6 Ways For Life Coaches To Increase Their Income
One of the conundrums in becoming a Life Coach is the fact that you are exchanging time for money.
As such, if you have to take time off work for any reason (vacations, illness etc.) you don’t get paid, it’s as simple as that.
Fortunately there is a solution, and it’s called multiple streams of income.
This has become such an important element for coaches in a crowded market place that we have now included it as a module on the latest Coach The Life Coach course.
In the meantime let’s take a look at some ways you can bring in some extra income that don’t always necessarily involve your time other than the set up at the beginning.
This is probably the most obvious and commonly used methods.
When I first launched Aligning With Core Values about 4 or 5 years ago it brought me in over $5,000 in the first 12 months.
Since then there hasn’t been a year it hasn’t brought in at least $3,000 in passive income.
Admittedly that’s not enough to live on, but it’s a nice feeling when you wake up to find another $100 in your PayPal account that wasn’t there the previous night.
I look on it as my vacation money.
Pluses – Low barrier to entry, virtually no cost of sale so it’s all profit from each book.
Minuses – You probably need to either really understand how to use Amazon to your advantage or how to do a proper launch and make sure you get your book under the noses of as many people as possible. Lots of competition.
2. Hard Copy Books via a Publisher
We are looking to turn Aligning With Your Core Values into a hard copy version. Whether we decide to self publish (probably) or try and get it published is still uncertain.
Self-publishing means you retain all the rights and all the profit.
Being published has a higher level of kudos and if you write a killer book you can make considerable sums from advances and further sales if it hits best-seller status.
Even though we self published How To Be Rich and Happy in the US we sold the rights into China, Taiwan, Germany, Netherlands, France and Canada and netted about $30,000 in advances.
We’d have to have sold a lot of books from the site to have made $30k.
Pluses – Kudos, advance money, credibility with potential clients if they see your book in regular stores.
Minuses – Almost no publisher will take an unsolicited manuscript so you need an agent. Agents are very difficult to get. Until you earn out the advance you earn no more money and even after then the amount is small compared to self publishing with 10% nett being good.
3. Joint Ventures With Other Life Coaches
If you have a product or service to sell you can try and form some joint ventures or jv’s as they are usually called.
There’s two way to do this.
The first is a simple swap, whereas the other Life Coach or blogger agrees to promote your product to their list or blog in return for you doing the same for them.
The more common route is you ask people to hit their list on your behalf and you pay them an affiliate fee for each sale.
You usually have to offer at least 50% affiliate fee for digital sales, but when there is no cost of sale you’re still getting 50%, which beats 100% of nothing. You also get exposure to a new audience.
Pluses – IF you can get somebody on board who has a big loyal list you can make some quick money.
Minuses – I get battered with people wanting to JV with me and my list is only 10,000. So to get in with the really big players means you may have to go as high as 80% commission and have a killer product.
4. Affiliate Marketing
I have an affiliate account with Amazon so that every time I mention a book I go and grab the affiliate code and pop it into the hyperlink.
Amazon only pay 4.5% for up to 5 sales per month and then 6% after that, so you’re not going to get rich unless you have a MASSIVE readership.
I probably make about $750 per annum, which is better than being hit round the face with a wet fish.
As I mentioned above, there are options with affiliate marketing to make a lot more money than that.
I did an affiliate push with Rick Hanson’s brilliant Foundations of Wellbeing (the guy who wrote Buddha’s Brain) and it’s bringing me in about $175 per quarter and yes, that is an affiliate link.
There are a lot of options out there.
Plusses – It’s really money for nothing a lot of the time and requires little work.
Minuses – Hard to do without a decent sized following and you can irritate your subscribers if you are always trying to sell to them. Always make sure your readers know it’s an affiliate link.
At Coach the Life Coach we have always put on our webinars for free.
We have done that to build up our authority and get more subscribers, it’s a win/win.
However, we are considering putting together a series of webinars based on this very topic (expanding income) and bringing in experts to talk on different topics and charging for it.
Free is lovely, but it’s not a long-term viable business model and we know we can deliver value over and above anything we may potentially charge.
Maybe you could run a webinar series on some self development topic that you think you are an expert in.
Better still, invite experts to join you so that they have access to your followers and may then get hire after. If you get really lucky they may even help you promote your launch on Social Media and to their list.
You can also record webinars and for as long as they are relevant sell them to your website visitors. These are called evergreen products because they don’t require any maintenance.
Plusses – The ability to record and then sell automatically on your site.
Minuses – Can take quite a lot of prep, and yes, as per many of these, you do need a reasonable sized list to sell to.
We are now in the process of setting up to offer the coaching element of the Coach the Life Course as a purely digital product that will be available year round.
It will be 7 modules, plus a bonus module on niche marketing, include the ability to get certified and if you ask nicely, include a one-on-one session with me. Not bad for $599!
Then we will offer the client attraction element as a stand alone digital product too. Although at this stage we’re not sure what that will comprise of.
The coaching element will be evergreen, whereas the client attraction will require a lot more work in keeping things like social media and SEO information up to date.
Plusses And Minuses – See Webinars
There are other ways to create passive and extra income and we share those on the course and go into more detail about the ones above, but these should be enough to keep you going!
P.S. Do you also want to learn about how to get more clients? Then you can check out the 5 Ways to Get More Clients article.