Coaching is another “natural” for your business to expand into, further down the road. You are not limited to private, one-on-one coaching, however: You can set it up to fit into your lifestyle, while still providing rich, exclusive value to your clients.
You can actually create recurring income you can count on, using a number of methods:
- Coaching “packages”, where your client is guaranteed so many hours at regular intervals for a fixed period – and you are guaranteed his or her monthly payment
- Coaching newsletter subscriptions, where you deliver prized, high-value content either not available through regular Internet searches, or at a depth not available to the general public
- Coaching exclusive closed groups. This model is basically a membership site, but limited to a small, select number of your top students or clients: The rule of thumb being the smaller the group, the higher the price, since they will each be getting more individualized attention and more exclusive perks.
A small, high-value, high-priced group coaching package can provide the perfect platform to graduate your dedicated membership site or forum member to, so set qualifying criteria and pay attention for signs of member frustration in sites or forums – the wish for more information, more interaction. (In fact, one membership site owner I know is brilliant at turning member griping into an opportunity to graduate the complainant to her insider’s coaching group.)
Only you will know, however (once you’ve done your homework) whether a simpler graduated membership site (e.g. silver, gold, platinum) would work better for retaining your members… or positioning your platinum level as “group coaching.”
TIP: Coaches can generally command higher prices – but make sure you have the professional background and authority to back coaching prices. Generally, the greater your niche status, visibility, perceived value and credentials, the more you can demand.
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