit

Ah…One of my favorites, of course. Having done six telesummits over the last few years, I can tell you there are very few strategies that can generate the results a multi-day niche-specific teleconference can do for you. The key here is to feature *topics*, not experts like I see many people do.

==> Income Strategy #6: Start a membership site

Gather all your existing content, tools, resources, forms, templates, audios, and videos, and turn them into a membership site. Charge a small monthly payment, or combine it with group coaching and turn it into a coaching club. Being topic-specific pays off here, as well.

==> Income Strategy #7: Promote subscription tools

Everyone subscribes to something – business owner or individual – and you can easily get paid affiliate commissions for recommending tools. I recommend tools such as shopping cart, autoresponder, newsletter publishing , survey creation, practice management, and many other tools that my target market can use.

There you have it – seven strategies that, if put in place, can keep you and your family thriving all year long. I also highly recommend that you plan your income streams 12 months ahead. There’s nothing more fulfilling than knowing exactly what’s going to bring revenue every month