4 powerful coaching business models
So you’ve decided you want to become a coach and have established your nice. what’s next? Determine the right business to deliver maximum value to your clients.
You’ve decided you want to become a coach, established your niche and know what value you want to add and to whom. So what's next? Your business model will be the mechanism you use to deliver that value for maximum affect.
The traditional 1:1 private coaching model is only one way to coach. There are many other ways you can guide and support your clients.
In this step you should refine your approach to coaching and craft your programs accordingly. Think carefully about different coaching structures (group, individual self-guided), formats (in-person, phone, video), session lengths, and other features.
Having a few options available in terns of how you deliver value also helps diversify your income. Coaching options give your clients choice and help you extend your knowledge in different ways — such as through passive income products like online courses.
Most importantly, however, is that you figure out what types of programs work best in getting your clients where they want to be. Each program should follow a well-thought-out process with a clear path to getting the client from A to Z.
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One-on-one coaching is the model you are most familiar with. This is where you work directly and privately with an individual to achieve a goal or overcome a challenge, typically via weekly or biweekly sessions. Private coaching sessions can be run in-person or virtually via phone or video.
This is similar to individual coaching except you structure the sessions as in-person workshops or virtual webinars with multiple people. The group members benefit from peer-to-peer learning and a more dynamic atmosphere. It's also a powerful way for you to make the most of your capacity as a coach (working with more clients over less time at a slightly lower per person price point but with more total income opportunity).
Online courses and e-books are the most common types of digital coaching products but there are many other formats as well. With digital products you only invest the upfront time in building them out and setting up a sales funnel to market them. This is an excellent means of generating passive income and freeing up your capacity through self-guided content.
A membership program is a structure where clients pay monthly or annually for access to content — typically a collection of digital products. It's not entirely passive income as you would create a library of self-guided tools and need to refresh regularly with new content to justify collecting subscriptions. However, it's an excellent way to lock-in recurring income.