Being a coach (or consultant) is an incredibly rewarding profession that requires a true passion for motivating and guiding others toward their goals. Plus, a consultant career fills you with a sense of purpose that can only come from helping others achieve their fullest potential.
But let’s be real, we all need to make a living. While coaching may not be the easiest profession to break into, it is definitely possible to generate sustainable revenue and make a comfortable living doing what you love. That’s why today, we’ll share some tips and tricks on how to make more money while pursuing your passion for helping others succeed.
1. Find Your Own Niche
In addition to your professional training as a coach, it’s important to identify your niche and establish subject matter expertise. This will help you become a sought-after coach within a specific population who are seeking out experiences that only you can offer.
To discover your niche, start by thinking about your passions and what energizes you when mentoring others. Think back to past experiences that have shaped you into the person you are today. For example, if you’re a great parent and have raised successful, morally sound children, think about the actions you took that helped shape their futures.
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You can use these experiences to build expertise in parenting coaching, which will set you apart from other coaches and help you generate increasing revenue over time. This will help you stand out in an industry expected to reach $4567 million by 2030, expanding at an annual growth rate of 13.4% during the forecast period.
2. Work on Your Reputation
To get better quality customers (with bigger budgets), focus on building your credibility as a consultant. For this, establish yourself as an expert in your field in order to offer high-quality services that deliver real results for your clients.
Once you have several satisfied customers, you’ll start receiving recommendations as more people will know about your stellar services. Plus, you can use a wide range of online channels to spread the word and make sure your reputation is growing.
Overall, by providing top-notch consulting services, you can turn this profession into a lucrative full-time income or earn a comfortable five-figure salary while maintaining control of your schedule.
3. Make Sure You Take Full Advantage of Tax Write-Offs
Tax write-offs are deductions that can help you lower your taxable income, which ultimately means paying less in taxes. For instance, some common tax-deductible expenses for freelance consultants include business expenses such as travel, office supplies, professional development, and even home office expenses.
By taking advantage of these deductions, you can reduce your tax liability and keep more money in your pocket. Just be sure to keep detailed records of all your expenses and consult with a tax professional to ensure you’re maximizing your write-offs while staying compliant with tax laws.
4. Encourage Customer Loyalty
When it comes to customer retention and returning customers, think of your consultant business as you would about an e-commerce store.
Find ways to stay on the new customers’ radar and incentivize existing clients to work with you more often. For instance, you could offer a discount on consultation sessions for returning customers or people who bring in new customers through recommendations.
Not only does this make your services more affordable and attractive to potential clients, but it also encourages repeat business. Plus, if you offer discounts for repeat consultations, there will be more opportunities for you to build strong relationships and help customers achieve their goals.
By pricing your consultation sessions correctly, you can still make a good profit even with the discount.
5. Network, Network, Network
Consultants must always be up to date with the latest changes in their niche. Plus, you need to communicate with people around you and build strong professional networks that can support your activity.
Not to mention that your personal and professional connections can be an excellent source of referrals and recommendations. To get the word out even further, consider offering short sessions to give potential clients a sneak peek of what you have to offer. These sessions could be free or available for a nominal charge and can help generate immediate interest in your services.
6. Consider a Few Passive Income Lines
Your knowledge of a specific niche (financial, economic, behavioral, and more) gives you many options in the online world. For instance, you can use blogging or content writing to build an audience and promote your business at the same time.
And, if you gather a big enough audience, you can monetize your knowledge through channels like Google AdSense (to feature advertisements on your blog), Medium (for writers), social media, newsletters, ebooks, or podcasts.
Still, keep in mind that building a following doesn’t happen overnight. It’s not a quick process, but it’s definitely worth it. Once your blog/social media takes off and you start generating more traffic, it can become a substantial passive income stream.
7. Design a Few Online Courses
Online courses are also a form of passive income that can bring you more customers and increase your notoriety online. For instance, if you have experience working for a Fortune 500 company, you could create an online course to help recent graduates prepare for interviews with similar companies.
This way, you’ll always be on the radar of future entrepreneurs and businessmen, and businesswomen who may want to consult with you in the near future. They may also send new customers your way through recommendations.
The good news is that you don’t have to think too much about where to sell or promote your online courses. Platforms like Skillshare pay you a royalty based on the number of hours students watch your course on their platform, while Udemy allows you to sell your course for a one-time fee.
Wrap Up
As you can see, there are various ways to diversify your income and round up your revenue even if there aren’t as many new customers coming your way. In today’s crowded market it is important to stay as visible and as active as possible and things will come your way.
