Here’s How To Start Making Money Coaching Today!
Every blogger can make money through coaching.
A lot of money.
Yes, you can make a good living selling advice.
Don’t believe me?
According to a Statistic research, the consulting market has been growing steadily from 2012 and is expected to be worth 158 billion US dollars by 2020. Offering coaching services to your audience is one of the myriad ways of making money through blogging.
The good news?
How to Make Money as an Online Coach?
You can start today. This very second. But first let’s answer the question…
What Is Coaching? A Basic Interpretation
While coaching and consulting have some key differences, for our purposes we will treat them as synonyms.
Consulting is giving strategic expert advice to a specific person (or persons) who find the advice so valuable and beneficial that they are willing to pay for it.
At its core, coaching is simply giving expert advice. It’s not about having a string of certifications although those help in certain industries. Nor is it about having a posh office in an upmarket area.
There’s a deeper consulting meaning and explanation you can explore if you like.
4 Reasons Why Coaching Is An Awesome Opportunity
Wondering if you’re ready to start a coaching gig? Not sure why coaching can be a good addition to your offerings?
Here’s why you must seriously consider coaching?
#1. You’re already an expert in your field
Consulting is all about giving pro advice, remember?
Guess what? You’re already one.
You know your product and industry in and out. It’s all you do 24/7 all year round. And, you’ve probably been doing it for many years. So all you have to do is to package that knowledge properly and solve a pressing problem for your clients — and, voila, you have an extra income stream.
#2. Consulting doubles up as a marketing research lab
On average, successful companies spend at least 20% of their budget on marketing.
By offering coaching services to your clients, you can cut that significantly.
As you engage with your customers, explore their challenges, suggest viable options, and try out new approaches, you’ll be conducting serious marketing research.
You can use the knowledge gained from your interactions in two ways:
- Improve current products and services
- Launch a new product or service.
And, the best part?
You get paid to do your own marketing research. How cool is that?!
#3.It’s stupid easy to set up
As you know starting a business is expensive.
From marketing and advertising costs to rentals if you’re a brick and mortar business, the list is endless.
You don’t need any capital to start earning through giving strategic advice. The only significant investment you have to make is time.
#4.Consulting caters for businesses at all levels
When people think of consulting they think of big firms and decades of experience in a particular industry.
As said earlier, consulting is giving solid professional advice that solves a client’s need. It doesn’t matter whether you’re a fledgling business or have been serving your niche for a quarter of a century. As long as your advice addresses prospects’ struggles, you’ll get paid.
How To Get Started Coaching In 5 Simple Steps
Getting started coaching isn’t difficult if you’ve got a rock solid foundation of a good blog. Here are five steps to help you kick-start the coaching aspect of your blog sooner than you think.
#1. Establish yourself as a credible expert
I know you’ve heard this a bazillion times but it bears repeating:
People do business with people they know, like, and trust.
Before people can hire you to coach them, they’ve got to trust your expertise. So first become a known as a trusted source of helpful info in your niche by running a solid blog.
Without this foundation you have no coaching business to speak of.
Once you become known as a value-provider, people will start imagining how much more value your paid services would provide since you’re already giving great value for free.
#2. Identify your audience’s pain point
Next, identify what’s bugging people in your space. The problem must be big enough for people to be willing to pay for.
But how do you do that?
Here are 3 quick suggestions
- Sift audience questions- what questions do people ask you constantly? Look through your inbox and blog comments to see if there’s a common thread that runs through all questions people keep asking.
- Pick social media signals- use social listening to know exactly what pressing problems your audience needs help with. Follow your audience to their favorite social channels. If you listen carefully you’ll pick what they’re struggling with.
- Employ gap filling technique- you can use a popular coaching program in your niche to start your own. How? By scouring the reviews section to see if there’s a gap you can fill that that particular service doesn’t cover. Watch out for comments like “I wish this service could also include/cover...” or “While the service is good why not do...as well?”
#3. Create a mouth-watering offer
Once you’re identified your audience’s pain point, you’ve got to come up with a compelling offer that entices them to buy.
Here’s how to come up with a sizzling offer:
- Come up with a memorable name for your service. Did you know books have been turned into best sellers by simply changing the book’s title?
- Decide how you’ll do the coaching. Individual or group coaching?
- Come up with timelines. How long is it going to take your clients to start seeing tangible results?
- Identify the biggest benefit your service will provide.
- Explore your pricing options. Are you going low-cost or premium? And, does your service match the model you want to follow?
Once you’ve done the above groundwork, it’s time to craft your offer. Use this simple template to come up with a winning one.
Name of service + audience+ pain point + desired outcome + time
Let’s say I want to coach newbie freelance writers. Here’s the offer I’d come up with.
Freelance Writing Career Booster helps new and aspiring freelance writers overcome their doubts, gain confidence, and land their first client in 60 days.
#4. Set up a sleek booking system
For prospective clients to work with you, they’ve got to make an appointment. To do that, you need an appointment scheduling software.
Below are top scheduling software options on the market for your consideration:
All of them have a free plan in case your budget is tight or you want to test the waters first.
#5. Put up your payment system
When someone buys your coaching services, two things need to happen:
- The buyer needs to receive an email with a link to your calendar, so they can book a session.
- The buyer needs to pay you for the service.
We’ve already covered the first step in the previous point.The second step is the easiest part of the whole process. While there are many payment gateways, most clients want to pay through PayPal.
All you have to do is to open a PayPal business account, and just like that you’re ready to start receiving payments.
Coaching: A Hidden Goldmine For Savvy Bloggers
Coaching is a nice extra revenue stream for bloggers.
Plus, it’s so easy to set up.
Sadly, many bloggers overlook it in favor of popular options like affiliate marketing. As a result they miss a golden opportunity to boost their income.
Don’t be one of them. Wise up.
Start a coaching service on your blog today!