As if Rich Coach Broke Coach hasn’t given you a ton of money-making ideas so far, well, here are a few more that might may not have fit in some of the other previous sections. Look them over, and if any hit home with you, take the necessary action and start generating more income based off them.

MORE $$$-MAKING IDEAS
FOR ALL COACHES TO MAKE EVEN

MORE MONEY THAN THEY ALREADY ARE!

  • Rich Coach Broke Coach by Bart Smith A leveraged income-generating structure of multiple streams is what to strive for. Otherwise, coaching will become a job, with no extra income coming in from other sources when you’re not coaching.
  • You have the knowledge people are seeking. The problem is, it’s truly a numbers game and a game of filtering out those with the money, and those with little to no money. So? Package your knowledge and problem-solving solutions in different forms and at different prices, and don’t think anything of it. Rich Coaches make money through several means, not just coaching one-on-one with clients. How would you like to make $20,000 a year coaching clients one-on-one, and another $20,000 from product or membership sales? How about another $10,000 a year from speaking? How about another $5,000 a year from affiliate marketing referrals you make to vendors and others paying you a commission for referring business to them? How about another $2,500 per year from ads on your website in your blog? Do you see where this is going? Think outside the box. DON’T LIMIT YOURSELF to just making money coaching (the traditional way). That’s why a lot of coaches get stuck and go broke. If you ever have a slump trying to fill your coaching calendar with paying clients, or you just don’t want to coach for a period of time, your income doesn’t sink to ZERO. You still have other income sources paying the bills.
  • Buddy up with other complementary coaches who can refer you clients just as much as you’ll look for clients that meet their referral requirements when such prospects comes around. All coaches should offer and pay each other a referral fee for doing so. If you had 30 coaches looking out for you, as much as you looking out for them, one way or another, you’re going to make some money off someone getting coached. Hit the Web and search for coaches coaching topics you don’t cover. Introduce yourself, tell them about this referral service you both could benefit from and get to work! Have them do the same. Imagine networking and referring 10 paying clients to 10 different coaches in a single month, because you weren’t qualified (or available) to coach them. Suppose the referral fee was $100. You just made $1,000 and all you did was say, “Go see (coach’s name).” Compare that to waiting around to find someone to coach for one of your $997 packages. Leverage your time and help others, while fishing for yourself. Who knows, imagine 10-20 coaches looking out for you, and between them, referring 1-3 clients to you per month? Have a web page on your website, public or private, that educates these referring coaches about what you do, what to say to potential prospects they come across, how to send them to you, etc. Make it easy for people to refer clients to you. Encourage them to do the same.
  • Keep in mind, you will make money coaching if you are successful in helping clients achieve their goals. Having said that, now FORGET ABOUT THE MONEY! Focus on the clients, and let the money take care of itself. I say this because clients want to know you really care about them, their success, and can listen to their most inner thoughts and fears, and not be worried about cha-ching / “when do I get paid?” So, set your fees, let your fee schedule do all the talking, let your payment systems automatically collect coaching client payments so you don’t have to harp on them about it, “Oh, I need to collect your payment for this month’s coaching.” No, that will be put on auto-pilot with your shopping cart or other payment system. Choose to create recurring products in the cart so their credit cards can be billed automatically.
  • Can’t find clients to pay you (what you’re worth)? Tired of spending all that time marketing, and giving away your valuable time with free sessions on those who never call you back to book even one minute with you? Then, coach the world for free with your own podcast show, and attract sponsors to foot the bill, pay your bills, and get rich! There are people right now, making thousands of dollars per month with their own podcast show. All you need is great coaching content + listeners + sponsors = you’ve got a Rich Coach model for sharing your passions and coaching services with the world, for free, and you still make money. So, instead of wasting all that time on free sessions and networking, etc., spend it creating the best podcast show ever. Here are some show name ideas ……. Then, here’s how to conduct the show ….. tools you need …. format ….. where to post/broadcast/submit yours too …. and be sure to video record you doing your show too. Then, have people call in … You can still have people call in or submit their questions/challenges to you for solving. Then, pick one that many have, and coach that person (and others) virtually via your own show. Those at home listening, will listen in (like a real popular radio show) and love it. Some might have the courage after listening to you for awhile to actually book you for one-on-one coaching. But, by that time, your rates are how much? SKY-HIGH! You’re busy! This is a great way for new coaches to get started and get their message out there on how they can help others with what they know. Pick different topics you can help people with and start broadcasting your solutions. You could later have a pay-to-listen show too. It’s all up to you!
