Want to know how to reduce your reliance on social media marketing. For many small…
Do you want to know how to make more money as a coach or consultant?
Whether you are a fairly new business owner with space for more client or an established business owner that is fully booked and looking for additional income streams, I’m going to show you how to increase your income.
Keep on reading to find out how to make more money as a coach or consultant.
This page includes affiliate links, which means that if you choose to make a purchase, I may earn a commission. This commission comes at no additional cost to you.
Here are 5 ways to make more money as a coach or consultant.
1: Raise Your Prices
This is probably an obvious one, but it is easy to skip over the obvious so I’m stating it – if you want to earn more money the first thing you can do is increase your prices.
Maybe right now you are working 1:1 with clients. If you offer are a coach with a 12-week programme that costs £1,500 and your increase your prices by 20% that would mean your new price is £1,800. Now if you work with 10 clients at a time you could potentially work with 40 clients across a year.
Current Price: £1,500 x 40 = £60,000
New Price: £1,800 x 40 = £72,000
That’s could result in you earning an extra £12,000 across a year without taking on any more clients. That means your workload and the time you spend working will.be the same, but you could generate an extra £12,000 of income.
Usually, when I talk to my clients about raising their prices they’ll say if they charge more money they’ll get fewer clients. Now whilst there is a degree of truth in the sentence, due to price elasticity of demand, I want to show you how by raising your prices you can have fewer clients and still make more money overall.
Following on from the previous example if you raised your prices to £1,800 then you’d only need 34 clients to generate £60,000 and match your revenue from the year before.
New Price: £1,800 x 34 = £61,200
This means you could afford to book fewer clients and still make money as a result of raising your prices.
Is all this number talk going straight over your head? I know numbers are something lots of business owners struggle with, but luckily you don’t have to struggle alone. I love numbers (Maths was my favourite subject at school) and in my 2021 Strategy Day, I will help you to set your financial goal and then the pricing for your services and products. You’ll leave the day 100% confident with your pricing and know exactly what you need to sell in order to hit your financial goal. Sound good? Apply for a 2021 Strategy Day here.
2: Work with more 1:1 clients
Another way to make more money as a coach or consultant is by working with more clients. Obviously, I don’t know if you are fully booked at the moment. If you are fully booked, you can skip this suggestion. However, if you aren’t fully booked then it is time to get serious about filling your books up.
2.1 – Review your conversion rate
The first thing you need to do is look at your conversion rate. Your conversion rate will show you the percentage of people who signed up to work with you based on the number of people interested. Calculating your conversion rate for digital products and services is usually very easy.
Conversion Rate: (Number of Purchases / Number of Page Views) x 100
For example, if you have a membership site you can simply divide the number of new members per month by the number of page views on the sales page that month. You multiply this number by 100 and will end up with a percentage. (If your brain is already buzzing from numbers don’t worry the majority of sales page software will automatically calculate this for you or you can work with a marketing expert, like me, to work it out for you. Click here to learn how to work with me).
Whilst working your conversion rate for digital products and services is easy, for services that are sold as a result of an email or phone conversation it is a bit more manual, but still work calculating.
If you book your 1:1 clients after having an initial complimentary discussion then you’ll need to work the calculation out yourself. I recommend you do this on a monthly basis. Look back over your calendar for the previous month and note of the number of calls you’ve had and how many new clients you signed up. Then you’d calculate your conversion rate as follows:
Conversion Rate: (Number of New Clients / Number of Discussions) x 100
For example, if you had 10 discussions over the month and 4 clients signed up you’d have a conversion rate of 40%.
If you have a conversion rate of less than 50%, I would recommend you first try and improve your conversion rate. If people are having conversations (via phone or email) they are fairly interested in working with you. Therefore, improving your sales techniques to be able to get those people to sign up would make sense before moving on to trying to attract more people.
2.2 – Increase your visibility
If you are happy with your conversion rate, then the next way to work with more clients is to make more people want to work with you. This means you need more people to know about you, aka you need to increase your visibility.
Having worked out your conversion rates you should now have a good idea about how many people you need to have a conversation with, send a proposal to or have view your sales page in order to get enough clients signed up. As you can tell it is simply a numbers game. If your conversion rate stays the same (it doesn’t always) you just need to get more people on a call with you, making enquiries or visiting your page. The way to do that is through MARKETING.
