12 WAYS to Monetize your Coaching Business -Even If You Are Not A Coach
The coaching industry is blowing up right now.
It makes perfect sense because there is a need for coaching in all markets (Health, Wealth and Relationships). People want to have access to experts to help them navigate through this meandering journey we call life and business.
We recognize we cannot do it alone.
Sometimes we really need a perspective and guidance from an expert.
And who is this expert?
That is you. Coaches, creatives, business owners, freelancers, and service-based entrepreneurs.
When you have put in the time, work and produced results about what you know, you are the expert. There is always someone who has no idea, how to do what you can do. And you do not have to become a full-time coach to add Done With You (DWY) services into your business.
For more about Done for You (DFY), Done With You (DWY) and Do it Yourself (DIY) services you can read this blog post.
Liz is inspired by my coaching clients. What we can learn from them is that coaching can be an intricate part of your business while allowing you to service your clients in another capacity.So, Liz (like you) wants to sell more of her Done With You (DWY) and Do It Yourself (DIY) coaching services.
Here are 12 ways to monetize coaching services in your business
1:1 Coaching Calls
This is a key component to any coaching business that can also be implemented into a service based provider business as well. This can be customized where you have an outline of questions and processes that you take a client to the desired result. This is great as you will learn more about your target market and what their needs are
The key elements will be to have the following:
Get access to client information. Client completes a questionnaire to get more details on them, their needs and desired results
Setup a timeframe. A timeframe on how long the coaching or consulting will be. This can range from 2 hrs call to 4x1-hour calls per month
Create assets and visuals. Create slides with information, feedback and notes that can be shared and edited live on the call. Send client notes sheets, follow up email, report or presentation slides document on what was discussed and next steps
Tip: I record my sessions on zoom and send them with my slides. This allows clients to view or have an audio version to listen back to.
Call To Action. I recommend how my services can assist in helping them as per the findings of our coaching.consulting
2. Group Coaching Program
If you have identified some common pains your clients and target audience experience and, most importantly, have developed a process where it can be solved in a certain timeframe, then a group program will be the next step.
Think of what you have in your business to take your clients through actions, resources and activities to reach their desired results. Maintain a connection by ensuring they have access to you for accountability, coaching, hot seat questions, and access peer support.
Give clients an outline of the program deliverables, timelines and key dates for the program so they can commit to your program and meet expectations.
Setup your resources to deliver the coaching program, from onboarding and offboarding surveys, program materials, workbooks, slides, videos, etc.
Live group coaching sessions can be held using zoom, Google Hangouts or in a private Facebook Group.
Create a community within your Facebook Group or use Slack Channel for your community hub.
Tip: If you have a large group give a free 30min 1:1 session with participants so you can get to know them and what their individual goals are
Recap your work via emails and offer replays for those who miss sessions to keep the group working together along the journey.
A mastermind group helps members achieve success and stay laser-focused on a result. Participants challenge each other to set powerful goals and, more importantly, to accomplish them. Each meeting has a mastermind group agenda, so conversations stay on course.
Choose the right people. The intensity of a mastermind means you want the right people who will be successful so an application and vetting process may be needed to get to know participants. Choose members of varying success levels so they can help push each other to reach goals.
Decide on a meeting time and format. Identify if the group meets in person or online. Identify if they meet weekly or monthly for 2hrs to 6hrs at a time.
Develop a formal agenda. Stick to your agenda, keeping time for updates, brainstorming, Q+ A sessions, hot seat questions, troubleshooting and recaps to conclude your sessions.
Address logistics. Online sessions are more accessible for participants but sometimes in-person sessions can be more impactful. Keep in mind, in-person events may require a premium price to cover logistic costs and experience.
Develop processes. Adhere to a process to help keep the group on track and to meet the group's goals. It is imperative that it stays professional and consistent and delivers on its promise.
4. In-Person Training & Workshops
Pop-up workshops and events are everywhere. Look for places where you can collaborate and teach your skills and expertise to your audience. You can partner with co-working spaces, your local Chamber, your industry association or in-direct industries where you are the same audience, but are not in competition with.
5. Virtual Office Hours
I first tested my coaching skills by offering virtual office hours as part of my services package. I had clients on retainer and some work included free check-ins weekly or bi-weekly depending on the scope of work. I found some clients wanted to chat about the strategy or the direction of their business that did not encompass the scope of our work, so I set up virtual office hours that they could pay and book right off my Acuity scheduler.
A reminder: you do not have to give your clients your brain for free. You can either include it in your quote or offer it as an a la carte option in your package. You will be surprised how many clients have no problem booking and scheduling a paid call for your time and expertise. This is a great addition to a coaching or group program that can be added value to have access to you according to your availability. You can limit this to just one day on your calendar in whatever time block works for you and participants can pre-book your calendar when it is available and schedule a call.
A great service that I use to get new leads, audits can also be a discounted offer or a complimentary service that you add to your programs. The goal of audits and reports is to get clarity on a specific pain point that a client is experiencing. Then, offer your feedback and next steps.
This is a great way for your clients to build trust in your services and get a glimpse of what it is like working with you. Audits can be very rewarding as you helped your cilent overcome an obstacle and provided great value while you were at it. Tip: Offer this service for a very specific area or issue your target audience is facing. Post this in Facebook or LinkedIn Groups to see if you can attract leads.
7. Live Q&A Sessions
Start to become known as an expert by offering live Q&A sessions. This is a great lead generator that you can use on your Facebook Page or Instagram TV. You will not only build credibility but also start to get more insight into the pains and passions of your audience. Like office hours, these Q&As can be done in a public arena. A great ‘Attraction Marketing’ technique is where you leave content on your Facebook Page that responds to topics and discussions you will be asking in Facebook Groups.
Create a community with Facebook Groups. The best part is that they are FREE! Free for YOU and free for your members (unless you charge for access). Your clients have instant access to you and the community as soon as they join the community. Your role is to listen and foster engagement by creating value and products just for them.
An ebook is the quickest way you can lead your target audience toward their goals. Your book can teach them a new skill set, showcase your own work, offer case studies and more.
10. Email Course/ Challenge
The greatest lead magnet/ freebie ever made are email courses and challenges. They can take people through a quick win in bite-sized activities via emails with workbooks, audio recordings, and assignments. These courses and challenges can be automated and you can launch a live component that includes office hours, live Q+As and workshops.
11. Webinars, Workshops, Masterclass (Recorded)
Video is the best way to build a rapport with your audience. Use pre-recorded content in the form a webinar, workshop, and masterclass to attract viewers on your website. It will help build your list and provide a gateway to sell your services, courses and other information products. If you are offering a high-touch deliverable that your audience needs, then I encourage you to offer these as paid standalone products and cash in!
12. Online Course
The best way to help the masses is to offer online courses where participants can have access to your information product on their own time and at their own pace. Online courses can be evergreen, which means anyone can sign up and pay for your course any time of year. Or you can launch a course a couple of times a year, which means the course will have an open and closing date (a great way to create scarcity). Tip: Online courses can have additional tiers that you can offer like office hours, mastermind group, slack channel and a Facebook support. See the group coaching program for more.