  • Another reason to befriend other coaches (especially, in your field/niche) is they might turn clients over to you if they’re either overwhelmed with clients, moving on to different niches, only taking higher paying clients, or other forms of coaching.

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  • Co-create a product, seminar, workshop, etc. with other coaches. Bundle up different topics you can all speak on. You might call it a LIFE MASTERY SERIES where each coach submits their own contribution of audio recorded expertise to the bundle. Imagine if three coaches contributed to this product. You could sell the bundle of audio for $97, and split it three ways. Sell a potential 300 in a year (with combined marketing efforts) and you each just made a sweet $9,700 in extra income. WHO couldn’t use that kind of money falling from the sky? EXACTLY! Co-create similar products, etc., with different coaches of different niches. Come up with at least 3-5 different bundled products with multiple coaches across the board.
  • Companies hire consultants (i.e., coaches like you) to help them with their own clients and even employees. What a great way to use your expertise on individuals who need your help, and are recommended to you through a familiar source to them. Who knows, one of those clients (or employees) might want to work with you on their own time.
  • Train others in what you do. Others are looking to make money these days. You can charge them to get trained by you. Then, you could insist you take a percentage of their income for the first year, or so, when you give them clients. Skim a little off the top for yourself.
  • Companies appreciate workshops and investing in their employees. So? Create a 2-4 hour workshop (or all-day with lunch breaks) around your coaching niche, and just don’t go after individuals for coaching, go after companies. Besides, they’ve got the deep pockets to pay you what you’re REALLY worth. So, don’t ignore this money-making resource. Create your program, then ask your friends/family to provide your newly created workshop for FREE to their company/staff. All you need is 1-3 positive testimonials from these companies, along with a bunch of photos and video of the employees saying how great you were and what they got out of the program, for you to pitch it to other companies for a fee.
  • Coaching companies is just like coaching people in group (or individual) format. Besides, most employees would LOVE to pitch your workshop to their boss, because they’d love to get out of work and attend your workshop IN THEIR OFFICE! Who knows, depending on the size of the company, you could offer the same workshop to a multitude of different groups within a single day, multi-day visit, or a week-long period. Who knows. Price them at $500-$2,500 for the half day, and $2,500-$5,000 for the full day. Pricing depends on group size, duration of training, number of training sessions, are products included in the price (i.e., include giving out your books for all audience participants at cost + $2-5 profit per book. No sense in charging full price, the company’s buying your books in bulk. So, 20+ books can be bought at cost + a small profit to you. You don’t care about that because you’re getting your book in the hands of potentially 10-100+ people. Those people are all joining your email list, right? Of course. They’re all going to be up-sold to private coaching with you, using a company discount coupon, which expires one week from the day you coached them at the office, right?
  • Are you seeing how this works? These workshops might also include individual coaching time, or hot-seats that encourage people to call on you for helping them with their own problem during/after work.
  • Search online for companies that you could approach with your workshop rehearsed and perfected. Offer them a link to learn about you. After you make 10-20 calls, and get 9-19 no’s, you’ll learn best how to approach other companies with a more refined pitch. Every workshop, company, budget, do they / don’t they bring in consultants company is different.
  • Getting a gig to work with a company can do wonders in boosting your credibility with and selling your services to individual clients. So market to companies, just as much as you’re looking for individual client coaching work.
  • Companies are looking for coaches, trainers and consultants who SPECIALIZE. So, no general (I can coach on anything) type topics. Be as specific as possible. Drill down, and shoot for a bull’s eye! If you have many talents, offer them in a menu like format, and offer individual pricing for each, and group discounts for multiple selections.
