We’re all faced with the same 24 hours in a given day, but how you use those hours is what differentiates a successful business from a floundering business. If you’re filling your available hours with coaching clients and still aren’t bringing in the money you’d like, maybe it’s time to try something new.    

Multiple streams of income can help grow your business, expand your reach, and increase your profits all in those same 24 hours. Here are two examples of other streams of income that can help your business (and your income) explode!

Product Creation                   

Products are priced lower than your one-on-one coaching, so your products still offer help to those not quite ready for the more substantial investment of working directly with you. This lower price point also helps expand your reach to your target audience because you’re offering more options for people. Chances are pretty high that you’ll attract people with products first, then they’ll travel through your sales funnel and eventually purchase your private coaching once they’re sure that you can help them.  

Also, consider hiring a customer service virtual assistant who can handle your product inquiries and problems. With some training, your customer service VA can handle all the inquiries without asking for your input, which allows you more time for your private coaching clients. Consider your product library as a separate gear in your business, one which works in the background while you focus on your clients. 

Group Coaching

Creating group coaching classes still involves you being personally involved (more so than producing a physical product), but you’re still able to reach more people at one time than with your one-on-one clientele. Consider this type of product a step up from an eBook or signature course because you are involved in leading the group. Use this time to showcase your expertise by personalizing your advice for every person in the group. Even in a group coaching situation, your members should feel that they’re getting the support they NEED, not only one-size-fits-all advice.

The dynamic of the group often directs the conversation, but you should still plan a course outline of the specific topics you’ll cover in each session. The beauty of group coaching is you can take notes of what works/what doesn’t work so you can fine-tune your next session. Even if you continue group coaching on the same topic, it will always be different based on the people in the group.

In my opinion, the best thing about group coaching is that everyone else in the group can usually relate to what someone else is getting coached on, even if the situations are different.

As you can see, adding products and group coaching packages to your business offerings allows you to help more people while also earning more profits. But just creating a product doesn’t mean it will sell by itself; you need to have a launch sequence in place, so you’re ready to promote your product, even before you’ve finished it.

Join my next livestream training where I’ll discuss 4 Reasons Why Your Launch Tactics Aren’t Working (and what to do instead!). Click the button below to sign up and get notified. Be ready to take notes because I’ll be sharing lots of action steps you can implement right away.