If you are a coach, I have to say there’s a particular beauty to expanding your business to include more than coaching alone. As an online entrepreneur, I highly recommend finding ways to leverage your time and expertise, create passive income and multiple income streams (through different services and offerings) to serve many others. And it’s not bad for your reputation either. 😉 (think brand-building and being an expert in your field)
I whole-heartedly recommend expanding into becoming an online entrepreneur if you are a coach, simply because of the integrity from which you can then operate with clients. While there is no ONE right path for everyone, I love helping others to see the true potential available through creating an online business as a coach.
The truth is… When coaching is your sole source of income, you are heavily reliant on finding new clients all the time. It can feel like a burden at times, as opposed to letting the right people flow to you.
But one of the main reasons I say this is again, because of operating from a place of authenticity and integrity.
Imagine you are working with a client, and you have doubts or concerns. Perhaps the client is not the best fit for what you offer… perhaps the client has been with you for some time and is not making progress. Or for some other reason, you are being pulled towards ending the coach-client relationship because ultimately you feel that would be in the client’s best interest.
When you are dependent on each and every client to pay your bills, you don’t necessarily have the ‘freedom’ to say no. And that could cause conflict.
Because of the ethics we each have as coaches, I don’t believe most of us would continue to coach a client when it didn’t truly serve them. At least, consciously. But if we were heavily reliant on maintaining a certain number of clients to meet our income needs, we might push our doubts aside unconsciously. Or we might even go forward each and every week dreading the call with that particular client.
Coaching may be your primary passion.
But what would it mean for you to have a thriving business, one that exceeds your monthly income needs, and then be able to add on coaching to it?
Let’s say your business brings in 10k a month. By adding in coaching on top of that, you can then have freedom and flexibility to
1) truly charge what you are worth without fear or worry
2) limit your client base to just a handful of clients – giving you maximum time for your lifestyle and full attention to those hand-picked clients
3) choose your clients very carefully, based on what they truly need and what you provide.
If we don’t do this (grow our businesses beyond 1:1 coaching) then we are
1) always needing to actively pursue new clients, which can be fatiguing
2) sometimes discounting our coaching rates just to ‘make a sale’ because we NEED to
3) limited to how many clients we can serve by how many hours we have in the day (trading time for money with no passive income generation)
So, what’s involved in becoming an online entrepreneur anyway? Does it sound intimidating? It doesn’t have to be.
It could be as simple as becoming a blogger and then adding on new revenue streams bit by bit.
You’d be surprised how much revenue you can generate from a blog. It’s even something I’ll be teaching down the road. (Click here to be notified when this training goes live.)
For now, just know that creating levels and layers of service will give you ultimately freedom, flexibility, integrity and authenticity.
Questions to ask yourself:
- Where is most of my income currently coming from?
- Is my desire to be a full-time coach preventing me from realizing financial security?
- What could I add to my practice or business that would both serve others and provide additional revenue?
Coaches who build a business around their services are everywhere. This website is an example of that.
Launched in November 2016, there are already new revenue streams being added and starting to take off… from online course offerings to book recommendations. You can add e-books, meditation downloads, group coaching, masterclasses, VIP days, physical products (everything from essential oils to designing your own journal)… really the possibilities are limitless.
Yes, building an online presence takes time. But what if you knew that a year from now (really much less) you could be coaching part-time, charging what you are really worth, while generating sales from your other products (information/digital/physical) literally while you sleep? Would it be worth the extra time needed to build that business bit by bit?
Most of us go through years of college education (4, 6, 8 or more) with the knowledge that we will have a degree but with only the hope that we will be successful. A year to build an online business is tiny in comparison – and the results are much more consistent and do-able.
Consider the possibilities. Feel different about it? Agree? I’d love to read your comments. 🙂
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