  • Companies will check you online, make sure your website is rock solid, professional, working and has everything they need to make their decision within 5 minutes to 5 days, i.e., they have to get approval from someone.
  • You can make more money coaching more people at once. So, set up group coaching, seminar, workshop and class sessions. Coaching with you one-on-one is more expensive, because your time is valuable, and working with one client (one-on-one) is not the best use of your time, naturally. You’d rather be teaching 10 people at $100 each that day, than just one person for 3 hours @ $100. Do the math.
  • Starting out, you might start with the group model. More people, more money. As your popularity grows, you can work with less people, and charge more.
  • Record your coaching calls with clients, and offer to sell it back to them separate from your coaching fee. You could use a tele-seminar/conference service like FreeConferenceCalling.com, or similar service. You both call in, you’re the host, they’re the guest. You record the call, by clicking a button on your tele-conference dashboard that you control. When you’re done, turn off the recording. In about 3-5 minutes, a downloadable MP3 file will be ready for you to … download to your computer. You can edit it a little, or keep it as is. No matter, offer it to the client as a bonus included in the pricing of their coaching package, or sell it to them for $10-100. Up to you. The reason why you sell it is because it’s like an extension of your coaching when you’re not coaching them. The client’s going to listen to this audio on their own time. When they hear a tip you mentioned on the call that they forgot, that’s like a second coaching session. Worth? Being paid for. Sell them the audio at an additional cost.
  • Companies want to hear about results, transformation, outcomes, and everything related to R.O.I. (RETURN ON INVESTMENT) when working with you. Have results, stats, success stories and measurable results ready to share.

  • Create a product at your website clients can pay for, you get notified they paid, they get to ask a question via eMail/voice number.
  • Create a membership website with different paying levels. Each level will contain different elements and solutions that are found in your coaching.
  • Create 1-5 (or more) different speaking/training programs, and start promoting them all over. In fact, once you have at least one program done, polished and ready to present, film yourself for 5-10 minutes presenting it (even to an empty room). This video can then be used by speaker bureaus to promote you to their clientele looking for speakers like you to present to their audiences.
  • Create a COACH YOURSELF program based on what you coach your clients on. This could be a book, audio, eCourse, etc. Create package titles like “COACH YOURSELF: NO MORE STRESS!”
  • Create special clubs for your past and current clients. Past clients get the chance to stay in touch with you by being part of that club. Current clients get access to other products, services and information with their club. These clubs could be charged on an annual or monthly basis. Even at $9.95 per month, if you had 50 members, that’s a sweet $500 a month coming in. Nice! You know the drill.
  • Offer to sell problem-solving experiences other clients have with other clients. You don’t have to give away any names and contact information. It’s just, “Would you like to know how x-client of mine solved y-problem? I compiled a list of those problems and their solutions which you can buy from me. Just go to this link on my website and order it!”
  • Build your subscriber list from a free newsletter to a paid subscription after you hit a certain number of subscribers on your list. Let’s say 10,000. Charge them $1 a month to be on it, for 4 weekly newsletters. Gee, there’s a nice $10,000 a month coming in. “Hello, bank deposit!”
  • Create a coaching program that gets sent out via eMail, on your website, via webinar or over the telephone via pre-recorded messages. Charge $1 for the first day, then $9.95 per month (or other amount you deem fit to charge) if they want to keep going. Shot for 100 people to climb on board. That alone spells out $995 in monthly income.
  • “Lifetime income,” comes from “lifetime clients” so think of ways you can keep clients around for life! For sure, there’s plenty inside Rich Coach w Broke Coach to keep your mental money-making wheels spinning with ideas!
  • Find organizations in your niche who might like to take you on as their resident expert on matters related to the organization and the problems their audience/members face. In this way, you get their endorsement as an expert, you get potentially free exposure to their audience/members, and you just might get called upon by someone in their audience for your help. How many organizations can you do this with? Only one! KIDDING! UNLIMITED! Go get ‘em, tiger! Partner up with 10+ organizations. Hope to it!
