When I started my lifestyle business in 2012, coaching income was my everything. I took every discovery call I could get and chased down anything that looked like a lead. I made all kinds of deals to lock in business. I gave away the farm more than a few times. Some months, I was on fire, other months were super slow. I frequently cried myself to sleep.
It took years to understand that you can’t just rely on one source of income in a lifestyle business. You need multiple streams so that when one goes down, the others keep you from going crazy and being constantly worried about money.
I was often worried about money because it was sporadic. It pushed me to do desperate things like private messaging friends trying to get them to sign up for coaching, posting about my services in all kinds of Facebook groups and responding to every “pick me” post where someone asked about hiring a coaching. I came off as needy and that repelled people from wanting to work with me.
Everything changed after I came out of my funk in mid-2016. I finally understood that what I have to offer is valuable and I was giving it away. I beat my self-limiting beliefs and raised my prices by 8x. I focused on growing multiple streams of income. It made all the difference. As the other streams grew, I focused less on getting coaching business. I focused more on putting out quality content–the clients started to come to me. These days, I don’t take on one-on-one coaching clients anymore unless it’s a special circumstance.
I make money from consulting at companies (and all the extras–see below), book royalties (three published books), sales of my online courses (I have six that I sell online and license to companies), booking fees from speaking/consulting gigs that I can’t do because of schedule conflicts (I give them to other speakers/consultants and take a fee), content creation (several business publications pay me for articles, audio recordings, and videos that I make for them), affiliate income (I promote a very small number of people I truly believe in), and online group classes (I run three live classes a few times a year).
You may know all of this, but there was one change that 10X everything I’m doing–I pivoted to booking consulting gigs at companies worldwide. I had done some local consulting gigs before, but the last couple of years, I got into bigger/international companies. I was able to leverage the smaller gigs I had done, and large publications exposure started bringing organic consulting offers as I shifted my content plan.
The consulting gigs at big companies have been a game changer. Each gig this year has paid between $20K-$45K for a three-hour training, they cover all travel expenses, they license my online courses at a rate of $2K per employee, and they buy my automated training programs. It’s become my #1 income source by far.
I have consulting gigs booked at companies in 35 countries this year. When I do start working with new coaching clients these days, they are high-end clients and/or executives at the companies that I consult at.
Multiple Streams of Income
My business is on fire and I don’t worry about money these days. What I hope you take away from this are a few things.
1. Have multiple streams of income–never depend on just coaching income. You will have more peace of mind and won’t have to constantly push for more coaching clients. Plus, one-on-one coaching is a huge time commitment.
2. Don’t come off as needy–it will repel potential leads. When someone can sense how much you need them to buy, they won’t.
3. If you can coach, you can consult. Consulting at companies is like coaching but to a small group. The content is deeper and more data driven. There are all kinds of companies all over the world that would hire you for consulting training. The pay is much better and it leads to multiple opportunities to make money.
This could be the time that you move away from a mainly traditional model and create steady income through multiple streams. And, mainstream opportunities such as consulting at companies. Believe in yourself and in what’s possible. Take action and make any necessary changes. You’ve got this 😊
How has this year gone for you?