What life coach doesn’t want to increase their life coaching income? Ok, there may be a few of you who have reached the pinnacle of success and wealth, but most coaches are continually seeking new ways to boost their profits and money-making ability.
Want to send your life coaching income to the stars and beyond? In the spirit of the new year, here are five absolutely stupendous, incredible and amazing New Year’s resolutions you can make to expand and grow your business.
The 5 Absolute Best Ways to Grow Your Life Coaching Income
1. Delegate and delegate some more. If you have a team; delegate more tasks to them. If you have a virtual assistant, delegate! Perhaps you write articles to promote your coaching practice. Delegate this task to freelancers. The amount you pay to freelancers is worth the time you free up.
2.Don’t give your client TOO much! Are you always over-delivering with your clients? Clients don’t need that and it won’t really get you more business. Trust the value of what you offer and let the clients take it from there. Deliver honest value for your fees and give out extra time sparingly. Less time over-delivering means more time delivering to more clients. More clients means more life coaching income!
3. More is better! Coaching a group means more money. If you replace some of your 1 on 1 coaching with some group coaching, you can boost your income significantly. For example:
You have 10 clients @ $100 = $1000
You have 8 individual clients @ $100 = $800, plus 1 group session with 5 clients @ $70/each = $350. $800 + $350 = $1150. So, you made a little more because you replaced 2 clients with one group. But, let’s take this a little further:
You have 5 clients @ $100 = $500, plus 4 group sessions with 5 clients @ $70/each = $1400. $500 + $1400 = $1900. Not only have you made $900 more, you also have one less filled time slot. You can fill that with an additional client for more money, or just take the time for yourself – more money and more free time! A life coach’s income increases substantially with group coaching.
4. Find a niche! The more specialized your niche, the less competition and the more you can charge per hour. Of course, before deciding on a niche, you will need to make sure there is a demand for those particular services. If you decide to specialize in life coaching for men named Sue born in July, there may not be much need for your services. Find a unique niche with demand, and your life coaching income will rise.
5. Passive income actively grows your profits! As a coach, there are several different products you can sell that fits with your business. You can sell:
- e-books
- DVDs
- e-courses
- online coaching
- online group coaching
- assessment tools
- Mp3 recordings
- monetized coaching blog
You can make these products yourself, or find a freelancer on elance.com, guru.com, or a similar site. Either way, the sky’s the limit on how much passive income you can make from products based on your coaching practice.
With these five New Year’s Resolutions, you can boost your life coaching income. Try them out and have a very Happy and Prosperous New Year!
Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community
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