  • Create monthly group meet-ups for paid clients. You can meet at restaurants, someone’s home or office. Invite a guest expert each time, if you like.
  • Extract the nuggets and success stories out of all your clients and hone more attractive coaching packages.
  • Limit access to your time. You want to make more money? Limit the amount of time someone can spend with you, talk with you, etc. If you clients want more time with you, you’re available!
  • The more you answer your own phone the less money you’ll make. The more you DON’T answer your phone the more money you make. Why? If people can reach you, pick your brain, interrupt you without paying … you lose money. If people have a hard time reaching you, and once they do, they know that’s billable time, you’re in profit. If they decline to pay you (and don’t ask for your advice), you’re better off without their business because there’ll be a paying client standing right behind him/her with a credit card ready. Now, if you’re answering your phone because it IS a paying client, then no problem. Take the call and earn your fee.
  • Make a 1-hour (or so) recording of all the positive, uplifting, reaffirming statements dreams and wishes the client wants to accomplish. With your voice, or a hired one, record something and sell it to the client. Or, include it in your pricing. You see, when the client has something to listen to over and over again, that was created just for them, and based off all your talks, that’s worth listening to. It could be nothing more than a 20-100 (or more) point list of single sentences documenting your call together. Wow, that would be a powerful and value-added coaching product to sell to them.
  • Offer increased access to you to answer questions or offer feedback, in the form of additional time, additional eMail replies, etc. Associate these perks with properly named packages (i.e., Silver, Gold, Platinum, etc.).
  • Offer single (and CHEAP) $25-75 per 45-minute sessions where clients can ask you anything. They’re grouped in a single day, prepaid up-front, and grouped in single day. You might start at 9:00 A.M. and go to 4:00 P.M. You might call this your “COACHING CRUNCH DAY!” Where you’re slamming upwards of 6-8 (or more) 25-45 minute sessions back to back with 15-minute breaks between them as a quick break and an hour for lunch carved out for yourself. While this might not be the ideal way to work all the time, if you can pull off a day like this and make $600-$1,000 in a single day, hey, you just came up with a nice bucket of cash. Do that twice a month for clients who can’t afford your high-priced hourly rate or multiple-month packages priced way high, but still want access to you for a quick round of Q&A with the master (i.e., you). In fact, if this is successful, you might do this once a week, just to keep the cash flow coming in. It’s all up to you.
  • Offer to partner with clients if you see some potential working together. Take your fair share of the profits working as a team or contributing joint venture partner.
  • Overwhelm them, keep them wanting more (specifics) from you. Never let them hang up that phone fully satisfied. You’re already in the emotional business of helping people overcome and win. You might as well get them emotionally hooked on YOU!
  • Turn your coaching knowledge into training programs for individuals, groups, companies, online/offline, drip-feed/content, in written form, digital form, audio form, video format, etc.
  • Referral Bonus/Fee: Have one! If you sell a $997 package, offer $100 to someone who refers that paying client to you. Better to have 100 people keeping their eye out for new business leads for you, than you spending 100 hours of your time trying to do so. Just pay them when they bring in the money.
  • Have a referral system that gets clients to be your best sales people. Offer $50-100 for a lead that result in paid clients coming on board to coach with you. Different commissions for different durations, packages, price points, etc.
  • Refer clients to other coaches after they’re done coaching with you. Have other coaches do the same.
  • Conduct your own retreats. Create your very own 1-3 day event based on your coaching niche, and sell tickets for folks to attend them. You could create mini-retreats in your local town; book a hotel local; stay close to family for emergencies; etc. Look into hosting them at spas, resorts, on cruises, beach side, lake side, riverside, you name it!
  • Pay attention to money-making ideas you might pick up from other coaches, speakers, authors and info-entrepreneurs.
  • Set up your affiliate program. You could create a digital product based off your coaching, and submit it to the various affiliate network and digital product marketing websites like ClickBank, JVZoo, E-Junkie, and ShareASale. If you allowed for affiliates to collect 100% of the sale in commission, you’d have some hungry affiliates really promoting your digital product throughout the Internet. Talk about some great publicity. What’s more, their hungry efforts are going to generate leads for you from all those sales. Sometimes, there’s more money to be made from a warm lead, than there was from a tiny little product for sale at $10-$20, where you gave away 100% of the commission to an affiliate.

