How to Make Money Coaching
Tell me how to make money coaching!
I get this question all the time. It’s one of the top business ideas that my clients pursue. Luckily, it’s a straightforward answer. There are four primary types of life coaching that make money, and in this blog, I’m going to show you exactly how to make money coaching.
Types of Life Coaching That Make Money
Coaching is one of the easiest and quickest ways to generate revenue from your business.
I offer coaching as a supplementary product for every one of my businesses. At a minimum, you should charge $100 per coaching session, though you may be able to charge much more. For reference, when I first started The Entrepreneur Ride Along, I was charging $1,500 for three coaching sessions. That rate increased as I perfected my coaching practice. Coaching is an easy and profitable revenue stream to start with.
Life Coaching Monetization
Here are the four best ways to make money coaching:
- One-on-one coaching: Coaching is the process of helping someone one on one. It is completely free to be a coach, and you can easily charge $1,000 or more per client. It is highly profitable and easy to start.
- Group coaching: Group coaching is very similar to one-on-one coaching, except you coach multiple clients at once. I run a group coaching program for my “Build a Business” course. I charge $1,000 per person and over the course of six weeks teach a group of entrepreneurs how to build and scale their first business. Much like coaching, this is highly profitable and easy to start.
- B2B live training: Business to business (B2B) training is coaching delivered to a group of employees, paid for by the employer, such as seminars and live coaching. This is yet another day job niche idea. This can be done onsite or online through a program like Zoom. This is what my friend Tom Heffner does; he books a corporate client like Starbucks or Porsche and charges $15,500 for a two-day training seminar to help corporate employees reach innovative solutions.
- Paid mastermind: The mastermind business model is similar to group coaching. The only difference is a mastermind is a group of clients who meet together weekly, with you and all members of the group present, with one member of the group in the “hot seat.” That member is given the opportunity to bring any topic or problem to the group for advice. With a mastermind, you are creating a group of like-minded individuals who come together in one group coaching call every week. Each member participates to provide help and guidance to one another. With a mastermind, you leverage the knowledge of all members to help everyone in the group advance toward their goals. You, as the leader of this group, facilitate the mastermind and provide group coaching when needed. This is a highly profitable revenue stream; you can charge between $500 to $3,000 per person per month to host a paid mastermind. I personally paid $1,000 per month to be in Cliff Ravenscraft’s paid mastermind group. Cliff generates upwards of $30,000 per month in revenue by hosting two paid mastermind groups.
What is Coaching?
To put it simply, coaching is the process of helping a client reach a specific goal.
Coaching is the process of meeting and helping people. A coach is simply a helper, a soundboard, and a guide to help the client solve a problem or reach a goal. You do not need to have to have all of the answers. Remember that a coach is not a guru. A coach is not an encyclopedia or supercomputer that has the answer to every question. A coach is a guide, a high-level thinker that takes a high-level view of the client’s problem. A coach looks at the problem of a client from an outside viewpoint, with a second set of eyes, to provide a fresh perspective and guidance. You are not there to act like a doctor prescribing solutions and solving every problem, you are there to help the client and provide guidance which oftentimes helps the client reach an “aha moment” and come to their own conclusion. That’s all coaching is. In its simplest form, coaching is helping. This can be accomplished through one-on-one coaching or you could coach multiple people at once in a group coaching setting.
You can be a coach for anything. You can be a coach like I am, helping new entrepreneurs start their first business, a diet coach, a nutrition coach, a workout coach, or a financial coach. You can be a coach for anything. Take Kris Pavone, for example. Kris is my coach; he is a full-time life coach. He is paid to be a resource and guide who helps people meet their goals. Kris’s entire job is to meet people and help them. It is incredibly rewarding, and he gets paid to do it!
Why You Should be a Coach
This niche is virtually free. This is the biggest pro to coaching or starting a mastermind. To be a coach, all you need is a cell phone or the ability to meet with people in person. For coaching, all you need is yourself and the willingness to help others.
Why You Should Not be a Coach
The biggest con of starting a niche with coaching is that you need to invest a lot of time to meet new people. I can’t really call this a con, because you are going out of your way to help and invest in the lives of others (that’s the purpose of being a coach), but it does take time every day to talk to new people and help them work through a problem.
Conclusion: How to Make Money Coaching
Coaching is one of the easiest ways to monetize your niche site. Provide one-on-one coaching, group coaching, live corporate training, or host a paid mastermind. This is how you make money coaching.
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