Coaching is the process of supporting an individual to achieve a specific personal or professional goal. Do you have experience or expertise that can benefit others? If so, you may be sitting on knowledge that you can turn into money. Coaching and mentoring can occur in many different types of fields. Here are some of the common fields in which you see professional coaching services:
- Starting a business.
- Motivational and self-development needs.
- Career development.
- Health or substance abuse recovery.
However, there is no limit to the type of coaching or mentoring services you can provide. If you have a skill or method that has proven to be successful time and time again, you can be confident in charging people money to teach them. People want to success in their life and they’ll pay to get it.
Why Coaching is So Lucrative
If you’re confident and have a proven track record proving the ideas you’re sharing can get the person that job, help them lose the weight, make the additional income they need or break a habit, you can feel confident in charging them premium rates for your time. As my wife taught me:
You have to know what you’re worth.
When you can honestly say to yourself and your clients, “my rate of $100/hour will get you the results you need in X hours,” you’ve got a lucrative coaching business on your hands.
Face to face coaching and mentoring is the highest quality of teaching. The personal interaction between two people can never be replaced with technological solutions. However, one-on-one coaching is a real skill that must be honed and perfected. The Teaching Channel provides a good overview of some of the innovative teaching/coaching methods that have proven successful.
Coaching can be a very lucrative business, but only if you’re successful. This is especially true with one-on-one coaching services. If you don’t turn every minute into a high quality learning experience for your client, it’s hard to justify premium rates like $50-100/hour. Every coaching session should have your client saying, “he just blew my mind…again!”
- Charge premium hourly rate.
- Face to face contact with client allows for less confusion.
- Must dedicate hours of time to each client.
- Adjust coaching method to each client.
Coaching Video Series
The major difference when providing coaching services with a video series is that you only have to prepare the materials once. As a result, the coaching series should be significantly cheaper than one-on-one coaching. With video coaching you make a significant effort up front and then generate residual income from future sales.
There are still many coaching professionals that offer hard copy (DVD, Blu-Ray, etc.) versions of their coaching videos. Most of these products are sold at motivational events, seminars and workshops as a supplement to the presentation. Hard copies are a great sell for in-person interactions. People love walking away with a physical product. Also, with a video disc you can take the video anywhere and watch it wherever you have a computer or share it with others. The downside is that you actually have to manufacture the videos, package them and retain inventory. You also have to deal with shipping for online/mail orders.
The other option is to create a coaching video series that you post online for sale either as a package or as premium content. Visitors can gain access to premium content (coaching videos) with a paid membership. The benefit with a digital video series is there is no need to manage the physical exchange of goods (shipping, packaging, etc.). With digital videos it’s a “set it and forget it” concept. You create the website or online sales funnel, do the promotion and let the sales roll in.
- One time creation of content.
- Recurring income and affiliate/reseller potential.
- Lower sales price compared to in-person coaching.
- Cannot tailor coaching to each client.
Writing an eBook
Similar to creating a coaching video series, writing an eBook is a great way of sharing your success with others. Another option, which is a step down from a video series is to produce an eBook. Many coaches and mentors are writers. They maintain a blog, write a hard-copy book, or both. An eBook (electronic book) is another way to sell your services while minimizing the effort to create dynamic content, like videos. Amazon.com offers some excellent materials if you want to learn how to become an author and publish a Kindle book.
In the end, it all comes down to your skills, confidence and dedication to teach your success to others. But that means you need some tools in your toolbox and experiences that are teachable. We have all overcome struggles in life. There are others dealing with many of those same struggles. If you can help them, you may have a future as a coach or mentor.