Now I’ve written hundreds of blogs post on marketing so I’m not going to into too much detail here. However, when it comes to increasing your visibility here are some things you can try:
- Invest in digital ads – A great way to get your coaching or consulting business in front of more people is through digital advertising. Nowadays there are so many options. You can use Google, YouTube, Facebook, Twitter, LinkedIn, Instagram.
- Create social media content that is shareable – If you prefer to use social media organically then in order for it to increase your visibility, you’ll need to concentrate on creating content that other people will share and therefore their followers will see your content.
- Make guest appearances – A great way to increase your visibility is by leveraging other people’s audiences. Write a guest blog post for someone, be interviewed on a podcast or lead a training in someone’s Facebook group or membership site.
Step 3: Create a 1-to-many service
Another way to scale your coaching or consulting business and make more money in the same amount of time is by offering a 1-to-many service.
As a coach or consultant, there are so many different ways you can package up your expertise. I go into this in greater detail in Selling your expertise: How to choose what services and products to offer
However, in addition to 1-to-1 client work you can also do 1-to-many client work in the form of a:
- Group programmes
- Mastermind
- Membership
Now usually you would price a 1-to-many service at a rate that is cheaper than you 1-to-1 rate. However, because you have multiple people signing up for a 1-to-many service it can still end up generating more income.
For example, maybe you have a currently charging £3,000 for a 12-week 1:1 package. You could offer a 12-week group programme at £500 and as long as you have more than 6 people join up it will be more profitable.
Step 4: Sell Digital Products
Do you want to make more money as a coach or consultant, but without having to give up any more of your precious time? If so, selling digital products is definitely something you look into as an additional income stream. The beauty of digital products is that once you’ve made them other than promoting them you don’t have to do anything else. They can become a passive income stream that generates more revenue for your business, but without sucking up your time and energy.
Some examples of digital products includes audios, workbooks, e-books, templates and online courses.
Step 5: Affiliate Income
Are you always recommending products or services to your clients, customers or audience? If so, you should definitely look into whether it is possible to be an affiliate.
If you aren’t familiar with the concept of being an affiliate it is where a company pays you a commission for every sale that is generated through you.
My introduction to affiliate marketing was through Amazon. Since I run a book club (PropelHer’s Book Club) and a non-fiction book blog (Charelle Reads) I was always recommending books. By becoming an affiliate, I was then able to earn a commission on all of the books that were sold via me. Now as you can imagine a % of a book sale isn’t much. However, if you recommend more expensive products then it definitely can be worthwhile looking into being an Amazon Affiliate. You can find out more about becoming an Amazon Affiliate, in the UK, here.
Whilst Amazon has probably the most well-known affiliate programme there are lots of programmes out there. It is common practice now for technology and software companies run affiliate programmes. For example, I’m an affiliate for lots of the products I use to run my business, or I know are perfect for my clients such as:
Kartra for running your whole online business (email, checkout, sales pages and courses).
Later for scheduling Instagram (and other social media posts) –
Tailwind for scheduling Pinterest
Canva for design
Also, with online course providers, like Kartra, making it easy for course creator to set up affiliate schemes for their courses there are increasing more courses that you can become an affiliate for.
When it comes to affiliate marketing there really are so many options that no matter what industry you work in it is probable that you’ll be able to find someone to promote.
There you have it! You now know 5 ways to make more money as a coach or consultant.
I really hope this blog post has helped you to see how you can increase the income of your coaching or consulting business.
There is no one right way to generate more money in your business and if you are currently working towards a big financial goal it can be confusing working out what is the best way to approach it.
As hopefully you can tell I LOVE NUMBERS AND FIGURES. I love running through different scenarios and helping my clients to choose what is the best way to go forward.
If you would like help to work out how to make money in your business in 2021 then a 2021 Strategy Day is perfect for you.
A 2021 Strategy Day is designed for service-based business owners are ready to have their best year in business. There is a whole section of the day dedicated to services and pricing. You’ll be able to share all of your ideas and then I’ll do the maths and then help you to decide what you will offer and at what price.
If a 2021 Strategy Day sounds good to you then apply today!
Want to know a little bit more about what is covered in a 2021 Strategy Day? Click here for more information. Click here for more information.
Prefer ongoing support instead? You can drop me a message here or if you would prefer to discuss your situation (I love a good chat) then you can book a call here.
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