How to Generate Recurring Income by Offering Coaching to Your Clients

Many people think that there are two ways to generate income. The first is to create or buy a product and then sell that product for a profit. The second method involves becoming skilled at something and then selling that skill (writing, building, drafting, selling, etc) to the highest bidder. Would it surprise you to learn that there is a third way to earn an income? This third income method is known most commonly as “coaching.”

Let’s Coach

Coaching is the process by which you teach people how to become good at something you are already good at. There are several ways to earn an income by offering coaching to your clients and to the general public.

  1. First, and this is the hardest step, you need to establish yourself as an expert in your field. If you are a great salesperson, then you need to build a name for yourself as such. The more people who know that you are an expert in your field, the more clients you will attract.
  2. Always ask your current clients for referrals. Saying something as simple as “feel free to tell your friends about me!” can be enough to get your current clients to do exactly that!
  3. Always ask a satisfied customer for a testimonial or a reference. The more testimonials and references you build up, the more potential clients you will attract.

What are the benefits of coaching instead of just doing something yourself and getting paid?

  1. As a coach, you charge for your time and nothing more. You aren’t pressured to come up with a product or to perform a specific service. You are simply there to guide your clients.
  2. When you coach, you can take on multiple clients simultaneously. Most professionals are only able to work through one project at a time. While there are talented multi-taskers out there, only coaches have the luxury of taking on several clients all at the same time and not having it tear apart their schedules.
  3. Coaching is another word for Consulting and consultants often make a higher amount of money per hour than a simple goods or service salesperson. The amount of money people are willing to pay for consultants is nothing short of amazing!

Coaching is a great way to increase your income and open up your schedule! Before you know it, all you will have to do for a full time income is to coach others!