If you’re coaching clients on a 1:1 basis, then you’re charging for your time, which is an example of “active income”. With active income your earnings are directly tied to the amount of time you spend with each client. If you have 8 clients a day, you’ll get paid 8 times; if you go on vacation and have zero clients a day, you’ll have no money coming in.
While this 1:1 premise can be profitable with high-end clients, you’ll still reach that glass ceiling because you only have so much time in a day to devote to clients. So, if you want to break that glass ceiling and earn more while still coaching 1:1, it’s time to develop some passive income streams.
3 Passive Income Ideas
Passive income is a way to leverage your 1:1 coaching by reaching more people at one time. What’s the best way to do that? The choice is up to you; start off by choosing one passive income idea and when that is complete and you see sales, try creating a...
Have you heard the statistic that millionaires have at least seven income streams?
That’s seven different ways that they’re making money each month.
Now take a look at your business; how many streams of income do you currently have?
If it’s only one, then it’s time to open up that creative part of your brain and create more income streams.
Passive income is something of a misnomer. Work is still involved in creating products or setting up different forms of income but the difference is these streams of income can work for you almost on autopilot for years to come, long after the initial work is complete. So think of the creative process as work-heavy in the beginning while you can still earn money from them well into the future.
Benefits of Passive Income
Starting a online service business seems like an easy accomplishment, and in some ways it is easier than opening a brick-and-mortar business. But throwing up a website and saying you’re “open for business” will not bring you clients.
It doesn't matter if you have a brick and mortar business or not...you need a website and you must sell online to attract more clients that means you're an online business lady!
Before you leave your boss an epic “I Quit” letter, test out your skills and the viability of your business idea by making it a side hustle. Many people start this way, working on client projects after the kids are in bed or on weekends, then going about their regular routines at the 9-5 jobs during the week. It adds some complexity to your time management skills but it will also yield some important insight to this new venture.
Poor money management has been the cause of more female business failures than any other single issue. And it’s no wonder. We aren’t born knowing how to manage money. As little girls we get taught about dresses, makeup, princes and living happily ever after. Most of us aren’t taught how to handle it either. We figure it out along the way, through much trial and error.
I had the most absolute pleasure recently to have shared those thoughts and more with some Kickass female entrepreneurs that got what I was saying. During my Face the Fear Together Guest Speak where I shared the Top 20 Reasons Why Female Entrepreneurs Fail and How to Kickass Past It- these Texas Boss Babes in New Braunfels understood those same mindset issues and bad habits that wreak havoc in our personal finances can plague our businesses as females as well if "us" as ladies are not careful.
Catching Shiny Object Syndrome
Some things are just...
There's always one in every bunch.
Grab a cup of java- I'm about to get real up in here chatting about having some tough talks with your clients. For the most part, being a Certified Business Strategist, Published Author and having two successful business is really super awesome and all that I'd dreamed it be. And for me, coaching entrepreneurs and authors is very rewarding, fun and just comes natural to me.
However, no matter what business you're in, but especially for those entrepreneurs in the industry of coaching- there will come a time when you'll have to have a tough talk with your clients just like I do.
You know the tough talks, I referring to-
1. YOU KNOW WHAT YOUR FEARS ARE SO KICKASS PAST THEM SO YOU CAN LIVE YOUR BEST LIFE
If you've already identified that fear is the only thing holding you back from receiving your desired success and the only way to live your best life (achieve your dreams and goals) is by literally facing the fear head on then *Yeah- that's superriffic* you're way ahead of the rest at becoming a successful entrepreneur or author.
Taking an honest look at your feelings, thoughts, limiting beliefs and allowing space to shine light on aspects that may be holding you back from the success you envision- places you way ahead of all other entrepreneurs in this game.
Mindset, Money, Sales, Systems, Visibility, Support and Lifestyle are the 7 basic fears that keep people from succeeding. It's time to gain a new perspective and consciously make changes RIGHT NOW in your life.
2. YOU BELIEVE IN THE OVERFLOW COMING YOUR WAY
If you have faith in a higher power that will help you succeed in business. Faith based...
Are You Letting Your Fear of Not Being Able to Serve Your Ideal Client Hold You Back from Serving Your Ideal Client?
I recently had an absolutely sweetheart client present me with her #1 obstacle- which turns out actually being a pretty common challenge I hear from new entrepreneurs. And par the course as I do with all of my clients, I asked what was her #1 motivating factor- the reason she became an entrepreneur in the first place and she replied...
My #1 obstacle is "Not wanting to ask for an appointment to showcase my business" so I can "help my church by increasing my tithing and supplement my income during my retirement years" Bertha Mohler
Let's take a look at how to overcome this obstacle
First things first, realize it's absolutely normal and OK to feel this way. It's just your fears taking control of your destiny....But, you have to change that -QUICK!
Know you are worthy of all the amazing gifts God has aligned for you to receive from the universe- because of your...
3 Key Questions to Ask Your Graphic Designer
Finding the right graphic designer to handle your company’s branding and any other smaller projects is extremely important but also daunting unless you know the right questions to ask. Even if a designer comes highly recommended by a business associate or your bestie, always go through the interview process because your needs may be very different from those who offered the recommendation.
Certainly, write down a long list of questions to ask in the interview but be sure to include these top three questions:
The old saying, “You get what you pay for” is accurate and many times graphic designers will charge less or offer a discount when they are just starting out as a way to drum up some early business. Sure, they may know design basics but do they have the experience of actually putting those principles to work for other clients? Do you want to pay a discounted rate for your company...
Be Confident in Your Business and Always Ask for the Sale
Let’s state the obvious: you’re in business to earn money. Yes, you want to help others as well, but you want to make a profit with your business, am I right? In order to make a profit, you need to sell your products and services. But is it enough to just create products and wait for people to make a purchase? Not at all. I like to call that “wishful marketing” and it simply doesn’t work. That’s a very passive approach to running a business as opposed to a proactive approach, which includes finding people in your target market, forming a relationship with them, introducing them to your business, and then asking for the sale.
Find Your Confidence
It sure is discouraging when people say “no” when you ask for a meeting or for the sale but there’s also a popular thought in the sales community that you need to hear 100 no’s before you hear a yes. Your business and your...
To Someone Out There...YOU Are The Perfect Coach!
I absolutely FREAK-N LOVE being a coach to my Wilder Tribe of Entrepreneurs and Authors and being a consultant to my Corporate Key Leaders.
As a high-end consulting coach, I offer invaluable insight into helping my clients resolve their biggest obstacles...I get to the root cause of what's missing and help my client to Kickass on their success journey so they can begin to Live Their Best Life!
And Guess What?
You have this ability as well! You have it within you to help individuals that are struggling, overwhelmed and lacking in knowledge to grow their business.
If you're already a leader and providing amazing content online in group forums on social media; becoming a coach is the next progression and I'm here to help you with that transition...it's super easy and FUN!
Becoming a Coach and/or Consultant Doesn't Have to be Scary!
I find coaching as with all things, fear is the #1 Obstacle new coaches/consultants face when starting...
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