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  • Team Coaching: Pull together other coaches that complement one another and conduct an online/offline workshop. Each coach gets to field questions from the audience. The beauty about this is exposure=leads=sales is that each of you can promote the event, so it’s not all on you. Other coaches are attracting their ideal clients to ask them questions, which leads to them meeting you and what you do. Cha-ching! Look for ways to promote your products/services too. Conduct these events 2-5x annually or more.
  • The average lifespan of a coaching client can last from 3 months to a year. Plan ways to monetize their absence, such as, turn them into an affiliate, joint-venture with them if possible, create new packages you can sell to them again.
  • Encourage clients to call in and talk to you for as long as they want. When they call, start your timer. Charge PER MINUTE for them to talk to you. The first 10 minutes are a set price. Thereafter, it’s a reduced rate.
  • Turn clients into affiliates for you and your products/services. Show them, help them and encourage them to sell for you.
  • Upsell clients to one-on-one coaching after going through your online program or buying a product.
  • VIP DAY: Sell special sessions/times at special prices to a small handful of clients. This is a great way to raise $1,000 or more. Imagine four people at $250, etc. Do the math and make it happen!
  • Workshops might be your best and most profitable means of coaching people. People don’t like to take forever to learn something. If they can invest in a weekend, all-day, 2-day workshop, even a whole week, that’s much better than taking eight months to get through a problem they’re having. An associate coach in the business asked me to help them with a client. I heard the problems this client was having from the coach, when I asked, “How long have you been working with them on this problem?” They replied, “About eight months.” I exclaimed, “EIGHT MONTHS? Are you kidding me? Ugh, send him over.” So, he came over, and within one week, consisting of an initial discovery session call, and three subsequent calls at 2-hours each per call, he was set and ready to face his world with solutions, ideas, perspectives, and conversation scripts which I equipped him with. Price tag? $500. He said, “Wow, I already paid $2,000 to this other life coach over the past eight months, and you knocked me out of the park in a week. Bart, thank you!”
  • Workshops: If workshops are going well for you, just consider yourself a workshop coach! No, you don’t coach people on how to conduct workshops, but rather you coach using (your) workshops as the coaching delivery method. If you’re not conducting workshops, and you’re struggling as a broke coach trying to bring in revenue from one-on-one clientele, hustle up and put a workshop together. At least your knowledge won’t go to waste. With workshops, you can coach 10 or more people at once, charging between $100-$1,500+ per person. Hey, that’s a potential $15,000 weekend.
  • Every 3-6 months, especially annually, audit your money-making systems. Which ones aren’t pulling in money, which are. Fix, drop or replace those that aren’t, and improve, add to, expand, and enhance those that are to make them make more money for you.
  • Burned out? Ready to retire? Why not SELL your coaching company to another coach? Document your business operations to how you marketing it, find and coach your ideal clients. Share everything about your business from contracts, agreements, pricing, packages, fee schedules, session times/durations, etc. How much could you sell your coaching business for? What are your annual sales? Why not charge 5-10x that. Optionally, include a salary for yourself to consult with the new owners as they need help. What else goes into the value of selling a coaching company? Your brand name, mailing list (10,000 or higher is considered a sizeable list; 5,000 and under can fade fast if those aren’t solid subscribers), marketing materials, ready-made/to-use contracts and agreements, product-line, website done, membership portal, client portal, seminar/workshop/training programs in place, search engine ranking among other coaching programs, policies and procedures in place, etc.
  • Who buys coaching companies? Consulting companies, wealthy business men and women looking to add more revenue to their current consulting income and just want to pick up additional clients and successful coaching programs that have a proven track record. How do you find people to buy your coaching business? Advertise online, approach other coaches, coaching companies, consulting companies, write a book about it and get interviewed. Talk about the benefits of buying a coaching business. Watch investors and buyers come out of the woodwork.