A practice full of one to one coaching clients – is that what you’re going for?
It’s smart to get clients in the door and build your market presence. But if you want a six figure coaching business, one to one clients is only half the story. As soon as you can, add in other revenue streams. This will keep you off the money for time treadmill and help you break through the glass ceiling in your coaching income.
I recommend you start by creating marketing that will pay you! Educational marketing is the best way to attract clients. When you put out valuable information products, each product markets your coaching business by building credibility in your target market. And, you get paid while you market.
Some people call these kinds of revenue streams “passive revenue”. Actually, there’s nothing passive about creating a book, ebook, CD set or any other product! However, your investment of time is front-loaded into the creation of the product and the marketing system. Then, these revenue streams pay you multiple times without you having to be there to “deliver the goods”. Once they are in front of your target market, they can pay you when you’re not working.
To make this work, first be sure that you’re aiming your coaching services at a well-defined target market. Then you can generate a whole string of information products and services that work together in what’s called a marketing funnel. If your market is broad, or you just bill yourself as a generalist (life coach, business coach, etc.), it will not be easy create a marketing funnel.