Most coaches who are having difficulty developing their coaching business have a backwards approach to creating revenue. They attempt to sell their most expensive product first by trying to convince a potential client of the value of one-on-one coaching.
Coaching is a relatively new type of business and has a high barrier to entry. This means that persuading someone who has never heard of hiring a coach or is unfamiliar with its benefits will be very difficult to sell. Coaching comes with a high price and offers an intangible product. Asking someone to lay out a large sum of money for something they cannot yet see the benefit of just won’t happen.
But people with a problem that is serious enough for them to be determined to fix it, value information that will help them address relevant issues. As an expert in your field, or niche, you should have all of the products and services they need to solve their problems. In order to create these products, you need to know and understand what challenges and issues they are facing. Then you can offer them products to address these challenges.
Education products and services are well accepted and do not attract the resistance of one-on-one coaching. Excellent offerings should include newsletters, ezines, workshops, seminars, teleclasses, CDs, eCourses, clubs, reports, tools, assessments and mini-courses.
These products will help your potential clients begin to solve their problems and begin to overcome their resistance to your higher end products. In doing so, you will gain their respect and trust as an expert in your particular niche. As you continue your relationship you can begin to offer them higher levels of products.
The items listed above can be broken into groups of products at different pricing levels.
Group 1 Products ($0 to $30)
- Newsletters
- Assessments
- Tools
- Autoresponders
- Surveys
- Seminars
- Workshops
Group 2 Products ($50 to $200)
- Teleclasses
- CD Products
- E Mini Courses
Group 3 Products ($200 and up)
- One-to-one coaching sessions
- Boot Camps
Passive income is also an excellent source of additional revenue for a coaching business. This includes affiliate products, repetitive services and one-to-many services.
